For many entrepreneurs, New York City represents a lifelong dream. It is truly a land of opportunity, a place where creativity flourishes and exciting ideas are born. It is why, every year, scores of investors arrive from overseas, with the intention of laying down roots and starting a business stateside.
Yet, it is never easy to infiltrate a new market, especially one of the most competitive in the world. There are some major challenges to overcome and a single wrong decision could put an end to the dream forever. For this reason, staying as flexible and agile as possible is a clever way for new companies to grow in New York and other major cities like it.
Keep reading for some helpful advice on the best ways to expand into the New York market and establish a strong, firm presence.
You Don’t Have to Stop Earning
With the right office space for rent, there’s never any need to shut up shop and stop making money, even if you’re in the middle of planning an expansion. Traditionally, there may have been a forced amount of downtime, in between landing in a new country and launching, but that is no longer the case.
You can take a fully formed business idea, product, or service and present it to the market immediately as long as you can move into a suitable office fast. Executive suites are the ideal choice because they come fully furnished. This saves a lot of time and means there’s no need to arrange furniture, décor, heating, lighting, or cleaning provisions.
You Don’t Have to Be Lonely
One thing which rarely gets talked about is how isolating owning a company can be, particularly if you don’t have any partners or a reliable deputy to share the load. Even if you connect really well with your employees, your experience is always going to be very different to theirs. You have more invested in the company and carry the responsibility for its future.
While this is just a natural part of being the boss, there are some clever ways to keep yourself contented and committed. Virtual and serviced workspaces, for instance, provide lots of opportunities to meet fellow entrepreneurs and business owners from the local area. If you’re unfamiliar with New York, there’s no better place to people watch and get a little chatty.
You Should Always Work Smarter
Try to remember, even during the expansion when things are hectic, that everybody does and should have their limits. Overwork is just as dangerous for a company as poor productivity. The aim should be to streamline tasks and operations, so that your team is working smarter and getting more done in the same amount of time, rather than overexerting themselves.
It is one of the reasons why conventional office leases (with 2-7 year contracts) have taken a nosedive in terms of popularity recently. If you’re tied down to a four-year lease, what action can you take if the economy hits a rough patch and you need to cut costs to survive? With a serviced office, the terms are fully negotiable (and usually available on a rolling, month by month basis). Tenants have the option to terminate or change their lease without penalties.
Why Flexible Workspaces Are the Superior Choice
While every new business intends to grow and develop at some point, the secret to a successful future is to balance these ambitions with an understanding of market conditions now. Ultimately, nobody can predict when an industry will fall on hard times or indeed enter a boom period.
It is why flexible office solutions are the only smart option for companies trying to expand into exciting and unfamiliar territories. With their short-term agreements, they provide all of the breathing room that modern entrepreneurs need to flourish.