When someone thinks of the New York, the first thing that comes to mind is the Big Apple. New York City isn’t the only place to live and work in New York though, and there are a variety of industries and businesses to be a part of or buy. New York is home to both large, vibrant cities, and smaller, less populated cities and towns. Industries such as financial services and food and beverage are thriving, and it can be a fun place to live and be a business owner. Here are some things to keep in mind if you find a business for sale in New York and you’re interested in purchasing it.
Why own a business in New York?
There are plenty of reasons to become a business owner in any state, but why buy business in New York? Different workforce boards, government departments and organizations specialize in helping people to own a business and do well in the state. Organizations such as the Workforce Investment Board use research to give advice to business owners and potential workers. The New York State Department of Labor has a Division of Research and Statistics to help identify and classify strong industries and business ideas. The state has a great deal of resources to make owning a successful company in New York possible.
Top Industries in New York
When you’re picking out which business would be great to buy in New York, it’s important to understand which industries are the most successful so you’re able to choose a company that will continue to be successful. Industries that often come to mind are fancy ones like financial services or show business, and although these industries are important, other less glamorous industries and jobs are available to buy - especially in the areas of New York that aren’t the big city.
Financial services is probably one of the highest paying and largest areas to get involved in business in New York. Whether it’s banking or stock markets, investments or analysis, there are a ton of ways to provide financial services. Wall street plays a big factor in providing jobs and a place for financial businesses to succeed, however smaller towns and cities in New York also need businesses to support financial decisions. In fact, areas surrounding NYC are a great place to start or buy a financial service business, as those who don’t want to live directly in the city but commute there for work will want access to that business from a place closer to home.
Health Care is another important industry because of the huge population of the state. The more people there are, the more people who need access to medical care and services. New York is filled with large hospitals, many of which conduct a ton of research, and that means that any businesses supporting hospitals have a chance to grow and succeed. Things like pharmaceutical companies or at home health care services can be big moneymakers, and by buying one of these businesses that is already up and running, you’ll inherit those clients and customers. One of the hardest parts of opening a home health company is finding initial customers, but by buying a health care business that’s for sale by owner, you’ll be able to grandfather in loyal customers who will continue to grow your business.
With the huge presence of financial services, there is a need for supporting roles that keep those companies going. Bankers and traders can’t run an entire business alone - especially a business that is so carefully scrutinized and observed. Companies that provide professional services like accountants, lawyers, assistants and other business to business services can be a breakthrough company to buy. As our economy continues to get better, this industry continues to grow and become a successful way to make money on Wall Street without being a banker or trader. If you’re interested in buying a business that doesn’t deal with the politics of the financial world, but reaps the benefits of a growing economy, a professional services business is the way to go.
Food & Beverage Industry
Work hard, play hard isn’t a concept that is missed on New Yorkers, and because of that, buying business in the food and beverage industry can mean big bucks. New Yorkers are busy people. They’ve got people to see and things to do, so many won’t be bothered with cooking. This is likely one of the reasons that the restaurant business dominate’s New York’s business to consumer industries. New York is filled with everything from corner hot dog stands to high-end, crazy expensive specialty restaurants. This is great news for the business foodie looking to get into the food and beverage space. While in some states you may have to conform a restaurant to fit the lifestyles and trends of an area, in New York, the population is so diverse in so many ways that you can open a restaurant with food and concept that you enjoy, and it’s likely the demographics in the state won’t play as large of a factor in the restaurant’s success. If you’re looking for a creative business to buy, a restaurant could be just the ticket.
New York isn’t just home to New York City. It’s home to opportunity to buy a thriving business and create a life in the state, whether it be in the Big Apple, or a smaller area like Ithaca or even Buffalo. The diversity in population - old, young, ethnicity, wealth - is a benefit to a business owner who is going to buy a business and try something new. Buying a business for sale by owner can be a great way to break into the economy in New York and own a successful company in a state you love.