NYC entrepreneurs on what you need to know to start a business in the Big Apple
New York City is seeing a surge in business creation since the pandemic began.
According to the snapshot from the NYC Economic Development Corporation, 73,900 new small businesses have been formed from January 2022 through Q3 2024. Of those, 23,400 businesses - or one in eight - were started in the past calendar year.
The owners of two of those recently opened businesses and business experts spoke with CBS News New York about what you need to know to get your business started.
"That definitely changed the whole game"
NYCakes Boutique opened in Long Island City in November 2024, but it came nine years after Martin Miranda gifted his wife (and co-owner) a cake decorating class. From cakes designed like a Louis Vuitton bag, to larger-than-life Quinceañera cakes, to a divorce cake - the couple makes it look easy to build a masterpiece from scratch.
Until they opened the showroom, they'd been operating out of rented kitchens and even their home.
"We were not really familiar with what to do in terms of licensing and paperwork," Miranda said.
With the help of the Queens Chamber of Commerce and the NYC Department of Small Business services, he says they were able to sign the lease, get a certificate of authority and an "A" health letter grade from the Department of Health.
"That definitely changed the whole game so now we can have people coming in, we do mostly by appointment here, and they can taste our physical cakes," said Miranda.
The Mirandas say they also took advantage of a program called Open and Online which offers complimentary web design including building a Google Business page, logo creation and search engine optimization.
"When things are getting difficult, that's when you put in the most effort because all dreams can come true," co-owner Gaby Miranda said.
Small business resources in New York City
"We have an amazing team called NYC BEST [Business Express Service Team] that helps navigate government, sequence those licenses, permits, and explain the rules so you can pass your inspections," NYC Department of Small Business Services Commissioner Dynishal Gross said.
She said to learn what kind of permit you need, you can go to the MyCity Business portal.
SBS services also include former city inspectors doing a mock walkthrough of the business property.
Gross says aspiring entrepreneurs unsure where to start can call the free SBS hotline 888-SBS-4NYC. She says staffers guide them in terms of permits, services like free legal assistance, and how to advertise for free on LinkNYC kiosks.
Gross says the largest small business growth is being seen along the waterfront in Queens and Brooklyn.
She adds the most popular businesses starting up are sole proprietorships, so primarily people running home-based businesses.
NYC is having a free Small Business Month Expo on May 29 at Center415 (415 5th Avenue between 37th and 38th Streets) from 9 a.m. to 4 p.m. in Manhattan.
"Honestly I started this with no idea what I was doing"
In the Highbridge section of the Bronx, Jeremy Batista says going from a food truck to his first brick-and-mortar eatery was delayed by nearly a year due to permit, construction and electrical issues.
"While we had this space, we were still every single day in the truck," said Batista, owner of Bodega City. "I just saved up a lot of money prior and had a cushion."
Bodega City is inspired by his mom's bodega that he grew up spending time in, and it offers nine varieties of chopped cheese sandwiches. It opened inside the Ogden Market Center near Yankee Stadium in April.
Batista jokes the real manager is a plush toy cat named "Manny" who's perched at the ordering window.
"Every bodega has a cat, so if they don't have cats, they got rats," Batista said with a smile.
He says he plays "real bodega music" and offers candies like Fun Dip from the '90s to customers to remind them of their childhood and the authentic bodega experience. He even purchased and installed a pay phone that he plans to hook up to a phone line soon so people can make free calls.
"Honestly I started this with no idea what I was doing," said Batista, who is opening a second location in Williamsburg in a few weeks. "Now we're two stores in and we're growing more."
"Know that this is a rollercoaster"
Therese Gedda, founder and CEO of Reimaginez, has advised thousands of entrepreneurs.
She says identifying your "dream" customer and putting yourself in their shoes is the key to success.
"What's the one thing that people come to you alone for? And this can be faster, better, cheaper," said Gedda. "How are you making your customers' lives better and can you build your offering around that?"
Gedda says building a support system is important.
"What are the values you're building the company around, and you want these things to guide every decision you make," said Gedda. "Remember that entrepreneurship is limitless. You can create anything in your imagination, but it's really important to have a support system around you, people who believe in what you believe in. This can be advisors, mentors, guides but also your team members, and it's much easier to do that if you have a clear culture and clear values that you're building your company around."
"I started my first company at 17 years old," Gedda added. "Know that this is a rollercoaster. This is also part of the beauty and you're in the driver's seat of realizing your vision regardless of what it is."
Plan for three different scenarios
When factoring in potential bumps in the road, like Batista had, Gedda says it's best to plan for three different scenarios from a strategic and financial perspective.
"What is the breakeven, the worst case scenario, so to say," said Gedda. "What's the most obvious scenario - the scenario you believe you can achieve? And what is the scenario that is the dream scenario?"
She adds there is no one path.
"It's really important not to feel isolated because you need to make a lot of decisions fast, so who you listen to at 2 a.m. when you need to make a decision to make or break your business really matters," Gedda said
