Despite fierce competition, expensive rents, and high taxes, New York City remains one of the best places to do business, according to Eugene Plotkin, the founder of TechWallet and global Fintech consultant.
Not only has Plotkin headquartered his business in the Big Apple, but he has also generously supported a number of other startups in the city.
“I love running a business here,” Plotkin says. “I thrive on the competition, the grand scale of the place, the creativity that’s baked into everything. Those are all philosophical reasons that this city is great for business, but there are practical, concrete reasons as well.”
As a former analyst with Goldman Sachs, Eugene Plotkin watches the market with a keen eye. His perspectives stem from his analytical approach to opportunities.
“There are a thousand reasons to start a business in New York City or expand your business here, but one that I think gets overlooked too often is the talent pool,” Plotkin explains. “There are precious few places on earth where you can find so many hardworking, creative, and smart people. CEOs always talk about putting the best team together. In NYC, you can actually do that. You can find the best people at every level.”
“Whether your business needs a social media strategist who can also design logos or a graphic designer with a background in accounting, there’s someone in NYC with the skill set you’re after and a hard-charging drive to work,” Plotkin says.
“There’s a hunger to NYC. The people here have the drive to succeed that is palpable,” Plotkin notes. “It’s also an incredibly diverse city, so your business will benefit from a broad-ranging set of viewpoints and perspectives.”
“That’s something entrepreneurs tend to undervalue,” Plotkin is quick to add. “In general, entrepreneurs tend to be very self-confident, but the best entrepreneurs understand the value of a founding team. We all need others to help us see our blind spots and complement our weaknesses. In New York City, you can find people with experiences you never imagined.”
Beyond its unique workforce, New York City offers something else that every business needs: customers.
“New York City is one of the largest metros in the world. If you’re selling a great product or service in New York City, people will find you,” Eugene Plotkin says. “Not just New Yorkers, but tourists as well. There is so much opportunity.”
When entrepreneurs think about opening a small business in New York City, they inevitably shudder at the prices. As one of the highest cost-of-living cities in the nation, New York City doesn’t make it simple. But there are ways to control the costs.
“Manhattan is expensive, but there are four other boroughs. Enterprising entrepreneurs can find many ways to reduce costs, from thoughtful office and vendor selection to remote work,” Plotkin explains. “The challenges push entrepreneurs to new levels of creativity and ingenuity. As they say, if you can make it in New York City, you can make it anywhere.”
Eugene Plotkin goes on to highlight that New York City offers many tax-based incentives for startups. Programs like START-UP NY allow new and expanding businesses years of tax-free operations if they set up shop on or near college campuses. Other programs grant tax breaks for businesses that guarantee jobs in low-income neighborhoods.
“Many of the leading media companies, banks, and fashion brands are in New York, and there’s a reason for that,” Plotkin said. “Even the companies that aren’t based here have a presence or visit regularly.”
Beyond what can be accomplished, New York City is also a practical choice for any business with national or international connections.
“This city is easily accessible. With three international airports, it is easy to get anywhere you need to be within 24 hours,” Plotkin says. “When you’re here, you truly feel like you are in the center of global commerce.”