Recommended Business Formation Services:

How to Start a Business in New York City With No Money

Starting a business in New York City can be difficult, especially if you don’t have any money. However, there are still many ways to get your business off the ground even if you’re strapped for cash. Here are a few tips to help you get started.

Choose a Business Idea

The first step is to come up with a business idea. If you don’t have any money, you’ll need to start small and think of an idea that doesn’t require a lot of upfront investment. Consider starting a service-based business that you can operate from home. Once you have a few clients, you can then reinvest your earnings back into the business to help it grow.

Plan Your New York City Business

Once you have your business idea, it’s time to start planning. You’ll need to figure out things like your business name, what type of business structure you’ll have, and how you’re going to market your business. These are all important factors to consider when starting a business, so be sure to do your research before moving forward.

New York cityscape

Choose a Business Name

Your business name is important as it will be how customers and clients identify you. Spend some time brainstorming names that reflect your business and its values. Once you have a few options, run them by friends and family to get their feedback.

Find a Business Location

If you’re starting a small business, you may be able to operate it from home. This can save you a lot of money on overhead costs. However, if you plan to grow your business, you’ll eventually need to find a commercial space. Start by looking for office or retail space that’s in your price range.

Conduct Market Research

Before you launch your business, it’s important to conduct market research. This will help you determine if there’s a need for your product or service in the marketplace. It will also give you insights into who your target audience is and how to best reach them.

Write a Business Plan

Once you’ve done your market research, it’s time to start writing your business plan. This document will outline your business goals, strategies, and how you plan on achieving them. It’s important to have a well-thought-out business plan before moving forward with your business.

submitting statement

Choose the Right Business Structure

The next step is to choose the right business structure for your company. This is an important decision as it will have legal and financial implications. Be sure to consult with a professional to help you choose the best option for your business.

Register Your New York City Business

Once you’ve chosen your business structure, it’s time to register your business with the state. This process can be done online and is relatively simple. You’ll need to provide some basic information about your business, such as your business name and address.

Set up Business Banking, Credit Cards, and Accounting

Now that your business is official, it’s time to set up some basic financial infrastructure. This includes opening a business bank account and getting a business credit card. You’ll also need to set up accounting software to track your finances. There are many different options available, so be sure to do your research to find the best fit for your business.

Open a Business Bank Account

Opening a business bank account is an important step for any new business. A business bank account separates your personal assets from your company’s assets, which is necessary for personal asset protection. A designated business bank account also makes accounting and tax filing easier. 

open bank account

Get a Business Credit Card

A business credit card is a great way to do that. Having a business credit card will also help build your company’s credit history. That can come in handy later on if you need to raise capital for your business.

A business credit card can be used for expenses like office supplies, travel, and marketing. And since your personal credit score won’t be affected if you carry a balance on your business credit card, it’s a good option if you’re trying to manage your cash flow.

Set up Business Accounting

When it comes to business accounting, there are a few key things that every startup needs to succeed. First, accurate accounting is essential in order to file taxes correctly and avoid any penalties. Second, good bookkeeping practices can help a startup keep track of expenses and manage their cash flow. 

Finally, using accounting software can automate many of the tasks associated with business accounting, making it easier for startups to stay on top of their finances. By following these simple tips, startups can set themselves up for success when it comes to business accounting.

Get Insurance for Your New York City Business

Business insurance protects your company from financial loss in the event of damages, lawsuits, or other unforeseen events. There are many different types of business insurance, so be sure to consult with a professional to find the best coverage for your New York City startup.


General Liability Insurance

General Liability Insurance is a type of insurance that protects businesses from legal liability arising from accidents, injuries, or property damage. This type of insurance can cover the costs of legal defense, settlement, and damages. General Liability Insurance can also cover the costs of medical expenses, lost wages, and pain and suffering if you are sued for negligence. 

Professional Liability Insurance

Professional liability insurance is a type of insurance that business service providers such as accountants and consultants can purchase to financially protect themselves in the event that claims of malpractice or other business errors are made against them. This type of insurance typically covers the cost of an attorney to defend the policyholder in court, as well as any damages that may be awarded should the policyholder be found liable. 

Workers’ Compensation Insurance

As an employer, you are responsible for the safety of your employees while they are working. If one of your workers is injured on the job, you may be held liable for their medical expenses and lost wages. Workers’ compensation insurance protects you from these financial burdens in the event that one of your employees is injured on the job. Under workers’ compensation, you will be reimbursed for the cost of your employee’s medical treatment and a portion of their lost wages. 

Obtain Permits and Licenses

Depending on the type of business you’re starting, you may need to obtain certain permits and licenses. The easiest way to find out is to contact your local Small Business Development Center (SBDC). They will be able to guide you through the process of obtaining the necessary permits and licenses for your particular business.

Build a Business Website

A website is a powerful marketing tool that can help you reach new customers and grow your business. Plus, a website is necessary if you want to build an online presence for your business. There are many different ways to build a website, so be sure to do your research to find the best platform for your needs. Once you’ve built your website, be sure to populate it with high-quality content that will help you attract and engage new customers.

create a website

Hire Employees

Building a strong team is essential for any business, but it’s not always easy to find the right people. In order to make sure you’re hiring the best employees for your startup, there are a few things you should keep in mind. First, make sure you know your employment requirements, such as registering for employment taxes and setting up payroll. 

You’ll also need a federal employer identification number from the Internal Revenue Service. Second, when you’re interviewing potential hires, take the time to ask questions that will give you insight into their skills and abilities. Finally, trust your gut – if someone doesn’t feel like a good fit for your company, they probably aren’t.

Promote and Market Your Business

Now that you’ve got your business up and running, it’s time to start promoting and marketing your products or services. There are many different ways to market your business, so be sure to explore all of your options. 

Press Releases

A press release is a written statement that is distributed to the media to generate publicity for your business. 

Social Media

Social media platforms [1] like Facebook and Twitter are a great way to connect with potential and current customers. Be sure to create and populate your social media accounts with high-quality content that will help you promote your business.

social media

Google My Business

Google My Business is a free tool that allows you to manage your business’s online presence on Google. By creating and verifying your business listing, you can make sure potential customers are able to find your business when they search for it online.

Fund Your Business

If you don’t have the necessary funds to start your business in New York City, there are a few options you can explore. One option is to apply for a small business loan. There are many different lenders you can work with, so be sure to shop around for the best rates and terms.

Start With Your Own Resources

One of the first places you should look for funding is your own savings. If you have the money saved up, you can use it to start your business without having to worry about repaying a loan.

Friends and Family

Another option is to approach friends and family members for loans or investments. This can be a great option if you’re not able to get a loan from a bank. Just be sure to draw up a contract that outlines the terms of the loan and make sure everyone is on the same page.

Bring on Partners

If you’re not able to get funding from other sources, you may need to bring on partners. This can be a great way to get the money you need to start your business. Just be sure to choose your partners carefully and make sure you’re on the same page about the goals of the business.



Crowdfunding is a great option if you’re not able to get funding from other sources. There are many different crowdfunding platforms you can use, so be sure to do your research to find the best one for your needs.

Get Grant Money

There are many different grant programs available, so be sure to do your research to see if you’re eligible.

Bank Loans

If you have a good credit score, you may be able to get a loan from a bank. Just be sure to shop around for the best rates and terms.

Small Business Administration

The Small Business Administration offers loans and grants to small businesses. Be sure to check out their website to see if you’re eligible.

business executives

Explore Government Programs

The government offers many different programs that can help you start and grow your business. Be sure to explore all of the options that are available to you.


Is New York City a Good Place to Start a Business?

Whether or not New York City is a good place to start a business depends on a number of factors. One key factor is the industry in which the business will operate. NYC is home to some of the world’s largest financial institutions, making it an ideal location for businesses in the financial sector. The city is also a major center for tech startups and entertainment businesses. Another important factor to consider is the cost of doing business in NYC. 

The cost of living and operating a business in NYC is high, so businesses must be prepared to invest a significant amount of capital. Finally, businesses should consider the competition when deciding whether or not to start up in NYC. The city is extremely competitive, and businesses must be able to stand out from the crowd in order to succeed. 

Overall, NYC can be a great place to start a business, but it’s important to do your research and understand the challenges involved before making the decision to open shop in the Big Apple.

What is Considered a Small Business in New York?

In the state of New York, a small business is officially defined as an independently owned and operated business with fewer than 100 employees. This definition comes from Section 131 of the Economic Development Law. This law was enacted in order to provide assistance and encouragement to businesses that contribute to the state’s economy. 


There are several key things to keep in mind when starting a business with no money in New York City. There are many resources available to help you get started, so be sure to take advantage of all the help that’s out there. By following these steps, you’ll be on your way to starting a successful business in one of the most lively and entrepreneurial cities in the world.

Charles McMillan
Charles McMillan
Charles is a family man, an entrepreneur, and a writer. He is skilled in finding the balance between efficiency, affordability, and high-quality offerings when it comes to business services. He’s on a continuing mission to discover and rediscover the most popular LLC services, while sharing his most accurate assessment and review to help business owners like himself.