6 things to keep in mind when relocating your company from Phoenix to NYC
If you think that relocating your company from Phoenix to NYC, you might be right. After all, NYC is the most amazing city in the world. Everything is possible here. It doesn’t mean that everything will be easy and perfect. This city is not without its flaws and there are things you need to keep in mind before you relocate. This is among the best places in the country to set up shop. But that comes with a price. This brings us to the first thing we need to talk about.
The first and most obvious thing to keep in mind is the high prices
There will be many challenges. The city’s biggest drawback is that you can’t get away from New York City’s prices. The price of living is the highest in New York City. It is undeniable that New York City does not offer a business climate on par with other major cities. A variety of high penalties and high taxes are a danger to business profits. New York City’s high taxes are necessary to fund the city’s extensive infrastructure and forward-thinking laws. The top income tax rate is 14.78 percent. City and state sales tax rates combined equal 9.25% There is a 6.5% tax on corporate profits. We think that the smartest way to approach this is to hire a lawyer and talk more about taxes and such.
Office space can be very pricy
Across the United States, NYC has the priciest office rent. Good office space costs roughly $80 on average. Such a large and expensive footprint would significantly increase operating costs, given that real estate is often a company’s second-largest expense. Once again, at $68 per month, New York City’s rent is higher than that of San Francisco. Rising living expenses mean that compensation packages for top performers should increase to match. This means your biggest expense (payroll) will climb significantly if you move your business to New York. Your spending plan should also reflect the significant number of college-educated people in your target demographic.
One thing you will notice right away after relocating your company from Phoenix to NYC is the talent pool
The city’s culture is appealing to the most talented people in the country, who then choose to make their homes here in New York. It’s where a lot of folks with advanced degrees originate from. As an added bonus, Manhattan is home to some of the best universities in the United States. The city is home to a number of prestigious universities, including Columbia, Fordham, and New York University. New Yorkers also benefit from consistent funding for higher education through the City University of New York (CUNY) system.
In addition, New York City is home to numerous educational and vocational facilities. As a result, it doesn’t matter what skill set you’re seeking, you’ll be able to locate suitable candidates. The city has an unrivaled supply of highly educated and skilled workers. The workforce is well-known for its welcoming environment and welcoming diversity. There is a wide range of people who name New York City their home. You may rest assured that your pool of talent will supply you with fresh perspectives from a wide range of backgrounds and experiences.
The city’s robust public transportation network also helps keep New York’s best and brightest here. Quick and simple transportation links connect all areas of the city. It facilitates linking people from all across the city to the employment that suits them (within an acceptable amount of time).
People in New York City are invaluable resources. Its population of 8 million has considerable purchasing power. Similarly, the purchase habits of its residents can be utilized to foretell worldwide trends because the atmosphere is so influential and cutting-edge. Higher wages are a direct result of the country’s comparatively well-educated populace. To put it another way, this means more money in people’s pockets, which can then be spent locally, boosting the economy and the bottom line.
It also has a stable tourist business, which helps boost its economy. Therefore, it is a great location for businesses seeking to take advantage of this revenue source. Likewise, more people means more potential customers, which is why a city’s population density is so important to businesses. In addition, New York City has a robust social networking culture, increasing the possibility of meeting the right people. But before you can, you will need to unpack.
Competition can be rough
Real estate in New York City is a cutthroat industry. But so are the others. This will motivate you to perform at your best, or at your worst. This is a true sink-or-swim environment. You should know that not many businesses survived this kind of pressure so this is yet another thing you need to keep in mind before calling movers when relocating your company from Phoenix to NYC. While we are on the subject of moving this is not something you should DIY. Movers will help you and make sure that all your office equipment is safe and sound and since NYC offices are usually smaller they can even help you with high-quality spacious units to store any excess items.
One more thing before we go
You must determine for yourself if the benefits of living in New York City outweigh the drawbacks. We think they do but it’s up to you. It might be an excellent fit for your company if you choose wisely. The reputation and accessibility of the city are priceless. However, the costs associated with these additions have already been covered. You don’t have to stay in New York City if you don’t want to. Numerous areas in the United States are conducive to commercial enterprise. They offer all the conveniences of city life at far lower prices. New Jersey is the perfect option in this case. This is all we wanted to tell you about relocating your company from Phoenix to NYC, now it’s up to you.