New York City should be the best place in America to start and run a business.
In truth, Gotham is ranked dead last in the ease of becoming an entrepreneur, according to Thumbtack, a firm that connects freelance pros with clients. The Big Apple has the highest rate of small-business closure in the country. Meanwhile, Miami is open for business, and Mayor Francis Suarez will take your call (or tweet). How is it that other cities are outcompeting and out-hustling us for business?
Running a small business is a challenge even in the best of times. In New York City, entrepreneurs face high costs, red tape and cutthroat competition. The gains can be large for those who make it. But when a shock hits, small businesses feel the blow. And 2020 was a knockout, from a global pandemic to a sudden economic freeze to riots to a steep rise in violent crime.
This column, the fourth in a series, was adapted from MI’s “NYC Reborn” initiative.
Photo by Drazen_/iStock