New York Shows Promising Results for New Business Survival

So are you thinking about starting your own business in New York? You hear different stories about what it's like to be your own boss in the Empire State. Once you get it up and running, what is your chance of surviving. Here's what we know.

New business applications in the U.S. hit a record 5.5 million applications. That's an 80% increase from before the pandemic. Despite the increase in new businesses, half of them may not make it in the long run, and one in five might not even survive their first year.

Vera wanted to find out which U.S. territories have the best and worst business survival rates. Good news! New York is in the limelight, along with New Jersey and Pennsylvania, for having some of the highest first-year survival rates for new businesses, at over 78%.

On the flip side, the Mountain division didn't do as well, with a lower first-year survival rate of 74.40%. Economic volatility, low population, and limited resources can make it tough when it comes to starting a new business.

The Middle Atlantic states like New York are doing well when it comes business survival rates. These businesses show stability and resilience with their strong infrastructure. They’re the guys you want in your corner when starting a new venture.

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The West South Central division, with states like Texas and Louisiana, is holding steady with a nearly 78% first-year survival rate. We're talking about agricultural powerhouses and big-time tech industries that are favorable for new businesses.

Last but not least, there is New England, with its top-notch education system. These states also have a nearly 78% survival rate, with a solid foundation for businesses to grow.

If you're thinking about beginning a business in New York or anywhere else, there are ways to put the odds in your favor. Do your homework, know your market, and have a solid financial plan in place.

Fellow business owners can help with invaluable support along the way. Also, don't shy away from embracing technology and digital marketing to reach a bigger audience.