New York City (NYC) has five boroughs and Bronx is one of them. The narrow Harlem River separates it from Manhattan in the city’s northernmost area. The rise in the number of new residents in this area is linked to the affordable housing initiative.
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In recent times, Bronx has retained a top ranking in NYC in terms of investment, development, and real estate. Each year, there is a growth in retail stores. The affordable rentals and land price has made it a paradise for many families to settle down. Some people working in Manhattan and Queens will rather live in the Bronx for the sake of affordability.
There is a lot of buzz about owning a business while those who already have a business are hoping to expand their businesses or get a license. Acquiring a license for your business in New York can quickly drain the excitement into frustration. The multiple government levels and different requirements make license acquisition overwhelming.
Data from Empire State Development shows that small businesses make up to 98% of all state businesses while data from the U.S. Census Bureau shows that the revenue they generate is over $1.1 million per annum – on the average.
The Bronx Has An Active Business Environment
The affordability of land and rentals is good news for anyone hoping to start a business. A little capital can go a long way in getting your business started. Entrepreneurs choose the Bronx over other boroughs because they can get budget places here and the market is rife with opportunities. The growing population also means there is a large market for your product or services. The growing population has led to an increase in the number of start-ups to quell the growing job needs.
“Bronx is considered less risky than Brooklyn or Manhattan because it’s still developing and those who can’t afford a place upstate can easily get one here at cheaper a price. Several business owners who wanted to expand their business but have limited cash have chosen the Bronx to set up their business”.
Living Or Doing Business In The Bronx Has A Lot Of Benefits
The Bronx is well linked to other boroughs in the state which means that the residents in this area can easily reach their destination using public transports. These further cut down the living and traveling cost. There is also a growth in the number of restaurants, bars, and nightlife spots around the city which will make your stay memorable.
Since the Bronx is still developing, many financial agencies and government agencies are more willing to lend a helping hand to entrepreneurs especially giving them access to funding to enable them to establish their businesses in the Bronx. This is a favor financial institutions in more developed cities will be more reluctant to offer.