Congratulations! You are ready to move your business out of your apartment and into a private office space in NY. Although your company may be enjoying a positive cash flow for the first time—that doesn’t mean you should spend it on a Park Avenue office.
While New York City may be your first choice, it is important to thoroughly evaluate your options and ask yourself why is it so important to be in Manhattan? Is it because of perceived prestige?
Unfortunately, most startups fail because they run out of money. The reality is that no one will be impressed with a business that doesn’t exist.
Save on Office Space in NY
If you want to beat the odds, it’s important to conserve cash. Of course, you could do what every “cool” new startup is doing and pay $500 a month to socialize in a noisy and overcrowded coworking space in Union Square . Or—for not all that much more, you could have your very own office space in Yonkers, NY.
With a number of initiatives in place to foster economic growth and attract new businesses, Yonkers has emerged as a center for technological innovation and entrepreneurship .
Just ask local entrepreneur Dr. Barry Kappel, Vice President of Business Development for ContraFect Corp., how much his business saved by relocating to the city.
“Building out a 15,000-square-foot laboratory in Yonkers was economically feasible for us…we did it at 20 to 25 percent of the cost it would have been in other locations. At the end of the day we’re really happy with our decision to be in Yonkers. We’re proud to be associated with the city and we encourage others, both in our industry and in other industries as well, to make the move.”