Leading a business requires a certain set of skills in order to do it properly. It’s not an easy trade no matter how small or big the business is. However, that is just the beginning. Things are starting to be more complex when you decide it is time for expanding your NY business to other states. First, you have to make sure you are properly registered with the local secretary of state. Second, you have to be familiar with the rules and all taxations that come with doing business in another state. Last, but not the least, you need everything about registration of your business as a foreign entity, so you don’t have to incorporate your business all over again.
Expanding your NY business means you need to know the laws
It’s much easier to deal with these matters if your business is entirely over the internet. But, if you are expanding a physical company, the rules of the game are a bit different. Knowing the law of the state in which you are operating, as well as a complete set of rules and regulations about business matters is a priority. “Dozens of people – dozens of hats” is a way to put it, since every state has its own set of laws and regulations. Knowing which to apply and when to apply can sometimes be quite confusing.
Think about the potential of your business model
When developing your business you are never concentrating on just one spot in the timeline. Even if you are only maintaining your current size and operational level, it’s always good to have some plans for the future. Usually, one of the hardest things to deal with is the scalability of your business model. It’s not the same thing leading and developing a company with 10 – 50 employees, and managing the company of 500+ people. Not to mention in orchestrating 10 vs 100 projects at a time. By planning your company’s growth in advance, and the scalability of your business model, you will have a greater chance to succeed. In fact, the ability to predict and to adapt becomes one of the primary concerns when expanding your business. Especially to other states.
What is a foreign qualification?
In order to register a company in another state, you will need a Certificate of Authority application. The way to submit your application is with that state’s Secretary of State Office. Simply put, it is the process of registering your company to do lawful business in another state. Essentially, this process allows the company to be governed under NY laws but still, operate locally and do business in another state. This is the first step when you want to legally pursue growth opportunities across state borders without incorporating a new business entity. The entire process consists of a few steps:
- Determine if the name is available in another state
- Appoint a registered agent in that state
- Order a certificate of existence or certificate of good standing from your home state
- File qualification documents
Expanding your business on New Jersey
As your business grows you will want to expand geographically. For NY based businesses, New Jersey is often a natural next step. The distance makes it much easier to control and to re-deploy your employees. Even moving part of your inventory is easy since there are many local professional companies like Van Express Movers New Jersey which know the area well. As an example of policies, you might need is “State statutory disability insurance” required in New Jersey.
Hiring remote workers
There are a few specifics you need to know when hiring an employee in a new state.
- Payrolls – Finding a company that can help you manage all of your processing payrolls is something to consider.
- State Taxes – There are many employment-related taxes you will need to pay for your workers. Those are State Unemployment Insurances, salaries, various compensations, and others. They can be different depending on the state in which you operate. Also, there can be different requirements among local governments even within the same state. Like commuter benefits and disability insurance. If you are using a company to manage your payrolls, this is their job as well.
- Hiring reports – Some states will require you to report your new employees within 20 days after hiring. Some even less than that. By the federal and state laws you need to provide basic pieces of information about your employees.
Start planning your business from the first day
If you are having the ambition to expand your business locally, or across the border, then making a good plan from the first day is a must. It doesn’t matter if your business is starting small, or you already have a large enterprise. All businesses succeed thanks to planning and good timing. Why? Because they always have growth and expansion in their minds and all business decisions are based on this. That is how you can deal with the scalability of your company in real-time.
Focus on the quality of your service when expanding your NY business to other states
While expanding is a success by itself, many companies fall in the trap of not managing their expectations well. At least not in the first period after the relocation. What is really important here is to never drop in the quality of goods or services you provide. Especially after expanding. On the contrary, you need to show above the ordinary if you plan to win the market. Focus entirely on delivering the maximum results and keeping your customers happy.
Use new technologies when possible
This is the era of technology. So, if it is possible you should implement it in your business. There are literally a dozen ways to improve many aspects of your daily business with the use of various technologies. From communication to storing your belongings during relocation. From speeding up some processes to making money transactions easy. All of that thanks to the new technologies. It would be a waste of time to miss the opportunity like that.
Expanding your NY business to other states can be exciting as well as a great potential for success. However, being hasty and reckless, and without proper planning can cause more harm to your business than good.