The debate of which city is best between LA and NY has been going on for years. Covered by myriads of writers, bloggers, and travelers, it is still a bit difficult to choose between the two cities which one should be crowned king when it comes to business.
Both LA and NY are two massive and rich cities which economies are booming as time goes by. But there are some people who will prefer the one over the other. Well, of course, everybody is entitled in their own opinion and preferences. Some choose New York because of its style and pace. The cross-country vibes of Los Angeles also tick other people’s preference as well.
If you’re a businessperson that wants to start a business in either of the two cities, then this comparison article is definitely worth the read for you. Below, we are going to list different categories on how the two cities pair up with each other in the business field and also in other factors as well.
Back in 2010, there are over 1,000 restaurants opened in New York City. But based on a study that was conducted by researchers, 800 of these will likely go bankrupt after five years. There are a total of 190,000 small business in Manhattan alone. But compared to LA which has over 215,000 small businesses with a double the number of residents, the competition in LA is much more aggressive compared to New York.
This concludes that New York is the place to be when you want to start your small business since the competition is not that saturated for the time being.
Geographic Location/Life in the City
New York is more exposed to calamities such as storms (remember Hurricane Sandy?), making its geographical location a big NO for small business owners. There are hundreds, if not thousands, of small businesses that are affected to such. Meanwhile, in Los Angeles, earthquakes are just like a walk in the park. The quality of life is also much better in here compared to New York. The best part, it is the go-to location for a lot of filmmakers as well.
To sum it up, Los Angeles won this round when it comes to geographic location and quality of life.
In Los Angeles, people seemed more relaxed and peaceful and just living the life to the fullest. However, some businesses in this city tend to start late and pack up early. And instead of talking about work, most employees and business owners here will be discussing about Friday night parties and the like. What’s even worse is that the traffic can boil the steam out of your head. It’s the complete opposite when it comes to New York. People are more focused on their work/businesses which gives you motivation to continue on and earn that cash.
It’s obvious, New York won this time around in this category.
Talking about taxes, Los Angeles is more relaxed when it comes to that. In fact, LA was ranked at impressive numbers when it comes to taxes. New York is the complete opposite of that. A study was conducted on New York and it was found out that they charge their residents higher than the usual. And it doesn’t end there, you also have to pay extra local and city tax which is kind of a bummer. Property taxes is also a big slap on the face as well when you’re living in New York.
The winner is obviously Los Angeles when it comes to taxes.
Cost of Living
Apartments (and probably houses) in New York all costs a fortune. Try walking inside an affordable-looking apartment in NY and you’ll be shocked when you start asking for the price. Studies have been conducted about the matter and it shows that NY has the highest cost of living compared to other cities in the country. That said, Los Angeles is the city of choice if you want to live peacefully without breaking your wallet. Their apartments come in affordable prices that saves your bank account from trouble.
When it comes to cost of living, Los Angeles takes the crown for this one.
So there you have it, the following guide above will help you determine which city is best to start your very own small business. Keep in mind that the right location plays a vital role for the success of your business. Of course, both cities have their own pros and cons, but it’s up to you which one should you choose.