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Brooklyn, NY, isn’t just home to iconic New York attractions like the Brooklyn Bridge, Prospect Park, and Coney Island. Following the COVID-19 pandemic, this bustling borough has become a thriving small-business powerhouse that draws countless entrepreneurs ready to make a name for themselves in the Big Apple.
Is starting a business in Brooklyn in the cards for you? Whether you’re a native New Yorker or a hopeful transplant, we’re here to help you understand and pursue business opportunities in Brooklyn.
Brooklyn Is New York’s Fastest-Growing Borough
When we say Brooklyn is the fastest-growing borough in New York, we mean it. With 70 neighborhoods and over 2.7 million residents, Brooklyn boasts the largest population increase between the 2010 and 2020 censuses. It’s now just shy of its record population from the 1950 census.
To put it in perspective, Brooklyn has more residents than 15 U.S. states and several European cities like Paris. The community’s rise to become New York’s most populous borough has been driven by its diversity, quality of life for families andyoung professionals, and convenient transportation options.
Private Employment Is Booming in Brooklyn
Another factor driving Brooklyn’s success in recent years is the COVID-19 pandemic. While other boroughs like Manhattan struggle to return to their pre-pandemic normal, Brooklyn has seen its private employment grow 47.5% in the past 10 years despite COVID-19 setbacks. Citywide, the private employment rate has only grown about 28%.
Private employment refers to hiring in the private sector, which includes non-government agencies like individual business owners. Growing private employment means growing businesses and the future of Brooklyn’s economy looks bright.
Brooklyn Offers a Wide Range of Small Business Real Estate
The beauty of a diverse economy like Brooklyn’s is that the sky’s the limit for real estate opportunities. From mixed-use buildings to corner shops, you can find countless spots to fit your small business needs. Additionally, transportation resources like the MTA buses simplify traveling between home and work.
Keep your budget in mind when real estate hunting. A square foot of retail space in Brooklyn averages about $715. If you want to open a retail store, rent can range from $30 a day to $30,000 a month.
The path to buying or renting real estate in Brooklyn doesn’t have to be linear. If you have a small budget for real estate, try joining forces with a business like Brooklyn Pop-Up. You can save up for your own space by renting out a market stall until you can sustain overhead for your own storefront.
Tips for Starting a Business in Brooklyn
You have a dream of starting a business in Brooklyn—now it’s time to make it happen. There’s no perfect formula for opening a small business, but you can take a few key steps to move in the right direction.
Starting a business is a lot like searching for a new home. When you’re house hunting, you’re not just buying four walls and a roof. You’re looking for a good neighborhood, convenient transportation, and other essentials for quality of life. Approach buying a space for your business with that same mindset.
To set you on the right path, we’ve gathered a few tried-and-true tips for starting a small business in Brooklyn.
Choose the Best Neighborhoods in Brooklyn for Business
Your small business location can make or break your venture. Brooklyn has 70 neighborhoods to choose from, but these are some of the best neighborhoods to consider setting up shop in:
- Sunset Park. Located in South Brooklyn, Sunset Park’s 5th Avenue corridor caters to a diverse consumer market, from eateries and bars to boutiques. The community also features the Sunset Park Business Improvement District.
- Williamsburg. Considered one of the trendiest neighborhoods of Brooklyn, Williamsburg is a popular spot for entertainment, arts, and restaurants. Just remember that the more desirable the neighborhood, the higher the costs.
- DUMBO. Down Under the Manhattan Bridge Overpass, or DUMBO, offers beautiful views of the East River waterfront, a hip dining scene, and resources for new businesses, like the DUMBO Improvement District.
- Bushwick. If you’re looking for an affordable but trendy alternative to Williamsburg, head to Bushwick. From lifelong residents toimmigrants, small business owners are thriving in this Brooklyn neighborhood and its bodega-centric economy.
Research Business Opportunities in Brooklyn
The purpose of any business is to fulfill demands, whether you’re selling services or products. Before you commit to any kind of space, spend some time researching what kinds of businesses are thriving in Brooklyn. One of the easiest ways to keep your finger on the local economy’s pulse is to follow local real estate news sources like Brownstoner.
In addition to insights into the real estate market, Brownstoner covers the borough’s day-to-day life and history to give even the newest residents a comprehensive view of the community.
Take Advantage of Brooklyn Entrepreneur Resources
Opening a small business is no small feat. The secret to Brooklyn’s economic success is the countless small business resources and networks designed to help entrepreneurs succeed. The Brooklyn Chamber of Commerce provides the Small Business Resource Network that offers “free, personalized guidance and support” to help you and your venture get off the ground in the borough.
The Small Business Resource Network has a team of specialists for general business and industry-specific support, from restaurants to technology. All you have to do is fill out their intake form, meet with a member of their team, and start connecting with free resources through the program. The SBRN has connected with nearly 9,500 businesses in Brooklyn and provides more than a hundred resources.
Other entrepreneur resources to explore and take advantage of in Brooklyn include:
- IMPACCT Brooklyn
- Pace University Small Business Development Center
- NYC Small Business Opportunity Fund
- NYC Department of Small Business Services
- Small Business Services Location Finder
Self-Storage: A Unique Tool for Small Businesses in Brooklyn
Starting a small business in Brooklyn can be exciting and overwhelming. From lightning-fast real estate sales to changing trends and booms in customer demand, flexibility is a vital trait for entrepreneurs. If you’re waiting for the right commercial real estate listing or your business is still in the pop-up stall phase, running your own venture can bleed into your home life.
Before your kitchen table is covered in records and receipts or your bedroom closet becomes an inventory space, consider self-storage. Even a modest 5×5 storage unit can give you more breathing room and help you stay organized as you prepare to expand your Brooklyn business.
Start Your Small Business Journey in Brooklyn With Safeguard Self Storage
You don’t have to tackle starting a business on your own. When you need more storage space for your growing boutique or bodega, you can count on Safeguard Self Storage. We have multiple storage facilities in Brooklyn to help you keep your business equipment, inventory, and records organized and close at hand.
As we mentioned earlier, flexibility is key for small business owners. That’s why we provide a wide selection of storage units and affordable month-to-month leases, so you don’t pay for space longer than you need it.
We wish you the best of luck as you take a bite out of the Big Apple—and we’re here for you with affordable, convenient self-storage wherever you may be in Brooklyn!
