The business industry is, sad or good to relate, a highly competitive field in which only the most prepared can last for more than five years, the average company’s operating lifetime. According to the S&P 500 Index, the declining trend of corporate longevity will continue in the future, most likely due to the expansion of consumerism and mass manufacturing.

This direction has profoundly affected firms in bigger cities, like New York City, where factors like pricey real estate, market saturation, and the hustle culture nurtured a continuous playoff among emerging companies, also stirred by political turmoil. 

Still, businesses can thrive if they choose their partnerships right because they’re re-branding themselves and proving a steady-going model. Of course, we may not refer to collaborations like the North Face & Gucci or Balenciaga and Crocs. However, they’re a good example for revealing what it takes to stand still in this competitive sector ― partnerships. 

Why should you limit yourself to NYC? 

If we were to look at the opposing side, there are a few reasons why starting a business in NYC isn’t feasible, including the extra 20% rent tax and the restricting zoning laws. Therefore, some may consider outsourcing or finding more beneficial locations nearby. Still, we cannot deny access to great talent, a diverse market, and network support in NYC. 

NYC offers numerous opportunities for masterly creators, whether independent or under a firm. Since the city is one of the most diverse in the world, the favorable circumstances allow you to access valuable products and services, be it cost-effective rent, art for sale, or corporate benefits.

While starting a business isn’t that difficult, maintaining it is challenging because it implies remaining relevant as trends change. If we look at the business setting before and after the pandemic, we can see a rapid shift in how companies promoted their products and engaged with consumers. The lucky ones were still relevant to the audience, while others had to stop operating. So, what did they do? 

Examples of famous partnerships and why they worked 

Everyone knows about GoPro and Red Bull’s co-branding campaign, and people are wondering how these companies can work together. Well, they found the perfect recipe for collaborating to create the means for an adventurous life where people who love action and extreme sports enjoy their fearless lifestyles. 

Another similar partnership allowed Spotify to create a unique soundtrack for any Uber ride so people can enjoy whatever music they like during the trip. This enhanced clients’ experiences and made people choose these companies over the competition. 

By far, the project that Apple and MasterCard developed together was the best for customers, as they could store their MasterCard debit or credit card points on Apple Pay, promoting a unique transaction experience and showing support to these companies’ clients. 

So, how can you secure such partnerships in NYC? 

As you can see, reaching out to another business for collaborative purposes has numerous benefits, but it’s not always easy to succeed in such a project. We also have some negative examples of how such collaborations can flop due to mismatched goals and communication problems, such as the partnerships between Kraft and Starbucks.

Upon developing your own company, you must know everything about the business to approach other firms for collaboration confidently. For example, both parties should have the following aspects in common:

• A vision that elongates over a similar amount of time;
• A communication style that just works;
• A complementing talented team;
• An equity policy; 

Finding a business that speaks to you can be challenging in such a big city, but with the right tools and extended networking team, you may be able to find the one. However, ensuring the partnership is successful may be more important, and this step is the trickiest. 

Why Setting Expectations is Necessary 

While you may find a collaborative firm that seems just ready to start a new campaign, you might be hit with the expectation difference. It’s normal for others to assume a specific outcome when approaching a partnership, but sometimes, not communicating sets both for failure.

That’s why the process of accepting and realizing each other’s expectations might be difficult, as you may need to participate in several meetings and deliver numerous do-to lists. Equip yourself with patience and communication skills because, despite challenges, partnerships are almost always advantageous. 

After settling this issue, developing a project structure and defining boundaries will flow more naturally. Of course, setting up benefits for each party is a vital step in leveraging a successful partnership because everyone is investing time and resources to make the project work. 

Seeking Support from NYCEDC

Since you’ve decided to remain in NY and make the most out of your space and opportunities, you can tune in with NYCEDC (New York City Economic Development Corporation) to help you grow your business and find new opportunities. Even the institution has evolved with the help of collaborators like Deloitte, IBM, and jetBlue, so they can help you with a consultation on what your business needs. 

The corporation also offers guidance on incentives and economic data that can help you find a partner right away based on statistics and data requests. Since NYCEDC also works with academic institutions, foundations, and venture capitalists locally, you can contribute to the economy’s growth while enhancing business in such a competitive sector. The right collaboration campaigns will propel you into the mainstream and offer real solutions to customer problems. 

Are you ready for your business to flourish in NYC?

The American dream most likely includes having a successful business in NYC, especially since the city is renowned for affluent real estate, finance, and retail companies. However, this wealthy environment also sets you up for aggressive competition, which is one of the most difficult to handle in this fast-changing technology era. So, the best thing you can do is find collaborations and stick to them for longer to stay relevant in the market and innovate yourself continuously.

Published by: Khy Talara