BINGHAMTON (WBNG) — Jan. 1, 2024, marked the start of the new year and a new law went into effect for New York State.

The minimum wage increased by 80 cents compared to last year. Small businesses are being impacted by this change tremendously. Some owners aren’t well-versed in the business concept of things, and this is where the Small Business Development Center (SBDC) comes into play.

Regional Director Rochelle Layman said there are multiple things business owners have to consider when laws like this change.

“When a law like this goes into effect, the small business owner has to determine how they are going to compensate for the increase in costs,” said Layman. “One option is to negate the increase somehow perhaps by cutting hours or laying people off.”

People aren’t aware that small businesses have a much lower profit margin than larger businesses.

The SBDC is funded by the federal and state governments, and they receive support from Binghamton University. Therefore, all services are entirely free to each client.

No-cost business advisement services and upcoming workshops can be found here.

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