New Jersey is an expanding and vibrant place. Being the most densely populated state in the US makes New Jersey full of potential for new start-ups and businesses. We can clearly understand why you chose New Jersey as a place where you will make your business plans come to fruition. But, before you jump in, here are a few tips for starting a business in New Jersey.
Life in New Jersey
Before you start your business in New Jersey, you should discover how living in New Jersey is like. Even if you want to have an online business, you will probably have to make New Jersey your home state if you want to successfully run your business.
What’s New Jersey like?
New Jersey is a peninsula bordered on the north and east by the state of New York and on the south by the Atlantic Ocean. It is the fourth smallest country in the US. And it is the third wealthiest state by median household income as of 2016. So it is financially dense. It has a growing economy and its services are located very close to each other, so you can expect fierce competition. Biggest industries in New Jersey are pharmaceutical industry, financial industry, telecommunications, food processing, electric equipment, printing, publishing, chemical development and tourism. If you are considering joining the food industry New Jersey could be good for you. It ranks second among states in blueberry production, third in cranberries and spinach and fourth in bell peppers, peaches, and head lettuce. So you should have no problems in finding a good price for necessary produce.
Tourism in New Jersey is also a big industry. Some knowledge about New Jersey is required to make a good tourism-oriented business, but if thought out carefully it is a safe bet. And speaking of bets, gambling is legal in New Jersey. In 1976 a referendum of New Jersey voters approved casino gambling in Atlantic City. There are many ways in which you can join New Jersey business scene. You just have to get the right idea of what economic situation is like and figure out how to contribute in the right way. Starting a business in New Jersey is a good idea if you know what you are doing.
Test New Jersey before you start living in it
A smart thing to do would be to live for a while in New Jersey before you move. Sure, a lot of information can be found online, but there is no substitution for the first-hand experience. If you have a new business idea, find out if there is something similar already operating in New Jersey. It’s not going to be enough to be the same as someone else. You have to either add something new or improve on what’s already being done. Don’t expect that copying something will lead to similar financial results as the original. Find out what people of New Jersey need, but don’t have. And provide that service or product. It will not be hard to find good professionals to work for you. As we said, New Jersey is dense. There is a lot of people who will be more than happy to make your business plan become reality, you just need to figure out how. You should also look into NJ moving companies. They can offer you better deals on moving than your local moving companies usually can.
Get the idea of how much everything costs
By living in New Jersey for a while, you will also discover how your life will be like. You will have to live there and therefore pay for rent, utilities, and car expenses. New Jersey has a large medium household income, but it can be expensive. For utilities expect to pay around $1,024 and rent can vary between $2,487 (City Centre) to $1,446 (Outside of City Centre). You will have to figure out how much you will need every month, and how much time you will give your business to start earning you money. Living and moving prices can vary between counties and with some smart decision you could save some good money. For instance, when moving you could use movers from Union County to help you move to Essex. Being creative is a good way to save you some money. Maybe you’ll be lucky and your business will boom the moment you start it, but more often than not it takes time. All beginnings are hard, and you can expect that yours will be also.
How to approach starting a business in New Jersey
If you have figured out what your business should be, there are a few steps to take in order to make it come to fruition.
Have a solid business plan
If you are not trying to find funding at the start it is tempting to start your business without a clearly defined plan and just wing it. However, taking time to make a solid strategy will give you a clear idea regarding your business decisions. Also, remember to have an exit strategy. Are you planning on selling your business, or having someone inherit it? Answering this now will save you considerable headaches.
Don’t hire friends
Business is a business and feelings should have nothing to do with it. Sure, it may seem that a friend will help you along if your business is suffering, but be smart about this. More often than not your friendship history will needlessly complicate your workflow and you will either end up losing your friend or losing your business. Good friends are few and far between, and you should avoid putting needless strain on your relationships.
Don’t be afraid to fail
Starting a business is a risky move, no matter how much you plan for it. But without risk, there is no reward. An entrepreneurs life is bumpy and stressful and it may seem that sometimes nothing will work. Just remember not to test the depth of the pool with both feet, and have a backup plan.