Starting a business is an exciting venture, but every state has different rules and regulations to consider. New Jersey is a prime destination for new business owners, with a booming economy and nineteen Fortune 500 companies calling the state home. Some industries, such as pharmaceuticals and life sciences are leading the pack, while other types of businesses are less common across the state. If you’re looking to start a company in New Jersey, here are a few things to think about before you begin doing business.
Know what legal steps to take
Starting a business involves following specific legal steps in order for your business to be valid. The specific forms and regulations vary from state to state, so it’s always a best practice to thoroughly research the different rules that apply to your business entity. Both the name of your business and your business itself often must be registered with the state clerk’s office. Taxation and tax liabilities are of particular importance, since you don’t want to be fined for violating the IRS’ rules. Depending on the type of business you are starting, you may also need to obtain specific licenses, such as a liquor license, gambling license, or retail license. Insurance may also be required, especially if you employ others. While all of these tasks can be daunting, doing the work ahead of time and looking over a checklist with your lawyer can help you avoid legal troubles down the line.
Consider the competition when searching for locations
You may have heard the famous realty saying, “Location, location, location!” which is just as important to consider when selecting the location of your brick and mortar business as it is when buying a home. Finding a location for your business with convenient public transportation or a parking lot for customers is certainly one aspect to factor into your decision. Another thing to consider is whether or not there is any direct competition in the city you’ve chosen to operate in. If your business rents forklifts, you may want to avoid a location where another business also manufactures material handling equipment in South Plainfield, NJ. Similarly, contractors may want to investigate other companies offering window and door installation in East Hanover, NJ before setting up their own company in the same city. While you may be willing to compete with others directly, doing so can also put you on rocky terrain as your business is starting to get on its feet.
Create a marketing plan
When starting a new business venture, it’s important to enter the game with a clear professional identity and branding. In order to compete with established businesses, your business itself should appear at the same level as similarly sized companies. Developing a marketing plan and materials prior to your business’ launch can help with these efforts, allowing you to go to market with an effective website, logo, business cards, and social media channels. Writing a solid press release to announce the formation of your business, as well as your company’s launch can also help get the word out about your new venture. You may even be able to score some publicity ahead of launch time, at which point you’ll definitely want to be sure that your company has an adequately detailed and professional-looking web presence to direct readers to.
Starting a business is a huge commitment, and one that shouldn’t be taken lightly. With careful care and proper planning, you can set yourself and your company up for success in New Jersey. If you follow the appropriate legal steps, research the best city to set up shop, and create a market plan to set your brand apart, you’re sure to go far.