Formation tips for start-ups in New Jersey

Formation tips for start-ups in New Jersey

The recession of recent years has underscored the importance of creating new businesses. Start-ups have proven themselves an indispensable driver of economic growth in New Jersey. Now, with the state economy showing signs of improvement, it may be a good time for people thinking about starting their own small business to do so.

Before diving in, however, there are many factors to consider when deciding whether or not to start a small business. Certain steps can be taken to maximize the chance of success. First, look at the economic climate. Is the economy on the rise or heading for a rough patch? What kind of support does the local and state government provide to small businesses?

If the economic and regulatory climate seem promising enough to go forward, then potential owners should develop a business plan. At a minimum, the plan should establish who will be involved in the venture, what kind of products and services the business will provide, how much capital it will need and the kind of growth it will have over the next five years. In many cases, a good business plan is critical to getting a start-up loan.

Once a prospective owner has a business plan in place, they will need to take care of the legal side of beginning. These requirements will depend on the type of business involved, but certain commonalities exist. Every company operating in New Jersey needs to register their name with the state, apply for a tax number and then register for state taxes.

In addition to those requirements, some businesses will need to get a license or permit from the state. Requirements will differ depending on which kind of license or permit is sought.

Source: New Jersey Newsroom, " Tips for starting a New Jersey small business," Allie Blankinship, July 6, 2012


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