What You Need to Know About Starting a Business in NJ
Starting a business in NJ, particularly in Morris County, is a wise decision for any ambitious professional. The Garden State has no shortage of entrepreneurial spirit, talent, or benefits for business owners—and this rare gem in the northern part of the state is no exception.
Are you interested in growing your company’s prospects? Keep reading to learn more about why you should consider doing business in NJ.
Steps to Take When Starting a Business in NJ
Before starting a business in NJ, you’ll need to take certain steps to ensure that your business is successful. These steps involve planning, making important financial decisions, and completing specific legal activities.
Here are some steps the U.S. Small Business Administration (SBA) recommends you take before opening shop:
- Conduct market research to gather information about potential customers and businesses already in your area.
- Create your business plan, which is a roadmap for how to structure, run, and grow your business.
- Fund your business by finding the capital you need, whether that amount is currently on hand or you need to raise or borrow it.
- Select your business location. Whether your business is brick-and-mortar or online, your location could impact your taxes, revenue, and legal requirements.
- Choose a legal structure for your business. This will impact your business registration requirements, how much you’ll pay in taxes, and your personal liability.
- Pick the perfect business name that is unique and reflects your brand.
- Register your business to make the business name legal and protect your brand.
- Get federal and state tax IDs. You’ll need an employer identification number for key steps to start and grow your business, like opening a bank account or paying your taxes.
- Apply for licenses and permits to stay legally compliant according to your industry, jurisdiction, and other factors.
- Open a business tax account to handle legal, tax, and day-to-day issues.
At the Morris County EDC, our team is partnering with the Northwest New Jersey Small Business Development Center (NW-NJSBDC) at Fairleigh Dickinson University to provide business counseling services in conjunction with them. As the counseling arm of the SBA, the SBDC represents a unique mixture of rural, retail professional, and industrial businesses in Morris, Sussex, and Warren counties. Its consulting, training, and research services are available to all small to medium-sized businesses in all industry categories, proving to be an invaluable resource to our local business community.
Benefits of Morris County, NJ
Choosing the right location will have a significant impact on your business. Starting a new business venture or expanding your current business’ operations to Morris County will grant you access to a myriad of opportunities. A few benefits make this area a boon for businesses, including:
Strong Business Support & Network
Morris County’s vibrant business community will help companies of all sizes grow and succeed. Here, you’ll have access to organizations like the Morris County EDC. Our ever-growing group of members and partners contribute to the vibrancy of the community, and you’ll be able to attend events, network with other business professionals, and get involved with initiatives that help shape the local economy.
By starting a business in NJ, you’ll have access to a strong workforce with many workforce training programs available. Morris County is home to a number of workforce development initiatives, including the Center for Business & Technology, New Jersey Manufacturing Extension Program, Inc. (NJMEP), Morris-Sussex-Warren Workforce Development Board (WBD), and our One-Stop-Career Centers in Morris Plains and Randolph. Additionally, the county boasts some of the greatest intellectual capital in the world—perfect for powering your business.
Superior Convenience & Logistics
Finally, one of the primary benefits of doing business in NJ is the area’s regional commercial ecosystem. Morris County’s location is unrivaled in terms of access, conveniently located in the New York Metropolitan area in the heart of the New York-Newark-Jersey City corridor and able to access major local, national, and international markets. With plentiful highways, airports, waterways, and railroads, your business will be linked to commercial hubs regionally, nationally, and globally.
Learn More About Starting a Business in NJ
Thinking of starting a business in one of NJ’s finest municipalities? Make Morris County your first choice. At the Morris County EDC, our experienced team can help you as you grow your business, connect with other professionals, and take advantage of business support. Learn how MCEDC membership can benefit your business—contact the Morris County EDC today!