The outlook for small businesses hasn’t exactly been glowing over the last several years. Existing businesses have struggled and many have failed during the economic downturn, and for those interested in starting a business in New Jersey, it’s been difficult to secure the loans they need. But the market outlook has been slowly improving, and it’s never too early to plan for success even if you’re not ready to open up shop tomorrow. With a combination of some basic preparation, professional guidance and a good business idea, you’ll be up and running in no time.
Regardless of the markets, no company can succeed without a solid business plan. A business plan will enable you to secure the start-up money you need through small-business loans. At the very least, it should include the products or services you plan to offer, all of the people involved, and a detailed accounting of your financial requirements. Your business plan also isn’t complete without a projection of your expected growth over the next five years or so.
There are also legal steps you’ll need to take. In forming a new business you’ll need to register your company name, apply for a tax number and register for state tax. Depending on the type of business you’re starting, you might also need to apply for special licenses and permits or demonstrate that you have them already. A business law firm or attorney can help you with these steps and ensure that you’re not missing out on any details. An experienced business attorney can also offer guidance and professional advice to small business owners going it alone. For the first-time business owner, this advice can be invaluable.
Another essential element to starting your business is marketing and advertising. Whether you do it independently or hire a firm to promote your company for you, it’s crucial in a recovering economy and should be an integral part of your planning, rather than an afterthought. Having an online presence is especially important these days, though print and other media are still valuable, too.
The best time to start a new business is when the market demonstrates potential for growth. As the economy continues to recover and business loans slowly become more available, the opportunity for success is increasing. New Jersey’s current climate suggests that now is a good time for prospective business owners to make their move.
Source: New Jersey Newsroom, “Tips for starting a New Jersey small business,” Allie Blankenship, July 6, 2012