Many people may think that starting a business is as easy as finding a location and opening up shop. In reality, as many New Jersey business start-ups know, it is often not that easy. Business formation can be a complicated venture and require skillful planning, negotiating and executing. A start-up company often needs to consider their business plan, their financing and any entity formation questions. Furthermore, they may need to negotiate leases and other contracts.
Simon Property Group, a large national property management company with properties in Jersey City, recently held an event to try to make some aspects of business formation easier on start-up businesses.
At the event, business owners were able to network and socialize with a variety of different venders and services. Leasing agents were present to discuss properties. There were also small business groups present to offer advice about fees, start-up costs and other business issues. Representatives from local banks were present to discuss financing options.
An event like this could be seen as a good thing for many New Jersey start-up businesses looking to learn more about the process. According to the U.S. Small Business Administration in Newark, new businesses are opening up at increasing rates in New Jersey. So far in 2012, the administration has issued more than $600 million on 1,290 business loans in New Jersey alone. According to the administration, this exceeds last year’s rate.
While events, like this one, are good at giving these new business owners an overview of business formation issues they need to consider, more detailed knowledge and experience is often needed. A little bit of planning and preparation for a start-up businesses can go a long way in preventing headaches and legal battles in the future.
Source: The Record, “Yogurt opportunities part of biz expo culture,” Joan Verdon, Sept. 12, 2012