Owing a business in New Jersey can be a profitable and exciting venture. With the right product or service, businesses can expand and grow from New Jersey into the rest of the country. As the business grows, it can encounter business formation issues. With the right help, these issues can be resolved to give the business the best chance of a profitable future.
Buddy Valastro, the so called “Cake Boss” and reality television star is expanding his New Jersey bakery by preparing to open several new stores. The original bakery opened 100 years ago in Hoboken. Since then, the operations have moved to a 50,000 square foot facility in Lackawanna Center in Jersey City. With this expansion comes a new project for Valastro.
On Feb. 9, Valastro’s the first stand alone store opens to the public. This store aims to not only sell cake, but also coffee and pastries. The store is located in Ridgewood and is hoping to attract more everyday people in New Jersey instead of so many tourists. After opening this location, Valastro plans to open five more similar stores throughout New Jersey. He also has plans to start shipping cakes around the country.
This expansion might seem ambitious to some and business formation can always be risky. However, if issues are accounted for, new businesses can be successful from the start. These issues can include entity formation, contract negotiation, hiring of new employees and acquiring real estate among others.
If these decisions are delayed, businesses could end up paying more down the line. For example, once a business is set up it may be too expensive to switch entity types even if another entity may have more benefits. By carefully considering these issues early, businesses can save the hassle and money in the future.
Source: The Star Ledger, “Growing brand brings ‘Cake Boss’ to Ridgewood, grocery stores and cruise ships,” Stacy Jones, Feb. 7, 2013