3 Things You Should Look Into Before Starting a Business in New Jersey
Whether you’ve spent years working for other people on the Jersey shore or in your community, or you’re new to the job market with a firm grasp on exactly what you want for your life and career, starting a business comes with a long to-do list. Research and planning is key to running and maintaining a successful business, regardless of the services or product you want to provide. But before you get into the tiny details, here are three things you should check into before starting a business in New Jersey.
You can’t run a business without the proper licensing and certifications. While deciding what career path to follow, keep in mind what it will take for you to be able to practice in New Jersey. If you want to be a lawyer, you’ll need to pass the state bar exam. If you want to be a master plumber, you’ll have to apply for and pass various certifications through the State Board of Examiners. Any job that requires the use of heavy machinery will mandate a license stating that you have been trained and are allowed to use the equipment per a program that complies with OSHA’s standards. Without these, you won’t be able to legally work in New Jersey, and could be fined if you are caught.
You wouldn’t expect a a ski resort to do well in Florida, nor can you expect your own business to thrive if you are offering a service that most people in the area don’t need. The best way to insure you’ll be profitable is to find a niche needed by a large swath of the population. NJ plumbing is especially needed after storms like Sandy, Harvey, and Maria have torn apart homes and retail spaces. While plumbing can be challenging, it’s also a trade in demand and can make you a comfortable living. In much the same vein, material handling equipment in South Plainfield, NJ, is invaluable not just for the borough, but for the surrounding areas, as well. The more broad you can be, the more people you can potentially help, including yourself and your family.
Even more paperwork
Arguably the most important part of any industrial endeavor is having your books in order. Corporate taxes are nothing to overlook, so it’s best to enlist a professional that knows what they’re doing and how to get the most bang for your buck. You have to take into consideration the initial capital you and your investors will be putting up as well as whatever equipment you’ll need. Some equipment is considered tax deductible (depending on your industry), and every state has tax incentives for certain businesses, making it easier and more profitable to operate there. A local CPA will know how to best help you and can give you peace of mind. They, like you, are a trained professional in their field, so why not let them take care of your money while you focus on your passion?
It can be easy to get overwhelmed when looking at the mere volume of things to do before getting a new corporation or franchise off the ground. And while there are popular statistics cited by naysayers as reasons not to follow your dream, there are countless reasons to do it and even more ways to avoid failure. You can create something that won’t only support your family, but will help them to achieve their dreams, as well. And if in the pursuit of your goals you can provide a necessary service for the community at large, all the research, paperwork, and headaches are worth it.