10 Simple Steps
Your first step, is you guessed it, the most important and will set the tone. It’s the first big “pivot” that determines your business idea’s destiny. Consider using new business planning software that structures the process and helps you craft your pitch, executive summary, financial forecasts, budgets, and initial marketing. It simply doesn’t make sense to brave Jersey without one.
Take Action: Seize upon our free and easy email-based Business Planning Course designed to get you from A-to-Z as pleasantly as possible. Plus, we provide tons of other great tools along the way.
Step 2 is a biggie, you’re going to choose which legal structure best suits your brand relative to how it’s treated under New Jersey law. There are upsides and downsides to each type, so either brush up on them yourself, work with a law firm, or leverage the power of modern incorporation providers. Regardless, in the process you’ll secure your brand name, register with the state and more.
Take Action: As this aspect of starting a business can be rather sensitive, we’ve developed quick-guides for the most popular entities if you want to skip over to those.
To be perfectly honest, chances are you shouldn’t tackle this part on your own unless you’re a seasoned entrepreneur who’s set up companies in other states or you’re a trained tax attorney. A less expensive, savvy option is working with an incorporation provider from step 2 that will fold most of this red tape into their startup packages and/or give you some guidance.
Take Action: If you’re going to try and Lone Ranger this, begin by bookmarking the New Jersey Department of the Treasury’s Business Taxes and Fees section. You’ll find what you’re looking for here, or at least a way to it.
Folks, we’re talking about New Jersey here. Is their regulatory system as complex as New York’s? In some ways yes and in some ways no. The amount of licensing and permitting your brand requires depends on the type of business structure you’ve chosen, what kind of business you’re in, whether you have employees or work with the public and where exactly in the state you’re located.
Unlike the complexities that go into finding the perfect spot on Jersey Shore on a sunny summer Saturday, picking where you want to set up business accounts if fairly easy. Just make sure you do some homework and get the best deal you can. Then all that’s left is to link your accounting software and boom, you’re set.
So you’ve got the bustle-hustle of Jersey City and Newark, then many medium-sized gems like Westfield, Hoboken, and Montclair. The coolest part is that under each rock, and within each nook and crazy is a little slice of American heritage that goes WAY back. So how about it though, how deep into the city do you plan to set up shop?
Take Action: We know picking a spot can be tough if it doesn’t somehow happen naturally through your personal/professional networks. If you’d like to brush up on everything that goes into making this decision, refer to our friendly guide on How to Choose the Perfect Location.
From VC networks and startup groups, to CrowdFunders and social lenders, to the fact Wall Street isn’t but a short drive away…there’s no end to the capital raising possibilities in and around Jersey. All that matters is how hungry and ambitious you are, as well as how resourceful. The sky’s the limit.
Take Action: The email course we mentioned in Step 1 really comes in handy here because planning and finances go together like deep dish and beer. You can also browse our guide on How to Finance a Business to start generating ideas.
No one’s insinuating your business site needs to be as spectacular as The Great Falls of the Passaic River, but your brand must have a digital presence to be taken seriously. Relax, if you don’t already have a site, many amazing platforms have come about over the last few years that have streamlined the process making it easiest than ever to get up and running. You’ll have all the time in the world to optimize, optimize, optimize.
Take Action: If you could use some help in this department the first step is finding the right platform, which thankfully there aren’t too many yet. Head on over to this easy Business Website Builder Guide to get a head start.
Whether you’re in Northern or Southern Jersey, the marketing animal can be challenging. Think of it as the molten metal that helps to mold your brand-steel into strong rods capable of weathering the storms of competition. And no, unfortunately there aren’t any shortcuts to this step.
Take Action: Speaking of your competition, how well do you know them? What are you learning from them? What kind of marketing is working for them and how can you do “it” in a better, more personalized way?
As you continue forth on your noble journey as an ambitious creative, keep Startup Savant in your goodie bag because if anyone knows where you’re coming from and what you’re facing…it’s our community. We focus our content on helping you stay motivated and continue your education, updated on the savviest tools for modern business.
Take Action: Tap into our weekly newsletter filled with tips, tricks, lessons, and inspiring stories/interviews directly from innovative professionals like you.
Out of all the resources available to help you start a business in New Jersey, here are the two we believe in most. With IncFile and LivePlan, you'll take the first steps toward bringing your idea to life and having a solid plan behind it.
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