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 100% free Business Planning Course designed to get you from A-to-Z as pleasantly as possible. Plus, we provide access to tons of other great tools along the way.
Step 2 is a big one. You’re going to choose which business structure best suits your brand. There are upsides and downsides to each type, so keep reading. Regardless, in the process you’ll secure a brand name and protect your personal assets (like car and house) in the process.
Most entrepreneurs form an LLC because it has all the benefits of a Corporation without the disadvantages like double taxation, board of directors or corporate officers. However if you’re trying to take your company public or raise substantial outside capital, consider forming a Corporation.
This is critical, so don’t be afraid to reach out for help if you run into any issues. Depending on a number of variables (nature of business, # of employees, specific location, etc.) there’s going to be forms that need filing and their corresponding fees to become/stay compliant. Here’s some places to begin the process:
In this step you must get all necessary licensing handled and obtain the right permits relative to the nature of your business and your specific location. With legal assistance, it’s a breeze, but you can also handle this on your own with some due diligence.
Picking where you want to set up a separate business bank account 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 financial foundation is 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 is a little slice of American heritage. So how about it though, where in New Jersey 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 much your business needs, as well as how resourceful you are. 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? In addition to knowing the answers to all of the questions above, do research on which type of marketing is the most effective in your industry.
As you continue forth on your noble journey as a new entrepreneur, 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.
Out of all the resources available to help you start a business in New Jersey, here are the two we believe in most. With an incorporation service and business plan software, you'll take the first steps toward bringing your idea to life and having a solid plan behind it.
Incorporation services register your business with the state and handle all paperwork. For as low as $49, they'll bring your business to life by registering your LLC or Corporation in record time.See The Top 7 Options
One of the most important aspects of starting a business can also be the most tedious: the business plan. A business plan software will walk you through the entire process in half the time.See The Top 7 Options