With flourishing pharmaceutical and chemical industries, businesses in New Jersey have evolved hugely over the years. New Jersey is primarily into the production of medicines, chemicals, telecommunications, food processing, electrical equipment, printing, and tourism. The strong scientific economy has helped the state to stay ahead of its competitors.
With a very strong economic environment, New Jersey offers a huge pool of educated labor force. While the state is mostly into developed businesses, small businesses are also a major part of the economy. Here’s a complete guide on top small business opportunities along with a guide on steps to follow to start a business in New Jersey.
List of Top 15 Small Business Ideas to Start in New Jersey
1. Pet Grooming Business
The pet grooming industry is quite big in New Jersey. You can offer different pet-related services like facials, styling, pampering, and more from your home.
2. Online Podcasting Business
A podcasting business can be started from the comfort of your home with little money. All you need to do is record podcasts for listeners. You can either charge them to subscribe or sell advertisements.
3. Shipping Business
A key industry in New Jersey, shipping business in the state offers strategic geographic location as an added advantage.
4. Speech Writing Service
Several professionals face issues while giving speeches. You can offer professional speech writing to help them address a crowd in a better manner.
5. Bed & Breakfast Business
New Jersey is famous for its natural and cultural attractions. Start a bed and breakfast business for visitors who often look for an alternative to hotels.
6. Customized Tour Services
Tourism contributes significantly to New Jersey’s overall revenue. With so many tourists, you can start as a tour service provider and offer special customizable tour packages.
7. Online Resume Writing Services
You can assist job seekers by helping them create an intuitive resume that will help them communicate their skills to employers.
8. Skateboarding Lessons
New Jersey is famous for its skateboarding. If you are a pro, you can offer lessons and charge them to teach your skateboarding skills.
9. Berry Export Business
New Jersey is the number two state in the US in blueberry production, third in cranberries. You can farm the berries and export it to other states and countries.
10. Screenwriting Services
If you think you are a good storyteller, you can make a living out of it. Write your own original scripts sell them online to different production houses.
11. Online Publishing Services
Publishing companies traditionally focus on physically printing books. You can start a unique online digital publishing house to sell such specialized services.
12. Pottery Business
If you are good with potter, you can turn this into a full-time business. You can start your own pottery studio and can even sell your art online.
13. Pet Sitting
People in New Jersey are thorough pet enthusiasts. You can start a pet sitting business at your home to help people find their favorite pets.
14. Soap Making Business
Blend some of your own soap making recipes. You can sell your own soaps via different organic shops, e-commerce, sites, and even farmer’s markets.
15. Online Surveys
If you are looking for a legitimate way of making serious money from without any investment, online survey opportunities can be just for you. You just need a computer and an internet connection to make money here. Check this list of top online survey companies offering work opportunities.
How To Start A Business In New Jersey?
Follow the given steps to legally start a business in New Jersey.
Step 1. Choose a Business Idea
The first step is to choose the right business that ideally fits your passion and expertise. We have listed above some of the top profitable small business ideas in New Jersey that requires low startup capital.
Step 2. Create A Business Plan
New Jersey currently is experiencing a period of growth among businesses. You have to chalk out a proper business plan to tackle all the possible threats. This plan will act as a roadmap for your new business.
Step 3. Business Financing
New Jersey has a lot of investors and funding venture capital firms. If you find it hard to sell your idea, you can go for crowdfunding or loan. There are several business loans available at minimal payback rates.
Step 4. Naming Your Business
Before you finalize a name, check it with US Patent and Trademark Office whether it clashes with some other business or not. Something short and meaningful will do your job. Also, make sure you buy a domain of the same immediately. Check this guide to know more about the steps involved in naming a business.
Step 5. Business Structure
You have to choose a business structure to be legally operational in New Jersey. Either you can register your business as an LLC, sole proprietor, or a corporation. If you go for an LLC structure, you can enjoy added legal and tax benefits.
Step 6. Business Registration
To register a business in New Jersey, you have to need to have a complete Public Records Filing. You need to submit your filing to the New Jersey Department of Treasury, Division of Revenue and Enterprise Services.
Step 7. Business Permits & Licenses
You need a Certificate of Formation with the New Jersey Division of Revenue and Enterprise Services. There are also city-specific licenses available you will need for certain businesses, for example recycling business.
Step 8. Federal EIN & Tax Filing
To apply for a Federal EIN, you have to apply online with the IRS or submit an IRS Form SS-4. You can file for separate taxes with your EIN and will obtain the status to legally hire an employee. Go through the State of New Jersey Business Portal for further details.
Step 9. Business Insurance & Bank Account
With EIN you can apply for a separate bank account. Make sure you apply for specific insurances as well. To sell services, you will need a professional liability policy and a worker’s compensation insurance, if you wish to hire an employee.
Step 10. Business Promotion
Finally, you have to take your business to the potential audience. Hire an agent who will help you promote your business digitally and in the local area.
Best Places To Start A Business In New Jersey
Choosing the right location is going to determine how your business runs. Here are some of the best places in New Jersey to start your business:
This is a complete hands-on guide on how to start a successful business in New Jersey from home with a minimal investment.