How to Start a Business in New Jersey

Business startup new jersey

The thought of being your own boss is always thrilling, isn’t it? However, in order to start a successful business, it’s important that you follow a good plan. We, at ThomasRoss Financial Group, offer our clients highly-skilled and experienced business analysts who create schemes that ensure the success of your startup. Our business startup services New Jersey allow individuals to fulfill their dreams of owning a company that thrives on the corporate world in little to no time.

New Jersey is a great place to start a new business, as recent statistics show that it’s the 3rd highest rated city for startup growth in the USA.

In this blog, we’ve broken down all the steps you need to follow in order to successfully start a business in New Jersey.

Step 1 — Decide on a Business Idea

This goes without saying, but you can’t start a business without an idea. This is your chance to be creative. However, coming up with a unique idea in a world where it seems like everything has already been invented, can be pretty hard. Hence, in order to stand out in the market, it’s essential that you work on your business idea extremely well.

Step 2 — Choose a Name for Your Business

This is another step that’s incredibly important and isn’t something that you should take lightly.

Your business name will have a huge role to play in attracting your clients. Decide on a name that works with the sort of business you plan to start.

In order to ensure that your business stands out among your competitors, you should choose a name that:

. Showcases the main aspect of your company

. Is easy to say

. Has a nice ring to it

. Is accessible for “.com” domain

Step 3 — Plan Your Business Module

Planning for a new business is incredibly important. Before you go ahead and invest your hard-earned money, make sure that you critically analyze your idea. It’s often seen that when individuals try to examine their business concept, they fail to observe it from a client’s point of view. This is why you need professionals like us to help you out.

Here are the following things that you need to plan before you enter the business world:

Product Development

I) Determine the main aspect of your business.

II) Plan what services you’d provide to your clients.

Advertising and Sales

I) Figure out the demographics of your potential clients.

II) Decide on ways you want to advertise your startup.

Staff and Employment

Determine the number and type of staff and employees you need to hire for your business.

Financial Strategies

I) Plan a budget for your startup.

II) Decide on a number you’re willing to invest.

III) Determine the salaries you’d pay your employees.

At ThomasRoss, we provide all our clients with excellent business startup services New Jersey. Our business and financial analysts guide you in every step of the way, ensuring that you have a solid plan before you begin venturing the business world.

Step 4 — Register Your Business

There are two benefits of registering your company as a Corporation or an LLC:

  • Your business will have enhanced credibility, which means people will find it assuring to work with you.
  • In case your business is sued, then you’ll be protected from personal liability.

For startups, registering as an LLC is an excellent move as they’re extremely easy to set up and administer. In addition to this, you’d be required to pay fewer taxes in comparison to other business entities.

You can successfully register your business as LLC in New Jersey for about $125.

Registering your business is important, otherwise, you’d be held accountable for the liabilities and debts for your business. Along with this, those who don’t register their businesses, may need to apply for a Trade Name, also called “DBA”.

Step 5 — File for Tax Registration

Almost every business requires an EIN (Employer Identification Number). It’s also known as the Tax ID Number. In order to recognize a business for federal tax filings, an EIN is needed. You can’t open business accounts or employ staff without an EIN.

There are some additional taxes that you need to register for when you’re starting a business in New Jersey:

  • New Jersey Sales Tax

If you’re selling a physical product (pillows, toys, soaps, etc), then it’s essential that you register your business for sales tax in New Jersey.

  • Employee Withholding Tax and Unemployment Tax

If you choose to employ a staff for your business, then on behalf of your staff, you need to register for Employee Withholding Tax and Unemployment Tax.

Step 6 — Open Business Accounts

For personal assets protection, opting for specific business credit and bank account is extremely important.

Your personal assets, such as your home, car and other valuables would be at risk, in case you have just one account for your business as well as personal use. If in future, your business faces a lawsuit, there could be a potential danger where you could lose your assets if you choose to not open a separate account for your business.

By following the tips below, you can ensure the protection of your business and personal assets:

  • Open a business bank account

This will segregate your business’s assets from your personal assets, in turn, preventing your risk of losing your personal assets. In addition to this, opening a business account also makes tax filing and accounting easier.

  • Get a business credit card

This will help you segregate your business and personal expenses. Along with this, getting a credit card for your business will also build your company’s credit history, which, in turn, can be used to raise capital on a later stage.

Setting up a startup in New Jersey isn’t a complicated procedure at the least. However, one must be extremely meticulous and calculative while planning the module for one’s business. If you need qualified experts who can help you plan for your startup, then feel free to reach out to us at ThomasRoss Financial Group.

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