MORRIS COUNTY — Starting your own business and becoming your own boss is in some ways the epitome of the American Dream –– and something more and more people are focused on with each passing year. Many have made it happen in New Jersey, which is now home to over 766,323 small businesses. And needless to say in 2022, a lot of those businesses operate primarily online!
If you’re an aspiring entrepreneur wanting to take advantage of the internet to launch an online business, the sheer number of successful small businesses in the area should be encouraging to you. But of course, you’ll still need to devote proper time, planning, funding, and support to your idea if it’s to join the ranks of New Jersey’s small businesses.
With that in mind, here are some tips on how to make it happen.
Refine Your Business Idea
As with all business ideas, yours also needs to be refined and repeatedly examined –– by you, any business partners you might have, or another professional offering objective insight. Ideally, you need to make sure that your business will suit your interests and personal goals, and is likely to thrive online. According to the Bureau of Labor Statistics, 20% of small businesses fail within the first year. Naturally, this happens for countless reasons. But if you start with a refined concept that you’ve examined from every angle, you make it less likely that any of those reasons will come into play.
Do Your Research
To be fully prepared, you must also do extensive research on a variety of different business topics –– most notably, those relating to finances and your target market With regard to finances, AskMoney is a valuable resource for small business owners who need a fair bit of help; it covers the latest in taxes, budgeting, accounting, and other matters relating to business financial management. Meanwhile, it’s also important to do research on industries in the area, target consumers, and how to reach them. For instance, in Morris County, influential industries include finance, real estate, pharmaceuticals, and a few other fields. And for prospective entrepreneurs who don’t have much experience turning knowledge like this into research and outreach, a resource like Marketing Dive can be helpful in providing up-to-date advice on various strategies.
Register Your Business
Once you’ve refined your business structure, you can proceed to get it off the ground. In New Jersey, the basic steps involved include naming your business officially, choosing a registered agent to accept tax and legal documents on behalf of your business, attaining an employer identification number (EIN), and filing formation documents. The EIN is essentially a number that is assigned by the Internal Revenue Service (IRS), and which identifies your business for tax purposes.
Beyond these fundamentals, you may also need to inquire about additional steps regarding your specific business structure.
Learn How to Handle Business Taxes
You can access the NJ Treasury for all the resources you need to go through tax application procedures step-by-step. Though here too, specifics will depend on your business structure. For most small businesses, we suggest looking into the limited liability company (LLC) business structure for favorable tax treatment; this model offers a mix of personal asset protection and simplicity.
You should also open a business bank account to simplify accounting and tax filing processes. As an entrepreneur, one of your major responsibilities will be to stay on top of your taxes as your business expands and you hire more employees.
Make Use of the Right Software
Lastly, make use of any planning, accounting, or management software that is available to you. Some new businesses, for instance, are Grow with Google Partners and are provided with tools, tips, and resources that help them manage their business online or remotely. You can also look into adopting eCommerce software and applications to help boost your business online.
These tips are great starting points for any aspiring entrepreneur in New Jersey. But again, it’s best to do your own research for your own business plans as well.
For more useful articles on business in Morris County, check out our other posts here at Morris County Focus.