New Jersey business owners are faced with a unique set of challenges and opportunities due in part to the fact that the state is considered a “bedroom community” with many residents going outside of their local area looking for opportunities, often finding work in nearby cities like New York City and Philadelphia.
Small business owners flock to areas known as Urban Enterprise Zones where the sales tax is lower than in any other part of the state and retailers often gain from an increase in traffic to their stores in larger, populated cities. But with this increased traffic there is the likelihood of increased risks of liability from injury claims from customers, as well as theft of goods. This is why insurance for new business in Trenton NJ is important for the survival of many of these start ups.
Many new businesses fail within the first five years
About 70 percent of new businesses will generally survive for about two years, according to the U.S. Small Business Administration. Half make it to the five-year mark and a quarter of them remain in business for 15 years or more. In many cases, enough profit must be generated, not just for the business to survive, but for the owners to pay their own personal bills as well. Starting a business is almost always a risk, and that risk can be drastically reduced if the proper research is done.
Its important to consider how to go about marketing your business, and consider exactly what your vision is for the business. Knowing your audience is going to be a key to your success. For example, if a portion of your customer base consists of new parents, then open your business where many residents are starting families.
A business plan should include a description of the business, how it will get started, how it’ll be marketed, together with putting capable people in place who will run the business properly. You’ll also need to know how much capital is needed to start and maintain the business until it is self-sufficient and becomes profitable.
Finally, you should rely on an insurance adviser to guide you through the different types of policies you’ll require to open up your business, so speak to a professional about all of your insurance for new business in Trenton NJ needs.