Budding Business In The Garden State

Budding Business In The Garden State

Budding Business In The Garden State

With more than 200,000 small employers and twice as many independent contractors, the Garden State is a state of entrepreneurship, even in a downturn. New Jersey's companies, those with 500 or fewer employees, are responsible for more than half of the state's private-sector workforce. Since those with 50 or less employees are eligible for NJ small business health insurance, many firms take advantage of tax incentives while offering much needed coverage to workers. Currently, policies for small groups are far easier to obtain and less costly than coverage purchased individually. Rates are also less expensive than similar policies for big business, allowing smaller firms to stay competitive in attracting quality employees.

Merchant of Opportunity

When economies are booming, consumers are likelier to spend more on discretionary purchases, from restaurants to trendy clothes and electronic gadgets. Luxurious services are noticeably up, including spas and frequent grooming for the pampered pet. When economies are bust, discretionary spending takes a nosedive, as personal budgets shrink and credit tightens. Consumers are more concerned with necessities and paying basic bills than buying products of comfort and large ticket items. The first economic distress signal is a decrease in auto sales and other durable goods. As sales of cars contract, so do lower ticket items. Grocery budgets tend to remain the same, adjusted for inflation.

It is always a scary time to start a business, as more than half of all new companies fail within the first five years. However, the smart entrepreneur recognizes a service or a product that consumers need no matter how the market is faring. The product or service does not even have to be new. Rather, the budding businessperson takes an existing item, improves it or otherwise offers additional benefits at competitive prices. As demand grows, so does the company and incentives to keep growing. For example, once the firm has at least two full-time paid employees, NJ small business health insurance becomes an option. Since the state wants to encourage hiring, plans are not available if the only employees are married partners.

Know the Market

New Jersey's population stands at 8.7 million, with more than 65% being homeowners. The Garden State is also a pet paradise, with residents owning millions of dogs, cats, small animals and fish. The smart entrepreneur does not try to capture the entire market, but starts with a niche and branches out as capabilities allow. Sectors can be broken down by gender, age and other variables, concentrated in one neighborhood, a county or entire region. Some entrepreneurs focus on business to business enterprises, either offering a service or securing a distribution network for a particular product.

Whatever the case may be, the new venture requires a solid business plan, adequate marketing and time commitment. The owner not willing to put in long hours is not going to see long returns or be able to hire any employees. Remember, NJ small business health insurance is only available to firms with at least two full-time workers. That is the state's way of encouraging capital growth for both a company and its staff.

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