subject: 5 Steps To Create A Solid Foundation For A NJ Business [print this page] 5 Steps To Create A Solid Foundation For A NJ Business
Opening a business in NJ can be overwhelming if a new business owner does not know where to begin. Many steps need to be taken to create a solid foundation for the business to grown and thrive. Securing NJ business insurance is just one of the five steps outlined below to ensure that the business starts on the right track.
An often-missed step that is essential in starting any new business is putting together a business plan. The business plan outlines the product or service being offered and fleshes out a budget. The new company is compared to its local competition to define strengths and weaknesses, which also helps in the developing of a marketing and advertising plan. Resources are identified and daily operations are summarized. Making a comprehensive business plan guarantees that every aspect of the business has been well thought out and any potential problems have been resolved before the company opens.
Contacting a lawyer is another step that many business owners omit from their startup procedures. While many people do it as an effort to cut expenses, bypassing a lawyer's office can prove to be costly in the long run. Checking with an attorney to make sure the business is set up properly and all the legal paperwork has been filed will prevent unnecessary fines or fees.
Obtaining NJ business insurance from an experienced agent is another way for a business owner to protect his or her assets. Mistakes and accidents are a part of life, and a part of doing business. Liability insurance offers compensation for unforeseen incidences. Check with the Better Business Bureau to make sure the company is reputable and there are no existing complaints against them before signing a contract. Agents that specialize in business insurance can help put an appropriate plan in place with sufficient coverage.
Necessary licenses and permits vary depending on the business type. While a lawyer can supply a list of requirements, it is often more cost-effective to apply for the licenses and permits directly from the governing agencies. Operating without the appropriate approvals can result in costly fines and fees and it could result in business closure.
A new business owner should also seek guidance from a financial professional such as an accountant or bookkeeper before starting operations. Setting up an efficient record keeping system from the start will help the company meet deadlines for tax payments and make year-end tax preparation easy. Missed, late or erroneous tax obligations can result in fines, fees, penalties and in some cases legal actions.
Starting out on the right track is important for any new business. Preparing a thorough business plan, consulting a lawyer, securing NJ business insurance, obtaining the proper licenses and permits, and establishing an effective record keeping system ensures the business owner is protected and the business is opened in an appropriate fashion.
