Starting a Business in Parsippany, New Jersey

Thinking about starting a business in Parsippany, New Jersey? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Parsippany.

Are You Sure You Want to Do This?

Most new companies don't make it, in part because the founder did not have the perseverance and abilities that are necessary to succeed. So, before you open a business, consider all of the implications of being an entrepreneur.

While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:

• Grab a meal or cofee with other entrepreneurs in Parsippany. Ask them candidly what it's like to run a business.
• Take a look at The Entrepreneurial Personality. It's a short article but it's a good reality check for those are about to jump into the world of entrepreneurship.
• Reach out to a trusted acquaintance. The people who know you best are often in the best position to tell you bluntly whether you will be a good entrepreneur.

Which Business to Choose?

There are many businesses that you can start. How do you know which type of business is right for you? We recommend that you read Good Business Ideas.

For step-by-step instructions on starting a variety of business types, visit the Good Businesses to Start section of our site. For example, you might be interested in our Starting a Dance Club guide or our Starting a Tatoo Parlor guide.

Always keep in mind that starting a business in Parsippany has some implications. If Parsippany already has plenty of the kind of business you want to start, you might want to change your plans. Only by spending some time analyzing Parsippany demographics can you decide if there will be strong demand for your business idea.

Parsippany, New Jersey Demographic Information

Parsippany has an active business community that includes small businesses, mid-sized businesses and large businesses.

To give you a better feel for Parsippany demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Parsippany.

As a new Parsippany entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Parsippany for each business category. By looking at this chart, you can get a general sense for how much competition there is in the business niche that you are pursuing.

Should You Franchise?

Browse the Yellow Pages for Parsippany and it becomes clear that purchasing a franchise is a common way to get started as an entrepreneur. Is it perhaps smarter to franchise a business instead of doing it from scratch.

We highly recommend you consider franchising as an option. We have many articles on franchises, such as Franchisees Versus Licensees. Get a thorough education on franchising by browsing all of our Articles on Franchising.

To learn about specific franchise opportunities, check out our Franchise Directory.

Sample franchise opportunities include Subway Franchises and Starbucks Franchises. Alternatively, you can browse franchise categories, such as Accounting Franchises and Moving Franchises.

Note on Parsippany Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Parsippany.

Have You Considered Buying an Existing Parsippany Business?

If you have some capital to play with, you may want to Buy a Business in New Jersey. Follow that link and you can assess several good businesses for sale in Parsippany.

If you are serious about buying a business, you may want to read this article: Buying a Business.

Selecting a Name For Your Venture

A big decision when starting a company is choosing a company name. Believe it or not, choosing a good company name can be a big contributor to your business success.

Company names should be fun to say, and they should help people to understand what you do and how you differentiate yourself in the market.

Numerous company naming issues are discussed in more detail in this article: Naming a Business.

On a final note, given that you are starting a business in Parsippany, it's imperative that you check now that no New Jersey company has already registered the company name you have selected.

Company Formation in Parsippany, New Jersey

It's very important that you are forming a legal entity that operates independently from you. Doing so will shield you from personal liability for business debts and obligations.

When forming a company, you will select one of many company types, such as a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.

Incorporating is a very popular way to form a business. Of course, you have to decide which type of corporation to form and where to incorporate. Just because you are starting a business in New Jersey, you don't necessarily have to incorporate in New Jersey. In fact, you can incorporate wherever you want. However, if you do incorporate in another state, you'll have to register as a foreign corporation in your home state.

There's a lot to know about forming a company. To learn the basics of company formation, browse articles on our site, such as Offshore Company Formation. You may also want to seek the advice of an attorney. On a final note, since you will be starting a business in Parsippany, New Jersey, our web page covering Incorporating in New Jersey may be a useful resource if you decide to incorporate in New Jersey.

Do You Need a Business Plan?

Writing a business plan is vital to the health of your new business. In effect, your business plan is your game plan for how you hope to grow your business. Starting a business without a business plan will greatly reduce your chances of business success.

To learn more about business plans, read Business Plan Software. A great resource for business planning assistance is the face-to-face free consulting available from your local SCORE chapter in New Jersey.

Getting Money to Start a Business

Obtaining startup financing for your Parsippany business requires strong organization skills and perseverance. The reality is that there is very little funding available for new small businesses, and you have to explore every possible alternative.

Recognizing this challenge, this site contains dozens of articles on raising money, including one we recommend entitled Realistic Debt Financing Options.

For Parsippany entrepreneurs in need of startup financing, check out our List of New Jersey Angel Investors and our List of New Jersey Venture Capital Firms.

Marketing Your New Startup

To grow your Parsippany business, you need a excellent marketing plan.

We have some useful resources on this site for entrepreneurs who are working on marketing plans. Getting Publicity discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. That's just one of the many useful articles we have on Marketing a Small Business.

The Art of Selling

Mastering the art of selling is priority one if you want your new Parsippany business to do well.

Clever sales techniques can transform any business from good to great. Fortunately, we've got plenty of good advice to help you improve your selling skills.

Mastering the Complex Sale is a good article to read, one of dozens in the Selling for Entrepreneurs section of our site.

Increase Your Entrepreneurial Knowledge

Successful entrepreneurs know that they don't know everything.

With your business being located in Parsippany, New Jersey, you should check out some of the many programs available at nearby New Jersey universities, colleges and community colleges. Another way to keep up on your learning is to investigate networking groups or organizations in which Parsippany entrepreneurs get together to network and trade their business experiences.

Next Steps

Most new Parsippany businesses underestimate the number of challenges they will face.

From this point on, you control your own destiny.

This site is all about helping entrepreneurs in Parsippany and elsewhere to achieve real success. We believe entrepreneurship is an amazing engine for job creation in Parsippany, neighborhood development and overall economic health.

More Entrepreneurial Resources for Starting a Business in Parsippany, New Jersey

Here are more links that we believe will help you be successful in starting a business in Parsippany.

• Resources for Parsippany, New Jersey Entrepreneurs - Browse a variety of resources we've collected to assist Parsippany entrepreneurs.
• New Jersey Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in New Jersey.
• New Jersey Small Business Development Center - The New Jersey Small Business Development Centers (NJSBDC) network helps New Jersey small businesses expand operations, manage growth or launch new ventures. With offices in every county of the state, NJSBDC consultants help small business owners finance, market and manage their ventures.
• Parsippany, New Jersey Newspaper Ad Rates - This is a nearly comprehensive list of advertising rates for Parsippany, New Jersey newspapers, including ad costs for newspapers serving the Parsippany area.