January 18, 2021  
 
  Entrepreneurial Resources - Advice for New Jersey Entrepreneurs  
  Basking Ridge, New Jersey Resources for Entrepreneurs  
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Starting a Business in Basking Ridge, New Jersey

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

Are You Sure You Want to Do This?

Most new businesses fail, in part because the founder did not have the entrepreneurial skills and traits needed to succeed. So, before you open a business, consider all of the implications of being an entrepreneur.

Before you move forward with starting a business, be sure to do these three things:

  • Talk to other entrepreneurs in Basking Ridge. Ask them candidly what it's like to run a business.
  • We recommend reading Characteristics of Successful Entrepreneurs. For aspiring new entrepreneurs, it's a must read article.
  • Seek the advice of somebody who knows you well. The people who know you best are often in the best position to tell you bluntly whether you will be a good entrepreneur.

What Business to Start

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.

Remember that starting a business in Basking Ridge has some implications. Some businesses will do better in Basking Ridge than others. Only by spending some time analyzing Basking Ridge demographics can you decide if there will be strong demand for your business idea.

As a new Basking Ridge entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Basking Ridge 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.

Business Type # of
Businesses
Advertising Agencies 1
Architectural Services 2
Automotive Glass Replacement Shops 1
Automotive Parts and Accessories Stores 1
Baked Goods Stores 2
Beauty Salons 6
Beer, Wine, and Liquor Stores 3
Building Inspection Services 1
Caterers 1
Cemeteries and Crematories 1
Child Day Care Services 6
Civic and Social Organizations 1
Clothing Accessories Stores 1
Computer Facilities Management Services 4
Computer Systems Design Services 18
Continuing Care Retirement Communities 1
Court Reporting and Stenotype Services 1
Credit Unions 2
Curtain and Drapery Mills 1
Custom Computer Programming Services 25
Dental Laboratories 1
Direct Life Insurance Carriers 1
Direct Mail Advertising 1
Document Preparation Services 1
Educational Support Services 5
Electrical Contractors 11
Electronic Auctions 1
Electronic Shopping 2
Elementary and Secondary Schools 4
Engineering Services 4
Environmental Consulting Services 2
Exam Preparation and Tutoring 1
Facilities Support Services 2
Finish Carpentry Contractors 4
Fitness and Recreational Sports Centers 5
Flooring Contractors 1
Florists 3
Food Service Contractors 4
Framing Contractors 1
Freight Transportation Arrangement 3
Full-Service Restaurants 18
Funeral Homes and Funeral Services 1
Gift, Novelty, and Souvenir Stores 2
Glass and Glazing Contractors 1
Golf Courses and Country Clubs 2
Grantmaking Foundations 1
Graphic Design Services 3
Hobby, Toy, and Game Stores 3
Homes for the Elderly 2
Industrial Launderers 2
Insurance Agencies and Brokerages 4
Interior Design Services 5
Internet Service Providers 1
Janitorial Services 1
Jewelry Stores 1
Landscaping Services 12
Limited-Service Restaurants 8
Limousine Service 1
Mail-Order Houses 1
Marketing Consulting Services 8
Masonry Contractors 4
Media Representatives 1
Men's Clothing Stores 1
Miscellaneous Intermediation 3
Motion Picture and Video Production 1
Motorcycle Dealers 1
Musical Groups and Artists 1
Nail Salons 2
New Housing Operative Builders 1
Office Administrative Services 2
Office Equipment Merchant Wholesalers 1
Offices of Certified Public Accountants 4
Offices of Chiropractors 3
Offices of Dentists 13
Offices of Lawyers 11
Offices of Optometrists 2
Offices of Podiatrists 1
Offices of Real Estate Appraisers 1
Painting and Wall Covering Contractors 2
Payroll Services 1
Periodical Publishers 3
Pharmacies and Drug Stores 3
Photography Studios, Portrait 1
Portfolio Management 4
Professional Organizations 1
Public Relations Agencies 1
Real Estate Credit 2
Residential Property Managers 2
Residential Remodelers 5
Savings Institutions 1
Securities Brokerage 4
Shoe Stores 2
Siding Contractors 1
Sign Manufacturing 1
Snack and Nonalcoholic Beverage Bars 4
Software Publishers 2
Sports and Recreation Instruction 1
Tax Preparation Services 2
Temporary Help Services 1
Tile and Terrazzo Contractors 1
Tire Dealers 1
Title Abstract and Settlement Offices 1
Travel Agencies 3
Used Household and Office Goods Moving 1
Veterinary Services 1
Video Tape and Disc Rental 1
Wholesale Trade Agents and Brokers 3
Wired Telecommunications Carriers 10
Women's Clothing Stores 1

What About Franchising Opportunities?

As you drive around Basking Ridge, it becomes clear that purchasing a franchise is a common way to get started as an entrepreneur. But is franchising the right option for you?

We highly recommend you look into purchasing a franchise. This site has dozens of articles on franchising, such as Franchising Pros and Cons. Become a franchising expert of sorts by reading more of our Articles on Franchising.

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

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

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

Have You Considered Buying an Existing Basking Ridge Business?

An excellent way to get started in business is to Buy a Business in New Jersey. Follow that link and you might discover several good businesses for sale in Basking Ridge.

Before buying a business, be sure to read this article: How to Buy a Business.

Naming the Company

Making the right decision when choosing a company name is very important. There are many decisions you'll make now that you can change later, but changing a company name years down the road is not very easy. So, choose a good company name at the outset.

Before you decide on a company name, run it by some prospective customers and see what they think. If they don't like it, it's probably a good idea to go back to the drawing board.

To get up to speed on what makes for a good company name, we encourage you to read this useful article: Naming a Company.

On a final note, given that you are planning on starting a business in Basking Ridge, it's imperative that you check now that no other New Jersey company is using the business name you want to use.

Forming a Company in Basking Ridge, New Jersey

A critical step is ensuring that you are forming a legal entity that operates independently from you. Without a legal structure for the business, you can be held personally liable for the actions, debts and obligations of your company.

The entity you form can be a corporation, LLC, sole proprietorship, partnership or other structure.

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. If you are starting a business in New Jersey, you don't necessarily have to incorporate in New Jersey. In fact, you can incorporate in any state you would like to. For example, it's very popular to incorporate in Delaware, and incorporating in Nevada has become very trendy as well. Don't forget, though, that you will have to register as a foreign entity in all states that you do business in.

There are many nuances to forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Incorporating Online. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Basking Ridge, New Jersey, our information on Incorporating in New Jersey may be a useful resource if you decide to incorporate in New Jersey.

Don't Skip the Business Plan

A business plan is essential in maximizing the prospects of your new company. Simply put, a business plan describes what you plan to do with the business and how you plan to do it. Failure to write a business plan is a recipe for disaster.

Before you start writing a business plan, we suggest you skim Business Plan Contests. A great resource for business planning assistance is the free business counselors available to you through your local SCORE chapter in New Jersey.

Raising Money for Your Business

Getting your Basking Ridge business the capital it needs to succeed is a difficult chore. The reality is that there is very little funding available for new small businesses, and you have to explore every possible alternative.

Take advantage of our many articles on raising capital, such as Business Credit Evaluation.

For Basking Ridge entrepreneurs who need startup capital, check out our List of New Jersey Angel Investors and our List of New Jersey Venture Capital Firms.

Marketing Your New Business

To rise above the crowd in Basking Ridge and advance your business, having an excellent marketing plan is fundamental to your successs.

We have some great resources on this site for entrepreneurs who are working on marketing plans. Smart Branding 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.

Bring in Revenues

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

The key to selling is to set sales goals goals and monitor your progress towards those goals. The good news is we can help you to make selling a big competitve advantage for your new firm.

Selling Stuff on the Web is a good article to read, one of dozens in the Selling for Entrepreneurs section of our site.

Learning More About Entrepreneurship

Successful entrepreneurs recognize that they need to continually improve.

With your business being located in Basking Ridge, New Jersey, you will want to take advantage of the many programs available at nearby New Jersey universities, colleges and community colleges. It's also worthwhile to see if there are any networking organizations for Basking Ridge entrepreneurs.

Next Steps

Most new Basking Ridge 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 Basking Ridge and elsewhere to achieve real success. We want to be there for you to answer your business questions, whether you are a new Basking Ridge entrepreneur who is just getting started or you are already up and running with your new venture.

More Entrepreneurial Resources for Starting a Business in Basking Ridge, New Jersey

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

 

 

Additional Resources for Entrepreneurs

Buying a Business

Writing a Business Plan

Raising Money

Incorporate

Small Business Marketing

Advertising Advice

Public Relations -

Customer Service Tips

Entrepreneurial Selling

Workplace Safety