Thinking about starting a business in Lawrenceville, New Jersey? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Lawrenceville.
Will You Be a Good Entrepreneur?
Most new businesses do not succeed, in part because the business owner 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.
Because entrepreneurship is not for everyone, we recommend you do the following to help you assess whether you should move forward with starting a business:
- Speak with other entrepreneurs in Lawrenceville. They are usually very willing to share their insights on the ups and downs of being an entrepreneur.
- You should read The Entrepreneurial Personality. It's a good read for those who are thinking about becoming an entrepreneur.
- Reach out to a trusted acquaintance. Others sometimes know you better than you know yourself.
Which Business to Choose?
An important decision is what kind of business you want to start. We recommend that you read Business Ideas That Don't Make Sense.
For in-depth how-to guides on how to start specific businesses, browse our Good Businesses to Start section of our site. For example, you might be interested in our Starting a Postcards Wholesale & Manufacturers Business guide or our Opening a Rags Business guide.
Remember that your new business will be in Lawrenceville. Some businesses will do better in Lawrenceville than others. Make sure you fully understand Lawrenceville demographics before you lock in on your business idea.
Should You Franchise?
As you drive around Lawrenceville, you may be surprised to see how many franchises there are in the area. Is there a franchise opportunity out there that makes sense for you?
We advise the entrepreneurs we work with to consider franchising as an option. We have many articles on franchises, such as Franchising and Veterans. 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 Red Robin Gourmet Burgers and AccuDiagnostics. Alternatively, you can browse franchise categories, such as Restaurant Franchises and Donut Shop Franchises.
Note on Lawrenceville Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Lawrenceville.
Make Sure You Have a Business Plan
A business plan is critical to the health of your new business. Simply put, your business plan is your game plan for how you hope to grow your business. Failure to write a business plan is a recipe for disaster.
To learn more about business plans, read Business Plan Contests. 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
Getting your Lawrenceville business the capital it needs to succeed is a difficult chore. In fact, financing your new business may be the hardest challenge you ever face.
On the bright side, this site contains dozens of articles on raising money, including one we recommend entitled Business Credit Evaluation.
For Lawrenceville entrepreneurs on the hunt for startup funding, you'll want to take a look at our List of New Jersey Angel Investors and our List of New Jersey Venture Capital Firms.
Most new Lawrenceville businesses underestimate the number of challenges they will face.
From this point on, you control your own destiny.
Our goal here is to promote the vitality and growth of small businesses in Lawrenceville and throughout the United States . We believe entrepreneurship is an amazing engine for job creation in Lawrenceville, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Lawrenceville, New Jersey
Here are more links that we believe will help you be successful in starting a business in Lawrenceville.