New York Business Startup Guides
Starting a Business in Newark, New York
Thinking about starting a business in Newark, New York? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Newark.
Are You Sure You Want to Do This?
Most startup ventures do not succeed, in part because the entrepreneur 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.
While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:
- Speak with other entrepreneurs in Newark. Ask them candidly what it's like to run a business.
- You should read Business Failure. It's a good read for those who are thinking about becoming an entrepreneur.
- Involve a spouse, family member or trusted friend in the decision. The people who know you best are often in the best position to tell you bluntly whether you will be a good entrepreneur.
Newark, New York Demographic Information
Newark has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Newark demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Newark.
Businesses
As a new Newark entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Newark 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.
Businesses
Have You Considered Buying an Existing Newark Business?
If you have some capital to play with, you may want to Buy a Business in New York. Follow that link and you may find several good businesses for sale in Newark.
Before buying a business, be sure to read this article: How to Buy a Business.
Forming a Company in Newark, New York
A critical step is ensuring that your business is formed as a legal entity that is separate from its owners. Doing so will shield you from personal liability for business debts and obligations.
The entity you form can be 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. If you are starting a business in New York, it doesn't mean you are required to incorporate in New York. In fact, you can incorporate in the state of your choosing. However, if you do incorporate in another state, you'll have to register as a foreign corporation in your home state.
There are many nuances to forming a company. To learn the fundamentals of company formation, browse articles on our site, such as Offshore Company Formation. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Newark, New York, our information on Incorporating in New York may be a useful resource if you decide to incorporate in New York.
Don't Skip the Business Plan
Writing a business plan is vital in maximizing the prospects of your new company. In effect, a business plan describes what you plan to do with the business and how you plan to do it. Starting a business without a business plan will greatly reduce your chances of business success.
To learn more about business plans, read Business Presentations. A great resource for business planning assistance is the face-to-face free consulting available from your local SCORE chapter in New York.
Marketing Your New Venture
To rise above the crowd in Newark and accelerate your business, you'll need to have a good marketing plan.
We have some helpful resources on this site for entrepreneurs who are working on marketing plans. Advertising Campaigns 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.
Building Up Your Sales
Mastering the art of selling is a must if you want your new Newark business to do well.
Good selling involves demonstrating that your wares meet your customer's needs. Let us help you refine your selling techniques through our many useful sales advice tips.
Why Salespeople Fail offers some helpful tips on how to sell. It's one of several good articles on our site regarding Entrepreneurial Selling.
Next Steps
Most new Newark businesses underestimate the number of challenges they will face.
If you choose the right business and love what you do, you will greatly increase your odds of success.
Our goal here is to promote the vitality and growth of small businesses in Newark and throughout the United States . We believe entrepreneurship is an amazing engine for job creation in Newark, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Newark, New York
Here are more links that we believe will help you be successful in starting a business in Newark.
- Resources for Newark, New York Entrepreneurs - Browse a variety of resources we've collected to assist Newark entrepreneurs.
- New York Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in New York.
- New York Small Business Development Center - The New York State Small Business Development Center delivers high quality business counseling and training to New Yorkers who want to start a business or improve the performance of an existing business.
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