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Entrepreneurs say New Jersey is good place for business formation

According to a survey of the members of the Entrepreneur's Organization, 85 percent would start a new business in New Jersey. In 2012, that percentage was only 77 percent. Some say the state's improved economic status makes business formation more attractive.

The Entrepreneur's Organization (EO) includes businesses that bring in revenue of at least $1 million each year. The businesses are located around the world and in New Jersey. There are somewhere in the neighborhood of 85 EO members that do business in our state, and most of them are in the service industry. They have around 2,100 employees around the state and bring in approximately $500 million in sales each year.

In the last six months, almost half of the New Jersey EO members have hired more employees that are full-time. Nearly 65 percent have plans to add more employees that are full-time over the upcoming six months. The same trends exist for profits. Revenues were up in the last six months, and businesses are expected to do even better in the upcoming six months.

If the projections are to be believed, the economy in New Jersey is on the mend. Between the recession and Hurricane Sandy, our state has taken quite a beating. It appears that this may be the time for more business formation to help keep that recovery on the upswing. Before a business can open its doors, however, there are a number of issues to be dealt with to make sure that it is in compliance with all local, state and federal requirements. Taking the time to make certain all of these requirements are met up front can save a newcomer to the New Jersey marketplace unwanted and unnecessary issues down the road.

Source: njbiz.com, Entrepreneurs survey: It's a great time to start a new business in N.J., Mary Johnson, Oct. 28, 2013

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