New Jersey is known for a lot of good things from its beautiful beaches to its delicious Jersey pizza. In addition, the state also boasts a vibrant business community, with over 861,000 enterprises and counting, according to the New Jersey Business Action Center. But if you’re still not sure whether the Garden State is the place to start your own business, we’ve listed some of the top reasons why it’s a great place for entrepreneurs. Here’s why New Jersey is great for new businesses.
Strategic Location
Besides being one of the few states to experience all four seasons, New Jersey also offers a strategic location for entrepreneurs. Businesses get access to one of the most concentrated and affluent consumer markets in the world. Being in the heart of the East Coast, the state is located in the middle of the Boston, New York City, Washington, D.C. corridor. NJ is a great business location with a highly developed infrastructure, including its roads rail, air and seaport networks. Because of its infrastructure, the state is very well connected not only locally, but also internationally. For instance, you can get a much shorter flight from New Jersey to Europe than if you were to fly from California.
Educated Workforce
New Jersey has a highly educated and skilled workforce. This isn’t particularly surprising, as it is home to the number one university in the country, Princeton University, and also to one of the most highly educated workforces in the United States, with 40 percent of New Jersey residents graduating from college with a bachelor’s degree or higher. Furthermore, it has a higher percentage of science and engineering degrees compared to New York, Pennsylvania, Connecticut, or Massachusetts, according to data from the National Science Foundation. Overall, you won’t find it hard to hire great employees from the state, as it has a well-earned reputation for workforce development.
Great State Support
One of the best things about New Jersey is that the state government provides plenty of opportunities and support for new businesses to make sure they succeed. This is one reason why many choose to start — or transfer — their business here.
Entrepreneurs starting LLCs in New Jersey can enjoy plenty of support from organizations like the New Jersey Business Action Center, as well as small business workshops hosted by the state government. If you’re looking for funding for your business, you can also apply for small business grants by contacting New Jersey financial aid agencies. Lastly, there is also the New Jersey Innovation Evergreen Fund that is poised to help new businesses by bringing more venture capital investment to the state, while strengthening its innovation ecosystem.
Work-Life Balance
As an entrepreneur, you also have to take into account the quality of life that your place of business offers. This is so that you and your employees are able to have a work-life balance, which is important for a healthy work environment.
Luckily, New Jersey isn’t just a great place to start a business – it is a great place to live in. Not only does it have beautiful beaches and great dining options, but it also has great healthcare, and an excellent transportation system. You’ll also get to experience and enjoy different cultures from around the world, as it is one of the most ethnically diverse states in the country. As such, it’s not surprising to see that the Garden State is consistently ranked as one of the happiest states in the country, according to a study done by Wallethub.
So is New Jersey good for new businesses? We hope that the reasons we’ve listed above have helped you decide whether New Jersey is the place. But if you’re still hesitant and have more questions, you may check out Business.NJ.gov for more guidance.
About the Author/s
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.
