Starting a New Business? What you need to know

LBI REGION, NJ – With the Covid-19 pandemic still shaping the future of commerce, many rising entrepreneurs have developed some great ideas for building a new business. Working with partners at the New Jersey Business Action Center, a Starting A New Business Checklist has been created to assist with some critical next steps for those looking to being planning their next strategy. Recommendation is to use tools that are available for free such as local  information from Economic Surveys from the US Census regarding statistics and research.

Another point to consider if your idea is a hobby or an actual business. According to the IRS millions of people can earn income from something they are passionate about; but do these efforts distinguish between a business or hobby? Some factors in determining can be found on the IRS website, with key questions like: Whether you carry on the activity in a businesslike manner and maintain complete and accurate books and record, whether the time and effort you put into the activity indicate you intend to make it profitable or whether you depend on income from the activity for your livelihood. When you are ready to move forward, it’s time to decide on your business structure. According to the IRS, the most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a business structure allowed by state statute. Legal and tax considerations enter into selecting a business structure, where the best information can also be found on the IRS site. 

The next step would be to create a comprehensive business plan, which will be a guide to the direction of your business. This includes a summary, company description, market analysis and strategy for overall implementation and management. It also has to include a financial plan with projections to give you tactical steps towards operation.

For additional assistance and to see the entire NJBAC check list, visit the Southern Ocean County Chamber online resource center, to help with planning and local expertise. 

The Southern Ocean County Chamber of Commerce has been serving local businesses and their customers since 1914, and is proud publisher of this Tapinto Franchise.