Academy Start Your
Business

A good place to learn more about starting your own business would be to attend one of the many Training Courses offered across Hudson County, NJ, or see our free resources Online Tutorial for Starting a Business. Visit our Resources page for more resources to help you on your way.

The following links provide a variety of useful forms and resources. Please review all forms carefully prior to using them. You may also want to contact your local SBDC to verify what forms are best for your business.

• Business Owner’s Toolkit – templates and standard business forms, including cash flow budget worksheets, employee time sheets, and sample collection letters
• Entrepreneur magazine’s FormNet®  – saves you the time and expense of creating business documents from scratch
• SCORE  – download standard P&L statements, sales forecasts, and more in Excel and PDF format
• Microsoft Office Online  – standard letterhead, newsletter, and PowerPoint templates in a variety of designs and supporting financial statements

An important aspect of your business is a well-planned insurance program. Types of insurance you should consider are:

• Property Insurance
• Liability Insurance
• Product Liability Insurance
• Automobile Insurance
• Worker’s Compensation
• Disability Insurance
• Business Interruption Insurance
• Health Insurance
• Life Insurance

Each form: sole proprietorship, partnership, or corporation, has its advantages and disadvantages. The one you should pick depends on your circumstances, including:

• Your financial condition
• The line of business you’re entering
• The number of employees
• The risk involved
• Your tax situation

Initial costs are one-time expenses that are needed to set your business in motion. There’s no way you can start and build a successful small business if you don’t have the funds to back it up. Start by making a list of ALL your initial costs, no matter how small or insignificant.

It’s not enough to consider how much a large piece of machinery costs. You also need to think about the costs involved with transporting it or setting it up. Everything needs to be accounted for! Then consider your ongoing costs (expenses you anticipate paying again and again).

On a Federal level, Congress considers a minority-owned business as generally anyone other than white. The business must be owned and at least 51% controlled by one or more minorities. Women are not considered minorities. It is a self-certifying process, and no paperwork needs to be filled out. To learn more about women or minority-owned businesses, you may consult the Hudson County Office of Business Opportunity (HCOBO).

The basic skills include a working knowledge of record keeping, financial management, personnel management, market analysis, breakeven analysis, product or service knowledge, federal, state, and local tax knowledge, legal structures, and communication skills. See the Kauffman Foundation’s take in Making of a Success Entrepreneur publication.

Approximately 40 percent of present-day retailing in the US is done through the franchise method, which makes owning a franchise an appealing option. There are definite advantages to starting out with a franchised business, but it is important to be knowledgeable about the different kinds of franchising options available to you. Some offer fair value for what you pay and others are rip-offs. Get legal or business counseling advice before purchasing a franchise.

As long as it takes you to complete your feasibility study, prepare your business plan, gather your money, buy what you need to buy, and arrange your business operation affairs. This could take a few weeks or many months. If you have difficulty with any of these items, the time to learn and solve problems must be added.

If you are entertaining the idea of having a home-based business, contact your city or county planning and zoning department, depending on whether you live within city limits or not. Contact them before you start the business, not after. They will inform you about the requirements for a home-based business.

The advantage of buying an existing business is that it is already established in the market. It has customers and is carrying on the business. You avoid the hassle and expense of starting from scratch. The trick is making it fit your desires and capabilities. Is it the kind of business you want? Can you afford it? Can you operate it?

Usually, the best business for you is the one in which you are most skilled and interested. As you review your options, you may wish to consult local experts and businesspersons about the growth potential of various businesses in your area. Matching your background with the local market will increase your chance of success.