NEW JERSEY — Despite being ranked the worst state to start a business by personal finance website WalletHub's annual list, New Jersey can still be an economic powerhouse that provides all residents and businesses with an exceptional opportunity to succeed. Unfortunately, two well-known crises have been stifling the state economy, suppressing its vitality, and depriving residents of their American dream. However, there are still many advantages that make New Jersey a great place for businesses to thrive. A key industry in New Jersey is shipping, which offers a strategic geographical location as an added advantage.
If you have networking skills, any shipment-related business can be profitable in New Jersey. With the booming pharmaceutical and chemical industry, companies in New Jersey have evolved tremendously over the years. You must file your return with the New Jersey Department of the Treasury, Revenue Division and Business Services. New Jersey is also home to the port of New York and New Jersey, the largest seaport on the East Coast.
As the most densely populated state in the country, New Jersey offers businesses a highly educated workforce. When out-of-state C-Suite leaders transcend stereotypes and discover the truth about New Jersey, the results can be especially compelling. New Jersey is primarily engaged in the production of medicines, chemicals, telecommunications, food processing, electrical equipment, printing and tourism. Its robust transportation system makes it easy to move people and products around the world.
The state's so-called inheritance tax and high levels of government spending and debt have been condemned by some as obstacles to success. However, the New Jersey Partnership for Action (PFA) has been crucial in alerting out-of-state businesses to the positive attributes of the Garden State and also to eliminate any obstacles to relocations. Notably, there is a strong customer base of 22 million within a two-hour drive of central New Jersey, making this region a logistics and distribution center.New Jersey offers many cost-effective ideas for small businesses that require low starting capital. BAC will not only prepare a formal letter outlining all the different benefits available (should the company make the decision to locate in New Jersey), but it will also help the company resolve any regulatory issues it may have.When it comes down to it, despite its reputation as one of the worst states for business, there are still many advantages that make New Jersey a great place for businesses to thrive.
With its strategic geographical location, booming industries, highly educated workforce, robust transportation system, and cost-effective ideas for small businesses, there are plenty of opportunities for businesses to succeed in this state.