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Every Resource You Need to Start a Business in NJ – Working in the Wild with Hub:868 – Issue No. 18

July 3, 2023 0Comments

Interested in starting a new business? We are here for you! We have several culinary entrepreneurs beginning to use our Incubator Kitchen and want to share some of the resources they are utilizing to get their business up and running.

Open notebook with a pencil and laptop next to it. Notebook reads: Start a Business market research write a Business Plan get funding $$$ make a name for yourself Register your Biz
Have you learned enough about coworking to know that it is an excellent resource for entrepreneurs? If you weren’t aware, read up about it here, here and here. We recently learned start-ups that have employees in office space grow 3.5 times faster than those that are fully remote. Now, this doesn’t mean you need to go out and sign an office lease! We know how expensive typical office rent is and how long-term that commitment can be. That’s why we offer month-to-month private office memberships or your small team can utilize our shared workspace for a fraction of the cost of a conventional office.
US Small Business Administration: Created in 1953, the U.S. Small Business Administration (SBA) continues to help small business owners and entrepreneurs pursue the American dream. SBA is the only cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses.
logo for the U.S. Small Business Administration

In Camden County:

Small Business Development Center (SBDC) is a program through Rutgers University designed to provide assistance and support to entrepreneurs and small business owners in New Jersey. The SBDC offers a variety of services to help new businesses succeed, including:

Text reads: CAMDEN COUNTY N.J. over and outline of the county boundary
Two pairs of feet on a sidewalk with the text: PASSION LED US HERE on the sidewalk

You’re going to need more than just a space to work when starting a new business. Collingswood, Camden County, and the state of New Jersey provide support in many ways.

If you choose Collingswood as home to your new business, Collingswood Partners is a wonderful resource. They work on many cooperative marketing initiatives, events, seminars, business district beautification projects and more. If you open a business in Collingswood you are automatically a part of this partnership, so be sure to take advantage of their assistance. You can also receive a sponsorship kit to learn how the Borough can help to promote your business. Reach out to Lindsey Ferguson (lferguson@collingswood.com 856-854-0720×116), Director of Collingswood Community Development to learn more. The Borough has shared a useful checklist from the US SBA on how to get started with your new business – pay close attention to #9 as the license and permit information is Collingswood-specific. There is also the Collingswood Green Business Alliance to help facilitate the sharing of ideas and support among local businesses and also to market these businesses to local eco-conscious customers.
If your business will not reside in Collingswood, there are still many resources available through the county, state and federal government.
  • Business planning: The SBDC can help new business owners create a business plan, which is essential for securing funding and outlining the strategy for the company.
  • Market research: The SBDC can provide information and analysis on the local market, industry trends, and competitors, which can help new businesses make informed decisions about marketing and sales.
  • Financial analysis: The SBDC can help new business owners with financial planning, forecasting, and budgeting, which are essential for managing cash flow and making informed decisions.
  • Training and workshops: The SBDC offers training and workshops on a variety of topics such as business management, marketing, and finance, which can help new business owners acquire teh skills and knowledge the need to succeed.
  • Access to resources: The SBDC can connect new business with resources such as legal and accounting services, funding opportunities, and other business support organizations.
Overall, the Rutgers SBDC is a valuable resource for new businesses looking to start and grow in New Jersey. By providing assistance and support in key areas, the SBDC can help new businesses overcome common challenges and increase their chances of success.

Camden County Office of Economic and Workforce Development: The Office of Economic and Workforce Development offers services such as site selection, business planning, and financial assistance.

Camden County Regional Chamber of Commerce: The Chamber of Commerce provides networking opportunities, marketing assistance, and access to business resources.
 
Camden County One-Stop Career Center: The One-Stop Career Center offers job training, recruitment, and career counseling services to businesses in the area. Reach out to Jeanne Page-Soncrant at Jeanne.page-soncrant@dol.nj.gov for business services.

In NJ:

Business.nj.gov offers a full range of resources and support for businesses in New Jersey. They can help every step of the way with learning about State, and sometimes federal and local, opportunities and regulations in New Jersey. Explore a rich library of content on registering, hiring, funding, and more.
Blue hexagon with a blue banner over top. Banner text reads: NEW JERSEY. 3 white stars are above and below the banner on the hexagon.

NJ Business Action Center: NJBAC is here to help businesses thrive, grow, and succeed across New Jersey. Tapping into their deep understanding of the current business landscape, they are able to connect you with the appropriate experts to reach your goals. Their business advocates are available to work closely with you and find solutions for your unique business needs. They can help get the answers you need from government and regulatory agencies at the local, state, and federal level. They can facilitate your meeting and handle the follow-ups – confidentially and at no cost to you.

NJ Economic Development Authority: The NJEDA offers a variety of programs to support businesses in New Jersey, including financing, tax incentives, and technical assistance.

UCEDC is a private non-profit Community Development Financial Institution that fosters economic growth. We accomplish this by providing financial and technical assistance to new and existing businesses with emphasis on benefiting under-served people and communities.

NJ Department of Labor and Workforce: offers Business Services Representatives who provide concierge-like services, connecting employers with our statewide network of resources and referrals that will meet their business needs, including: existing worker incentives, new employee opportunities, specialty hiring programs for employers who want to hire returning veterans and/or individuals with a disability, as well as grant opportunities.
 

While this article is a little older, it is full of helpful information and resources “10 Things You May Not Know (but should) Before Starting a Business in N.J.”

Federal Programs:

Check with your local library to access the Small Business Reference Center | EBSCO which offers exclusive full text for many top consumer small business reference books, as well as tools to address many small business topics. It includes business videos, a help and advice section and details on how to create business plans.

Lending:

While some of the above mentioned resources provide lending opportunities along with other support for new or growing businesses, these resources focus mostly on lending and provide support to area businesses beyond Camden County.
Cooperative Business Assistance Corporation: CBAC serves Southern New Jersey and Philadelphia businesses. CBAC is a non-profit, mission-driven community lending organization, also known as a CDFI – Community Development Financial Institution that offers a range of loan products and support services to entrepreneurs to meet your existing and start-up business needs.
 
Regional Business Assistance Corporation: RBAC’s mission is to foster economic development and entrepreneurship by providing loan capital through SBA financing and business mentoring. RBAC is designated as a Community Development Financial Institution (CDFI), CDC, and SBA lender, and exclusively offers three SBA loan products (504, Microloans, and 7(a) Community Advantage) ranging in size from $1000 to $5.5 million. RBAC is committed to providing small businesses access to capital in underserved populations and communities. RBAC is available when businesses cannot get funding needed through conventional lending sources.
 
Sixers Innovation Lab: Invests in early stage (pre-SEED to Series A) companies and supports their portfolio companies as they continue to grow. They focus on B2C and B2B2C companies in sports, esports & gaming, consumer packaged goods, and media & entertainment.

Tax Information:

Federal resources for taxpayers who file Form 1040, Schedules C, E, F or Form 2106, as well as small businesses with assets under $10 million can be found at IRS’s Small Business and Self-Employed Tax Center.

State of NJ tax resources can be found at the NJ Business Action Center website.

We hope this information and resources are helpful in planning and beginning your new business. Follow our social accounts to learn about useful seminars and events taking place at Hub:868. For example, we’ve hosted Bookkeeping for Small Business, Financial Planning, a monthly Women+ in Business Forum, and more with additional presentations lined up for the future.
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