New Jersey has made it to the bottom of another important list. A Wallet Hub study ranked New Jersey the 47th worst place in America for entrepreneurs to start a new business.
“Starting a business is never easy. According to U.S. Bureau of Labor Statistics data, about a fifth of all startups typically don’t survive past year one of operation, and nearly half never make it to their fifth anniversary,” WalletHub states. “Staying afloat is difficult even under normal conditions, and even more so when dealing with a global pandemic, the highest inflation in decades, and labor shortages.”
When you open up a business in New Jersey, the deck is stacked against you. Regulations, government interference, environmental constraints, health and safety regulations, mandatory wages, and licensing are all factors to consider when starting a new business in the Garden State.
While New Jersey is ranked high in “Acess to Resources” to start a new business, it was ranked at the bottom when it came to the best places to start a business, something for young entrepreneurs to consider.
If you need employees, you better be prepared to pay. New Jersey’s laws make it the second most expensive state to hire workers.
New Jersey is also the sixth most expensive state when it comes to paying rent for your business.
So, if you’re still planning to open your small business in New Jersey with this information in hand, be sure to be well-prepared for all the negatives. If you succeed in business in New Jersey, you can also get better results than in other parts of the country, thanks to the abundance of wealth and population.
Operating a business in New Jersey is not for the weak-hearted or those who are easily disenfranchised. Successful New Jersey business owners are intuitive, crafty, and most importantly, they are fighters not willing to give up.