Starting a business in Elizabeth, New Jersey is a challenge, and for many small businesses, it`s even harder when you`re thinking about starting a business outside of New York City. While starting a business in the Garden State might be difficult, there are several reasons why it could be easier to start a business in Elizabeth, New Jersey than in some other parts of the country. The biggest advantage to starting a business in Elizabeth, New Jersey is that the state is home to one of the biggest metropolitan areas in the U.S. This means there are plenty of people who live and work in the city, meaning there`s a larger potential market for your business. In addition, residents in Elizabeth, New Jersey are considered some of the wealthiest in the nation. According to Business Insider, the median household income in Elizabeth is $62,093 per year, while the median household income in the U.S. is $63,906.
Elizabeth, New Jersey is also home to some of the top schools in the country, which means there`s an educated population that can help you build a successful business.
Other advantages of starting a business in Elizabeth, New Jersey include:
- Low taxes: The state has no personal income tax, so business owners in Elizabeth, New Jersey don`t have to worry about being taxed on their income.
- Small government: The state has one of the smallest budgets in the country, so small businesses in Elizabeth, New Jersey don`t have to worry about budget cuts.
- Easy access to international airports: Businesses in Elizabeth, New Jersey don`t have to travel through the busy cities of New York or Newark, making it easier for your employees to fly to and from work.
The costs of starting a business in Elizabeth, New Jersey are also low. For example, the cost of doing business in the city is relatively low compared to other major cities. The cost of a license to do business in the city is $50, and there`s no limit on the number of licenses you can apply for. However, you`ll need to pay the city a yearly fee of $1,000 to do business in the city.
With all of these advantages, it`s no wonder that the city is home to many successful businesses. But if you`re looking to start a business outside of New York City, Elizabeth, New Jersey might be the perfect place for you.
The new year has been a good one for businesses. As of January 1, 2019, the Federal Reserve Bank of St. Louis reports that the national average for small business loans was $203,000. The amount of outstanding loans to small businesses totaled $1.4 trillion.
The New York Times reports that the number of small business loans approved in 2018 was up 17 percent compared to 2017. The total number of loans increased by 21 percent.
The U.S. Small Business Administration says the number of new business owners and self-employed individuals rose in 2018. The agency also reports that, since the Great Recession, the number of self-employed individuals has increased by 27 percent.
In 2017, the number of new businesses started was up 5 percent compared to 2016. The number of existing businesses was up 3 percent. The number of self-employed individuals, however, increased by 6 percent.
The SBA says the number of new businesses started in 2018 was up 10 percent. The number of existing businesses was down 4 percent. The number of self-employed individuals was up 1 percent.
Business Startups and Growth
The number of new businesses started in the U.S. in 2018 was up 10 percent from the previous year. In 2017, the number of new businesses started was up 5 percent compared to 2016.
The number of self-employed individuals in the U.S. increased by 6 percent in 2017. In 2016, the number of self-employed individuals increased by 9 percent.
Small Business Trends
There were 2.4 million new small businesses created in the U.S. in 2018. The number of small businesses started in 2018 was up 10 percent from 2017.
The number of self-employed individuals in the U.S. increased by 9 percent in 2018. In 2017, the number of self-employed individuals increased by 6 percent.