If you got an entrepreneur spirit, and if you want to start your own business in New Jersey, then look no further than Newark. Newark is the most populous city in New Jersey, and that means that it is going to be very good for your business plans. Almost everything that happens in New Jersey, happens in Newark. So, if you want to quit your ‘day job’, or if you want to explore or move your business to Newark in New Jersey, know that you’ve come to the right place. However, starting a business can be tricky, even in a place like Newark that welcomes new businesses. So, in this article, we are going to explore the pros and cons of starting a business in Newark, NJ. And without further ado, let’s begin!
Pros of starting a business in Newark, NJ
Newark is indeed a wonderful place. It has everything, and it can offer many opportunities for business. It is one of the best places for business in 2020! There are many aspects of Newark, and its entrepreneur-like spirit is just one of them. So, what are the pros of starting a business in Newar, NJ? Let’s explore!
To state the obvious, Newark is the largest New Jersey city
Every business owner should know that if you start a business in a larger city, the bigger pool of customers you are going to have. Newark is home to around three hundred thousand citizens and it is certainly the largest city in New Jersey. And New Jersey is one of the best states on the East Coast you can move to. Whatever your business is, you can be certain that you are going to have a large enough customer base so you can at least cover your business expenses. Also, if you need to hire employees of any kind, you are most certainly going to find people who are willing to accept your job offer.
Many companies are based in Newark
Since several leading companies have their headquarters in Newark, this is a good indicator that the business atmosphere in Newark is favorable. Some big names that have their HQ’s in Newark are Prudential, PSEG, Panasonic Corporation of North America, Audible.com, IDT Corporation, and Manischewitz. And since you are probably a small or medium business owner (or you are going to be), you should follow the steps of corporate giants. It is no coincidence that many large companies have their HQ’s in Newark. Newark has a very nice business atmosphere and that also means that unemployment rates are pretty low.
It is quite a rich city
Newark is such a wonderful city. You can see that if you take a walk through its streets. It has many things, and many of those things are od cultural type. And where is culture, there is wealth. That means that Newark citizens are pretty wealthy in general. Sure, there are people, like anywhere, who struggle to have a decent life, but in general, people of Newark are pretty rich. And businesses flourish where wealth is. That means that your business is going to flourish if you have a smart business plan. Thankfully, its movers are not overcharging for their services, so you can get household or commercial assistance for your move. You can even get rich in the city of Newark. Good luck with that!
There are many good moving companies that can move your business to Newark
Business relocation is not an easy task. You have to organize your relocation properly, and you have to have a reliable moving company by your side. Also, there are a lot of scams when it comes to business and office relocation, so you have to be careful.
Thankfully, there are professional moving companies like Bluebell Relocation NJ, that can help you move your business safely to Newark. So, if you want to be a professional businessman, you have to work with professionals.
Some cons of starting a business in Newark, NJ
Like any place anywhere, Newark has its fair share of problems. That doesn’t mean that Newark is not a good place for starting a business, it is a great city for business, and it has a great business atmosphere. But it also has some weaknesses. Some of those weaknesses are the result of Newark’s strengths. So, without further ado, let’s explore some of the cons of starting a business in Newark, NJ.
Being a rich city means that you have to pay more to employees
Newark is a rich city. New Jersey, in general, is one of the wealthiest states of the US. And since Newark is the largest city in New Jersey, that means that most of the wealth in New Jersey goes to Newark. This is its strength. But that can be a problem for business owners. Its citizens are quite wealthy in general, and this means that they are going to aks for a hefty salary by the end of the day. That means that you have to take into account how much you are willing to pay to your employees. And as a business owner, you have to cut the corners wherever you can. So, take into your calculations the paychecks of your employees.
Some parts of Newark have problems with crime
Not everything is pretty in the city of Newark. In the ’80s and ’90s, the situation was bad. There were many gangs in Newark and violent crime was rampant. One person said that you couldn’t go out after 18 h.
Thankfully, the situation is much better now, and the crime has largely been taken off the streets. Nowadays, you can see people walking their puddles in almost every part of Newark. However, some parts of Newark are still not that safe. South Newark is where the majority of crimes happen, but it is also the largest area of Newark, so it has many safe parts. Also, West Newark can be dangerous as well. However, the situation is improving, and we can expect that crime rates will go down in the future years.