Top 5 Reasons Why Your Business Should Be Located in New Jersey
Having a business location is crucial to your success. Whether it be working at home, or in an office, it can make a difference in your company’s future. There are over 5,000,000 businesses in New Jersey.
In this blog post, you’ll find out why your business should be based in the Garden State.
New Jersey is surrounded by some of the most populated areas in the country
New Jersey is surrounded by huge population centers like New York City, Philadelphia, and Baltimore. Coupled with its excellent road system, this makes for a great place for businesses to thrive! If you want to be in a region that has plenty of middle-class customers and lots of economic activity, we recommend starting your search in NJ. Besides, just being close to other large cities could give you the opportunity to expand into those markets once your business is established in NJ.
Employment rates are much higher than the national average for business owners
Workers in New Jersey typically have higher unemployment rates and lower incomes than the national average. You might think this means it’s a bad place for business. But you would be wrong, actually– employment rates are much higher than the national average for business owners, and their income is still 50% higher than the national average.
It’s super close to New York City, Philadelphia, and Washington D.C
The Tri-State area is home to some of the largest companies, including American Express and L’Oreal USA. It’s also the country’s third-largest metropolitan area, encompassing 21 counties in New Jersey, Manhattan, and parts of Pennsylvania. Close relationships with Newark Airport and New York City make it a great place for transportation.
Taxes on personal income are much lower than in other states (partially because it’s an income tax).
New Jersey has a perfect location – it’s close to the rich New York and Philadelphia metropolitan markets and is the most popular destination for new business startups. In addition, NJ offers the lowest tax rates on personal income in the country. Plus, more than one-fifth of the population is under 22 years old, meaning your startup will expand faster thanks to an active base of young consumers. Finally, have you noticed that Millennials are flocking there as well? They account for 18% of the population in New Jersey which means your startup is sitting pretty to capture their attention through social media.
Taxes on corporations and companies are better than other states (Plus, the state has programs that help new organizations)
Fueled by the events of 9/11 and Superstorm Sandy, Governor Chris Christie has moved aggressively in trying to make New Jersey competitive. With lower taxes on corporations and companies, New Jersey is one of the most tax-friendly states for business. Programs like ‘Jersey City Evolved’ help towns reach their economic goals.
Conclusion
The state of New Jersey offers many different services for all types of businesses. The state currently has 25 Fortune 500 companies. An example can be taken off “Stuffed Grass-fed Burgers” company which is New Jersey’s best. And not to forget that too in a very short span of time. All because of the people. As of 2016, the state is 9th in the population and 4th in GDP among the 50 states. An advantage of a large population is that more people contribute to growth and profits.
