Small business is the backbone of Gloucester County’s Economy and makes up 93 % of all businesses in the County. Today there are over 9700 companies in Gloucester County with 20 or less employees. We applaud the men and women entrepreneur who own and operate small business, boosting employment and economic growth in our region.
Gloucester County Department of Economic Development offers our assistance an encouragement for those who are starting a new business venture. Our office has an extensive network of business resources and partners who can assist with the creation of a business plan, obtaining a small business loan and connect you to free resources for startup businesses. Below are lists of our resource we provide:
- Small Business Websites
- Financing Tools & Programs
- List of Resource & Partners
Should I Start A Small Business?
To get a head start on your new business venture take the time to read this information. The decision to start a small business may have a major effect on your future. Before you finalize that decision, it is important to consider a variety of factors.
You should consider the following
Prepare a list of the reasons you want to go into small business. This list should be specifically as possibly.
Prepare a list of the goals and rewards that you expect from your business. These should be broken down into the following sequence.
- Immediate (within 1 year)
- Intermediate (1 to 5 years)
- Long Range (over 5 years)
Prepare a list of all the negative effects that may result from your decision. Write down every possibility, no matter how remote. This list should include things such as:
- Additional time away from your family
- Maximum amount of monetary loss. (Include actual dollar amount)
- Loss of job security
- Loss of weekly income
- Loss of retirement of disability benefits
- Increase in stress
Prepare a written and honest assessment of your personal areas of strength and weakness. The more accurate you are with this assessment, the more likely you will be able to make the proper decision concerning going into business. This assessment should include the following:
- Ability to interact with people
- Ability to accept responsibility
- Ability to organize
- Ability to supervise
- Ability to evaluate information and make decisions
- Business or technical skills
- Financial stability
Once you have prepared these four lists, allow yourself some time to reflect on them. During this period you should be making some additions and changes to them. After you are satisfied that you have honestly included all the appropriate information, review them with your family. You should now be prepared to make a competent decision about starting your small business.
Once you have made this preliminary decision to go into business, you must make initial contact with various business professionals that can help you. These professionals will vary with the type of business, but every business will need the following:
They will advise you on the proper records, the proper tax forms and the type of business organization. If necessary, they will assist you with financial statements, a financial feasibility analysis, projections, and various tax form preparation. You should consider them your primary business advisor.
They will assist you in complying with various local ordinances, represent you before any local planning or zoning boards, review any leases you may be contemplating, incorporate you (if necessary), and give you appropriate advice concerning your business.
You should make contact with a commercial lender in the bank you choose. This person should be capable of making loan commitments in the amount of input concerning your potential business.
In addition to the Accountant, the Lawyer, and the Banker, you may need to contact an insurance agent, a life insurance agent, a stockbroker, an architect, or an engineer. The Accountant, Lawyer, or Banker may be able to recommend competent individuals.
Once you have completed all of the above steps and met with various professionals, you are prepared to make an informed decision on whether or not you should go into a small business.