Why Howell Township?
Ours is a community rooted in history, yet committed to moving toward a brighter future. We are blessed with an outstanding location one hour from New York City, Philadelphia, and Atlantic City making us an ideal center for warehousing and logistics. We are not far from our state capital Trenton and fifteen minutes from the Jersey Shore. From Howell Township, you can access high-tech jobs and horse farms, restaurants and shopping in every price range, and outstanding institutions of higher education.
What makes Howell Township special, however, is that it’s a great place to live. It is a good place to raise a family and is very kid friendly. There are varieties of home styles throughout every price range. It is a mixture of suburban and rural living with a low crime rate and an outstanding school system.
Howell Township has done much in recent years to improve the climate for large and small businesses. We installed sewers along the southern section of Route 9 and are continuing to look toward developing our Route 9 and Route 33 highway corridors while maintaining our interior green. We are willing to embrace modern redevelopment tools, if necessary, to bring projects to sites where growth is difficult.
If your business tried to locate to Howell in the past and weren’t happy, give us another try!
Please visit the Howell Township Chamber of Commerce website for information on the Chamber of Commerce.
How to get a Business loan:
Here is a snapshot of what the Consumer Affairs article features:
- Where to look for business loans
- Where to find business loans for minority-owned businesses
- Steps to getting a business loan
- Finding help for your business loan
- A "getting started" checklist
Three areas covered under this section.
- How to Start a Business in Howell NJ
- Why Your Business should be a Member of the Chamber of Commerce
- Why Residents Should Shop Local/Shop Chamber Members
If you are starting a business in Howell NJ it can be an exciting endeavor. Although, such a journey will require a custom strategy and detailed planning. Anyone who’s done it themselves will tell you starting a business isn’t easy. Aside from the extraordinarily lucky, it is one of the most daunting and difficult experiences you will encounter in your lifetime, as shown by the latest business statistics compiled by the ChamberofCommerce.org. As such, we’ve compiled a list of tips to guide you on how to start a business in Howell NJ.
Howell NJ Business Startup Checklist Overview:
- Create a Business Plan
- Determine Legal Structure and Legal Formation
- Obtain an EIN Number
- Register for State Taxes and a State Tax ID
- Apply for Local Business Licenses and Permits
- Open a Business Bank Account
- Set Up Accounting
- Obtain Insurance
- Hire Employees
1. Create a Business Plan
A business plan is a roadmap of your business’ future. Generally, this living document lays out the next 3-5 years of success and how you intend to achieve it. A proper business plan should describe your business goals, the strategies involved, potential problems coupled with solutions for each, organizational structuring of your business and budget forecasting.
Resource: Business Plans: A Step-by-Step Guide
2. Determine Legal Structure and Legal Formation
One of the most important decisions you make when starting a new business in Howell NJ is choosing a legal structure. Each type of business has its pros and cons. It is generally a best practice to study each in detail and compare against your business priorities. For example: How risk averse are you and your partners? How would you prefer your business be taxed? Get familiar with the requirements for starting a small business.
Resource: How to Choose the Best Business Entity
3. Obtain an EIN Number
An EIN, commonly known as a Tax ID, stands for Employer Identification Number and acts as the unique identifying number for a business similar to how a Social Security Number is used as a unique ID number for an individual. The IRS uses EINs to identify businesses for tax purposes. When speaking about how to start a business in Howell NJ, you should be aware that you’re going to need a Tax ID (EIN) in order to perform many actions, such as opening a small business bank account, hiring employees, etc.
4. Register for State Taxes and your State Tax ID
One of the primary requirements for starting a business is registering with your state. Registering a business with your Secretary of State is a step prior to obtaining your State Tax ID. Different from the Federal Tax ID, states have their own State Tax ID. This is a unique number assigned to a business or organization by the state where the business operated. It is primarily used for paying state taxes and hiring employees. Although each state has its own unique process for State Tax ID obtainment, most states enable you to get your State Tax ID the same day you apply.
5. Apply for Local Business Licenses and Permits
There are a variety of local permits and licenses which may be mandatory to your business. Whether it’s a tax registration from your local Office of Finance or a required permit for the sale of alcohol, you are likely required to show proof of your EIN Number to complete these applications.
Resource: Find your State Business License Office
6. Open a Business Bank Account
Having a bank account is essential to starting a new business. This monumental step in your path to success is typically very straight forward but there are common road blocks in the banking process. When opening your business bank account in Howell NJ don’t get stuck at the bank searching for required documents - bring your state’s Incorporation documents, your EIN (Tax ID) Number and all partners who’s names you wish to include on the bank account must be present as well.
Resource: Business Bank Account Checklist: Documents You'll Need
7. Set Up Accounting
Most business owners understand they have to file taxes from the get-go. Why wait until the end of the year to handle one of the most important pieces of your business? Avoid unnecessary costs for late payments, late filings and other fees from the IRS. Handle or hire an accountant to handle your tax responsibilities early and don’t get stuck scrambling at the year’s end. An accountant will help you understand which items you need to provide in order to file on time, such as your Profits & Loss Statement, your business’ EIN Number and other required information.
Resource: Small Business Accounting Checklist
8. Obtain Insurance
Many industries will require various types of insurance for specific actions to take place. For example: truck drivers need mandatory auto insurance in order to make deliveries on the company’s behalf. Now that you are starting a new business, it is in your best interest to get informed about your insurance options and be familiar with the regulations that apply to your specific type of business.
Resource: 5 Buying Tips for Small Business Liability Insurance
9. Hire Employees
Hiring your first employee is a milestone for any business, essentially opening the door to more profits and frees up time for owners to focus on high-level priorities. But before the interview process begins, make sure you have everything you need in order to legally hire an employee. You’ll need to obtain an EIN Number and supply your new employee with the appropriate paperwork from the IRS.
Resource: Guide on Hiring Employees and Requirements
Why your business should be a member of the Chamber of Commerce
What is the real value of joining a Chamber of Commerce?
Advocates of chambers of commerce have long believed that when a company is active in its local chamber, it is doing the right thing not only for the community but for its own success as well. This study, commissioned by the American Chamber of Commerce Executives with support from Small Business Network, Inc. and The Schapiro Group, is designed to do just that: determine the real value to companies in terms of consumer outcomes of joining and being active in their local chamber of commerce.
Data for the study come from a scientific web-based nationwide survey confirm:
-Most consumers (59%) think that being active in the local chamber of commerce is an effective business strategy overall. It is 29% more effective, however, for communicating to consumers that a company uses good business practices and 26% more effective for communicating that a business is reputable.
-If a company shows that it is highly involved in its local chamber, consumers are 22% more likely to think that its products stack up better against its competition.
-When a consumer thinks that a company’s products stack up better against the competition because the company is highly involved in its local chamber of commerce, it is because he or she infers that the company is trustworthy, involved in the community, and is an industry leader.
-When consumers know that a restaurant franchise is a member of the chamber of commerce, they are 40% more likely to eat at the franchise in the next few months.
-When consumers know that an insurance company is a member of the chamber of commerce, they are 43% more likely to consider buying insurance from it.
-When consumers know that a small business is a member of the chamber of commerce, they are 44% more likely to think favorably of it and 63% more likely to purchase goods or services from the company in the future.
The results show that being active in the local chamber of commerce is a good strategy for businesses to use in communicating each of the four specific company traits. Statistically, it is an effective way to convey to consumers that a company 1) uses good business practices, 2) is involved in the community, 3) cares about customers, and 4) is reputable—regardless of whatever they may or may not already think about the company.
If a company shows that it is highly involved in its local chamber (e.g., sits on the chamber board/involved as ambassador), consumers are 22% more likely to think that its products stack up better against its competition. When consumers find out that a company is involved with its local chamber, they are 19% more likely to think favorably of that company. This effect is not dependent on the degree of chamber involvement; it holds true regardless of whether or not the company is highly involved in the chamber.
*Source: The Shapiro Group
Why Residents Should Shop Local/Shop Chamber Members
Here’s what happens when you “shop local.”
1. More of your money will be kept in your local economy
For every $100 you spend at locally owned businesses, $68 will stay in the community. What happens when you spend that same $100 at a national chain? Only $43 stays in the community.*
2. You embrace what makes your community unique
You wouldn’t want your house to look like everyone else’s in the U.S. So why would you want your community to look that way?
3. You create local jobs
Local businesses are better at creating higher-paying jobs for your neighbors. When you shop locally, you help create jobs for teachers, firemen, police officers, and many other essential professions.
4. You help the environment
Buying from a locally owned business conserves energy and resources in the form of less fuel for transportation and less packaging.
5. You nurture community
Local business owners know you, and you know them. Studies have shown that local businesses donate to community causes at more than twice the rate of chains.
6. You conserve your tax dollars
Shopping in a local business district means less infrastructure, less maintenance, and more money available to beautify your community. Also, spending locally instead of online ensures that your sales taxes are reinvested where they belong— in your community!
7. You create more choice
Locally owned businesses pick the items and products they sell based on what they know you like and want. Local businesses carry a wid¬er array of unique products because they buy for their own individual markets.
8. You took advantage of their expertise
You are their friends and neighbors, and locally owned businesses have a vested interest in knowing how to serve you. They’re passionate about what they do. Why not take advantage of it?
9. You invested in entrepreneurship
Creativity and entrepreneurship are what the American economy is founded upon. Nurturing local business en¬sures a strong community.
10. You made your community a destination
The more interesting and unique you community, the more we will attract new neighbors, visitors and guests. This benefits everyone!
*Source: Civic Economics – Andersonville Study of Retail Economics.
Visit the Howell Chamber of Commerce website for additional information.