New Jersey recently announced a $50 million fund to help entrepreneurs get started. This is just one aspect that makes moving to New Jersey to start a business a good idea. The state has a vibrant small business, which is emphasized by the investment of the group, which includes Amazon.com. The acceleration fund will be based in Newark, at the headquarters of Audible’s successful audiobook. But business success can also be found in smaller cities and towns, as we discovered when looking for the best NJ cities to start a business.
And the strategy in New Jersey pays off
Key takeaways
Small cities are leading. In eight of the top 10 cities on our list, the population is less than 25,000. In first place on the list, in East Hanover, live less than 12,000 people, which indicates that small places in New Jersey have much to offer when it comes to starting and developing a business.
Good income – the key to success. Solid sales are key to business success in places on our list. For example, 10 of the 20 top cities were also among the places with the highest average annual income for a business.
Our analysis of the best NJ cities to start a business
We have reduced data for 231 locations in New Jersey, each of which has 10,000 or more people. Our analysis is based on data from a survey of business owners of the US Census Bureau, which took into account such factors as the average annual income per enterprise and the number of enterprises with paid employees. Besides that, we also used data from the American Community Survey, which includes information on income, housing costs, and unemployment.
But, where exactly is the best place for your business in New Jersey? Find that out before you hire commercial movers NJ and start packing.
So, here are the best NJ cities to start a business
1. East Hanover
East Hanover, with a population of just 11,200, is one of the smaller settlements in New Jersey. But the city of Morris County is number 1 on our list of the best NJ cities to start a business. East Hanover has 1,500 enterprises and is perhaps best known as the giant of the production of snacks and cookies Nabisco. Businesses here recorded an average of about $ 9 million in annual revenue per business. That sounds like a pretty good reason to move your business to NJ.
2. Red Bank
For many years, due to fierce competition from shopping centers and malls that grew like dandelions, Red Bank hoped to promote a cleaner, more vital city center with better recognition. Now, Red Bank has dozens of restaurants, cafés and the theater of Count Basie, who, as the locality says, “attracts national and regional acts – everything from rock bands to dance ensembles.” Red Bank recorded an impressive average annual revenue of $ 6.75 million per business, which is the second best indicator in the top 10.
Moving there doesn’t sound that bad, does it?
3. Hannover
The town of Hanover in Morris County is known for the Whippany Railway Museum, which opened in 1965 with the Morris County Central Railway and offers a “nostalgic journey through the colorful past of railways”. The population of Hanover is almost 14,000 people, and it has 4.86 million dollars in annual income on average.
4. Secaucus
The city of Secaucus in the Hudson County is known in New Jersey for its retail stores. The official travel site in New Jersey calls this community of 17,000 residents the mecca of shops and stores. Secaucus published an average annual income of 5.54 million dollars for a business, which is the third largest figure in the top 10.
5. Eatontown
Eatontown, with a population of 12,500, in Monmouth County, is home to about 1,600 enterprises, and has an average annual income of $ 3.2 million. This is a place that takes seriously the rest, health and fitness of its inhabitants. The city also encourages visitors to be “fit” on a two-mile walk through the city, which combines exercise and education.
6. Paramus
With a population of about 26,000 people, Paramus is the second largest community among the 10 best NJ cities to start a business. According to the town’s website, Paramus evolved from its past “celery farms and dirt roads” in the 1600s to “a country of huge shopping centers and malls that made it one of the best retailers in the United States”. It is also famous as the venue for the Barclays FedEx Cup, a major golf tournament. Businesses in Bergen County received an average annual income of almost $ 3 million. So, why not hiring Paramus movers and relocating there?
7. Florham Park
Florham Park, with a population of about 12,000, is a district of Morris County, famous as the home of the New York Jets. That city has about 1,800 businesses and has an average annual income of $ 3.1 million.
8. Morristown
Morristown is full of historic sites and the National Trust for Historic Preservation has identified it as one of a dozen distinctive destinations, according to the city’s website. The population of Morristown is about 18,400 people, and it has about 2,750 businesses. The enterprises here on average received about 1.7 million dollars of annual income per business.
With all the opportunities it has to offer, no wonder Morristown is one of the best NJ cities to start a business
9. Moorestown
The town of Moorestown, with a population of about 21,000, illustrates the role that city center development has played in turning many cities and towns in New Jersey into great places to start a business. Their main street in the center of the city is on the Moorestown website, which calls it a step back to an earlier era. But relevant enough to ensure that the products, services, and restaurants are competitive for businesses outside of Moorestown. Companies see nearly $ 3.8 million of annual income on average.
10. Hackensack
Hackensack won a brief mention in the 1978 film Superman, as one of the goals of Lex Luthor’s sinister plot. The population of Hackensack is about 43,500 people. This makes this city the largest among the top 10 of the best NJ cities to start a business. A business in the city recorded an average annual income of $2 million per business. And you can easily get such an income, if you just hire Hackensack movers who will help you relocate here in no time which will allow you to start doing business in this city soon enough.
