Bringing a New Business to Ridgewood, NJ — Understanding What Makes a Successful Business Idea

From January 2021 through January 2022, over 5.8 million applications for new businesses were filed, according to Business Formation Statistics from the U.S. Census Bureau. New Jersey accounted for 177,506 of all new business applications filed nationwide over the same period, the eighth most among states. For those looking to bring a new business to Ridgewood in the near future, understanding the ins and outs of what makes a successful idea is a great place to start — from the needs of the community to a business plan and more.

Exploring the needs of your community

Regarding New Jersey’s principal industries, business.nj.gov notes that the state’s diverse economy includes “major pharmaceuticals, life sciences, financial services, advanced manufacturing, information technology, and transportation and logistic sectors.” When aiming to develop the right business idea for your New Jersey community, however, there are several considerations to take into account rather than simply choosing one that aligns with these. Asking the necessary questions, for instance, will help greatly when determining whether it’s an idea that’s suited to your New Jersey community. Often a business advisor gold coast can be very help in determining the right path of action. 

A Business News Daily article addresses several valuable questions worth asking yourself when ascertaining whether or not your idea will be successful. To highlight just a few, asking whether the idea solves a problem, if people will be willing to pay for it, whether there is a sizable niche market for your idea, and whether you have tested the idea are all valid questions, according to the BND post. When determining whether a business niche is a market, Ari S. Goldberg, founder and chairman of investment firm RNMKR notes that it’s a mix of “research, gut instinct, and personal preference.” Goldberg further goes on to note: “I consider overall industry trends, the amount of investment activity that’s taken place in the space recently, how much I’ve read about it from the consumer side and whether I’ve heard people talking about it.” 

Taking a page from businesses that are new to Ridgewood can be a great way to gain inspiration and understand what makes a great addition into the community. Fitometry Health Club, for instance, celebrated their grand opening in Ridgewood in early June of 2023, with the Patch.com article highlighting the “new health club concept that connects in-person and remote member experiences for a total view of your health and fitness profile.” When considering that New Jersey was crowned the most ‘gym-obsessed’ state according to research conducted by fitness experts Fitness Volt, there’s no question that the new health club can meet the needs of NJ residents — not to mention the novelty that comes along with a fully digitized gym, among other amenities.

Defining a unique advantage and comprehensive plan

Nerdwallet highlights several fantastic small-town business ideas that have the potential to thrive in such communities, each with their own considerations. Regarding restaurants, for example, it’s pointed out that while it can be tempting to copy a popular place in town, entrepreneurs should instead “consider catering to a need — or desire — that locals can’t find nearby, and an attraction worth traveling over from the next town.” Not only will this give your idea a competitive edge by setting you apart from the others, but it will bring novelty to your intended customer base. To find what works for your specific community, Nerdwallet recommends performing background research into the local market, in addition to the geography of the physical location — an integral part of any comprehensive business plan. 

An extensive, well-thought out business plan is a fantastic way to put your idea onto paper, carry out and record the necessary research, and gain a valuable understanding as to where your aspiring business stands before putting things into motion. In addition to serving as a roadmap for your business goals, a reminder and resource to refer back to, Business News Daily explains that a business plan encompasses several purposes, from establishing a focus, securing funding, and attracting executives when your business grows. With that in mind, Business News Daily highlights two routes when creating a plan, including the lean startup business plan and a more traditional model. While the lean canvas has nine sections, the traditional model involves a more lengthy approach (sometimes as long as 30-40 pages). Whichever you choose, a business plan should encompass a variety of elements — from the executive summary to market analysis, financial and operational plans (to name just a few key points). 

Navigating the basics of paperwork  

After determining the right business idea for your community and putting together an exhaustive business plan, navigating the paperwork involved with starting a business can feel like an overwhelming challenge. While some paperwork that you’ll need to do varies based on your business idea (for instance, those wishing to start a food business will need to meet requirements set by the FDA as well as other federal, state, and local requirements), other paperwork relates to the fundamentals of your business regardless of the industry. Choosing a business structure is just one general aspect of starting a business that will require paperwork. Many prefer to form an LLC, or limited liability company, as LLCs are a type of business entity that can have one or more owners which are protected from personal liability for business debts and claims. According to Nolo.com, forming and running an LLC is “less complex and requires less paperwork than a corporation,” noting that any person starting a business or currently running one as a sole proprietor should consider forming an LLC.

Going through the steps of forming an LLC in New Jersey can sound like a long and grueling process. Thankfully, however, there are plenty of online services out there that can streamline LLC formation, making it a simple task to cross off your to-do list and allowing you to focus on other aspects of your new business. Determining how long does it take to get an LLC is a common concern and is one that depends on your location and filing method. In New Jersey, you can actually get an LLC in one business day when filing online, or in two to three weeks when filing by mail. 

Discovering and developing a business idea that’s suited to the Ridgewood area can feel like a daunting venture. However, by assessing the community’s needs, asking yourself the right questions, creating an extensive business plan, and navigating paperwork, you can successfully give back to the community with a fantastic and well-constructed idea.