If you, like many, are hoping to ascend to financial independence through entrepreneurship, this is a great year for it in New Jersey.
Dozens of business ideas are backed by market demand, little competition, and huge opportunities for a high return on investment.
Use this article to help you decide what type of business you’d like to start. Find the intersection where your passion meets your skillset to determine the perfect business idea for you.
Construction and Contracting
Contractors will always find work due to the high demand for licensed, ICC-compliant construction project supervisors.
But did you know that a license is required to supervise even a crew of one? Contractors can expand their business by completing national ICC exam prep to ace their exam and get their license. You contractor business can be a great way to pick up projects like:
One-family dwellings
Swimming pools
Property extensions
Home renovation projects and installations
Roofing and structural home repair
Food Truck
The food truck industry is huge in cities like Miami and Los Angeles. New Jersey has the benefit of having slightly less competition while still being a growing industry.
Get in on the ground floor with a food truck that offers homemade New Jersey staples like:
Pork roll
Tomato pie
Italian delights
Even snacks like taffy
This year in particular, food trucks are a great low-contact alternative to restaurants. You can upgrade and expand your food trucks to include new vehicles and new locations with much lower overhead than a restaurant. Offer twists on your classic brand to flesh out the menu as your company grows. It is a very profitable year to invest in a food truck business or start one of your own in New Jersey.
E-Commerce or Digital Stores
A digital store can be a great way to launch your dream shop without having to pay rent for a brick and mortar location. This means markedly fewer overhead costs, less risk of defaulting on loans and bankrupting your first company, and more room to experiment on your way to success.
Everyone nowadays loves to online shop, but it’s all about the customer experience. People want their digital stores to be just as fun and much more convenient than their in-person ones. This is why your beginning budget should focus on landing well-constructed website design and internal navigation as well as bubbly and contemporary marketing.
Digital stores tend to find success once they find their audience, but choosing a popular niche can help you get a leg up on the competition. Popular niches include:
Thrifted and upgraded clothing
Lifestyle products for vegans, health enthusiasts, athletes, and more
Technology
Mixology
Parenting and pregnancy products
Luxury coffee and high-end coffee accessories
Kitchenware
Gifts and customizable gift packages
A great tool to use when launching your shop is to visualize one customer who would be your biggest fan and tailor your product themes to their needs.
Think about what that avid hiking enthusiast would love to see in a hiking store, or the types of easy gifts that would simplify daily activities for busy parents. Use this to choose vendors to partner with to fill your shop.
The Bottom Line
Tons of profitable business ideas are great for entrepreneurs in New Jersey, but which one will you choose? Let your passion, your skill set, your budget, and your market be your guide. With all those considered, you’re likely to choose a business that will bring you not only financial freedom but fulfillment.
Try some of the businesses on our list to get started as a New Jersey entrepreneur.
Moving company, obviously.
The Murphy Express to Florida
I think the food truck is the best option to invest in. Food trucks fewer overhead costs, less risk of defaulting on loans and bankrupting your first company, and more room to experiment on your way to success.