Have you considered turning that growing list of work you ‘do for friends’ into a business? We often help people out as a favor, but have you stopped to consider your business prospects in New Jersey with an actual client base?
Add up the hours of work you’ve done so far without payment. Then do some research – go online to see if there are people doing what you do. Can you offer a point of difference in your service or the work you do? You need to look for gaps in the market where you can find a niche that could generate sufficient income to make the work of setting up and maintaining a business a viable proposition.
You also need to investigate the potential risks that are out there. Starting up a business means investing considerable time, effort and finance into a venture that needs to offer a consistent return. Anything that could threaten your ability to achieve this should be considered a risk.
You need to consider insurance for a range of aspects of your business. You must have commercial auto if you have a business vehicle, and if you grow big enough to employ people, you must also have workers’ compensation coverage. There are other business insurance policies that may be more optional, but worth considering. Call our office; we can assist you to assemble the most appropriate coverage for your New Jersey business venture.