Starting a Small Business in New Jersey

Welcome to the Small Business Startup New Jersey Franchise Directory! Here, you'll find everything you need to begin your journey to business ownership in the Garden State. If you're considering starting a small business in New Jersey, read on for an overview of the state economy. Afterward, explore business opportunities and franchises for sale with our New Jersey Franchise Search Tool.

New Jersey  Industry Trends

If an industry is performing well, business opportunities within it are often worth exploring. Begin your market research with this list of the New Jersey economy's most prominent industries in 2022. Afterward, take your research one step further by investigating niche markets and B2B opportunities within one of these top revenue-generating industries. 

1. Drug, Cosmetic & Toiletry Wholesaling (Revenue: $323.0 billion)
2. Life Insurance & Annuities (Revenue: $117.4 billion)
3. Automobile Wholesaling (Revenue: $38.9 billion)
4. Public Schools (Revenue: $35.1 billion)
5. E-commerce & Online Auctions (Revenue: $35.0 billion)
6. New Car Dealers (Revenue: $34.5 billion)
7. Commercial Banking (Revenue: $33.7 billion)
8. Hospitals (Revenue: $32.7 billion)
9. Property, Casualty & Direct Insurance (Revenue: $29.9 billion)
10. IT Consulting (Revenue: $29.4 billion)

New Jersey Sector Statistics

When starting a small business in New Jersey, gross domestic product (GDP) is another tool entrepreneurs can use to make investment decisions. Generally, a steadily rising GDP means that people are spending more money and creating more jobs.

The three sectors that contributed most to New Jersey's GDP in 2022 were Real Estate, Rentals & Leasing; Professional Scientific & Technical Services; and Manufacturing. Combined, these three sectors represented 39.0% of the state's GDP. In 2022, the sectors that contributed most to New Jersey's GDP included:

1. Real Estate, Rentals & Leasing (Value: $83.8 billion* | Annual growth: 0.8%)
2. Professional, Scientific & Technical Services (Value: $60.9 billion* | Annual growth: 3.3%)
3. Manufacturing (Value: $59.9 billion* | Annual growth: 4.5%)
4. Healthcare & Social Assistance (Value: $48.1 billion* | Annual growth: 2.5%)
5. Wholesale Trade (Value: $45.2 billion* | Annual growth: -0.4%)
6. Information (Value: $38.2 billion* | Annual growth: 8.3%)
7. Finance & Insurance (Value: $36.9 billion* | Annual growth: 4.8%)
8. Retail Trade (Value: $34.2 billion* | Annual growth: 0.6%)
9. Administration, Business Support & Waste Management Services (Value: $24.8 billion* | Annual growth: 7.2%)
10. Management of Companies and Enterprises (Value: $23.1 billion* | Annual growth: 3.7%)
11. Construction (Value: $16.3 billion* | Annual growth: 0.7%)
12. Transportation & Warehousing (Value: $15.3 billion* | Annual growth: -4.5%)
13. Accommodation & Food Services (Value: $10.4 billion* | Annual growth: 2.8%)
14. Other Services (except Public Administration) (Value: $8.8 billion* | Annual growth: -1.1%)
15. Utilities (Value: $7.8 billion* | Annual growth: -3.6%)

*Approximately

New Jersey Population Statistics

A growing population often means greater demand and a steady flow of new customers. If you are undecided about the location of your new business, start by investigating population statistics. Afterward, take your research a step further by exploring population demographics. Doing so lets you decide whether a location is a good match for your target market. 

In 2022, counties with the highest populations in New Jersey included:

1. Bergen (Population: 929,000 | Annual growth rate*: -0.1%)
2. Middlesex (Population: 820,300 | Annual growth rate*: -0.1%)
3. Essex (Population: 801,200 | Annual growth rate*: N/A)
4. Hudson (Population: 670,900 | Annual growth rate*: -0.1%)
5. Ocean (Population: 626,600 | Annual growth rate*: 1.0%)
6. Monmouth (Population: 616,000 | Annual growth rate*: -0.2%)
7. Union (Population: 555,100 | Annual growth rate*: N/A)
8. Camden (Population: 506,900 | Annual growth rate*: N/A)
9. Passaic (Population: 498,000 | Annual growth rate*: -0.2%)
10. Morris (Population: 489,600 | Annual growth rate*: -0.2%)
11. Burlington (Population: 447,000 | Annual growth rate*: N/A)
12. Mercer (Population: 366,200 | Annual growth rate*: -0.1%)
13. Somerset (Population: 328,400 | Annual growth rate*: -0.1%)
14. Gloucester (Population: 294,900 | Annual growth rate*: 0.3%)
15. Atlantic (Population: 261,300 | Annual growth rate*: -0.3%)
16. Cumberland (Population: 143,900 | Annual growth rate*: -1.1%)
17. Sussex (Population: 138,900 | Annual growth rate*: -0.4%)
18. Hunterdon (Population: 124,400 | Annual growth rate*: -0.2%)
19. Warren (Population: 105,600 | Annual growth rate*: N/A)
20. Cape May (Population: 90,400 | Annual growth rate*: -0.6%)

*From 2017 to 2022.

New Jersey Business Opportunities

We hope this snapshot of the New Jersey economy helps as you investigate business opportunities in the Garden State! Starting a small business in New Jersey is an exciting journey, and we know you're probably eager to get started. But remember, take your time to explore all your options. While you'll always have the "opportunity" to start your own business, sometimes, it makes more sense to invest in an opportunity that already exists. These are called "Franchise Opportunities," and they offer several benefits, including the recognition of a well-established brand and a proven track record of success. 

To learn more, start by exploring franchise opportunities in New Jersey below!