Starting a business in Hoboken NJ: good or bad idea?

Starting a new business is rarely not a challenging process. There are many aspects to it that require a lot of careful thought. In order to reach a point where you have a successful company such as the Ample Moving company, you will have to cover a lot of ground. No matter the location, every town and every city has its own rules and regulations. That is why starting a business in Hoboken NJ may or may not be a good idea. It depends on what your business is and how you are approaching it. It also depends on how well you prepare yourself for this whole enterprise. With this article, we are aiming to tackle the key factors that can influence the success of your business project. So, let us what is that Hoboken can offer you.

Firstly, let us talk about Hoboken in general

In the last couple of years, Hoboken movers have had their hands full compared to a decade ago. Hoboken has become increasingly more attractive even though it is not the first city that comes to mind with being one with a really good perspective. There are many factors that had lead to this.

Overall, the key things that you should now about Hoboken are the following:

• It is a city in Hudson County, in New Jersey. It was ranked by Niche as the second-best place to live in Hudson County
• According to data from 2010’s United States Census, the estimated population was 50,000 people. Due to the records of an increased number of people moving here, it is possible that the number of residents is around 60,000 today.
• Hoboken is a part of the New York metropolitan area which may play a major role in deciding whether you should or should not start a business in Hoboken, but more on that later
• Hoboken Terminal is located here and it is one of the key transportation hubs in the tri-state region.
• Stevens Institute of Technology is in Hoboken
• It is located on Hudson Waterfront
• Hoboken has a strong industrial background throughout the 20th century.

Hoboken’s position is perfect

Depending on what business you are going to be starting with, the position may or may not play a major role. Generally speaking, unless you are in the IT sector, the position of the city you are in matters. In this regard, Hoboken is one of the best places to look for if you are looking for a good position. Firstly, before anything else, Hoboken was a port city. From the 19th to the middle of the 20th century, Hoboken flourished of its port through trade and commerce. This changed in the middle of the last century when the city changed its profile to an industrial one. Still, Hudson Waterfront is a major factor in the city’s dealing even today.

Secondly, the famous Hoboken Terminal is located here. This transportation hub is one of the most important ones in the entire tri-state area. Through it a stable flow of people is certain and this puts Hoboken specifically into a huge advantage even compared to other neighboring areas. Thirdly, It is a fact that Hoboken is a part of the New York metropolitan area. As such Hoboken is practically connected to the rest of the world simply through being so close to NYC. Taking all this into consideration, it is clear that from a business standpoint in relation to the prospects of connectivity and positions, Hoboken is an amazing place to start a job.

Is the economical situation suitable for starting a business in Hoboken NJ?

When thinking about starting a job, you should first find fertile ground for the seeds to grow. Luckily for you. Hoboken has a really good economic situation going on. One of the best indicators of this is the unemployment rate. According to data gathered by the New Jersey’s Department of Labor and Workforce Development, the unemployment rate here is smaller than the nation’s average. In 2014, a rate of 3.3% in comparison to 6.5% in the entire Hudson County. However, even better, in 2018, Hoboken’s unemployment rate has gone down to 2.1%. Comparing that to 3.9% countrywide that is quite a noticeable difference.

Another great example of Hoboken’s economic potential is the Stevens Institute of Technology. While its primary purpose is quality education, the Institute represents a significant cost for the city with its payroll being almost $100 million dollars. However, in 2014. the Institute contributed $117 million dollars to the city. Thus, it is clear through these facts why have so many families moved to Hoboken in recent years. For someone thinking of starting a business, this are also great news. Knowing that you will be starting up a business in a city with a stable, growing economy is encouraging information and is definitely a great reason for going through with your business ideas.

Education is a big priority and that is a great sign

Every area of industry and business needs experts. Starting a business in Hoboken NJ will require, depending on the size of the business, at least a couple of highly-educated individuals. Whether your goal is to have a smaller business, or you want to build up to a larger company, sooner or later, you will want to employ new, quality people. Thanks to the city’s longstanding policy and relationship with education, Hoboken has a great school system on all levels.

This is one of the things that make Hoboken one of the best places for starting a business in Hudson County. Public schools and privates schools are ranked as at worst, as the average compared to the rest of the state. Higher education is clearly the best part of the school system here thanks to the success of the Insitute. Stevens Institute of Technology is one of the best higher-education institutions in the tri-state area. If we take into consideration all the facts that we have just gone through, it is clear that Hoboken is a great place for starting up a business.