New Jersey is one of the smallest states in the US by area, but it has more economic opportunities than it small size may suggest. With a large presence in the pharmaceuticals, life sciences, financial services and other industries, it is the eighth richest state in the nation as measured by GDP. On a per capita basis, it ranks third in the US with annual income per resident of over $60,000.
With such considerable wealth concentrated in one area, business owners can find many attractive options to buy a franchise in New Jersey. In demand industries include:
- Home and office cleaning
- Electricians, plumbers and general contractors
- Senior living facilities
- Automotive services
There are also numerous restaurant franchises for sale in New Jersey, which could be a sizable opportunity given the large and ethnically diverse population in the state.
Buying a franchise may seem overwhelming at first, but franchises have the advantage of coming with an established partner and brand. Businesses typically franchise after they have refined procedures and protocols for ensuring smooth operations. Even as a new business owner, you can benefit from these established processes.
Before you buy a franchise in New Jersey, it’s important to first think about what skills you have and what types of businesses you might enjoy running. Once you have a list of appealing industries, it’s a good idea to evaluate market potential for different franchise options. Next, it’s a process of finding the right fit based on your skills and interests and what is available in the market. With a relatively strong, stable economy and large, diverse population, New Jersey has many great opportunities for franchising.