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Buying or Selling a Business in Newark, New Jersey
Why Should Business Sellers Care About What Makes Newark Attractive? 
Hint: Because You Need to Attract Buyers! 

newark_skyline

Newark, New Jersey is the largest city or municipality in the state of New Jersey.  Its size alone can make it an ideal location for certain types of business.  Further, its close proximity to both New York City, Newark Airport, and the Newark Seaport as well as various government offices render it a commercial, financial and logistics hub.  Below we will highlight some of those features that make it attractive to own a business in Newark. 

 

A Great Place to Be a Business Owner

Today Newark is a great place to be a business owner.  Population, proximity, and real estate prices all make Newark favorable:

  • Located only 5 miles from Manhattan.  Not only easy to get in and out of the city, but also ideal for entertaining clients!  Not particularly hard to convince a big customer to fly in with the promise of a night in New York City involved.
  • Inexpensive Labor.  Newark is the largest city in New Jersey.  Although skilled labor is an issue in any market, the strong industrial past of the city means that there are still many skilled laborers, such as machinists and welders, in the area.  Unskilled labor is virtually limitless.
  • Urban Enterprise Zone.  Do you know about the UEZ program?  If you are in a designated UEZ area sales tax may be reduced by 50%.

 

The Newark Renaissance

newawrk_bears Have you been to Newark lately?  It is becoming a charming little city, especially with the addition of the New Jersey Performing Arts Center, a new arena for the New Jersey Nets, the Newark Bears baseball stadium… the list goes on.  These days Newark is providing an array of attractive reasons to be in the city. 

Business buyers should be ready to capitalize on this quickening trend.  Being ahead of the curve could certainly result in a far greater return on investment than by moving into a high-rent, already-gentrified area such as the Jersey City waterfront or Hoboken.

A Wide Range of Industries

Did you know that Newark has over 300 types of businesses? These include not only 1,800 retail, and 540 wholesale establishments, but also major and diverse finance, service and manufacturing concerns.

Finance Industry

Newark is the home to eight major bank headquarters (including those of New Jersey's three largest banks), and twelve savings and loan association headquarters. Deposits in Newark-based banks are over $20 billion. The proliferation of the finance industry in Newark draws many other businesses, ranging from real estate to professional services to  retail, to the area.

Service Industry

Newark is the third largest insurance center in the U.S., behind only New York and Hartford.  This evidences the “business friendly” environment, but also is a great opportunity to be one of the many “satellite” businesses that work hand in hand with the industry giants in a support capacity. 

newark_airport Transportation Industry

Newark is arguably the hub of all traffic going into and out of New York through New Jersey.  Whether air traffic and freight through Newark Airport or bulk freight through the east coast’s largest container terminal (Port Newark), opportunity abounds for transportation companies.  Home to many freight forwarders, trucking companies, transportation brokers, and warehousing companies – there isn’t a better place for fast access to the ports and to New York.

Manufacturing

Although Newark is the third oldest city in the United States, did you also know that it was one of the country’s original manufacturing hubs?  Thanks to Seth Boyd, Newark started the 1800s with a boom in leather goods manufacturing. 

Arts & Crafts

Have you seen the May 6, 2007 New York Times Article, titled ‘Newark is Almost Hot’? Here is an excerpt “When they realize this is 20 minutes from Midtown and they see all the energy and all the hip people living here, they want to make the move, too,” he said last Sunday as he mixed cocktails in his kitchen for a crowd of friends, most of them recent transplants like himself. “It’s not quite there yet, but Newark is about to get hot.” We agree.

The Conclusion 

Newark is enjoying the influx of the creative crowd, ready to capitalize on the city’s imminent revival.

Today’s Newark is a large, but yet affordable metropolis, conveniently located, generating jobs in a broad range of industries attracting many people in search of new lives, creating tremendous opportunities for entrepreneurs.

 

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