Cedar Grove and Verona: Rank Among 'The Best Places To Start A Business' In N.J.

If you’re looking for a good place to launch your can’t-miss business idea, Cedar Grove and Verona may be among the best towns in New Jersey, a recent report suggested.

According to NerdWallet, a financial services provider, Cedar Grove is the 75th-best place to start a business in the state, with Verona coming in close behind at 119th.

Among the study’s findings:

• Cedar Grove has 1,418 reported businesses (and a population of 12,450). Verona has 1,490 businesses and 13,412 residents.
• Cedar Grove businesses earn average annual revenues of $806,055. Verona businesses earn $272,473.
• 26.73 percent of Cedar Grove businesses have paid employees. Verona businesses have 23.83 percent.

METHODOLOGY

The study ranked 231 towns in New Jersey with populations of 10,000 or more.

Ranking factors were based on data from the U.S. Census Bureau’s Survey of Business Owners, which weighed factors such as average annual revenue per business and the number of businesses with paid employees.

The study also used data from the American Community Survey, which includes information on income, housing costs and unemployment rate.

See the full ranking list and methodology here.

File photo courtesy of BlakePatterson

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