It’s where you work

 

There are over 250 businesses thriving in Port Jefferson Village. We have been a hub for the business community for over 100 years. Whether you are considering starting a business in PJV or moving your current business to the Village, you will be welcomed into this very special area. With many events throughout the year and a wide selection of both retail and restaurant choices as well as the Port Jefferson ferry and LIRR, the Village is heavily trafficked.

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Things you will love

The Business Resource Guide: Starting a Business was designed by the Port Jefferson Economic Development Council to assist small business owners who may be interested in starting a business in the Village of Port Jefferson.

Knowing the basic steps to follow in starting your business is the first step towards success.

It is equally important to be well informed about local, state, and federal requirements and resources.

Within this Guide, you will find basic information on starting a business, how to navigate the permitting process within the Village, and other helpful resources to support and advance your business.

We welcome your interest in the Village of Port Jefferson and look forward to working with you as you start your business.

Starting a Business Checklist

Starting a business is risky. Understanding the risks and reducing them through careful planning improves the chances for business success.

You should be fully aware of the implications of owning your own business.

The best advice for anyone starting or operating a business is to EDUCATE YOURSELF. The following checklist can be used as a guide as you start your business.

Do I have the desire to start and operate a business?

  • Have I developed a sound business plan with specific goals and objectives?
  • Have I defined the products or services that I will provide? Is there actually a need for what I will provide? Is the demand great enough to be profitable? Who are my competitors? What is my competitive advantage? Develop your marketing strategy.
  • Have I developed a financial plan, including profit and loss projections, cash flow analysis, and capital requirements?
  • Do I have the money needed for business start-up and initial operating expenses until I start earning a profit?
  • Have I decided upon the legal structure of my business, chosen a business name, and registered my business with the appropriate local, state, and federal agencies?
  • Am I aware of the personal and tax implications of starting my own business?
  • Have I identified the liability risks and can obtain adequate insurance coverage?
  • Have I checked with the Village, Town, and County government authorities regarding any sales taxes, property taxes, permits, licenses, and zoning restrictions affecting my business?

Writing a Business Plan

A well written business plan is an important document for any busi- ness seeking financing. However, a thorough business plan is an essential tool for all businesses, regardless of financial needs. Most lenders will not even discuss financing without a business plan. The business plan brings together all the goals, plans, strategies, and resources of a business.

Business Plan Outline

There are no hard rules in formatting your business plan; however, the following outline is effective and comparatively easy to develop.

The Executive Summary

This section is a summary of the key elements of your plan. The Executive Summary should include a description of your business and its target markets, what differentiates your com- pany’s product or service and your company’s strategy for success.

Company Summary

The purpose of this section is to explain in detail who you are, what you do, what your goals are, and how you plan to get there. This section should include a general description of your business, including: a history of the business, the concept of the company, form of legal structure and business organization, products and services offered, a description of each location and facility of your business, previous or planned renovations, what
zoning restrictions or permits are required, and transportation access for customers and shipping.

Products

This section should list the products and services your company provides including an outline of your competitive advantages, distribution methods, and unique product qualities.

Market Analysis

The purpose of this section is to provide an overall description of the market for your products / services, the customer demographics, the present and future markets, and an analysis of your major competitors and product / service cycles, including who they are, their strengths and weaknesses, and how your company compares.

Marketing Plan

The purpose of the Marketing Plan is to describe your marketing goals, how the company expects to achieve those goals, how you will sell to each market segment, and the current and future competitive strategies.

Financial Plan

The purpose of the financial plan is to provide the reader with vital financial information about your business. The financial plan should include projections for two to five years minimum. If you have not had experience in preparing financial information, you may need to obtain professional assistance with this section of your business plan. This section should include:

  • Projected start-up costs that include the cost of equipment, inventory, and real estate as well as operating expenses until the business is profitable.
  • A description of the type of loan / financing you desire, including the amount, the length of the loan, and desired terms.
  • A list of your capital equipment, including equipment used to manufacture or deliver your product or service.
  • A balance sheet of what you own and what you owe at a particular point in time. A balance sheet is in balance when Total Assets = Total Liabilities + Total Equity.
  • A break-even analysis allows you to demonstrate when your business will reach its break- even point: when sales will reach a level to cover expenses.

Reviewing the Business Plan

As you complete sections of the plan, ask impartial third parties to review them and give their perspective on the quality, clarity, and thoroughness of your plan.

Finally, if you intend to use your plan to attract capital, honestly ask yourself whether you would invest in the business based on reading the plan. If you can’t honestly answer yes, then the plan needs more work.

Planning, Zoning, and Building Processes

When proposing to open a business in Port Jefferson, there are a number of items that should be explored before making a commitment to a site.

Check the Zoning: The Building Department should be contacted to confirm that your business is allowed to operate at the site you have selected. If it is not a permitted use, a variance may be requested from the Zoning Board of Appeals.

Obtain your Building Permit: After receiving Planning Board approval for New Commercial Construction or are renovating a Commercial Space, a building permit application must be submitted to the Building Department.

To assist with navigating the Planning, Building, and Zoning Processes, a flow chart is provided below. For more information, contact the Building Department at 631-473-4744, or visit the website at: http://www.portjeff.com/local-government/departments/building-planning-department/

When proposing to open a business in Port Jefferson, there are a number of items that should be explored before making a commitment to a site.

Sources of Assistance

The Small Business Development Center (SBDC), located on the campus of Stony Brook University, is made up of talented and dedicated New York State Certified Business Advisors who take a personal interest in the success of your business. Helping new and existing businesses leads to their increased productivity and profitability and, in the long run, contributes to the stability and growth of the small business sector and the economy.

Free one-on-one assistance with business planning, marketing, financial management skills and technology transfer are just a few of the ways the SBDC can help to improve the viability of your small business. Contact information for the SBDC at Stony Brook University is provided below:

The New York State Small Business Development Center Research and Development Park
Building 17, Stony Brook University, NY 11794-6016

Phone: 631-632-9070

State of New York Business Portal

The State of New York has created a site that puts all business related information in one place. The New York Business Portal also has a search engine to help you find the forms you need: http://www.business.gov/states/new-york/start.html

Choosing a Business Name

List of current business names are available at:http://www.dos.state.ny.us/corps/bus_entity_search.html

Registering Your Business

Decide (with the advice of an attorney) whether your business will be a Sole Proprietorship, Partnership, Limited Liability Company, or Corporation. Additional information on these types of businesses and required forms are available at:http://www.dos.state.ny.us/corps/bus_forms.html

Obtaining Your Federal Employer Identification Number

Corporations and Partnerships require Federal Employer Identification Numbers (FEIN). A Sole Proprietorship may be able to use its Social Security Number. You can obtain you FEIN at:http://www.irs.gov/businesses/small/article/0,,id=102767,00.html

Obtaining Your Sales Tax Number

If you engage in a type of retail sales business, you must have a sales tax number. You can obtain your sales tax number at:
http://www.tax.ny.gov/forms/sales_cur_forms.htm

The Village currently partners with a number and variety of not-for-profit organizations each with a unique mission which further serves and benefits the resident population in enriching and preserving our local history, maritime culture and pride of community. Importantly the Village recognizes and supports the endeavours of these organizations and volunteer members as their contributions to our community, whether it be an educational, after school program, or musical Night at the Copa, – all provide an experience that is invaluable to our young and old population alike. The second floor of the newly renovated chandlery building, provides a co-operative space where the NFP work together to further colloborate and partner in granting opportunities.