Turnkey Knowledge aims to inspire individuals to embrace their entrepreneurial talent and spirit to open their own businesses. After all, small businesses are the backbone of our economy. Small businesses not only create jobs, but they create a community. In challenging times, it is imperative that we come together and re-build our community, and that is what we strive for at Turnkey Knowledge. Our site provides entrepreneurs the resources and tools they need to successfully start and manage their own business – from updates on new small business legislation and resources to providing connections with the right service providers.
We encourage you to seek out other help in growing your small business if necessary. For instance, if you would like private counseling or are looking to attend seminars to inform you about expanding your business, it may be helpful to visit the New Jersey Small Business Development Center (NJSBDC) at www.njsbdc.com
The inspiration to create Turnkey Knowledge came after witnessing many of the small, familiar businesses in our hometown in New Jersey closing down due to the Great Recession of 2008. The gradual and delicate recovery that ensued faced tremendous pressure with the onset of Superstorm Sandy in 2012 – according to the Fox Small Business Report, 56% of small businesses were impacted by the storm in the tri-state area alone. Since many of these small businesses were uninsured, these business owners had no option but to close down. The closing of these small businesses in 2008 and 2012 was not only detrimental to economic activity, but also disheartening to the surrounding community.
More recently, the Covid-19 pandemic has substantially impacted the small business landscape in New Jersey – nearly one-third of small businesses have closed due to a pervasive reduction in economic activity. State-mandated closures, a steep decline in consumer spending, and a lack of consistent federal economic support have made it nearly impossible for businesses to cover their operating costs, leading to widespread lay-offs and closures. Hard-working entrepreneurs, many who rely on their businesses as their sole source of income, face an insurmountable loss and are being propelled into a teetering job market.