New Hampshire has seen a huge shift in its economic development over the past few decades. With growing small businesses. New Hampshire has turned into one of the best states in the United States to start a business. With a very stable economic environment and business-friendly, starting a new business in New Hampshire come with innumerable opportunities.
More importantly, New Hampshire charges no general sales tax and no personal state income tax. The state is known to produce dairy products, nursery stock, cattle, apples, machinery, electric equipment, rubber, and plastic products with tourism being a major industry.
If you are planning to start a small business in the state, here’s a complete guide on how to start a profitable business in New Hampshire.
Here are the 10 Steps to Start a Business in New Hampshire, NH
Follow the given steps to legally start a business in New Hampshire.
Step 1. Select a Business
The first step to starting a business is to select a business that has a good local demand and makes you feel confident about running it. It is best to conduct market research and find out whether the local customers will accept the products or services that are being offered. You can our article on the best small business ideas in New Hampshire for inspiration.
Step 2. Create a Business Plan
Once you are ready with the idea, it’s time to have a complete roadmap on how you want to proceed. A good business plan will help you to achieve your goals in an easier manner.
Step 3. Financing Your Business
With a wide angel investor network in New Hampshire, you can go for social lending or CrowdFunding. New Hampshire also has different state-level programs for new businesses. There are a lot of business financing options available at attractive rates.
Step 4. Naming Your Business
You should start early on choosing a name. Go through different names, but go for something which either defines your business or the values the business carries. Once you finalize a name, make sure you register it and buy a domain immediately.
Step 5. Registering A Business In New Hampshire
To be legally operational, you have to register your business as an LLC, sole proprietor, or corporation. Registering your business as an LLC will provide you with added tax benefits with no legal obligation as an individual.
Step 6. Federal EIN & Tax Filing
Register for a federal EIN for your business. The EIN will legally allow you to hire an employee and file for taxes. Without an EIN, you won’t be able to file your taxes separately as a business.
Step 7. Business Permits & Licenses
You will have to apply for the basic licenses and local permits with city-specific registrations. With the registration and licenses, you can start legally selling products or services.
Step 8. Bookkeeping
For a simple business, proper bookkeeping is essential. Choose a reliable business accounting software. This will help you to properly maintain all your transactions at a place. With a proper setup, you can easily file for the annual taxes.
Step 9. Business Insurance
It is mandatory in the state to have worker’s compensation insurance if you are planning to hire an employee. Also, you need a professional liability policy to sell services in New Hampshire.
Step 10. Promoting A Business In New Hampshire
New Hampshire is famous for its local businesses and traditional marketing. You can develop your own marketing plan or hire an agency if you can afford to help you out with promoting your new business.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.