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 On How To Start A Profitable Small Business In New Hampshire
Follow the given steps to legally start a business in New Hampshire.
Step 1. Select a Business
Here is a list of profitable 16 small businesses you can start in New Hampshire
1. Tutoring Business
If you excel in any subject, you can offer lessons to students at home and charge for classes accordingly. Tutoring business requires no investment to start and you can also find many online tutor jobs online.
2. Skiing & Winter Sports Services
New Hampshire is famous for skiing, winter sports, and hiking. You can offer such services for the tourists.
3. Grant Writing Business
A specialized business, grant-writing involves writing for government entities, funding sources, and applying for funding.
4. Cake Shop
A lucrative business opportunity in New Hamilton, you can open a cake shop and sell special bakery items and cakes from your home.
5. Skiing Instruments Rental Services
With New Hampshire being a major recreational attraction in East Coast, there’s a huge demand for skiing services in the state.
6. Food Truck
The food truck is a relatively low investment business option, you just an old truck and a few types of equipment to start a food truck business.
7. Life Coaching Business
The life coaching business involves helping people to make changes and adopt new things on how they can improve their lives.
8. Medical Billing Business
Medical Billing for medical services often is complicated. You can offer services on how patients can bill properly to claim reimbursements.
9. Catering Business
A growing business in New Hampshire, the catering business can be carried out with a few assistant cooks, servers, and special utensils.
10. Digital Marketing Agency
With so many small businesses operating in New Hampshire, there’s a huge demand for specialized digital marketing services.
11. Live Streaming Business
The live streaming business invoice participates in advertising revenues, sponsored products, and subscription charges.
12. Hair Salon Business
If your bits of hairstyling, you can start your hair salon to offer clients different services, either via home visits or through your own salon.
13. Illustration Business
If you have the art in you, you can offer online services for different clients. This will include illustrations for advertisements, publishers, stock images, and web content.
14. Online Graphic Design Business
With the huge demand for professional graphical designs, you can work online as a graphic designer and provide services like signage, letterheads, ads, and digital content.
15. Music Lessons
If you are good at music or know how to play an instrument, you can offer music classes from your home.
16. Social Media Marketing Services
With online marketing and posts to attract a crowd from social media, there’s a huge demand for Social Media Marketing services in and around New Hampshire.
Step 2. Business Plan
Once you are ready with the idea, its 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 a social lending or CrowdFunding. New Hampshire also has different state-level programs for new businesses. There are even 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 a 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 permit 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 workers 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.
Best Places To Start A Business In New Hampshire
Choosing the right location is going to determine how your business runs. Here are some of the best places in New Hampshire to start your business:
New Hampshire in the United States is a business-friendly state. If you can plan properly, there is no reason for being unsuccessful to be a successful business owner in this state.