Steps to get started

* Conduct market research. Market research will tell you if there’s an opportunity to turn your idea into a successful business. It’s a way to gather information about potential customers and businesses already operating in your area. Use that information to find a competitive advantage for your business.

* Write your business plan. Your business plan is the foundation of your business. It’s a road map for how to structure, run and grow your new business. You’ll use it to convince people that working with you, or investing in your company, is a smart choice.

* Fund your business. Your business plan will help you figure out how much money you’ll need to start your business. If you don’t have that amount on hand, you’ll need to either raise it or borrow it. Fortunately, there are more ways than ever to find the capital you need.

* Pick your business name. You will need to make sure your business name meets the state's naming requirements and doesn't already belong to someone else. The NH Dept. of State has a business search function that allows you to research your desired name; however, nothing is official until you register your business.

* Register your business. This is an exciting step, because it means your business moves from dream to reality! Simply fill out a form online or on paper through easy tool available from the state that is a one-stop shop for making it happen.

* Pick your business location. Choosing the location of your business is one of the most important decisions you'll make. Whether you’re setting up a brick-andmortar business or launching an online store, the choices you make could affect your taxes, legal requirements and revenue.

* Decide which business structure is right for you. There are a few types of legal structures for a business, distinct in how the business operates. The most common structures are sole proprietorship, general partnership and limited liability company (LLC). Research the differences to make the best choice for your new business. You can find the types of business structures and their differences here.

* Get federal and state tax IDs. An EIN is like a social security number for your business. This number identifies your business on state and federal taxes. The IRS will provide your number immediately if you apply online. The IRS offers guidance on which businesses require them.

* Open a business bank account. It is important to keep your personal and business finances separate. Open accounts that are strictly for your new business. At Service Credit Union, we offer customized solutions, and we pride ourselves on giving you award-winning, personalized service. Visit servicecu.org/business or call us at 1-800-296-4644 to see which options are best for you.

* Understand your new business' tax obligations and consider if you need an accountant. Familiarize yourself with your business' tax requirements to ensure you are in compliance. Additionally, hiring an accountant to handle financial responsibilities can help ensure that your new business operates smoothly.

* Acquire any necessary licenses and decide if your business requires business insurance. Business insurance is often a requirement, but it is always wise to protect yourself, your business and your business' assets from unforeseen events. The SBA has a useful guide for determining which forms of insurance your new business may need. Find it here.

* Create a digital presence. Your digital presence is just as important as, and sometimes even more important than, a physical one. Develop your online presence with a great website and social media platforms, keeping your brand identity and your business "voice" in mind.

* Seek advice from professionals. Engaging your lender early in the process is always a wise move when bringing your vision to life, but you may need some additional advisors along the way. Visit Service Credit Union's website and see page 13 for additional resources for budding New Hampshire business owners.

— SOURCES: SERVICE CREDIT UNION AND U.S. SMALL BUSINESS ADMINISTRATION