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Business Plan Guide: Essential Steps for Small Business Owners and Entrepreneurs

Learn how to create an effective business plan that can help secure funding, guide your business growth, and set you up for success as a small business owner or MWBE entrepreneur.

Introduction

A business plan is a crucial document that serves as a roadmap for your company's future. Whether you're a first-time business owner, an established entrepreneur seeking expansion capital, or a minority or women business owner (MWBE), a well-crafted business plan can make the difference between securing funding and being turned away by investors. This document outlines your business goals, strategies, market analysis, financial projections, and operational details. It not only helps you clarify your vision and strategy but also demonstrates to potential investors and lenders that you've thoroughly researched your business concept and have a clear path to profitability. In today's competitive business environment, having a comprehensive and compelling business plan is essential for launching, growing, and sustaining a successful enterprise.

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Key Things to Know

  1. 1

    A business plan is not just for securing funding—it's a strategic tool that helps you clarify your business vision, identify potential obstacles, and develop solutions before you invest significant time and money.

  2. 2

    For MWBE owners, your business plan should highlight how your diverse background provides unique insights and competitive advantages in your market.

  3. 3

    Financial projections should be realistic and based on solid research—overly optimistic numbers will damage your credibility with potential investors and lenders.

  4. 4

    First-time business owners should focus on demonstrating market research and a clear understanding of their target customers to compensate for lack of business history.

  5. 5

    Established business owners seeking expansion capital should emphasize their track record, existing customer base, and specific growth opportunities the new funding will enable.

  6. 6

    Consider working with a SCORE mentor, Small Business Development Center advisor, or other free/low-cost resources to review your business plan before submitting it to potential funders.

  7. 7

    Your executive summary, though it appears first, should be written last after you've completed all other sections of your business plan.

  8. 8

    Include an appendix with supporting documents such as resumes of key team members, market research data, permits, licenses, and other relevant materials.

Key decisions before you file

Before you file a Business Plan in New Hampshire, a few decisions shape the document: which option to choose and what each one means. The Business Plan guide walks through them.

Open the Business Plan guide

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New Hampshire Requirements for Business Plan

  • Business Entity Formation (NH RSA 293-A, RSA 304-C)

    Compliance with New Hampshire business entity formation laws, including proper registration with the NH Secretary of State for corporations, LLCs, partnerships, or other business structures under RSA 293-A (corporations), RSA 304-C (LLCs), or other applicable statutes.

  • Trade Name Registration (NH RSA 349:1)

    Registration of any trade name or 'doing business as' (DBA) name with the New Hampshire Secretary of State as required by state law.

  • Business Licenses and Permits (NH RSA 31:102-a)

    Identification and compliance with all required New Hampshire state and local business licenses, permits, and registrations specific to the business type and location.

  • New Hampshire Business Profits Tax (NH RSA 77-A)

    Compliance with New Hampshire Business Profits Tax requirements for businesses operating in the state, including proper accounting and tax planning.

  • New Hampshire Business Enterprise Tax (NH RSA 77-E)

    Compliance with New Hampshire Business Enterprise Tax requirements, which applies to businesses with gross receipts over $222,000 or enterprise value over $111,000.

  • Employment Laws and Regulations (NH RSA 275, RSA 281-A)

    Compliance with New Hampshire employment laws regarding hiring, termination, workplace safety, and employee rights, including proper classification of employees versus independent contractors.

  • Workers' Compensation Insurance (NH RSA 281-A)

    Provision for obtaining and maintaining workers' compensation insurance for all employees as required by New Hampshire law.

  • Consumer Protection Act Compliance (NH RSA 358-A)

    Compliance with New Hampshire Consumer Protection Act to prevent unfair or deceptive business practices in commerce.

  • Data Privacy and Security (NH RSA 359-C)

    Compliance with New Hampshire laws regarding data breach notification and protection of personal information collected from customers or clients.

  • Environmental Regulations (NH RSA 125-C, RSA 149-M)

    Compliance with New Hampshire environmental regulations that may apply to the business operations, including waste disposal, emissions, and resource usage.

  • Federal Tax Compliance (Internal Revenue Code (26 U.S.C.))

    Compliance with federal tax laws, including income tax, employment taxes, and proper tax reporting to the Internal Revenue Service.

  • Federal Employment Laws (29 U.S.C. § 201 et seq., 42 U.S.C. § 12101 et seq., 29 U.S.C. § 2601 et seq.)

    Compliance with federal employment laws including the Fair Labor Standards Act (FLSA), Americans with Disabilities Act (ADA), Family and Medical Leave Act (FMLA), and Equal Employment Opportunity laws.

  • Intellectual Property Protection (35 U.S.C. (Patents), 15 U.S.C. § 1051 et seq. (Trademarks), 17 U.S.C. (Copyrights))

    Provisions for protecting business intellectual property through patents, trademarks, copyrights, and trade secrets in accordance with federal and state laws.

  • Securities Law Compliance (Securities Act of 1933, NH RSA 421-B)

    Compliance with federal and New Hampshire securities laws if the business plan includes seeking investment or offering ownership interests to investors.

  • Antitrust Compliance (15 U.S.C. §§ 1-7 (Sherman Act), NH RSA 356)

    Compliance with federal and state antitrust laws to prevent anti-competitive business practices, price fixing, or monopolistic behavior.

  • Americans with Disabilities Act Compliance (42 U.S.C. § 12101 et seq.)

    Ensuring business facilities, services, and digital presence are accessible to individuals with disabilities in compliance with the ADA.

  • Privacy Policy and Terms of Service (15 U.S.C. § 45, NH RSA 359-C)

    Development of legally compliant privacy policies and terms of service for business websites and applications in accordance with state and federal laws.

  • Electronic Communications Privacy (18 U.S.C. § 2510 et seq. (ECPA))

    Compliance with federal laws governing electronic communications, data storage, and customer information protection.

  • Insurance Requirements (NH RSA 402, 406)

    Provisions for obtaining appropriate business insurance coverage including general liability, professional liability, property, and other industry-specific insurance as required by law or prudent business practice.

  • Zoning and Land Use Compliance (NH RSA 674)

    Compliance with New Hampshire local zoning ordinances and land use regulations for the physical location of the business.

Frequently Asked Questions