Frequently Asked Questions
I have a great idea for a business; can the CWBA help me launch my business?
The CWBA can provide you with the support necessary to help you make your business a success. The CWBA will not launch your business for you but we will provide you the opportunities to increase your chances of business success through education and training, individual business counseling and access to resources. CWBA staff and volunteers are ready to support you as you work towards the launch of your business and throughout your business ownership.
I am no longer a "new" business owner, how can the CWBA help me?
CWBA's services are not just limited to new business owners. We understand that seasoned business owners need support too. Our training and individual counseling sessions cover a range of topics including but not limited to; identifying the right social media tools to use for your company; being an effective employer as your business grows; the art of closing the deal when networking; or succession planning. The CWBA is committed to supporting you as business owners through the life cycle of your business. Contact the CWBA for more information.
Do I really need a business plan?
YES! Whether you intend to borrow money, seek investors or will finance your business on your own, we recommend you develop a business plan. Whether you are in the idea phase or a new business owner, writing a business plan will help you determine if your idea is feasible; your cost/benefit analysis realistic; and your marketing strategy effective. The length of your business plan will be dependent upon your needs. Your business plan should be your blueprint for success in business ownership whether you are launching a new business or wanting to provide direction for the growth of your company. Contact the CWBA to learn more about how we can assist you in developing your business plan.
There are so many different types of business ownership, how do I determine which is the right one for me?
Starting your own business is exciting and also can be overwhelming. Your passion to be a business owner may not include the administrative steps to launch your business. However, time spent laying a solid foundation can help save you heartache and costly complications down the road.
Talk with your accountant or attorney to determine the best structure that best fits your needs. The structure of your business is important because it determines your limitations and liabilities.
How do I register my new business in the State of New Hampshire?
To register your business, start by contacting the Corporate Division of the New Hampshire Secretary of State (SOS) to register your business name if you plan to conduct business under a name other than your own personal legal name. Before filing registration papers, you can use the Business Name Lookup section located on the SOS website to determine if the name you plan to use for your business is available.
Questions about registering your business can be answered by the Secretary of States Corporate Division at 603-271-3244.
Do I really need a Tax I.D. Number?
For the purposes of identifying employers, the Internal Revenue Service (IRS) issues a Business Tax Identification Number (Tax I.D. Number) also referred to as a Federal Employer Identification Number (FEIN). If you have employees, you will need an FEIN Number. Individuals who do not have employees, have used their social security number as their tax identification number. However, some small businesses owners still choose to obtain a Tax I.D. Number for use in purchasing merchandise and supplies at wholesale prices. To learn more about how to obtain an EIN, visit the IRS website.
Do I need a license for my business?
Several types of businesses and professions require licensing in the State of New Hampshire. To determine the type of license(s) you and/or your business may require, you may want to begin by reviewing the following New Hampshire State websites:
Please keep in mind, that your local city or town also may have additional permitting or licensing requirements depending upon the type of business you plan to operate.
Will the SBA provide me with a direct loan?
The SBA does not provide a direct loan to for-profit companies. The SBA does guarantee loans made by a commercial lender to eligible borrowers. This type of SBA loan guarantee is available only through commercial lenders, typically a local bank. Essentially, the SBA assures the lender (i.e. bank) that in the event that borrower (small business owner) does not repay their financial obligation and a payment default occurs, the SBA (Government) will reimburse the lender for its loss up to the agreed percentage of SBA guaranty. Under this program, the borrower (small business owner) is still obligated to the full amount due. For more information on SBA financing options, visit the SBA website.
A CWBA business counselor can assist you to identify the funding for your small business. Please keep in mind whether a SBA loan or traditional bank funding, you will be expected to have collateral available. The amount of collateral required will be dependent upon your loan request.
Does CWBA provide assistance with financing?
CWBA does not provide direct financial assistance. However, we can help you identify financial options whether it is a through traditional bank financing, micro loans, local economic development resources or angel investors.