New Hampshire, the “Granite State,” is among the original 13 US states.
It is in New England, in the northeastern United States, and its capital is Concord, located in the central region.
Agriculture, Forestry, and Fishing
Agriculture is a significant economic activity in New Hampshire. The state produces greenhouse and ornamental plants as well as dairy products, and its 3000 farms produce an assortment of vegetables and fruits.
Livestock farming is another important activity here. New Hampshire ranks low when it comes to commercial fishing production. Still, it has commercial catches of deep-sea fish and lobsters. Finally, the state also features timber harvesting. Most of the timber goes into the newsprint and paper industries.
Resources and Power
New Hampshire comprises many rock quarries producing granite. Most of the operational granite quarries are in Concord. Gravel and sand are other significant industries when measured by value and tonnage.
At first, the predominant source of energy in this state was hydroelectric power. Nuclear power, which the Seabrook Power Plant generates, has now surpassed that. This plant also produces petroleum-driven power and wind energy.
New Hampshire ranks among the states with the lowest electrical energy consumption. The country is thus self-sufficient when it comes to its power needs.
Social Services and Taxation
The Granite State affords the standard social and health services. The New Hampshire Health and Human Services is a significant employer, providing work for most state employees.
One of the most striking advantages of starting a business in New Hampshire is the state’s low tax burden. This state boasts a unique taxing system. The system does not include either personal income tax or sales tax.
The state levies an exclusive rate on dividends and interest. The rest of personal income is not taxed. Pass-through entities such as LLCs usually keep a large part of their total revenue.
New Hampshire is known for its impact on the national US elections. Every 4 years, the New Hampshire primary takes place to select the Republican and Democratic delegates. Media professionals, politicians and local voters assemble to hear speeches, town hall discussions and to make their choice. Residents receive a disproportionate amount of attention. This is because New Hampshire is the second caucus after Iowa. The results suggest to the nation the candidates that are most likely to be viable candidates in national elections.
Advantages of doing business in New Hampshire
- Low taxes
- Proximity to large markets
- Above-average per capita personal income. New Hampshire residents have more disposable income. Hence there’s heightened consumer spending.
About Market Research in New Hampshire
With no sales taxes or personal income taxes, New Hampshire is an excellent state in which to invest. Another reason to start a business here is its proximity to broader New England. What’s more, the average NH resident makes more money compared to the average American.
Business owners and aspiring entrepreneurs can use market research to either start a business or improve their services. A comprehensive analysis will assist in making more informed business decisions.
A broad understanding of both existing and prospective customers is also essential. Qualitative, Quantitative, as well as Strategic Research, assists businesses in meeting those needs.
It’s vital to be familiar with the market size. Companies should also know the reasons for consumer consumption. This knowledge ensures that business owners meet the precise needs of their customers. Besides, it also enables businesses to sell their products at reasonable prices.
With analysis and research of the market, businesses can make informed decisions. These decisions will promote business growth. We start by understanding your needs and gathering data. You need information on two things: your competitors and your target customer. The opinions of your visitors might change over time. Market research is vital, and once you’ve done it, you can plan the next phase, which is execution.