NEW BEGINNINGS: Becoming a New Hampshire Entrepreneur

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NEW BEGINNINGS: Becoming a New Hampshire Entrepreneur

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A checklist of steps to take when starting a business and one company’s story about successfully navigating the process



Port City Makerspace offers shared spaces with the tools needed to start a business or create a project



A former combat veteran and business executive designed an MBA program for veterans who want to start a business

Let Service CU help you grow your new business in 2022. | April 2022



An interview with David Long, Senior Manager of Service Credit Union’s Cash Management department


Financial terms that people starting a business should know, and a list of resources that can help

Dear Reader,


new year reminds us that we always have the opportunity to change our direction to follow our hearts and fulfill our dreams.

If becoming an entrepreneur is one of your dreams, this can be an exciting adventure, but also one that requires the understanding of a number of issues, from legal to operational, to even human resources. If you are interested in becoming a New Hampshire entrepreneur, do not be discouraged by the work of becoming a business. There are resources to help you navigate this ecosystem and to avoid common mistakes. One of the most critical partners you can collaborate with is your business lender. Business lenders understand that young companies need resources that can be customized to meet their unique business goals. At Service Credit Union, we know that dreams and ideas come in all shapes and sizes. We pride ourselves in helping you develop those dreams into a reality, because as a member, your dreams are our dreams. In this issue, you will discover articles and insights on how to embark on the exciting journey of business ownership. I invite you to read through the issue and use the included checklist, or create your own. Give us a call to get started. Your partner in success,


Startup Success It would be nice if a startup business went in a straight line to success, but the reality is the track of a startup tends to be more like the game of Chutes and Ladders — two upward moves, one sliding back, and so on. Take heart, it doesn’t have to be that way. We can show you how to avoid the pitfalls and keep moving to the top. Grew fast


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New business owner Sarah Churchill



oving to the top is what Dr. Sarah Churchill and soon-tobe-partner Molly McClelland have in mind for their newly opened practice, Churchill Chiropractic, and they’re willing to go through the ups and downs of business to get there. Whatever the challenges, they have set their sights on multiple locations and $1 million in annual revenue in just five years. Churchill says, “When we do things, we don’t tend to think small.” START They are part of a record-breaking number of people who are starting ESS businesses, despite CCpandemic. SUthe According to U.S. Census Bureau data, the number of business startup applications hit 5.4 million in 2021. The year before was also record-breaking. More than ever before, people are choosing to follow their dreams. Churchill understands why. After working as an associate doctor for other chiropractic businesses for years, Churchill decided she wanted to take a different approach to the kind of care that was given. On top of that, some of the businesses took a substantial cut of the revenue she brought in. She says she finally asked herself, “If I am not in alignment with what I was seeing, and the finances are also not in alignment, then what am I waiting for?” She began to explore whether having her own business made sense — she quickly found that it did. First, the Nashua area market seemed primed for a new chiropractic business. “People are looking for things that are preventative versus always relying on medications to control their pain,” Churchill says. “I think this is the

It just feels like this is what I was supposed to be doing all along. — SARAH CHURCHILL, OWNER CHURCHILL CHIROPRACTIC

right time to be in the business.” Then there were the finances. “Even with taking out a mortgage for a location and a loan for the startup, I had the potential to be making more money,” she says. Another plus, she would have control over the kind of care that was given. The decision was made. She would set up Churchill Chiropractic, offering chiropractic, acupuncture and spinal decompression. For a business structure, she chose an LLC, which protects | April 2022 3

Soon-to-be partner at Churchill Chiropractic, Molly McClelland

What do you need to do to start a business? Three simple things: Know your product better than anyone, know your customer and have a burning desire to succeed. — DAVE THOMAS FOUNDER AND CEO OF WENDY’S

owners from personal responsibility for its debts or liabilities. But that was the easy part. She then began what she calls “the wild ride” of completing the process — lots of paperwork, staying current with state regulations, and so on. “It was all stuff I never had to think about as a practitioner,” she says. “It was nuts. I would do all these things only to find out there was one missing piece.” Then, she says, “God smiled down on me.” McClelland, a longtime friend with extensive experience managing chiropractic and wellness centers, was suddenly available to become Office Manager and help navigate through the bureaucratic thickets. In the process, they decided to switch their banking business to Service Credit Union. “It made a huge difference once we switched to Service Credit Union,” Churchill says. “It went so much smoother. If we open a second location, we’ll be doing things in a drastically different way, and one of them will be making use of what Service Credit Union offers.” For now, she works alone with her rapidly increasing clientele while McClelland manages the office. She has no regrets about her decision to start her own business: “I can’t think of a time that I have felt so relaxed. It doesn’t feel like we’re going to work. It just feels like this is what we were supposed to be doing all along.” n

SUCCESS 4 | April 2022

I think this is the right time to be in the business.


There’s little doubt Dave Thomas knew what he was talking about — he started Wendy’s with one restaurant, and now there are thousands worldwide with a market cap of more than $5 billion. But beyond Thomas’ “three simple things” are a lot of important decisions to make and a lot of paperwork to do. Not to worry, we’re here to help make it easy and guide you along the way. Find out how to get started.

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 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 | April 2022 5

COMMUNITY OUTREACH: Port City Makerspace


ant to try 3D printing? You can buy a printer for about $500. Want to replace your brakes yourself? It’s easier with a car lift you can buy for about $9,000. Or maybe you want to etch a design onto metal. A laser cutter will cost you about $5,000.

The results of a workshop for building items out of palletwood.

I think it’s a really great resource for people who want to start a business.


6 | April 2022

If that’s out of your reach, there’s another way to do it. You could go to Port City Makerspace in Portsmouth, where all those tools and many more are available to you for a modest membership fee. Plus, you can get instruction on how to use the tools. And, you’ll be part of a collaborative community of people. “Not everybody has a garage shop when they want to build a project, so why not collect different tools, put them in one space, and make them available to the community?” asks Alex Nunn, Port City Makerspace's General Manager. And that’s what happened 10 years ago, when three longtime friends, Clint Crosbie, Ross Beane and Zak Robinson, founded the makerspace. They joined a rapidly growing national movement to create makerspaces, defined as shared spaces where people can use tools they otherwise wouldn’t have access to for creative projects, to start a business or simply to learn. After becoming a nonprofit two years from its founding in 2012, Port City Makerspace grew to the point where today it has an 8,000-square-foot building that houses nine workspaces, including woodworking, metalworking, automotive and bicycle repair, electronics and 3D printing. It also has a soft crafts shop for sewing, knitting and other crafts. The tools include everything from a car lift to the tiniest of wrenches. In between, there are all manner of saws and sanders, milling machines and lathes, laser cutters and 3D printers, oscilloscopes and routers,

a metal engraver and sandblasting cabinet, potters wheel and ceramics kiln, to name just a few. If you haven’t a clue how to operate those tools, there are classes of all kinds, from Intro to CNC Routers to Indigo Fabric Dyeing, as well as informal instruction from staff, volunteers and fellow makers. “One of the nice things about the community shop is that people are always happy to help each other out,” Nunn says. “It’s a very supportive community.” In addition to providing a space for creative projects, the makerspace acts as a business incubator. Tricia Mansfield, President of the Board of Directors, says, “I think it’s a really great source for people who want to start a business.” It’s suited mostly for craft businesses, like the signmaker who runs his business out of rented space there. Others sell their products internationally on Etsy. USA Today says makers pour $29 billion into the world economy each year. All that came to a halt when the pandemic hit. Few people were coming to the makerspace. To accommodate the new reality, a tool loan program was initiated so people could do their work at home. The program will continue even after the pandemic subsides. In the meantime, there are filtration units and easy social distancing in the big spaces. Members have access to those expansive spaces, the tools, the instruction and the community for $50 a month. For $80 a month, they can have access to the

building and the tools 24/7. If some find the fees too steep, there are discounted memberships in exchange for volunteering and some scholarships. “We definitely want to be open and inclusive to all people. That’s part of our mission,” Mansfield says. It may not have been part of the original mission of the makerspace movement, but it’s now becoming instrumental in what’s being called a new industrial revolution, where passive users of products become active creators and innovators. And the educational system is likely

to play an ever-expanding role in that as the makerspace model is increasingly adapted to it. “I think it’s really important that people from a young age have hands-on experiences and an ability to think and solve problems in a group setting,” Mansfield says. Port City Makerspace may play a part in that in the future, but for right now, they’re focused on their core mission of tools, knowledge and a collaborative culture to encourage the artist and maker in everyone. For more information, visit n

It’s a very supportive community. — ALEX NUNN, GENERAL MANAGER, PORT CITY MAKERSPACE

This devilish Halloween mask was made at a Costume Building Night sponsored by Service Credit Union. Participants got free use of classrooms and electronic lab workspaces to build their costumes. | April 2022 7




ilitary veterans are more likely to start their own business than people who never served in the military — 45% more likely, in fact. That’s according to SBA statistics, which put the number of veteran-owned small businesses in the U.S. at 2.4 million. Leland Goldberg understands why that is: “In the military, it’s all about a mission, it’s all about working with the team, and it’s all about having a sense of urgency to get the mission accomplished. They feel a sense of empowerment as a result of their experience. That’s why more and more veterans want to be their own boss rather than work for someone else.” Goldberg should know. He is a combat veteran, having served as an Army officer in Vietnam. His tour included his involvement in the Tet Offensive, a massive, countrywide attack staged by the North Vietnamese Army. He says, when he landed back in the States, “I actually kissed the ground.” Now, more than 50 years later, after a successful career in the business world, he is focused full-time on his fellow veterans, helping them learn how to prosper as business owners. He is the Founder/ President of the nonprofit Veteran Entrepreneurial Training and Resource Network Inc. (VETRN), created in 2013. He says the impetus for creating VETRN

Partnering with VETRN Right from the start, Service Credit Union has supported the work of the VETRN MBA program by providing both expertise and classroom facilities. “It’s been a good partnership,” says David Weed, Assistant Vice President of Business Services for Service CU. The missions of the two organizations — to support the military community — 8 | April 2022

dovetail, so when Weed and VETRN Founder Leland Goldberg were introduced, it became clear a relationship would be of mutual benefit in their work. At the time, Weed was providing expertise for Boots to Business, an SBA program for former active-duty military personnel who want to start a business. The VETRN program complements that program with MBA-level entrepreneurial

training for existing business owners. Before VETRN went online because of COVID, Service CU provided classrooms, AV and tech support for four graduating classes. Weed acted as teacher/visiting expert as well as a judge for participants’ business plans. That work continues for the online classes, but Weed looks forward to a return of in-person classes: “I think they lead to deeper relationships among the people.”

BOTTOM LEFT: VETRN graduates stand in front of the Service Credit Union corporate facilities, which were provided for New Hampshire classes. RIGHT: When the pandemic hit, the VETRN classes had to be moved online. Shown here, the first online graduating class.

was learning, long after the fact, that he had gotten his first job in large part because he was a combat veteran. The person who hired him was also a combat veteran, and he knew the qualities such an experience creates — perseverance, discipline and desire, among them. “I had had a pretty successful career as a result,” Goldberg says, “so how can I then not give back?” From that first job, he went on to hold executive positions with major companies in the financial services sector, amassing extensive knowledge about management and finance over the years. Using that knowledge, Goldberg designed an MBA curriculum for a program that would teach veterans and their family members how to successfully grow a business. It’s for businesses that have been operating for a year or more and have the required revenue level. And, importantly, it’s free of charge. The program consists of 14 threehour sessions over the course of six months, plus 100-150 hours of homework. Its components include business development strategies, government contracts, accessing capital, strategic planning, finance and financial management and human resources, with guest speakers — lawyers, bankers, accountants, consultants — supplementing the courses. Also supplementing them, panels of judges to analyze growth

plans, as well as peer-to-peer and alumni networks. Participants are assigned a mentor at the start of the program. “They have the ability to draw on the resources and experience of others who have been through it, those who already have the skills,” Goldberg says. “They can work with them, so when issues come up, they know they’re not alone.” Also early in the program, an HBDI (Herrmann Brain Dominance Instrument) assessment is made. “It’s an assessment of how your brain physiologically solves problems,” Goldberg says. The four categories are analytical, detailed and organized, conceptual, and interpersonal. “Entrepreneurs tend to be conceptual, but they may not have skills in details and organization, or analytical, so they would know they have to bring in those skills.” The goal is “cognitive diversity.” Goldberg says that he doesn't know of any other veteran entrepreneurial training program that uses that approach to cognitive thinking as part of its curriculum. The program started in physical classrooms, but COVID changed that — it’s now strictly online. Though Goldberg says he prefers face-toface classes and hopes to eventually create a hybrid, he finds that online has its advantages. “Well, I’m now in 11 states, including Utah, Colorado

and California,” Goldberg says. “Online, you can reach out to a much broader audience.” The current class has 15 participants. With this class, a total of 90 veterans and family members will have graduated from the VETRN program. Another change COVID brought: a new curriculum option. In addition to learning how to create a growth plan, participants can choose a newly designed course to match the times — a 12-month turnaround plan. “It helps them take steps to make sure they don’t run into problems,” Goldberg says. Ask him what aspect of running a business is most challenging for the program’s participants, and he says, without question, financials. “Most just don’t have a good understanding of accounting, they don’t manage their cash flow properly, and they don’t have a good understanding of how important it is to identify key financial metrics to see how well you’re doing,” he says. “It’s a big aha for them — I didn’t know what I didn’t know.” Goldberg gets a lot of satisfaction out of knowing he’s helped his fellow veterans and their family members with a program that’s one of a kind. “To my knowledge, there’s no other program this comprehensive,” he says. “There’s nothing that is helping businesses grow the way VETRN is.” To apply, visit n | April 2022 9



avid Long joined Service Credit Union 14 years ago after graduating from UNH. Starting as an in-store branch manager, he went on to manage a newly opened traditional standalone branch. He has brought those years of experience to his present role as Senior Manager of Business Cash Management. For him, a career in banking was a natural fit. “I’ve always liked helping people,” he says. We talked to David about how the Business Cash Management department guides and supports both startups and existing businesses, an important service at any time, but especially during the disruptions created by the pandemic.

What does a Business Cash Management department do? We handle everything business-deposit related — business checking and savings accounts, money market accounts, certificates of deposit, remote deposit capture, ACH payments, wire payments and more. What size businesses use those services?

David Long, Senior Manager of Business Cash Management

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All sizes. We offer services for small business owners all the way up to large corporations. We customize our products and services to meet their needs, and we pride ourselves on

It’s really great to watch these businesses grow over the years. We helped establish their account when they were starting out and gave them the tools and services they needed to flourish. Now, they’re getting a loan with us to expand their operations or add a new location. — DAVID LONG, SENIOR MANAGER OF


providing all businesses with white glove service. What does Service Credit Union offer for business checking and savings accounts? Our Free Business Checking account is completely free, with no minimum balance requirement and no monthly fees. This account especially attracts small business owners who are just launching their companies. Many other institutions charge a monthly fee for their checking accounts and have all kinds of restrictions on them. We also have our BusinessPlus checking account which is for larger businesses. That has an average daily balance requirement of $10,000, but we pay a very competitive dividend on that balance, which is one of the highest in the country. We also have primary and secondary business savings accounts that allow businesses to spread out their funds and better organize finances. Those accounts pay a dividend as well, and they don’t have a minimum balance requirement. How else do you assist business owners? Our Money Market accounts help businesses put their money to work by providing some of the best rates in the country. Businesses can earn dividends while keeping their funds liquid. It’s a very attractive product, especially with the uncertainties of the pandemic when businesses need to be agile. We also offer a robust online business banking service that allows members to initiate and manage ACH, bill pay, wire payments and more. This array of options allows them to pay employees, satisfy invoices and manage their financial needs effectively and efficiently. In addition, we have our business partner services with Paychex®, which can handle payroll and HR functions,

and EVO Payments, which facilitates credit and debit card processing for our business members. Are those enhanced online services expensive? It’s very affordable compared to our competitors. The cost is dependent upon the level of service needed. We created tiers that take into account the volume of transactions processed in any given month and the services required by each business. Our tiered pricing system offers our members peace of mind by aligning their needs with the proper services they require at a flat, monthly fee. Rather than charging per item like other financial institutions, which can really add up, our members know exactly what they are going to pay each month. What impact has the pandemic had on your department? Like most, our department had to adapt quickly to the drastic changes brought on by the pandemic. With businesses struggling to stay afloat, our department quickly pivoted to rise to the occasion. While overcoming the new challenge of working from home, our small teams helped facilitate hundreds of Paycheck Protection Program applications and onboarding new business memberships. We were incredibly proud to help not only our current members, but those whose former institutions left them by the wayside in their time of need. We also made every effort possible to assist our essential workers in the branches. In order to ease some of their additional burden in the early days of the pandemic, Cash Management took on all business account openings for the credit union. Processing every application remotely, helping alleviate some of the increased transaction volume branches experienced trying to assist members with their financial needs in this trying time. During this time, we changed from a

state to a federal charter. Our federal charter expanded our business field of membership exponentially from those registered and located in the state of New Hampshire, to those located anywhere in the United States. Cash Management has since taken on handling inquiries and applications from businesses all over the country interested in taking advantage of our great business product offerings. What is the biggest challenge for startups? People are not often versed on the different programs and resources that can assist them in forming their business. We’ve set up an FAQ resource on our website that answers a lot of the common questions they might have. This includes a link to the Small Business Administration website that breaks down each entity type and what documents are required, along with a helpful checklist for anyone who’s launching a business. It provides detailed instructions and information about different business formation types, helping business owners make educated decisions on their individual situations and circumstances. It must be satisfying to see businesses succeed and know that you and Service Credit Union played a part in that. Yes, that’s the best part of the job. It’s really great to watch these businesses grow over the years. We helped establish their account when they were starting out and gave them the tools and services they needed to flourish. Now they’re getting a loan with us to expand their operations or add a new location. They tell us we’re the best financial institution they’ve ever had. They say that we make it easy for them, we always pick up the phone, we’re quick to respond to them, and we go above and beyond to provide the best service. That’s a great feeling, and it’s why we do what we do. n | April 2022 11

Financial Literacy (or FinLit, for short) At Service Credit Union, part of our mission is to provide the resources needed to improve our members’ financial well-being. One of those resources is financial literacy, which allows people to make informed decisions about their finances. An element of that literacy is knowing what financial terms mean. Here, we define terms that businesses, both startup and existing, are likely to encounter when they deal with our Business Cash Management services.

FinLit Terms You Should Know ACH payment: The Automated Clearing House (ACH) is an electronic fund-transfer system that facilitates payment in the U.S. The ACH payment system provides ACH transactions for use with payroll, direct deposit, tax refunds, consumer bills, tax payments and more. Recent rule changes are enabling most credit and debit transactions made through the ACH to clear on the same business day. Cash management: Cash management is the process of collecting and managing cash flows. It is a key component of a company’s financial stability. Businesses have a wide range of offerings to help with cash management needs. Banks are typically a primary financial service provider for the custody of cash assets. There are many different cash management solutions for businesses seeking to obtain the best return on cash assets or the most efficient use of cash comprehensively. EIN: The employer identification number (EIN) refers to a unique identifier that is assigned to a business entity, so that it can be easily identified by the Internal Revenue Service. EINs are commonly used by employers for reporting

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taxes. Businesses can apply for EINs directly through the IRS, which usually issues them immediately. Lockbox banking: Lockbox banking is a service provided by banks for the receipt of payment from customers. Payments made by customers are directed to a special post office box instead of going to the company. The bank goes to the box, retrieves the payments, processes them and deposits the funds directly into the company’s bank account. Lockbox service streamline collections and payment processing. Remote deposit capture: Remote deposit capture is a technology that allows banks to accept checks for deposit using electronic images instead of the original paper version. The process eliminates trips to the banks, and checks can be deposited 24/7, not just during banking hours. Sweep account: A sweep account automatically transfers cash funds into a safe but high interest-earning investment option at the close of each business day, e.g., into a money market fund. Sweep accounts try to minimize cash drag by capitalizing on the immediate availability of higher-interest accounts. Wire transfer: A wire transfer facilitates money transfers electronically across a network of banks or transfer agencies around the world. Wire transfers involve a sending-and-receiving institution, and require information from the party initiating the transfer, such as the receiver’s name and account number. These transfers don’t actually involve the physical exchange of cash but are settled electronically. — SOURCE: INVESTOPEDIA

Service Credit Union's Online Tools for Startups New Hampshire Resource Guide: U.S. Small Business Administration ( has a number of great resources for both new and seasoned business owners. You can find the New Hampshire Resource Guide by navigating to the SBA District Offices under Local Assistance. Business Banking: No matter the size of your business, Service CU can help you find the right mix of banking services to fit your needs — all with the personalized service and attention of a member-owned credit union. Download a business application here. Business Management: Learn more about what it takes for your small business to thrive at our resource partner EVERFI Achieve. You’ll find information about obtaining financing and funding, managing a growing team, customer acquisition and retention, and more. Business Mentors: SCORE is a resource partner of over 12,000 volunteer mentors who help entrepreneurs start or grow their businesses, utilizing over 175 certified mentors from six regional chapters. Online material and webinars are available 24/7. Business Advisors: The New Hampshire Small Business Development Center has a team of professional business advisors who will provide you with confidential and customized advising at no cost.

Assistance for Tech Companies: Live Free and Start is an initiative of the Governor's Office to help technology companies start and flourish. Assistance for Women Entrepreneurs: The Center for Women & Enterprise is partnered with the SBA to assist women entrepreneurs with business development. MBA for Veterans: Hone your business skills with a VETRN MBA program designed specifically for veterans who are starting a business. Download an application here.