We have so many things to be thankful for here in New Hampshire: plenty of natural resources from the ocean to the lakes, rivers, and majestic mountains, all within close proximity. One thing we don’t talk about as often is our local small businesses, and today is Small Business Saturday! This initiative was started by American Express in 2010 to encourage shoppers to shop (in person or online) from local businesses and service providers. According to the American Express 2023 survey, the projected spending of US consumers who shop at independent retailers and restaurants on Small Business Saturday will reach an estimated $17 billion. The Small Business Association (SBA) defines a small business as having 500 employees or less.
The towns and cities throughout the Lakes Region offer a wide variety of small businesses which create the fabric of our communities. You don’t have to look too far to find the goods and services you need from our region is full of all sorts of opportunities.
Proximity to the vast New England market means the entrepreneurs and business owners reap the benefits of trading in big cities such as Boston as well as our vibrant tourist and second home market, and still establish a local identity in a small town. In the Lakes Region during our busy holiday season, it’s so important to shop local and support the wide variety of small businesses throughout our region to create a thriving economy.
How we promote our local businesses in the Lakes Region:
The NH Lakes Region Tourism Association is a comprehensive organization that does a phenomenal job of promoting all of our local businesses. The Greater Lakes Region Chamber offers a wealth of resources together with the Meredith Chamber, Wolfeboro Area Chamber of Commerce, and many other chamber organizations throughout the region. The Belknap Economic Development Council is committed to building a sustainable economic future for Belknap County by providing business development resources and funding for the multitude of businesses throughout the region. Support Local — Lakes Region NH on Facebook is one example of a group for local small businesses to network with other local businesses. NH Lakes Region Business is another example. Best of the Lakes Region, this magazine showcases & celebrates the businesses, people, and places the Lakes Region loves the most – as voted by you with 302,000 votes.
Facts About New Hampshire’s Small Businesses:
According to Statistics of U.S. Businesses (Census), in New Hampshire, we have 136,506 small businesses, making up 98.9% of all New Hampshire Businesses. Nearly half of all New Hampshire employees (49.8%) work at a small business. These businesses employ over 305,738 employees.
Professional, Scientific, and Technical Services are the leading industries for New Hampshire small businesses, with 20,944 employees, or 15.3% of small businesses. Construction (20,480) employees, Real Estate, Rental and Leasing (15,357) employees, Other Services (except Public Administration) (13,119) employees, and Retail Trade (12,605) employees are New Hampshire small businesses’ second, third, fourth, and fifth leading industries.
86.5% of businesses that export goods in New Hampshire are small businesses exporting goods worth $2.3 billion in 2021. There are 2,159 small business exporters that are responsible for 37.5% of New Hampshire’s $6.1 billion in export revenue.
New Hampshire Business Demographics:
Women make up 47.6% of workers and owned 39.6% of businesses.
Veterans make up 5.5% of workers and owned 8.9% of businesses.
Racial minorities make up 6.5% of workers and owned 4% of businesses.
I’ve always felt that New Hampshire is one of New England’s most business-friendly states. For example:
- New Hampshire is ranked as the 2nd best state to live in for 2024 by the US News and World Report
- The state has a low tax burden with no sales or income tax (and the absence of at least half a dozen other taxes.)
- The unemployment rate in New Hampshire for October 2024 was 2.5%, the 5th lowest in the country.
- New Hampshire’s median household income for 2024 is between $88,465 and $90,845, ranking it the 5th highest in the United States according to World Populations Review.
- New Hampshire has the highest economic freedom of any state and boasts the lowest poverty rate in the country.
- New Hampshire public schools are ranked 5th in the country by the World Population Review
- New Hampshire was recently ranked again as the #1 state in the country for overall freedom by the Cato Institute. New Hampshire has held this crown for the past 11 years.
In New Hampshire, it was reported by WMUR that 85% of all businesses in the state are family-owned, an impressive statistic. It just shows the entrepreneurial spirit and tenacity of our state.
So, in New Hampshire and the Lakes Region, we have so much to be thankful for during this Thanksgiving weekend. Even though the Granite State is the 5th smallest state in the country and the 9th smallest in population at 1,402,054, our state packs a powerful punch!
Let’s all get out there on Saturday and support our local businesses in the Lakes Region.
While you are out there, please stop by our office at Roche Realty Group. Our location at 97 Daniel Webster Highway is a collection site for Toys for Tots, a program by the run US Marine Corps, which distributes toys to children whose parents cannot afford to buy them gifts for Christmas. Tis the season for giving by dropping off a new unwrapped gift. So you can surprise a youngster this Christmas.
This article was written by Frank Roche. Frank is president of Roche Realty Group in Meredith, NH, and can be reached at (603) 279-7046. Please feel free to visit www.rocherealty.com to learn more about the Lakes Region and its real estate market.
