Success stories come in all shapes and sizes, but sometimes avoiding a bad situation is the best-case scenario! While Maine SBDC Business Advisors are usually helping their clients towards a traditional happy ending, they are often tasked with helping aspiring entrepreneurs avoid potentially damaging situations. We saw it first-hand this past year when Shawn Bouchard came to the Maine SBDC for help. Read More
Blog
Small Business Saturday Prep
This year Small Business Saturday is November 26, 2022! The day is dedicated to supporting and buying from small local businesses. It’s become a holiday shopping tradition over the past twelve years and continues to grow in both sales and participation. But it takes preparation to make the best of the day! Below you’ll find resources that provide suggestions for getting involved and for supporting small businesses! Read More
Snow Dogs – Camden
If you’ve ever visited Camden you’ll know there is a little something for everyone, food, shopping and outdoor adventures! It also has the only ocean view from a ski area on the Eastern Seaboard at Camden Snow Bowl! Another thing you’ll only find at Camden Snow Bowl, Snow Dogs! Jason Doppelt’s food stand opened last winter and was a “frying” success and now he’s gearing up for another season! Read More
Black Bear Mobile Maintenance – Harrison
Jonathan Daggett of Black Bear Mobile Maintenance is a military veteran with the ability to repair everything from small engines to helicopters! Through his years of working experience at a tractor repair shop, he saw an opportunity to (quite literally) serve customers where they are at. Read More
Preventing Partnership Pitfalls: Part 3
Preventing Partnership Pitfalls: Best Practices
So… you and your best friend, brother, or spouse want to go into business together? Of course, you agree on everything right now, but what happens when you don’t? In many cases being realistic and pragmatic can be the kindest, mostly loving thing you can do for your partner and yourself.
Our very own Maine SBDC Business Advisor Chris Cole has personal experience with a scenario that ended very differently than she thought it would. Check out Part 1 and Part 2 for the full picture!
Part 3
Vision: Each person comes into a business with different personal goals and ideas on how to run the operation. It is important from the start to have an honest discussion regarding your vision for the business. Why do you want to go into business together? What complementary skills do you each bring to the business? Do you want to have a small operation or scale-up? Does your partner want the same things? Read More
Campfire Booking – Windham
While the Covid-19 pandemic caused a large-scale economic disruption for most small businesses, it also fueled a historic surge in entrepreneurship. According to the US Census Bureau, new business starts in 2021 were the highest on record, surpassing the previous record set in 2020.
For good friends Mandy Caruso and Ashley Hanson, the pandemic provided the impetus they needed to leave their careers in teaching and disability insurance. Combined with a background in hotel revenue management they knew they could follow their dream of opening a vacation rental business in the Lakes region of Maine. As homeowners and real estate investors on Sebago Lake themselves, Mandy and Ashley each bring a deep knowledge of the area and an understanding of the level of service that homeowners are looking for from a rental management company. Their value proposition is to offer a more modern and tech-focused marketing and management program, along with a higher level of hands-on service than is currently being offered by competitors in the area. Read More
Partnership Pitfalls: Part 2
Partnership Pitfalls: When everyone is in charge, no one is in charge.
So… you and your best friend, brother, or spouse want to go into business together? Of course, you agree on everything right now, but what happens when you don’t? In many cases being realistic and pragmatic can be the kindest, most loving thing you can do for your partner and yourself.
We asked our very own Maine SBDC Business Advisor Chris Cole to speak to what happens when partnerships break down based on her experience from an employee’s point of view and as a co-owner of a business.
Part 2
An Employees’ Viewpoint:
Partnerships can consist of a financial backer with a skilled partner, people who have complementary skills, multiple members with equal abilities, spouses, family, or friends. With any of these scenarios, there should be a clear understanding of the roles and responsibilities of each partner. Read More
Partnership Pitfalls: Part 1
Partnership Pitfalls
So… you and your best friend, brother, or spouse want to go into business together? Of course, you agree on everything right now, but what happens when you don’t? In many cases being realistic and pragmatic can be the kindest, most loving thing you can do for your partner and yourself.
Our very own Maine SBDC Business Advisor Chris Cole has personal experience with a scenario that ended very differently than she thought it would. Over the course of the next month, we’ll be sharing a 3-Part series exploring the pitfalls of partnership and how you can protect yourself and your business.
We asked Chris to speak about what happens when partnerships break down based on her experience from an employee’s point of view and as a co-owner of a business. Read More
Big Changes to the 1099-K: Is your small business ready?
If your small business receives income via third-party settlement processors like PayPal, Venmo, and CashApp, you may be in for a surprise.
The American Rescue Plan Act (ARPA) passed by Congress in 2021, provided pandemic relief to many small businesses. It also included a bill that significantly changed reporting requirements for third-party settlement organizations like PayPal, Venmo, and CashApp. The new ruling also affects platforms like Etsy, Uber, E-Bay, Upwork, etc., that provide settlement services on behalf of self-employed workers. Read More
Maine SBDC names Raynor Large as 2022 State Star
Portland, Maine –The Maine Small Business Development Centers (Maine SBDC) has selected Raynor Large as the 2022 State Star. The award, given annually, recognizes a member of the Maine SBDC staff that has shown exemplary performance and a strong commitment to small business success. Read More