Maine SBDC helped this couple to complete their business plan and access financing to start their new wine business Lorne Wine in Biddeford, Maine.
Monthly Archives: October 2019
Maine’s Greatest Entrepreneurial Opportunity
Starting a business from scratch is one of the most rewarding – and difficult – challenges to undertake. Filing for an LLC is easy, but helping the business to grow and develop requires time, effort, and unconditional (and sometimes unrequited) love.
The hurdles are significant: 20% of startups fail in the first year – a rate that jumps to well over 40% by year 4. [1] Top reasons for failure include: No Market Need (42%), Not Enough Cash (29%), Not the Right Team (23%), Product without a Business Model (17%), and Poor Marketing (14%).[2]
But, if you want the coveted title of Entrepreneur, what’s the alternative? How can you reduce these risks and still achieve your goals?
Buy a Business that already exists.