Are You Ready for Business Ownership? Part 2

The second of a two-part series on how to start a successful business (or not)…

In our first article in this series, we asked you questions to determine if you’re ready to be a business owner. If you think it’s a good fit, then it’s time to think through your idea to make sure it will succeed.

Research & Planning

“If you fail to plan, you plan to fail” – Benjamin Franklin

This quote sums up why SBDC advisors, lenders and investors talk ALOT about planning. The idea is that if you’re about to embark on a journey, then it’s a good idea to have a map. Business research and planning is the process of creating the map. While it may feel tedious when you’re eager to get going, it’s better to find out if your plan will work before you change your life and invest your money. Read More

CIA Cafe – Saco

In early 2022, Jamie Bissonnette and his business partner Duncan Taylor were presented with the opportunity to purchase CIA Cafe (pronounced see-ya), a successful coffee, sandwich and art shop located in Saco. With tons of food and beverage business management experience, Jamie decided it was time to take a chance and step out on his own, but he needed financing. His lender recommended that he reach out to Anne Lancaster, Maine SBDC business advisor at the University of Southern Maine.

As first-time business owners, Jamie and Duncan wanted to be as thorough as possible in making sure this new-to-them venture would be successful. They worked with Anne to perfect their business plan. They went through each section of the narrative and focused heavily on the accompanying financials. In just a couple of weeks, they were ready to submit their plan to Bangor Savings Bank. Read More

Are You Ready for Business Ownership? Part 1

The first of a two-part series on how to start a business (or maybe not?)

Many people are excited by the idea of owning their own business and come to the Maine SBDC wanting to dive right in. We typically hear questions like, “how do I register my business, get the needed licenses, set up an LLC, find insurance, or pay taxes?”

While these are important questions, they should come after some thoughtful analysis. Read More

Aegir’s Den Meadery – Palermo

Mark and Carrie Mancini both come from families familiar with fermentation and preserving, but a friendly competition leading to the accidental brewing of a honey mead made Aegir’s Den Meadery possible!

After nearly a decade of experimenting and testing different meads with friends and family encouraging them, they opened their Pittsfield storefront in 2019 and gained some good traction prior to the COVID shutdowns. They had a strong brand and partnerships with a local winery for bottling space and were being distributed throughout the Bangor and Portland area.

They connected with the Maine SBDC as they were getting ready to expand last year. They needed to grow in order to keep up with production and that meant they were also going to need capital to hire more employees and purchase additional equipment. Maine SBDC at CEI Business Advisor Peter Piconi was able to work with Mark and Carrie to understand their capital needs and provided resources that helped identify the best avenue to pursue. Together they developed financial forecast worksheets and reviewed the business plan so they could understand how grants or traditional lending would fit into their plan. Read More

Wine House on Main – Kennebunk

Betsy Ross owns the Wine House on Main, a small wine shop and bar located in downtown Kennebunk. Since 2021, Wine House on Main has offered wine selections from small families around the world. With decades of experience in hospitality and the wine industry, Betsy shares the stories of winemakers, vineyards and regions with her customers to deepen their connections to the wines they purchase. Wine House on Main also hosts educational wine classes, paint and sip events, and wine tastings.

Betsy heard about the Maine SBDC through another business owner. Dedicated to making her business a warm and welcoming space for the community to come together, Betsy reached out for general business guidance and was connected with Anne Lancaster, Maine SBDC business advisor at the University of Southern Maine. Read More

Odyssey Event Designs – Portland

Rachel Johnson pivoted in college from Fine Art to Hospitality, which set her on the path of finding her passion in event planning! She worked her way through boutique hotels and luxury resorts learning as much as she possibly could and eventually started a side hustle while continuing to work her 9-5 job. She even used her lunch break to walk down to city hall and register Odyssey Event Designs! Nearly 5 years later, she was ready to pursue event planning full-time and was able to connect with Maine SBDC Business Advisor Susan Desgrosseilliers to help her take things to the next level! Read More

Multi-Level Marketing: Too Good To Be True?

“Work from home!”

“Earn $1,000 a week working one hour a day!”

“Make money while you are on vacation!”

Too Good To Be True?

Shakes, candles, leggings, vitamins, and makeup are just a few examples of direct sales products marketed as “start your own business” ventures. With promises of top earners winning extravagant vacations and living a fabulous lifestyle, each year thousands of people flock to these businesses thinking they are an easy way to embark on entrepreneurship. Read More

Custom Fit Physical Therapy & Wellness – Auburn

As a healthcare worker negatively impacted by COVID, Jennifer Frazier decided to launch her own physical therapy practice where she could uphold her values and create personal plans to help her physical therapy clients recover. Out of that grew Custom Fit Physical Therapy & Wellness, an outpatient physical therapy clinic that assists clients develop and meet rehabilitation goals. As Jennifer began the process of building her business, her SCORE mentor recommended Maine SBDC at AVCOG Center Director and Business Advisor Lori Allen as someone who could offer concentrated assistance with her business plan. Read More

To Purchase or Not to Purchase? – Penobscot County, Maine

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

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

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