New Federal Reporting Requirements for LLCs and Corporations

Decorative image that features a megaphone and the text "Corporate Transparency Act" and "What Business Owners Need to Know"If you have an LLC, corporation, or other entity registered through the Maine Secretary of State, you’ll want to know about your obligations under the federal Corporate Transparency Act.

On January 1, 2024 the Corporate Transparency Act went into effect requiring millions of small businesses to register with the US Treasury’s Financial Crimes and Enforcement Network (FinCen).Read More

Essential Steps Before You Start a Business

Part 1 of the “Things we wish we knew” Blog series

By: Tina Oddleifson, Business Advisor

Lightbulb and crumbled paper to represent starting a businessWhen we asked Maine SBDC Business Advisors about the biggest mistakes they see new business owners make (including themselves) many of the responses boiled down to the same essential thing: Moving forward before you are ready.

We’ve all been there. You’re ready to leave your job and you have the perfect business idea. Enthusiasm and excitement are important ingredients for business success and over-analyzing or overthinking can present its own problems.  But to set yourself up for success you need to lay a solid foundation. Here are essential questions to consider before taking the plunge:Read More

Things we wish we knew – Blog series

Title imageSometimes clients reach out to the SBDC after they realize they made a mistake while starting or running their business.  As advisors and former business owners ourselves, we know the feeling.  Owning a business means having to learn a lot on the fly, and sometimes you don’t get it right. But you’re not alone because many of us have been down that road before you.Read More

Main Street Provisions – Waterville

Zach Brann, owner of Main Street Provisions, outside of his business with a "Coming Soon" signZachary Brann’s entrepreneurial journey is a testament to his passion for locally sourced food and beverages, coupled with a love for the Waterville area where he grew up and plans to raise his family. Now, he proudly contributes to Waterville’s revitalization through his new business, Main Street Provisions.Read More

Brick House Kitchen – Skowhegan

Outside of Brick House Kitchen in Skowhegan, brick building and business sign with lush greenery on a bright sunny dayBeth Terstegen has co-owned Brick House Kitchen since she and a friend purchased the business in 2019 with the help of the SBDC. Located in the heart of downtown Skowhegan, Brick House Kitchen is a popular lunch spot serving unique deli-style sandwiches, wraps, and salads.Read More

Fundamental Foot Care – Hampden

Fundamental Foot Care logoHeather Fogg, RN, embarked on her entrepreneurial journey in 2019 when she established Fundamental Foot Care. In 2023, she reached her biggest milestone yet, opening a comfortable and clean physical space for footcare services and gatherings at 735 Main Road North in Hampden, ME.Read More

Black Diamond Detailing – Lewiston

Black Diamond Detailing Lewiston LogoAbdinur Mohamed and Abdirahman Saeed of Black Diamond Detailing are not only business partners but also friends with a shared interest in cars. They decided to pursue their dreams together and start a business that would provide convenient and reasonably priced auto detailing services. The two partners knew that starting a business was challenging and they needed to utilize the resources available to them.Read More

Reflections on 2023: Focusing on Self-Care for Entrepreneurs

By: Business Advisor Anne Lancaster, Maine SBDC’s 2023 State Star

Mainers are hard-working, dedicated, resilient people who lead their businesses with passion. But, being an entrepreneur is not for the faint of heart. It often means 24/7, 7 days a week, 365 days of the year, year after year after year.  Add in constant change from the pandemic, a difficult labor market, and an evolving economy, and you have a recipe for burnout. The last few years have tested even the best, most determined business owner. Read More

Bolton Electric – Windham

Bolton Electric LogoEdward Bolton started his electrical journey in high school vocational training. After working in the industry for many years as an employee, he was more than ready to start his own business. Eddie wanted to take his knowledge and work ethic and focus it on a business that he could proudly call his own. His wife Meredith has always believed in Eddie’s dream and was happy to help kick-start the administrative side of the business.Read More

Crosswind Investments – Bangor

Chelsie Crane discovered her true calling amidst pages of textbooks when completing her MBA. Driven by her belief that investing and good financial health shouldn’t be reserved for the elite, Chelsie embarked on a journey through the male-dominated field of financial advisory services. A native Mainer and mother of three, she wanted to start her own business to help individuals and families in their pursuit of financial independence.Read More