Understanding your financials is key to operating a healthy and profitable business. We help small business owners get a better understanding of their financials so that they can make good decisions about the future of their business. Below are 5 common questions we get from the entrepreneurs and small businesses:Read More
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News Release: Maine SBDC celebrates 40 years of helping Maine’s businesses succeed
Maine SBDC State Office (Portland, ME) – The Maine Small Business Development Centers (Maine SBDC) is celebrating 40 years of helping build and strengthen Maine’s small businesses through no-cost business advising and training.
In 1977, the University of Southern Maine (USM) was among eight pilot sites funded by the U.S. Small Business Administration (SBA) to test the concept of leveraging federal, state and higher education resources to assist entrepreneurs and spur economic growth. The program proved successful. Beginning in 1980, small businesses nationwide could access the services provided by the SBA’s Small Business Development Centers.Read More
Starting a business? We have a guide for that!
You have an idea and want to start a business. Starting a business is challenging – there are many things to think about, decide upon and do. At the Maine SBDC one of the most frequent requests we get is for assistance with starting a business. Our goal is to make sure you are on the right track with access to helpful information, resources and expert advice.
A Guide to Starting a Business in Maine will help you with your questions, planning, research and preparation to launch a business. The Guide will answer your questions about determining the probable success of your business, selecting a business entity, finding financing, writing a business plan, registering your business, getting insurance, selecting a name, reporting taxes and much more.
The 24-page Guide provides basic information about starting a business in Maine and contents include:
- Business Startup Checklist
- Doing a Feasibility Study
- Common Business Entities
- Business Plan Guidelines
- Financing Your Business
- Frequently Asked Questions
- Where to Get Assistance
- Maine SBDC locations
This Guide is intended to provide basic information about starting a business in Maine. Your business may have additional requirements or needs that are specific to your type of business that are not covered in this Guide. It is best used in conjunction with a Maine SBDC business advisor or other business professional. Call us at 800-679-7232 or email: mainesbdc@maine.edu if you would like assistance.
Downloadable PDF Guide available in English, French, and Somali.
Maine Small Business Development Centers announce record year for client success in securing capital
February 1, 2017
It was a record year for Maine small businesses securing capital to start and grow their companies in 2016, according to a recently released annual report compiled by the Maine Small Business Development Centers (Maine SBDC).
Maine SBDC provided no-cost business advising to 1,583 entrepreneurs and small business owners throughout Maine in 2016. Fourteen certified business advisors across Maine helped clients secured an unprecedented $47.1 million in capital to start and grow their businesses, more than in any other year in Maine SBDC’s 39 year history. In addition, the Maine SBDC helped these clients create and save 1,006 jobs and start 120 new businesses. Read More
Hiding in Plain Sight – The IRS Website
By: Business Advisor Peter Harriman
Often small business owners scour the internet trying to find information or answers. Often they resign themselves to hiring an accountant, and other times they call me up hoping that I can offer some wisdom. I work for the Maine Small Business Development Center in Portland, a free and confidential business advising service. More often than not, because I am not an accountant, I end up first guiding my clients to a wealth of information that can be found for free at the IRS website. Read More
Client Highlight: Maine BayCycle
Neil Kinner, a Peaks Island native, came into the Maine SBDC after spending a summer in Portland, Oregon. There, he had captained a pedal-powered paddle boat, and wanted to bring this unique concept to Casco Bay in Portland, Maine. New to Maine and New England, the business would feature 10 pedal stations with seats for four more and would be entirely human powered, with a small solar powered back up motor in case of emergency.
With idea in hand, he needed financing in order to purchase the boat, and bring it to Maine. For this he sought out the assistance of Maine SBDC Business Advisor Peter Harriman. Together the pair worked to create a realistic business plan and projected financials. They worked on his narrative, timeline, marketing plan and the many aspects required to launch this unique business – hoping for a summer 2016 launch, the peak tourist season in Portland.
Client Highlight: CrossFit Bangor │ Bangor, ME
Melinda Metten does it all. A firefighter at the Bangor Fire Department and a boom operator in the United States Air National Guard, Metten opened CrossFit Bangor in June 2011. It wasn’t long before CrossFit Bangor’s reputation spread and membership increased, putting her at capacity in her current location. She had begun turning away business because to add new members would negatively impact the quality of service to the existing members.
Always a problem-solver, Metten had found a larger space that would be ideal for growing the business, but she needed financing in order to secure the location. Her lender at EMDC (Eastern Maine Development Corporation) suggested she work with Maine SBDC Business Advisor Ann McAlhany to help her with the documents and paperwork necessary to apply for a loan.Read More
Client Highlight: Tulu Salon & Spa
Terra Olson worked for a high end salon and spa in Portland for years, but knew that there were other opportunities out there. One opportunity she noted was the lack of a high end salon south of Portland. She went to the Maine SBDC office in Saco and met with Business Advisor Steve Lovejoy. That was the beginning of Tulu Salon & Spa on Main Street in Biddeford. Olson worked with Lovejoy to develop the plans for the new salon. Read More
Client Highlight: XPress Copy – Portland
In July 2016, Todd Kent came into see Maine SBDC Business Advisor Steve Lovejoy looking to purchase XPress Copy, an independent printing and copying shop in Portland that’s been in business since 1978. When the current owner decided to retire, he turned to Kent to take over and purchase the business. Kent had been an employee for over 25 years and had been managing the business.
Lovejoy helped Kent with his business plan and financial analysis and projections for the purchase of the business. He helped connect him with Bangor Savings Bank, where he presented his business plan. Kent obtained his financing, and took over ownership in October 2016. Read More
Client Highlight: Verona Wine and Design
When Colleen and Michael Gross of Verona Island originally came to see Business Advisor Betty Egner, they had owned their business, Verona Wine and Design, for two years. Already successful in their current format, an online business selling items made from repurposed wine barrels, they wanted to expand on their love for wine and wine-inspired items – they wanted to open a retail wine shop and a wine and tapas bar on Main Street in Bucksport.