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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. 

Cover Graphic : A guide to starting a business in MaineA 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).

2016 Program Results with Map of MaineMaine 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

Maine BayCycleNeil 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.

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Client Highlight: CrossFit Bangor │ Bangor, ME

CrossFit BangorMelinda 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

Tulu Salon - Biddeford, METerra 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

logoIn 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

Verona Wine and DesignWhen 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.

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Business Highlight: Halcyon Yarn – Bath

Halcyon Yarn LogoHalcyon Yarn, a yarn and fiber art retail and catalogue store located in Bath, has been in business for over 45 years, serving the needs of weavers, knitters, spinners and other fiber artists. When the founder Halcyon Blake decided it was time to retire, her daughter Gretchen Jaeger sought to buy the business and keep it in the family.

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What is a marketing plan and why do I need one?

By: Business Advisor Tom Leach

What is a marketing plan?  What should it contain?

Of course the starting point is to understand what marketing is in the first place. Marketing starts with who the customer is and their needs and wants. That will vary depending upon which customer segment the company is targeting. Understanding the customer segment’s attitudes and wishes is critical and deserves careful thought.  Products then need to be differentiated from competitive choices in order to best satisfy the segment’s desires.  Pricing represents the value of the product and must match the product’s attributes and benefits and of course must be competitive. Where the product is sold should represent how the customer wishes to shop for it and acquire it.  Finally, communicating the value of the product must take into account which media the customer follows and how the product is presented to them in terms of need satisfaction and how it is a better choice than competitive products. Product positioning is an important issue to consider.  Positioning is the customers’ perception of the brand’s value in relation to the competitive choices.  In other words, it is the mental definition of the brand in the mind of the customer.

A marketing plan is a document that outlines the situation or business environment that the business is currently operating within and then lays out the objectives, strategy and programs to accomplish the objectives going forward.

Goal Plan Success - Maine SBDCRead More