Keeping accurate records of your business’s financial transactions is critical to ensure consistency and avoid bookkeeping mistakes. However, small business owners often make common bookkeeping errors that can lead to significant financial problems. Read More
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Maine SBDC Business Advisors Receive Certifications
Certified Business Advisors O’Brien, Treworgy, Umphrey Recognized
The Maine Small Business Development Centers (Maine SBDC), a state-wide program that helps entrepreneurs start and grow their businesses, recognized three (3) business advisors who received their Core Competencies Certification from the New England Professional Development (NEPD) group on Wednesday, May 17, 2023. Newly certified advisors include Christina O’Brien (Waterville), Eric Treworgy (Ellsworth), and Dan Umphrey (Caribou). Read More
Work in Progress Art Studio – Lisbon
Going from the spark of an idea to the point of taking action, takes a tremendous amount of courage. This is true for entrepreneurs and artists alike, and Teresa Pennington of Work in Progress Art Studio(WIP) is both! An avid ceramic potter, gardener, and general crafter, she has always enjoyed the collaborative atmosphere of an art studio. She was ready to take a chance when she first began working with Maine SBDC at AVCOG Center Director and Business Advisor Lori Allen in February 2020 with the idea of opening a pottery studio. They began working on her business plan and looking for locations, then the COVID-19 Pandemic stopped everything in its tracks. Read More
Linx Construction & Contracting – Auburn
All successful businesses need to solve a problem, and while these may vary in size and seriousness, your target market is seeking solutions and you want to be the one to provide them!
Like James Watson, of Linx Construction & Contracting, who knows personally the dangers involved with lead poisoning and how it can affect people’s lives. He wanted to create a Lead Abatement company, which could also offer construction, carpentry, siding & trash removal. Since Maine has a goal of being lead-free by 2035, and every construction company will need to be certified for lead abatement in the future, his services will soon be in high demand. Read More
Tips & Tricks to Repair Your Credit
As a business owner, your personal credit score will impact your ability to get a business loan, secure credit lines, and even lease office space. While credit score requirements vary by institution or credit card provider, if your credit score is less than perfect, there are steps you can take to repair it! Read More
Fantastic Beasts – Sebago
As many small business owners know, being “customer-focused” is key to business success. This means always thinking about ways to improve your customer’s experience and solve their problems. But when your customers are beloved dogs, cats, guinea pigs, rabbits, goats, and “other small furries” you want them to have the best experience possible. That’s why Dr. Sarah Spindell decided to launch her small business, Fantastic Beasts Veterinary Care, as a mobile practice. Read More
How Has the Value of a Small Business Changed Through COVID?
While there are a few approaches to determining the value of an existing business, they all hinge on the ability of a buyer to accurately predict the future cash flow created by the assets. In other words, nobody wants to work for free! Is a buyer going to be confident the business can pay them to do the work of ownership? Usually, this is demonstrated by stable & consistent historic performance.
However, the last few years have been everything but stable & consistent. So how has COVID, shifting industries, changing banking practices, and an alphabet soup of grants & loans (EIDL, PPP, CDBG…) changed the landscape of determining a reasonable market value for your business? Read More
Are You Ready To Be a Business Owner? Personal Readiness
Are you ready to launch your business? Personal readiness is key when it comes to opening a business, and it’s essential to take the time to make sure you are prepared for all of the challenges that come with the process.
Should You Raise Your Prices?
As a small business owner, one of the biggest challenges you may face is determining when it’s time to raise your prices. Maintaining loyal customers and earning a profit can be a delicate balance. However, there are times when raising your prices is necessary to keep your business viable. A winning price strategy includes knowing your cost, knowing your market, and communicating your value.
Preparation For Fairs, Festivals And Farmers Markets
Maine offers businesses year-round opportunities to display their products to potential customers. The state has 24 agriculture fairs, 70 festivals, 115 summer farmers markets, and 35 fall/winter markets. Participating in fairs, festivals, and farmers’ markets can be an excellent way for businesses to promote their products and increase sales. However, it’s essential to prepare your booth in a way that stands out and is relevant to the event. Read More