Part 2 of the “Things we wish we knew” Blog series By: Tina Oddleifson, Business Advisor Being a successful entrepreneur means understanding how much capital you need to start a business so that you have room to grow. Not having enough capital can be a major pitfall for a new business owner, making it the… Read more »
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… Read more »
Part 1 of the “Things we wish we knew” Blog series By: Tina Oddleifson, Business Advisor When 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… Read more »
Sometimes 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… Read more »
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… Read more »
As we gear up for the holiday season, it’s essential to plan ahead and make the most of the opportunities it presents. The 2023 holiday forecast predicts a 4.5% increase in retail sales, making it one of the busiest seasons yet. In this blog, we’ll share strategies to help you take advantage of this busy… Read more »
Do you struggle with financial management in your small business? Are you intimidated by the income statement, baffled by the balance sheet, or confused by a cash flow statement? You’re not alone! Most small business owners don’t use their financial reports to their full advantage or only see them only as a tool to file… Read more »
The Maine Small Business Development Centers (Maine SBDC) has selected Anne Lancaster as the 2023 State Star. The award, given annually, recognizes a member of the Maine SBDC staff who has shown exemplary performance and a strong commitment to small business success. Anne Lancaster is a business advisor at the Maine SBDC at University of… Read more »
Market research is one of the first things small business owners should consider when starting their business. This research will help you identify who your customers are, what they like, and how best to reach them.
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.
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