Part 4 of the “Things we wish we knew” Blog series By: Tina Oddleifson, Business Advisor “If you market to everyone, you’ll market to no one” – Famous Marketing Guru As business advisors, we review a lot of business plans. One thing we see regularly are marketing plans with vague references to social media… Read more »
Posts Categorized: Small Business Information
Create realistic financial projections
Part 3 of the “Things we wish we knew” Blog series By: Tina Oddleifson, Business Advisor We get it, you’re an artist, a baker, or love working on cars. You’ve decided to start a business doing what you love, and you plan to let someone else worry about the financial details later. But when… Read more »
How Much Capital Do You Need to Start a Business?
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 »
New Federal Reporting Requirements for LLCs and Corporations
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 »
Essential Steps Before You Start a Business
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 »
Things we wish we knew – Blog series
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 »
Holiday Prep Marketing for Your Business
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 »
Understanding Financial Statements – A Video Series
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 »
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… 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.