Is the Wave of Retiring Boomers Maine’s Greatest Entrepreneurial Opportunity?

By: Business Advisor Raynor
Business Advisor | Business Certified Appraiser

Starting a business from scratch is one of the most rewarding – and difficult – challenges to undertake. Filing for an LLC is easy, but helping the business to grow and develop requires time, effort, and unconditional (and sometimes unrequited) love.

The hurdles are significant:  20% of startups fail in the first year – a rate that jumps to well over 40% by year 4. [1] Top reasons for failure include: No Market Need (42%), Not Enough Cash (29%), Not the Right Team (23%), Product without a Business Model (17%), and Poor Marketing (14%).[2]

But, if you want the coveted title of Entrepreneur, what’s the alternative? How can you reduce these risks and still achieve your goals?

Buy a Business that already exists. Consider:

• 10,000 Americans turn 65 every day[3], across the country
• Maine is the oldest State in the US[4]
• In the next 15 years, 12 Million Businesses are expected to Sell nationwide – [5] equating to $3.8 trillion in small businesses transferring by 2040[6]

These statistics paint a dark picture that will affect every industry and county in our State… but, for the right people, it’s a land of unrivaled opportunity. By and large, the advantages of purchasing an existing business mitigate the risks of starting one, and you’ll still have the ability to tailor its next steps to reflect your strengths and goals.Read More

Maine SBDC has partnered with the University of Southern Maine’s Cutler Institute to create a FREE, self-paced online training just for retail and foodservice small businesses!

DID YOU KNOW?

As an employer, you are legally responsible for safety in the workplace.

Workplace violence is the 2nd leading cause of workplace fatalities in the U.S. overall and the leading cause of death for women. In 2016, cashiers and retail sales supervisors had the highest homicide rates of any occupation, occurring most commonly during a robbery (Source: U.S. Bureau of Labor Statistics, 2017).

The training includes information on the types of violent threats in retail workplaces, including robbery, shoplifting, unwelcome walk-ins, and threats from customers or employees. Employers and employees will learn how to respond to violence or the threat of violence by reading body language and using de-escalation techniques. Employers will learn how to establish a workplace violence prevention program. 

This training focuses on recognizing risks and different types of violence, warning signs of violence, de-escalating violent situations, creating a workplace violence prevention plan, and reporting to OSHA. The online program is free and accessible from any computer or mobile device.
Participants may login when convenient and complete the training at their own pace. After
successful completion, the staff member is awarded a downloadable certificate.

Access the training here: http://www.mainesbdctraining.org

The Cutler Institute, a part of USM’s Muskie School of Public Service, was awarded a $116,000 OSHA grant to help create the online training. The funding is part of the Susan Harwood Training Grant Program. The grants provide educational and training programs to help employees and employers recognize serious workplace hazards, implement injury prevention measures, and understand their rights and responsibilities.

This is a great piece from News Center Maine featuring the Maine SBDC and our client Surf & Summit Motorcycle.

Two great takeaways…

1. Maine ranks best in New England to start a business according to WalletHub!
2. Maine ranked FIRST (#1!!) in the US in business startup survival rates according to the Kauffman Foundation!

Read More