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.
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… Read more »
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!
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 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.
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… Read more »
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… Read more »
Maine’s outdoor industry is a vital and thriving state economy component. With its rugged coastlines, dense forests, and stunning mountain ranges, Maine is one of the top five states in the country for the outdoor recreation industry. In 2022 alone, Maine attracted over 15 million visitors, adding around eight billion dollars in revenue to the… Read more »
By: Maine SBDC Intern Ryan McNally From banking to social media, mobile apps have become a part of our daily routine. Some businesses only exist as apps, like Uber, and other businesses develop apps to enhance their existing services, like clothing stores. For small businesses, developing a mobile app may seem intimidating and costly, but… Read more »
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