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 »
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 »
Some of the best parts of networking are meeting people from all backgrounds, building your business, finding new clients, and getting your name out there, but it can also be an uncomfortable experience. If you’re an introvert, networking may be one of your least favorite activities. So here are some tips and tricks to make… Read more »
Did you know that establishing your brand identity is crucial to your marketing strategy and helps you better articulate your brand image? After all, the brand’s personality and originality are what people remember about your company and how your customers recognize and experience your business.
If you’re planning to start a business or already have an existing one, you may have considered whether wholesale is the right approach for your business. There are various factors to consider, so we’ve highlighted some major points to ensure you have the right tools to get started!
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