How to Start a Small Business in Maine | 10 Steps
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Table of Contents
- Step 1: Develop your business idea
- Step 2: Choose a
business structure - Step 3: Name your business
- Step 4: Apply for licenses and permits
- Step 5: Open a business bank account
- Step 6: Register your
business - Step 7: Apply for an employer identification number (EIN)
- Step 8: Purchase the necessary insurance
- Step 9: Develop tools for your business
- Step 10: Promote your business
- Frequently Asked Questions
- In Summary
Step 1: Develop your business idea
Create a Clear Vision for Your Business
The first step in the process of starting a business in Maine is to create a clear vision for your business and
Define Your Brand
Your brand should be unique and stand out from the competition. This
Research Your Market and Competitors
Now that
Write a Business Plan
Once you’ve done your research, it’s time to write a business plan. This should outline your strategies, goals, and other details to help you get your business off the ground. A business plan will keep you focused and will become your blueprint as you move forward with your venture. Include everything from marketing plans to projections to an
Step 2: Choose a business structure
Research Business Structures and Decide What’s Best for Your Business
Once you’ve researched any local restrictions and permits needed to start
- Sole Proprietorship – This business structure is ideal if you are the sole owner of the business. You will
have full control, but you are personally liable and responsible for all debts or debts. - Limited Liability Company (LLC) – In an LLC, you may have one or more
members who each have certain rights and responsibilities. This type of business is best if you’d like a structure that offers limited liability for members. - Partnership – Partnerships mean that two or more people or entities decide to share control and profits of the business. Decide who the general partner is and if the other partners will
have full ownership or limited rights.
Once you’ve chosen a business structure, you’ll
Lastly, you’ll need to apply for the appropriate business licenses and permits. Depending on what type of business you run, you may need to apply for special licenses, such as a food service license. Contact the Maine Department of Professional and Financial Regulation to find out what you need.
Step 3: Name your business
Develop a Unique Name: The name of your
Research Your
Protect Your Name:
- Register your business name with the state of Maine.
- Consider applying for trademark protection
if your business’ name is unique or has been created. - Research the internet to make sure no other business is using the same name.
Check Domain Availability: After making sure your business name is safe to use and protectable by law, go online and check the availability of a domain name for your business.
Step 4: Apply for licenses and permits
Get Ready for Inspection
In
- Liquor licensure: for selling
alcoholic beverages - Food permit: for making prepared food
- Fire protection permit: for meeting fire safety codes
- Retail/wholesale permit:
for selling products or services to the public
You’ll also need to submit a zoning permit or any other permits required by your local
Check Your Contractor Insurances
If you’re
Register for Taxes
Any business owner must register for federal, state, and local taxes. Visit the IRS for
Be Prepared for Audits
Any business must
Step 5: Open a business bank account
Secure A Business Bank Account
Opening a business bank account is key when starting a small business. You’ll need the business bank account to hold business funds, track spending, and manage your cash
When shopping for a business bank account, make sure you read any applicable fees and compare the services of each bank. It’s also a good idea to look for 24/7 customer service, online and mobile banking, check deposits through an app, and
-
Research different banks to compare their products and fees for a business bank account - Open the bank account in the business’s name
- Deposit the initial balance into the business’s bank account
To open a business bank account, you’ll need to have your business’s tax identification and other information ready. Ensure you keep copies of any paperwork you receive. Once the account is set up, use it to manage business transactions for financial records and tax purposes.
Step 6: Register your business
Secure necessary permits
In Maine, you need to register your business with the Secretary of State and obtain federal and state tax identification
Create a legal structure
It’s important to understand the legal structure of your business and how it will be taxed. In Maine, businesses can choose from the following structures:
Register your business
Once you have decided on the legal structure of your business, you need to register it with the Secretary of State. This can be done
- Business name
- Mailing address
- Purpose of the business
- Names and
addresses of all owners - Information about the registered agent
Once your application is submitted and approved, you will receive a certificate of registration.
Get an Employer Identification Number (EIN)
You will need to get an EIN from the IRS in order to pay taxes and open a business bank account. You can apply for an EIN online, by phone, 
Step 7: Apply for an employer identification number (EIN)
Take Advantage of Free Professional Guidance Offered by SCORE
Maine’s SCORE Chapter offers free
Obtain the
In addition
File Articles of Organization and Operating Agreements
As an LLC, you need to file
Apply for an Employer Identification Number
The final step to starting your small business in Maine is to obtain an EIN or an employer identification number. This number is used to identify your business for the purpose of federal and state tax filings and
Step 8: Purchase the necessary insurance
Insurance is Critical to your Success
Starting a business in Maine comes with its share of risks, no matter the industry. That’s why purchasing the right insurance is one of the most important steps in the entire process. The right coverage can protect your business should an incident occur that could cause financial ruin. The insurance you require may vary
Understanding Your Insurance Needs
In order to purchase the necessary insurance, you should first consult an insurance agent about your particular business. An insurance agent can advise you on what types of coverage your business needs and can offer quotes for
Property Insurance
Property insurance covers the cost of repairing or replacing any business property lost due to events
Additional Insurance for Your Business
Other types of insurance include:
- General Liability: Covers injury or damage to other people’s property, which may prevent you from being
held liable. - Worker’s Comp: Covers medical costs and lost wages resulting from an employee’s injury.
- Professional Liability:
Covers malpractice or negligence of services you provide.
Be sure to research any additional types of insurance that may be required for your specific business.
Step 9: Develop tools for your business
Ready the Tools
Creating tools and resources for a small business in Maine can be essential for success. Depending on the type of business you decided to open, you’ll need to request any necessary permits from the government and even create forms for
Design Your Website
Your website will be one of the most important tools you can create for your business. To make sure that your website is up to par, make sure to use the latest design trends and have the site mobile friendly. This will ensure that potential customers have a great experience visiting the website.
Create a Logo
Having a prominent logo is a key marketing aspect for businesses. It will help create recognition for
Market Your Business
No matter what kind of small business you decide to open, it’s essential to spread the word. The
Step
With your business plan and
- Create a website and social media channels. These are free to set up and provide a good platform to share news and discounts with customers.
- Reach out to local media contacts. They may be interested in writing a feature or providing coverage.
- Word of mouth is an
excellent channel to get noticed. Try offering incentives or discounts if your customers refer you. - When attending in-person events
and festivities, bring enough business cards to hand out.
These are only a few of the ways you can promote your business. Experiment and find approaches that work for you. Invest in your local business community as much as possible, membership in a Chamber of Commerce or other business organizations can keep you in the loop on the events and opportunities offered.
Build
Frequently Asked Questions
What are the first steps to starting a small business in Maine?
The first steps to starting a small business in Maine are making sure to register your business, obtaining a business license, and establishing a filing system for your accounting. Additionally, you’ll need to create a strong business plan, determine your business’s legal structure, and open up any bank accounts needed to keep your business’s finances in order.
How can I register my business in
To register your business in Maine, begin by
What other steps are necessary to launch my business?
After registering your business, you’ll need to secure any additional licenses and permits that may apply to your business. You’ll also need to devise a marketing plan to best promote your products and services, build a team of dedicated employees to help you run the business, and research any relevant state or federal taxes that you may need to pay, including insurance. Finally,
Final Thoughts
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