Many small business people think of the business plan as that thing they had to do to obtain financing for their business. While that is one way to describe a business plan, it isn't the right one. Business plans are not something that should be seen as a hurdle. Think of it as a ladder.
In 2012, Colin Sullivan-Stevens needed a bag for himself. He was regularly riding his bike between his home and studio in Portland. He found backpacks inconvenient and messenger bags unstable and painful on the shoulder. So he designed one himself from scraps of an old movie screen.
With Maine lawmakers in recess until a new Legislature is elected and convenes in January, it seems like a good time to look south to see what might be brewing in the nation's capital that Maine businesses should keep a close eye on.
When Thomas Rainey interviewed to become the new executive director of the Maine Center for Entrepreneurial Development, he knew the Portland-based nonprofit already was running a deficit for this year and that raising money would always be a big part of his new job.
Maine is the proud home of a number of microbreweries, with frequent startups placing us among the top breweries per capita in the nation. Legitimate reduction of income taxes is one way a new brewery can reduce a significant barrier to survival and growth.
While companies tend to have disaster recovery plans that emphasize restoring critical systems, communication plans are too often ignored until after a data breach. An oversight of this kind at the time of a breach can have a lasting negative impact to the organization's reputation.
There are only 1.2 million of us in Maine. We depend on seasonal visitors to boost our coffers in the summer. But we need to be more active in attracting entrepreneurs and business people to the state.
My interest in the just-completed 16-year Penobscot River Restoration Project — which I've written about several times during my time at Mainebiz, including the Aug. 22 story about Kleinschmidt Associates' work on the Howland Natural Fish Passage — is rooted in the broader question of how damaged ecosystems might be restored to health.
In October, Rapport won a $100,000 investment from AOL founder Steve Case's Revolution Growth during a “Rise of the Rest” pitch competition. “In terms of importance, I've been referring to it as the 'Big Bang' moment," says co-founder Justin Jaffe.
Three beverage companies with Maine ties and multi-state operations are focusing not just on the bottom line, but also on ingredients and processes in a highly competitive industry. Costs are higher, making the balance more complicated.
From a first run of 12 cases produced from 100 pounds of potatoes for a local store, Vintage Maine Kitchen is now producing chips for about 100 locations in Maine and beyond, and enjoy robust online sales.
At some point, spare bedrooms, home kitchens and cramped offices not only inhibit capacity, but also limit a company's stature. Investing in a commercial property or renovation can help operational efficiency as well as increase brand awareness, which in turn can help legitimize a business and ultimately lead to more sales.