Starting a Business in Cape Elizabeth, Maine

Thinking about starting a business in Cape Elizabeth, Maine? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Cape Elizabeth.

Do You Have What It Takes?

Before you get too far along in the process, consider your entrepreneurial instincts and capabilities.

While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:

• Talk to other entrepreneurs in Cape Elizabeth. Get their candid feedback on what it takes to start a successful business.
• We recommend reading Why Small Businesses Fail. For aspiring new entrepreneurs, it's a must read article.
• Get feedback from somebody whom you trust. A support network of family and friends can be a great sounding board for good advice before you decide for sure to go into business.

Which Business to Choose?

There are many businesses that you can start. How do you know which type of business is right for you? We recommend that you read Evaluating Your Idea.

For in-depth how-to guides on how to start specific businesses, browse our Good Businesses to Start section of our site. For example, you might be interested in our Starting a Dance Club guide or our Starting a Tatoo Parlor guide.

Don't forget that Cape Elizabeth is the place where you are starting a business. Some businesses will do better in Cape Elizabeth than others. Don't forget to review Cape Elizabeth demographics to see if there's a market for what you want to sell.

Cape Elizabeth, Maine Demographic Information

Cape Elizabeth has an active business community that includes small businesses, mid-sized businesses and large businesses.

To give you a better feel for Cape Elizabeth demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Cape Elizabeth.

As a new Cape Elizabeth entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Cape Elizabeth for each business category. By looking at this chart, you can get a general sense for how much competition there is in the business niche that you are pursuing.

Should You Franchise?

As you drive around Cape Elizabeth, you'll notice that many local entrepreneurs have gone the franchising route. But is franchising the right option for you?

We advise the entrepreneurs we work with to consider franchising as an option. We have many articles on franchises, such as Franchising Pros and Cons. Become a franchising expert of sorts by reading more of our Articles on Franchising.

You can find franchise opportunities by browsing our Franchise Opportunities Directory.

Sample franchise opportunities include Subway Franchises and Starbucks Franchises. Alternatively, you can browse franchise categories, such as Accounting Franchises and Moving Franchises.

Note on Cape Elizabeth Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Cape Elizabeth.

Should You Buy an Existing Cape Elizabeth Business?

We've created a helpful website page for those who want to Buy a Business in Maine. Follow that link and you can assess several good businesses for sale in Cape Elizabeth.

Before buying a business, be sure to read this article: Hold Harmless Agreements When Buying Businesses.

Naming the Company

A big decision when starting a company is choosing a company name. Believe it or not, choosing a good company name can be a big contributor to your business success.

Companies like Starbucks, Apple, Target, Microsoft and Intuit all have strong company names that are easy to remember and have become well-loved brands. Wouldn't it be nice if your new company name got on a similar track?

For other considerations regarding naming a company, we recommend this article: Branding Advice.

On a final note, given that you are planning on starting a business in Cape Elizabeth, it's very important that you make sure your company name has not already been claimed by another Maine business.

Forming a Company in Cape Elizabeth, Maine

It's essential that you choose the right legal structure for your new entity. Among other things, forming a legal entity for the business limits your liabilities.

When forming a company, you will select one of many company types, such as a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.

Incorporating is a very popular way to form a business. A key decision is whether to form and S-Corp or a C-Corp, and you also must decide in which state you will incorporate. If you are starting a business in Maine, you don't necessarily have to incorporate in Maine. As it turns out, you can incorporate wherever you want. However, if you do incorporate in another state, you'll have to register as a foreign corporation in your home state.

There are many nuances to forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Where to Incorporate. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Cape Elizabeth, Maine, our web page covering Incorporating in Maine may be a useful resource if you decide to incorporate in Maine.

Don't Skip the Business Plan

A business plan is critical to the health of your new business. Simply put, a business plan describes what you plan to do with the business and how you plan to do it. Not having a business plan is a recipe for disaster.

To learn more about business plans, read Expert Advice on Business Plans. You can also get face-to-face free consulting available from your local SCORE chapter in Maine.

Getting Money to Start a Business

Raising money to fund your new Cape Elizabeth business is a difficult chore. In fact, financing your new business may be the hardest challenge you ever face.

Take advantage of our many articles on raising capital, such as Bank Credit Lines.

For Cape Elizabeth entrepreneurs on the hunt for startup funding, check out our List of Maine Angel Investors and our List of Maine Venture Capital Firms.

Promoting Your New Business

Whether your goal is to attract Cape Elizabeth customers or you plan on selling elsewhere, having an excellent marketing plan is fundamental to your successs.

We have some great resources on this site for entrepreneurs who are working on marketing plans. Getting Publicity is a good read to get your marketing juices flowing. There are many more articles on marketing on our site. Visit our Small Business Marketing resource section to see them all.

Building Up Your Sales

Being able to sell is a key enabler to your business success. Whether you are focused on selling local customers in Cape Elizabeth or are selling to customers throughout Maine, the United States or even the world, you have to be able to sell.

So what does it take to bring in more prospects and close more business? Fortunately, we've got plenty of good advice to help you improve your selling skills.

Compensating Sales People is a good article to read, one of dozens in the Selling for Entrepreneurs section of our site.

Increase Your Entrepreneurial Knowledge

Successful entrepreneurs recognize that they need to continually improve.

As an entrepreneur who lives in Cape Elizabeth, Maine, you should investigate some of the learning programs at local Maine educational institutions. You should also check if there are any networking groups or organizations in which Cape Elizabeth entrepreneurs get together to network and trade their business experiences.

Now It's Up To You

You have a dream -- starting a business in Cape Elizabeth. To achieve your dream, you have to persevere, even when the odds are against you.

Owning your own business will be a daunting task, but you can do it.

Our goal here is to promote the vitality and growth of small businesses in Cape Elizabeth and throughout the United States . We have a wealth of experience in business start-ups, financing, marketing, sales and more...and we've made all of our knowledge available to you.

More Entrepreneurial Resources for Starting a Business in Cape Elizabeth, Maine

Here are more links that we believe will help you be successful in starting a business in Cape Elizabeth.

• Resources for Cape Elizabeth, Maine Entrepreneurs - Browse a variety of resources we've collected to assist Cape Elizabeth entrepreneurs.
• Maine Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Maine.
• Maine Small Business Development Center - Maine Small Business Development Centers and its technology-focused group, the Maine Small Business & Technology Development Centers, provide comprehensive business management assistance, training, resource and information services to Maine's entrepreneurs and small business owners.
• Cape Elizabeth, Maine Newspaper Ad Rates - This is a nearly comprehensive list of advertising rates for Cape Elizabeth, Maine newspapers, including ad costs for newspapers serving the Cape Elizabeth area.