Starting a Business in Falmouth, Maine

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

Are You Sure You Want to Do This?

Most new businesses do not succeed, in part because the founder did not have the tenacity and/or the skills to succeed. So, before you open a business, consider all of the implications of being an entrepreneur.

Because entrepreneurship is not for everyone, we recommend you do the following to help you assess whether you should move forward with starting a business:

• Talk to other entrepreneurs in Falmouth. Ask them candidly what it's like to run a business.
• We recommend reading Should You Become an Entrepreneur?. For aspiring new entrepreneurs, it's a must read article.
• Have a candid conversation with friends and family. The people who know you best are often in the best position to tell you bluntly whether you will be a good entrepreneur.

What Business to Start

Choosing a business that is right for you is very important. To stir your creative juices on what kind of business to start, take a look at Business Ideas That Don't Make Sense.

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.

Remember that you are opening your new business in Falmouth. The business you want to start may already be well-represented in Falmouth. Don't forget to review Falmouth demographics to see if there's a market for what you want to sell.

Falmouth, Maine Demographic Information

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

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

Business Size	# of Businesses
1-4 Employees	2301
5-9 Employees	639
10-19 Employees	621
20-49 Employees	270
50-99 Employees	54
100-249 Employees	72
250-499 Employees	18
500-999 Employees	0
1000+ Employees	0
All Falmouth Businesses	3975

As a new Falmouth entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Falmouth 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.

Business Type	# of Businesses
Advertising Agencies	2
Apprenticeship Training	1
Architectural Services	3
Automotive Glass Replacement Shops	1
Beauty Salons	4
Boat Dealers	2
Business Associations	1
Canvas and Related Product Mills	1
Caterers	1
Cemeteries and Crematories	1
Child and Youth Services	1
Child Day Care Services	8
Children's and Infants' Clothing Stores	1
Coin-Operated Laundries and Drycleaners	1
Commercial Bakeries	1
Commodity Contracts Brokerage	1
Computer Systems Design Services	6
Continuing Care Retirement Communities	1
Convenience Stores	2
Convention and Trade Show Organizers	1
Court Reporting and Stenotype Services	1
Credit Unions	2
Custom Computer Programming Services	6
Dental Laboratories	1
Diet and Weight Reducing Centers	1
Direct Mail Advertising	3
Discount Department Stores	1
Drywall and Insulation Contractors	2
Educational Support Services	4
Electrical Contractors	9
Elementary and Secondary Schools	1
Engineering Services	10
Environmental Consulting Services	1
Exam Preparation and Tutoring	1
Fine Arts Schools	1
Finfish Fishing	2
Finish Carpentry Contractors	4
Fish and Seafood Merchant Wholesalers	1
Fitness and Recreational Sports Centers	2
Floor Covering Stores	3
Florists	1
Food Service Contractors	1
Framing Contractors	1
Full-Service Restaurants	7
Furniture Stores	1
General Freight Trucking, Local	1
Gift, Novelty, and Souvenir Stores	2
Glass and Glazing Contractors	1
Golf Courses and Country Clubs	4
Heating Oil Dealers	1
Hobby, Toy, and Game Stores	2
Home Health Equipment Rental	1
Insurance Agencies and Brokerages	6
Investment Advice	3
Janitorial Services	7
Land Subdivision	1
Landscaping Services	14
Limited-Service Restaurants	7
Limousine Service	1
Mail-Order Houses	1
Marinas	1
Marketing Consulting Services	5
Masonry Contractors	2
Medical Laboratories	2
Mortgage and Nonmortgage Loan Brokers	3
Motion Picture and Video Production	1
Motor Vehicle Body Manufacturing	1
Motorcycle Dealers	1
Musical Groups and Artists	1
Navigational Services to Shipping	1
New Car Dealers	3
New Housing Operative Builders	2
Nonresidential Property Managers	3
Nursing Care Facilities	2
Office Administrative Services	1
Office Supplies and Stationery Stores	1
Offices of Certified Public Accountants	3
Offices of Chiropractors	5
Offices of Dentists	10
Offices of Lawyers	4
Offices of Optometrists	2
Offices of Podiatrists	1
Offices of Real Estate Appraisers	1
Optical Goods Stores	1
Painting and Wall Covering Contractors	1
Paper Industry Machinery Manufacturing	1
Pet and Pet Supplies Stores	3
Pet Care (except Veterinary) Services	1
Pharmacies and Drug Stores	1
Private Mail Centers	1
Public Relations Agencies	1
Residential Property Managers	2
Residential Remodelers	5
Retail Bakeries	1
Reupholstery and Furniture Repair	1
Savings Institutions	3
Securities Brokerage	2
Shoe Stores	1
Sign Manufacturing	2
Site Preparation Contractors	5
Snack and Nonalcoholic Beverage Bars	4
Solid Waste Collection	2
Sporting Goods Stores	1
Temporary Help Services	1
Tire Dealers	2
Title Abstract and Settlement Offices	1
Used Car Dealers	3
Used Merchandise Stores	3
Veterinary Services	1
Video Tape and Disc Rental	2
Vocational Rehabilitation Services	1
Voluntary Health Organizations	1
Wholesale Trade Agents and Brokers	3
Window Treatment Stores	2

Should You Franchise?

As you drive around Falmouth, you may be surprised to see how many franchises there are in the area. But is franchising the right option for you?

We highly recommend you investigate buying a franchise. We have many articles on franchises, such as Franchising My Business. Get a thorough education on franchising by browsing all of our Articles on Franchising.

A comprehensive list of franchisors is available via our List of Franchise Opportunities.

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

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

Is Buying an Existing Falmouth Business a Good Strategy?

We've created a useful website page for those who want to Buy a Business in Maine. Follow that link and you may find several good businesses for sale in Falmouth.

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.

Even if the name doesn't do it by itself, many naming experts believe there should be a story behind the name that ties into your company mission.

For other considerations regarding naming a company, we recommend this article: Naming a Company.

There's one other important factor when naming a business. Since you are planning on starting a business in Falmouth, it's imperative that you check now that your company name has not already been claimed by another Maine business.

Forming a Company in Falmouth, Maine

It's very important that your business is formed as a legal entity that is separate from its owners. Among other things, forming a legal entity for the business limits your liabilities.

When forming a company, you will pick from 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. Of course, you have to decide which type of corporation to form and where to incorporate. If you are starting a business in Maine, you don't necessarily have to incorporate in Maine. In fact, you are allowed to 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 Avoiding Personal Liability in Business. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Falmouth, Maine, our web page covering Incorporating in Maine may be a useful resource if you decide to incorporate in Maine.

Make Sure You Have a Business Plan

A business plan is vital to the health of your new business. Simply put, a business plan is a written description of the future you envision for your business. Starting a business without a business plan is a recipe for disaster.

If you want more information on writing business plans, we recommend reading The Art of the Executive Summary. A great resource for business planning assistance is the free counseling sessions provided by your local SCORE chapter in Maine.

Getting Money to Start a Business

Raising money to fund your new Falmouth business is a difficult chore. The reality is that there is very little funding available for new small businesses, and you have to explore every possible alternative.

Fortunately, this site contains dozens of articles on raising money, including one we recommend entitled Getting a Small Business Loan.

For Falmouth entrepreneurs who want to raise money for a new venture, check out our List of Maine Angel Investors and our List of Maine Venture Capital Firms.

Marketing Your New Venture

To grow your Falmouth business, you'll need to have a good marketing plan.

We have some useful resources on this site for entrepreneurs who are working on marketing plans. Search Engine Promotion discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. There are many more articles on marketing on our site. Visit our Small Business Marketing resource section to see them all.

The Art of Selling

Mastering the art of selling is essential if you want your new Falmouth business to do well.

Not knowing how to sell can result in lost customers and minimal market share. The good news is we can help you to make selling a big competitve advantage for your new firm.

The Art of Customer Referrals is a good article to read, one of dozens in the Selling for Entrepreneurs section of our site.

Improving Your Entrepreneurial Skillset

The best business owners recognize that they don't know everything.

With your business being located in Falmouth, Maine, you should investigate some of the learning programs at local Maine educational institutions. You should also check if there are any networking organizations for Falmouth entrepreneurs.

Next Steps

Most new Falmouth businesses underestimate the number of challenges they will face.

If you choose the right business and love what you do, you will greatly increase your odds of success.

This site is all about helping entrepreneurs in Falmouth and elsewhere to achieve real success. 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 Falmouth, Maine

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

• Resources for Falmouth, Maine Entrepreneurs - Browse a variety of resources we've collected to assist Falmouth 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.
• Falmouth, Maine Newspaper Ad Rates - This is a nearly comprehensive list of advertising rates for Falmouth, Maine newspapers, including ad costs for newspapers serving the Falmouth area.

Starting-a-Business Guides for Other Cities in Maine
Starting a Business in Ellsworth
Starting a Business in Farmingdale

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