Maine Business Startup Guides
Starting a Business in Bar Harbor, Maine
Thinking about starting a business in Bar Harbor, Maine? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Bar Harbor.
Are You Ready for Entrepreneurship?
Most new businesses fail, 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.
Before you move forward with starting a business, be sure to do these three things:
- Talk to other entrepreneurs in Bar Harbor. Listen closely to their experiences and see if you think you too can be successful.
- We recommend reading Characteristics of Successful Entrepreneurs. For aspiring new entrepreneurs, it's a must read article.
- Seek the advice of somebody who knows you well. Ask them directly: Do I have what it takes to be an entrepreneur? Listen carefully to their answer, as they presumably know your strengths and weaknesses.
Bar Harbor, Maine Demographic Information
Bar Harbor has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Bar Harbor demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Bar Harbor.
As a new Bar Harbor entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Bar Harbor 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.
Is Franchising a Better Option?
As you drive around Bar Harbor, you may be surprised to see how many franchises there are in the area. But is franchising the right option for you?
We advise the entrepreneurs we work with to investigate buying a franchise. We have many articles on franchises, such as Staffing a Franchise. Become a franchising expert of sorts by reading more of our Articles on Franchising.
To learn about specific franchise opportunities, check out our Franchise Directory.
Sample franchise opportunities include Donatos Pizza, Inc. and Doody Calls. Alternatively, you can browse franchise categories, such as Car Wash Franchises and Healthy Alternative Foods Franchises.
Note on Bar Harbor Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Bar Harbor.
Forming a Company in Bar Harbor, Maine
A critical step is ensuring that your business is formed as a legal entity that is separate from its owners. Without a legal structure for the business, you can be held personally liable for the actions, debts and obligations of your company.
The entity you form can be a corporation, LLC, sole proprietorship, partnership or other structure.
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. For example, it's very popular to incorporate in Delaware, and incorporating in Nevada has become very trendy as well. Don't forget, though, that you will have to register as a foreign entity in all states that you do business in.
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 Piercing the Corporate Veil. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Bar Harbor, Maine, our information on Incorporating in Maine may be a useful resource if you decide to incorporate in Maine.
Startup Financing Basics
Finding the funds to fuel the growth of your Bar Harbor business is very difficult due to the ongoing business credit crunch. To obtain business financing, you will need to hear a lot of rejections before you finally find a funding solution that works for you.
Fortunately, this site contains dozens of articles on raising money, including one we recommend entitled Getting a Small Business Loan.
For Bar Harbor entrepreneurs in need of startup financing, check out our List of Maine Angel Investors and our List of Maine Venture Capital Firms.
Building Up Your Sales
Mastering the art of selling is a must if you want your new Bar Harbor business to do well.
Clever sales techniques can transform any business from good to great. Let us help you refine your selling techniques through our many useful sales advice tips.
Closing Sales is a good article to read, one of dozens in the Selling for Entrepreneurs section of our site.
Never Give Up
Most new Bar Harbor businesses underestimate the number of challenges they will face.
Owning your own business will be a daunting task, but you can do it.
We are here to help Bar Harbor businesses to be successful. 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 Bar Harbor, Maine
Here are more links that we believe will help you be successful in starting a business in Bar Harbor.
- Resources for Bar Harbor, Maine Entrepreneurs - Browse a variety of resources we've collected to assist Bar Harbor 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.
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