With a huge market for growing small businesses, Maine offers a very stable economic development. Business-friendly laws and supportive governmental regulations offer vast opportunities for new businesses in Maine. Maine has a very structured tax filing format making it easy for a business to operate without any hassle.
The state is known to produce chiefly paper, lumber, wood products, electronic equipment, leather, food, textiles with tourism being a major contributor to Maine’s economy. If you are planning to start a small business in the state, here’s a complete guide on how to start a profitable business in Maine.
Here are the 10 Steps On How To Start A Profitable Small Business In Maine with Best Business Opportunities
Follow the given steps to legally start a business in Maine.
Step 1. Choose a Business
You can create and publish an online edition of yourself with either paid subscription or advertising.
If you are looking for a no investment legitimate business from your home in Maine, online survey sites can provide you with an excellent opportunity to earn a side income in your spare time.
The business will involve a notary public to act as a certified and legal witness. You have offer services like a signature in exchange for proof of identification like contracts and mortgages.
With so many working couples in Maine, there are several families looking for professionals who can take care of young and older ones.
Online Courses Business
A growing business worldwide, you can offer courses online from your home. The eLearning industry has seen a major boost in the last few years.
Unlike a news website or some authority website, you can choose a niche subject like movies or basketball for a website business. Check our detailed guide on starting a blog and make money to learn more.
The nail salon business will involve offering manicures, pedicures, and different nail services at a salon or via a home visit.
Freelance Writing Services
You can write for different publications and companies from home. As a freelance writer, you can work flexibly according to your time.
Bed & Breakfast Business
With so many visitors to Maine, you can start a bed and breakfast business offering a homely lodge via AirBnB for tourists who look for alternative hotels and motels.
Customized Tour Services
Tourism is a major contributor to Maine’s economy offering a potential market for customized tour services.
Online Dating Consulting Business
You will offer online consultancy on how people should go with their online dating and social world.
Maine is the number one producer of blueberries in the United States with a huge market for exports.
T-Shirt Printing Business
With a huge market for customized t-shirts in Main, you can start a business to print and sell t-shirts with the designs your customers choose.
Commercial fishing is huge in Maine. You can start a lobstering and groundfishing business in the state.
Packaging Design Business
Companies often look for visual graphics to make their product packaging interesting. The business will include designing packages for distribution and use.
Step 2. Business Plan
Once you are ready with an idea feasible for you, start working out a business plan immediately. Go through all the possible threats your business can face, chalk out your objectives and set your goals.
Step 3. Financing A Business In Maine
Maine has a very healthy business environment. You can approach investors or even go for crowdfunding. In case you want to finance your business, there are multiple business financing options available at low rates.
Step 4. Naming Your Business
Find a good name for your business. Try to go for something meaningful and with fewer syllables. As soon as you finalize your name, register it and buy a domain with the same name.
Step 5. Business Registration
You have to register your business in Maine to be legally operational. Either you can go for an LLC or sole proprietorship or a corporation. Registering as an LLC will offer you added tax benefits with no individual legal liability.
Step 6. Business Licenses & Permits You Need In Maine
You have to register your business in Maine with Maine Revenue Services (MRS). If you wish to hire an employee in Maine, you must register with the Maine Department of Labor (DOL).
Step 7. Federal EIN & Tax Filing
Next up you need to obtain a Federal Employer Identification Number (EIN) from the IRS to be legally taxed. You also need an EIN to open a business bank account.
Step 8. Setting Up Business Accounting Method
Buy a good business accounting software for easy management of transactions. With a good business accounting software, you can file your annual taxes without any hassle.
Step 9. Business Insurance
The business insurance in Maine regulated at the state level. You will have to get a workers compensation insurance and a professional liability policy in case you are selling services.
Step 10. Promoting A Business In Maine
Once you are finished with the setup, it’s now time to take the word out. Hire an agency or use social media to explicitly promote your new business.
Best Places To Start A Business In Maine
Choosing the right location is going to determine how your business runs. Here are some of the best places in Maine to start your business:
Maine is a business-friendly state in the United States. Hope this business guide will help beginners to start their own business in Maine.