How To Start A Business In Maine

Entrepreneurship in Maine

Opening In Maine

Maine natives have invented everyday objects such as earmuffs and microwave ovens. They even invented a unique car powered by steam in 1897. So it's no wonder so many great entrepreneurs have come from Maine.

 

 

With people like Leon Bean (founder of L. L. Bean), and Harold Alfond (Founder of Dexter Shoe Company) to look up to, the people of Maine love to lead entrepreneurial teams that change the world.

 

 

Home to the beautiful Acadia National Park, and delicious crab, the pine tree state is a great place to start your small business.

 

 

Registering Your Business

Registering In Maine

Registering your business is one of the first steps to success.

 

 

And with Maine’s 175 dollar fee for starting an LLC, it's important you get it right.

 

 

Decide what kind of model is right for you (LLP, LLC, Corporation, Sole Proprietorship). Most small businesses start with an LLC. If you’d like an LLC, S-Corp, or C-Corp done for you, we’d be happy to do that on your behalf.

Click here to learn more.

 

Market Analysis

Analyzing Maine's Market

Before you start your business, look around to understand the market in Maine.

 

 

With an abundance of rich natural resources, Maine has a ton of business potential.

 

 

According to TaxFoundation.org, Maine ranks an awesome 8th in the sales tax rank.

 

 

Competitor Analysis

Another good way to understand Maine’s market is to visit your local Chambers of Commerce.

Chambers of Commerce

 

You can use your local chamber of commerce to identify opportunities and threats in your local community. It’s a great way to get started on the bottom 2 quadrants of your SWOT analysis.

 

We’d recommend looking through it and identifying competitors in your industry, and identify the points of parity you need to live up to, and how to better leverage your points of differentiation.

 

Labor Statistics

Maine is full of hard working people that can be amazing assets to your company.

 

Unemployment rate in Maine:

4.8%

Information from Maine.gov

 

Average annual salary in Maine:

58,015 dollars

27.89 dollars an hour

Information from Zip Recruiter

 

Education levels for residents of 25 and older:

High school degree or higher:

93%

 

Bachelor degree or higher:

32%

 

Information from World Population Review

Housing Market

Price index yearly growth: 21.12%

 

Medium house price: 190,400 dollars

National average house price: 269,039 dollars

 

General Advice

General Info For Maine

Maine is a unique place to start a business. We hope that the resources and points we brought up here will help you start a business there.

 

If you’d like to dive deeper into how to start a business, check out our much longer article How To Start A Business. Use both of them to get started on the right foot from day one.







About the Firm...

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.


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