WRITTEN BY ANNE GABBIANELLI
Starting a business can be a scary thought and daunting task for anyone, but sometimes you just have to go with your gut instinct and take the plunge. Just ask Ellen Finn, the owner/operator of Cadillac Mountain Summit Shuttle.
“By being a local gal, I realized the need for a shuttle up on Cadillac Mountain after a vehicle reservation system was implemented. I wasn’t happy about losing our access up the mountain, and I knew many folks would be shut out from being able to get up the mountain,” Finn said.
So the Otter Creek native followed her hunch. “I knew the need was great for a shuttle on Cadillac. Then the pandemic happened and when everything was shut down and I had all sorts of time on my hands, I decided to write this business plan.”
The entrepreneurial spirit can be found all over Maine. In 2019, educator Michael Begley decided to join his mother and stepfather in Dover-Foxcroft and establish a waffle eatery, literally out of love.
“We wanted to create a loving free spirit environment where people could see the creativity not only in our food, but in the ambiance as well.” Peace Love Waffles began in a storefront downtown. Today the ambiance is in a nearby barn.
“Not only did the pandemic give us time to turn an old barn into Peace Love Waffles, but it was a time where everyone was seeking safety and comfort. It truly feels like Peace Love Waffles was meant to be where it’s at right now,” Begley said.
Both of these young entrepreneurs found the hands-on support they needed to launch and boost their businesses. Finn said she began seeking guidance on the web regarding how to write a business plan.
“I went to several local banks and got some good feedback about the plan, but unfortunately no backings. This was probably one of the hardest parts of the journey,” Finn said. “It was very hard to keep going bank to bank, however they said what a good plan it was.”
While challenging, Finn persevered. “Finally a bank loan officer I talked to was really interested in my plan and realized the potential and sent me to a non-profit small business start-up company to work up a cash flow analysis.”
That resource was Ann McAlhany, a certified business advisor with Maine Small Business Development Centers (SBDC) which is hosted by Coastal Enterprises, Inc.
The Piscataquis County Chamber of Commerce introduced Begley to the same resource where he was shepherded through the process of purchasing the property, getting a proper business plan written, and getting all his questions answered along the way.
McAlhany has been guiding new business proprietors for 20 years. “I enjoy helping others, educating existing or prospective business owners about business process and connecting them with resources; being a thought-partner in making strategic business decisions and helping give feedback on projects, be it developing business plans, discussing a business transition plan (buy or sell) and figuring out financials and cash flow projections,” she said.
Maine SBDC offers confidential and no-charge conversations with clients. “Often it is focused on a project such as: I want to purchase a business or I need a loan or I want to start a business but don’t know where to begin,” McAlhany said. “Or it can be: I need a safe non-judgmental place, not family, friends, or employees, to bounce ideas around and be a strategic thought-partner, because being a business owner can be a lonely space.”
Her advice to a business owner wanna-be? “Having enough resources — money — and having enough customers, understanding your cash burn and being clear there is a need for your product or service, being clear about who your customer is and how you will reach them is key.”
If anything makes McAlhany cringe, it’s hearing, “My market is vast; everyone is my potential customer.”
President and CEO of the Maine State Chamber of Commerce Patrick Woodcock said, “Overall, the Maine economy has been very strong over the past several years. Future business prospects will be heavily dependent on interest rates, labor participation levels, and specific sector growth and strong public policy to support business investment and labor hiring. We encourage any prospective business to reach out to the Maine State Chamber of Commerce, the Small Business Administration, and the Department of Economic and Community Development for support.”
For Finn and Begley, their challenges lingered even after their businesses got off the ground. Finn’s first season was demanding beyond the rainy start to the summer tourist season.
“I also totally underestimated the cost and need of advertising,” Finn said. “I thought it would all catch on automatically. It was actually very difficult getting people to know about me, still is. It was a new concept that a lot of people found hard to accept.”
Begley will tell you visibility has been his challenge. “One of the hardest parts about opening a new business is getting people to know where you are, what you have to offer, and when you’re open. That can be particularly hard if you don’t have a marketing budget. Social media is a main marketing tool for us at Peace Love Waffles.” The restaurant’s instagram page can be found at @peace.love.waffles.
“We wouldn’t be where we are now if it weren’t for our customer base telling their friends and family about us,” Begley said. “Word of mouth has made the biggest difference, because getting people’s attention and gaining their trust are key to keeping your business alive.”
Finn shared her advice for others like herself. “Seek out a small business non-profit start-up to help them navigate the process. I would also tell them to work on their credit score, and if they truly believe in their idea, stick to it. Don’t allow yourself to get down or give up when you hit a down spot, because there are many. If you believe in your idea or dream, then keep working hard towards it.”