Mainebiz

W W W. M A I N E B I Z . B I Z 7 N OV E M B E R 2 , 2 0 2 0 Maine home sales jump 22.8%, while values are up 19.6% — Out-of-state buyers creating a real estate boom Portland software startup gets $75K boost from new accelerator — Good news for KinoTek Inc. but also the Maine startup community Pandemic drives demand for Presque Isle maker's medical products — Meaning more jobs for Aroostook County Maine retailers' advice for holiday shopping: Start early, be patient — Yes, it's that time of year already Mixed results for tourism industry on recent holiday weekend — The biggest concern is what next year will look like Future of Maine's economy has been thrown into flux, MEREDA conference told — Major questions about how long the recovery will take Pandemic drives cancellation of popular Maine Fishermen's Forum — Fishing's most popular on-land event will wait till 2022 At center of hard-hit industry, HospitalityMaine CEO will step down in December — Steve Hewins will be missed in that role WHEN THE WHOLE WORLD STOPS, THEY KEEP OUR COMMUNITY MOVING. We're celebrating the bicycle service techs, gas station attendants, and auto mechanics. From flat tires to empty gas tanks, to worn brakes and tires, they are hard at work every day, keeping our vehicles safe, well-maintained, and ready to go. Follow their stories at: www.sbsavings.bank/heart-and-soul Maine Bike Works C M Y CM MY CY CMY K ai160078778829_MaineBiz Transportation Ad.pdf 1 9/22/2020 11:16:29 AM C R E D I T S & D E B I T S F I L E P H O T O / L A U R I E S C H R E I B E R A S K AC E A n s w e r e d b y A l i s o n B i s h o p , a P o r t l a n d f i n a n c i a l c o a c h The Association for Consulting Expertise (ACE) is a non-profit association of independent consultants who value "Success through Collaboration." The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com. Allison Bishop, a financial coach and CPA, is a member of the ACE board and is based in Portland. She can be reached at allison@allisonbishop.com Q. I've been planning a business, and now I'm ready to start. How do I prepare myself financially? ACE advises: Starting a business comes with a lot of considerations. If you have another job while you prepare yourself for entrepreneurship, you can take care of some important items while still collecting a paycheck. Building up a cash cushion is critical to get you through those first months of getting your business off the ground. Make sure you have a good sense of what your personal monthly cash needs are and some idea of when your business will generate enough income to cover those expenses. When your income fluctuates from month to month, it can be difficult to manage your personal finances. A simple way to handle this is to set up your finances so that you're paying yourself a salary. Figure out how much it costs you to live, and set up a regular transfer from your business account into your personal checking. As long as you make enough in the long run, you will gradu- ally build up a cushion in your business account that you can dip into during slow times to keep your personal income smooth and predictable. Once you're making money, make sure that you're putting enough aside every month to cover your tax liability. You might start with putting aside 25% to 30% of your gross income every month. Depending on your personal situation, the right number for you might be more or less than that. Read Allison Bishop's blog post Preparing Yourself Financially to Join the Gig Economy at consultexpertise.com/blog/9284335 @

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