Starting a Small Business in Maine

Welcome to the Small Business Startup Maine Franchise Directory! Here, you’ll find everything you need to begin your journey to business ownership in The Pine Tree State. If you’re considering starting a small business in Maine, read on for an overview of the state economy. Afterward, explore business opportunities and franchises for sale with our Maine Franchise Search Tool.

Maine Industry Trends

If an industry is performing well, business opportunities within it are often worth exploring. Begin your market research with this list of the Maine economy’s most prominent industries in 2022. Afterward, take your research one step further by investigating niche markets and B2B opportunities within one of these top revenue-generating industries.

1. Life Insurance & Annuities(Revenue: $10.5 billion)
2. Hospitals (Revenue: $8.4 billion)
3. Gas Stations with Convenience Stores (Revenue: $6.1 billion)
4. New Car Dealers (Revenue: $4.9 billion)
5. Supermarkets & Grocery Stores (Revenue: $4.8 billion)
6. Public Schools (Revenue: $4.0 billion)
7. Gasoline & Petroleum Bulk Stores (Revenue: $3.6 billion)
8. Commercial Banking (Revenue: $3.4 billion)
9. Health & Medical Insurance (Revenue: $3.4 billion)
10. Drug, Cosmetic & Toiletry Wholesaling (Revenue: $2.7 billion)

Maine Sector Statistics

When starting a small business in Maine, gross domestic product (GDP) is another tool entrepreneurs can use to make investment decisions. Generally, a steadily rising GDP means people are spending more money and creating more jobs.

The three sectors that contributed most to Maine’s GDP in 2022 were Real Estate, Rentals & Leasing; Healthcare & Social Assistance; and Manufacturing. Combined, these three sectors represented 43.0% of the state’s GDP. In 2022, the sectors that contributed most to Maine’s GDP included:

1. Real Estate, Rentals & Leasing (Value: $10.3 billion* | Annual growth: 4.8%)
2. Healthcare & Social Assistance (Value: $7.1 billion* | Annual growth: 1.0%)
3. Manufacturing (Value: $6.6 billion* | Annual growth: 4.6%)
4. Retail Trade (Value: $5.2 billion* | Annual growth: 0.9%)
5. Finance & Insurance (Value: $4.8 billion* | Annual growth: 9.2%)
6. Professional, Scientific & Technical Services (Value: $3.9 billion* | Annual growth: 3.4%)
7. Wholesale Trade (Value: $3.4 billion* | Annual growth: 2.0%)
8. Management of Companies and (Value: $2.4 billion* | Annual growth: 6.8%)
9. Administration, Business Support & Waste Management Services (Value: $1.9 billion* | Annual growth: 3.1%)
10. Construction (Value: $1.8 billion* | Annual growth: 2.0%)
11. Accommodation & Food Services (Value: $1.8 billion* | Annual growth: -20.2%)
12. Information (Value: $1.6 billion* | Annual growth: 6.4%)
13. Transportation & Warehousing (Value: $1.2 billion* | Annual growth: -0.2%)
14. Other Services (except Public Administration) (Value: $1.1 billion* | Annual growth: -1.9%)
15. Agriculture, Forestry, Fishing & Hunting (Value: $819 million* | Annual growth: 15.%)

*Approximately

Maine Population Statistics

A growing population often means greater demand and a steady flow of new customers. If you are undecided about the location of your new business, start by investigating population statistics. Afterward, take your research a step further by exploring population demographics. Doing so lets you decide whether a location is a good match for your target market.

In 2022, counties with the highest populations in Maine included:

1. Cumberland (Population: 301,800 | Annual growth rate*: 0.6%)
2. York (Population: 211,900 | Annual growth rate*: 0.7%)
3. Penobscot (Population: 151,500 | Annual growth rate*: -0.1%)
4. Kennebec (Population: 123,900 | Annual growth rate*:0.4%)
5. Androscoggin (Population: 109,100 | Annual growth rate*: 0.2%)
6. Aroostook (Population: 66,200 | Annual growth rate*: -0.4%)
7. Oxford (Population: 58,500 | Annual growth rate*: 0.3%)
8. Hancock (Population: 55,300 | Annual growth rate*: 0.2%)
9. Somerset (Population: 50,600 | Annual growth rate*: N/A)
10. Waldo (Population: 40,200 | Annual growth rate*: 0.3%)
11. Knox (Population: 40,100 | Annual growth rate*: 0.2%)
12. Sagadahoc (Population: 36,300 | Annual growth rate*: 0.3%)
13. Lincoln (Population: 35,100 | Annual growth rate*: 0.5%)
14. Washington (Population: 31,600 | Annual growth rate*: 0.3%)
15. Franklin (Population: 30,000 | Annual growth rate*: N/A)

*From 2017 to 2022.

Maine Business Opportunities

We hope this snapshot of the Maine economy helps as you investigate business opportunities in The Pine Tree State! Starting a small business in Maine is an exciting journey, and we know you’re probably eager to get started. But remember, take your time to explore all your options. While you’ll always have the “opportunity” to start your own business, sometimes, it makes more sense to invest in an opportunity that already exists. These are called “Franchise Opportunities,” and they offer several benefits, including the recognition of a well-established brand and a proven track record of success.

To learn more, start by exploring franchise opportunities in Maine below!