Small Business Incubators
Tips & Advice to help you make your decision on Small Business Incubators
Small business incubators are an invaluable resource for startups and small businesses. They can provide your business with management assistance and mutual office space. Among others, incubators can help reduce operating costs, establish networking opportunities, and improve the chance of small businesses to thrive.
Note that small business incubators are not suitable for every type of business. Incubators usually encompass various industries, and they cannot cater to the needs of some companies, such as manufacturing and service-oriented businesses.
Finding the right incubator for your business is very crucial. You need to do some research to find the company that best fits your needs. Some incubators focus on such niches as software, arts, and food. To find an incubator near your area, you can contact your local chamber of commerce or inquire from incubator associations.
Another option is to join business incubator organizations. As a member, you will be provided with management advice, consulting assistance, support services, monetary counseling, and access to low-priced office spaces and equipment. Some incubators can provide you with free office space and other services in return for equity in your company, while others charge rental fees for providing equipment, maintenance, and other services. To learn more about small business incubators, use the links available on this Business.com page.
Finding and Using a Small Business Incubator
Reduce startup costs with support system and shared resourcesBy Matt Alderton, Writer, Editor and Media Consultant Logolepsy Custom Content and Communications Small business incubators offer management advice and shared office space to create a warm and safe environment for a newborn business to grow. Small business incubators can:
- Lower overhead costs
- Create unique opportunities for networking
- Increase the likelihood of small business survival
Ask, "Is incubation right for me?"
Incubators aren't appropriate for every business. Because they typically house several businesses under one modestly-sized roof, they won't likely meet the needs, for instance, of a manufacturing- or service-based business.
Try:
Learn all about business incubation from the National Business Incubator Association (NBIA), which offers resources for defining and evaluating the concept of business incubation.
Find the right match
Choosing the right incubator is critical. Some cater to specific industries, with a niche focus such as food, software or the arts. Do your homework in order to find the best fit for your company.
Try:
Find an incubator near you by searching NBIA's member database, contacting state incubator associations or calling your local chamber of commerce.
Research incubator offerings
Business incubators offer their members management guidance or consulting services and typically provide access to affordable office space as well as shared office equipment, support services and financial mentoring. Choose an incubator that offers the services you need most.
Try:
Use this "Efficiency Evaluation Checklist for Business Incubators" to help you decide if an incubator's services match your business needs.
Evaluate fee structures
Some incubators offer free space and services in exchange for equity in your business. Others, however, charge tenant fees that include everything from furniture and maintenance to parking and supplies.
Try:
Find out what you can expect to pay for various incubation services by reviewing the service fees charged by a sampling of incubators, such as The Women's Technology Cluster in San Francisco.
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