Many business start-ups know how to do the work, but face trouble because they
lack the skills necessary for operating a successful business and managing its costs.
By taking advantage of local business incubators, entrepreneurs can benefit from
professional mentors who provide management guidance, technical assistance, and
professional consulting to help young companies in trouble. There are thousands of
business incubators in the U.S. according to the National Business Incubation
Association. And although all businesses have challenges, a business incubator can
help you navigate those challenges. One of those challenges may include a lack of
staff. Working with a business incubator offers startups an opportunity to acquire
reliable administrative support when they don’t have staff.
Mentors at the incubator are also instrumental in improving business success rates
by teaching business owners how to prepare a solid bid on contracts or by
introducing the business owner to agencies interested in negotiating with them.
Incubators can assist in locating bid opportunities, understand how to interpret
solicitations, assist with government registrations and certifications, as well as with
training and seminars. Business incubators act as advocates for small businesses.
They have government contacts checking on requests for proposals that are out
there in the pipeline.
Small business owners can also score a residency at the incubator. This will enable
the business owner to receive regular invitations to networking events and obtain
additional contacts with companies that can assist their business with future
ventures. Other services that incubator staff can help with include drafting requests
for proposals and creating marketing and public relations campaigns.
Once your chances for success are solid, you are ready to leave the incubator and
move out on your own!