Month: November 2018

Business incubators (not to be confused with ‘business accelerators’) provide a warm, safe environment for start-ups to grow and develop. They may be privately sponsored or overseen by public institutions, such as universities, but their goal is to provide bulk resources to multiple new businesses. This can include access to much-needed capital funding. Incubators can be found throughout the world and across the United States—there is even a National Business Incubation Association that provides a directory. They are often industry specific, and the new trend now are virtual incubators. However, if you feel that networking and collaboration may be essential to your business, it is probably best to work on-site. But young businesses must be cautious in choosing an incubator and decide if one is an appropriate choice to begin with. Biding for incubator space is a competitive, time-consuming process and there’s no guarantee that the incubator will approve your…

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If you search “how to start a business” on Google, you will see the words “business plan” a hundred times. Your business plan can be as flexible and custom-fitted to your venture as you want it to be, however, there are some components that cannot be overlooked, such as funding, organization and financial projections. The U.S. Small Business Administration is a good starting point for DIY business planning, but having an accountant, financial advisor and an attorney have a look at your plan is strongly recommended. You never know what you may miss when blinded by your ambitions. One of the most overlooked parts of a business plan is the owner’s exit strategy. Assuming no one wants to literally work themselves to death, contemplating for retirement or succession should be one of a business owner’s top considerations. It can seem a little unnatural to think about selling your business before…

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