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Business incubators

Business incubators are an important way for small businesses to get the help they need during the early stages of operation. Incubator programs and related services are available from many sources.

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Business incubators serve the same purposes for a business as an incubator in a nursery serves for a baby – it produces safe conditions conducive to the growth and success of the business. Because a fledgling business is more susceptible to problems that can cause it to fail, programs such as business incubators offer services to help the business survive this potentially dangerous time.

The Small Business Administration oversees a business incubator program and many private and public organizations have similar programs. Industrial councils for cities and states sometimes offer business incubators, and some corporations or franchisors provide a business incubation period for the new partners, members or stores.

There are a variety of services that can become a part of a business incubator program. Sometimes the program offers financial aid in the form of incentives, tax breaks and deferred payments. Training is an important part of many business incubators and new business owners are taught to manage employees, create job descriptions and handle the paperwork along with any other skills deemed necessary for the success of the business.

Typically, business incubators have a list of criteria to receive services. The requirements vary depending on the organization overseeing the business incubator, but may include the amount of money being invested in the business, amount of time open for business, delivery of a business plan or type of business. Look to your local industrial leaders or the SBA for more information about business incubators.

by Wendy Ledbetter on Monday, June 13, 2005

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