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What Exactly Is A Business Incubator?

By Cash Miller

Republish: EasyPublish™ Published: 01Jul2008 Word count: 619 Viewed: 289 time(s) Get Free Content For Your Site

So what exactly is a business incubator? A business incubator is an established professional environment that has been put together to help nurture and grow small business start-ups. They help entrepreneurs with the early stages of small businesses development. But not all business start-ups are suited to joining an incubator program. The question is would it be appropriate for yours?

First off business incubators typically are divided into categories. These categories focus on the type of business start-ups they are looking to attract. Most everyone has heard of Silicon Valley. Well their goal is to attract new technology start-ups. Other categories include manufacturing and service businesses as well as women and minority owned start-ups. There are also targeted incubators that help businesses that want to serve a particular niche and mixed use business incubators that help a variety of new businesses.

Many small business start-ups often lack serious funding when they are first started. Their ideas are not fully developed and planned out. And as with any business venture a lack of resources can be its downfall. A business incubator helps to provide facilities of a more economical nature as well as basic business support like shared office equipment such as copy, and fax machines. The sharing of office space and equipment can help reduce the initial costs of starting a business. And by sharing these ongoing expenses it can help keep your operating costs low.

To help overcome your own lack of education and experience a business incubator can provide you with consulting services, mentoring and an atmosphere inductive to learning new things. Everyone around you is an aspiring entrepreneur and business person. They bring their own experiences and education to the place where your business is housed just as you do. And with many such people together in one place many things can be learned together. All business incubators have the same purpose and that is to help launch and grow successful businesses. Joining a business incubator often can help propel a small business to reach heights otherwise not possible.

Being in a business incubation program can also help to attract investment in your business. Because your business is now an ongoing concern it has the ability to show potential investors more than just an idea. You are able to show what your business model looks like and what you are trying to achieve not just what some papers say you would like to do.

Business incubation is meant to be truly flexible to help meet the needs of the entrepreneur. Some statistics state that small businesses that graduate from a business incubator have a success rate of 87% compared with most small businesses that average less than 50%. They may hold the key to your success in growing your own small business. Business Incubators are being used to accomplish many different objectives, especially those that small businesses excel at like creating jobs, developing new and innovative ideas, helping to diversify local economies, and creating a thriving small business sector within different cities.

Becoming a member of a business incubator is not ideal for everyone but for many aspiring entrepreneurs it does offer many possibilities while allowing you to take fewer risks. Not all business ventures succeed but an incubator can allow you to test the waters of your idea. You can see if it really is feasible and if it is you will the ability to move ahead with it. So if you have an idea for a small business and want to give it a try you should look into what business incubator programs exist with your community. It might just give you a chance you otherwise wouldn't have.

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