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They just opened a business incubator in Rawlins and I’ve seen these around the state. What types of businesses use them?

May 20, 2011

First, there are different kinds of business incubators often suited to the industry you are in.  For example, some focus on food, technology, manufacturing or retail operations and have equipment and space suited to those needs while others offer office space and services more suited for professional service industry companies.  They often pool resources, such as administrative staff, utilities, and equipment common to the incubator clients providing better facilities for their needs and for lower cost than if they went elsewhere. 

 

Beyond the facilities, incubators more importantly offer assistance to help businesses.  Start-up and emerging businesses are usually the most vulnerable and most likely to benefit from support and guidance incubators provide.  Common benefits for incubator clients include:

  • One-on-one advising/business counseling:  Having extra help to ensure that the fundamentals are in place for a business to be successful can help make sure a business will be viable and profitable.  These fundamentals include assistance with marketing, financial planning, operations.  With proper assistance, individual business’ weaknesses can be discovered and remedies can be applied so that they won’t prohibit a business from being successful.
  • Being held accountable:  Small early stage businesses they are only held accountable by themselves whereas incubator clients are required to report regularly to an advisory board where goals, problems, and progress is shared with others who can then provide corrective/suggestive action.
  • Business Community Resources: By working with the business incubator staff and alongside other incubator businesses a business is part of an important support business network in their community ranging from financial resources to developing their workforce or even successful advertising methods.

 

In Wyoming we have a number of business incubators and the best method to find out if there is one near you is to contact your local economic development office, your local chamber of commerce or of course, contact us at Wyoming Entrepreneur as Wyoming Entrepreneur is closely involved with incubators in several of Wyoming’s communities.  If you are starting a business or are a home-based business ready to take the next step and would like some help along the way, moving into a business incubator might be the right thing for your business’ success.

Jim Drever



Tags:
Category: Business Planning

Jim Drever

Jim Drever is a counselor with the Wyoming SBDC.


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