Your business plan is one of the most effective management tools available as it helps to direct your company in a logical and organized manner.
By committing your plans to paper, it helps to anticipate and meet future challenges in an organized fashion and it also serves as the mode of communication between entrepreneurs and sources of financial capital when the need arises.
A GOOD BUSINESS PLAN:
Draws a clear picture of your business objectives and gives
Gives you a better understanding of the industry and business you are entering.
Gives prospective investors the means to determine whether your company is a suitable investment.
Illustrates a chronology of events and financial milestones against which you can compare your actual results.
Finding the finances to launch a new business idea can prove to be a challenge for many young companies. Incubators, like the CRBC, have resources to help companies locate start-up capital and investors.
LOAN & GRANT PROGRAMS
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Many of the CRBC start-up businesses have found that acceptance into the incubator program has helped them
acquire a level of credibility among customers and vendors throughout the community. This is because many community members recognize that being accepted into an incubator requires a great deal of hard work and due diligence, so start-ups in this position have already passed their first test of reliability. The CRBC also helps to create demand for its tenants' services and products by marketing through group presentations, media coverage, professional forums and more.
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Statistics indicate that incubator start-ups have a significantly greater chance of sustainability than do other start-up businesses.
Strengths of incubators include
Shared Basic Operating Costs
Tenants at the CRBC share overhead costs, including: utilities, office equipment, conference rooms, lavatories and maintenance services. In addition, basic rent costs and taxes are below regional market value.
Consulting and Administrative Assistance Services CRBC staff and board members can provide advice, information and assistance on a broad spectrum of businesses issues, from marketing to business expansion financing.
Comradeship of Fellow Entrepreneurs By gathering entrepreneurs under one roof, the CRBC creates a dynamic wherein start-ups can 1) encourage one another in their endeavors;
2) share business-related information; and 3) establish
networks of communication.
Entrepreneurs interested in exploring the CRBC can request information here.