Business Incubator Training Program

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1 Business Incubator Training Program Thank you for your interest in becoming a member of the LINC Incubator Training Program. We at LINC community revitalization inc., are committed to helping you as a business owner or entrepreneur learn the business principles to achieve sustainability and fully thrive in our local business district. The LINC Incubator Training Program is a 3 year program involving extensive training, guidance, and mentoring for start-up or existing businesses that are serious about taking their business to the next level. We acknowledge that local businesses with proper training and technical assistance will enhance our neighborhood and our business district by occupying local commercial space and creating job opportunities for local residents. Our commitment is to enhance our local business district. Being a business owner is difficult and current studies show that most businesses fail within the first five years of existence. While business owners may have the best product or service, most lack the resources, information, and access to capacity that is needed to succeed. Members of our LINC Incubator Training Program will be able to house their business at rents below market rate, acquire access to professional services, and procure networking opportunities. Constant one-on-one guidance will be available to ensure that you are equipped with the business principles necessary to become completely viable and totally sustainable. If you are serious about the success of your business and think you are ready for a 3 year long commitment equipping you to become a successful business owner, this program is right for you! Please review the enclosed material and complete the application and return to LINC for review and consideration. If you have any questions or need assistance, please feel free to call Jorge Gonzalez, Economic Development Director at or [email protected].

2 LINC Incubator Training Program 20 Questions Before Starting a Business Many people dream of having their own business. To see if starting a business is right for you, ask yourself these important 20 questions. Your answers will help you determine if you are ready to become a small business owner or where you need to spend more time in planning. 1. Am I prepared to spend the time, money and resources needed to get my business started? 2. What kind of business do I want? 3. What products/services will my business provide? 4. Why am I starting a business? 5. What is my target market? 6. Who is my competition? 7. What is unique about my business idea and the products/services I will provide? 8. How soon will it take before my products/services are available? 9. How much money do I need to get my business set up? 10. How long can I have to finance the company until I start making a profit?

3 11. Will I need to get a loan? 12. How will I price my product compared to my competition? 13. How will I market my business? 14. How will I set up the legal structure of my business? 15. How will I manage my business? 16. Where will I house my business? 17. How many employees will I need to start up? 18. What types of suppliers do I need to contact? 19. What kind of insurance do I need to invest in? 20. What do I need to do to ensure I am paying my taxes correctly?

4 LINC Incubator Training Program Application: Please fill out as completely as possible, the information provided will be reviewed by the LINC Incubation Review Committee and determine selection of businesses to be in incubation program. 1. First Name: 2. Last Name: 3. Company (Business Name): 4. Phone: 5. Address: 6. Website: 7. Address 8. City 9. State 10. Zip Code

5 Business Idea Information It is understood that businesses are at different stages in the business cycle and some will be lacking in one or more of the following areas. Please provide as much information as is available. 1. Description of the Business Idea or Concept: What is your idea or dream? What are you building? 2. Description of the Product or Service and the Problem it is solving: Describe your product or service and the problem that is solves? What is the need? 3. Business Development Activities: What training and technical assistance have you received so far? 4. Managerial and Development Team: Describe the role of current participants and their business background and expertise in business field. 5. Financial Plan: Describe any funding to date, source of funding, and use of the funds. 6. Commercial Space Needed: Number of square feet desired to accommodate your business.