Business Incubators

If working from home is not a possibility and you're operating on a shoe-string budget so that you can't afford to rent office space, you should consider a business incubator. A business incubator is a facility that provides economical space, plus business services such as typing and copying, some management advice, and possibly financial assistance.

Business incubators are owned and operated by a wide variety of entities and sponsors, including local government, universities, economic development groups, state government and a combination of sources. They're located throughout the country, and there's probably one near you. To find the one closest to you, contact the National Business Incubation Association.

As their name implies, business incubators are designed to nurture small businesses until they are able to exist on their own. The main benefits are the inexpensive office space and the access to business services.

Private companies are also in the incubation business. Be careful if you're considering one of those companies because they, unlike the nonprofit agencies, are in business to make a buck from you. They may try to force you into a long-term lease or other commitment that will hinder the flexibility of your business. Also, their managerial assistance may be useless or nonexistent. Before you agree to pay for a private incubator, talk to your attorney.

Also available are businesses that provide leased office space. They provide office space and all of the associated services, such as a receptionist, meeting rooms, online access, and the other things that you might need to run a business. They are an attractive alternative when a home office isn't feasible and an incubator isn't available or doesn't fit your needs.