You have great ideas, did your research, and put together a business plan, and now it’s time to launch your startup. “Ideas are easy. Implementation is hard.” Indeed. Unforeseen challenges such as financial management issues, ineffective marketing, and skill gaps can hinder achieving your business goals. Fortunately, business incubators, which help serve as launchpads for startup and early-stage companies, strengthen the entrepreneurial ecosystem.
A business incubator aims to facilitate the development of entrepreneurial companies by offering various business support services that range from coaching to financial management assistance to building networking connections and more. While the concept has existed since the 1950s, the number of incubator programs has grown substantially as today’s business landscape has become more challenging.
Research indicates that incubator programs positively impact the success rate of startups. In fact, after five years, businesses nurtured in a business incubator have a survival rate of 87%, according to The National Business Incubator Association in a Business News Daily article. By comparison, the survival rate for companies that go it alone without the benefits of incubator support is 50%.
Business incubation is a learning process. While it is essential to enter a program with a strong business plan and clear goals, it is also vital to be open to accepting help in honing the development of your business. A top benefit of an incubator is the guidance of mentors and experts in the field who can help you identify needs and grow connections. Another advantage is collaborating and building relationships with other entrepreneurs within your cohort group. Supporting and exchanging ideas with other business owners can motivate you—and each other—to achieve greater success.
For years, Reliance has been accelerating the growth and success of entrepreneurial companies. Whether you are looking for accounting support, financial management advice, or business support and guidance, our small business solutions include:
Small Business Accounting
We believe that obtaining financial clarity should be easy and affordable so you can more efficiently operate your business and build stakeholder value. Our accounting solution provides a range of services at a fraction of the cost of hiring more staff to manage functions. Your accounting functions will be handled promptly and accurately and meet compliance requirements.
We provide the tools and resources needed to speed up the growth and success of start-ups and early-stage companies. Our learning-based program is designed to support entrepreneurial companies through an array of business resources and services, including training programs and materials, access to a learning base, monthly cohort meetings, a community forum to post questions, business guidance, establishing networking connections, and more.
Our small business solutions are designed to meet your company’s needs, goals, and budget. Learn more about how Reliance can help you build your business with confidence by scheduling an introductory call.