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Supplement to “Growing Kentucky’s Rural Economies”


Starting a business venture?

What’s a business incubator?

STARTING A NEW BUSINESS VENTURE

If you’re thinking about starting a new business venture, you’ll need to have good answers to these questions:

What exactly is my product or service?

Who and where are my potential customers?

How will I tell them about my product or service?

What and where is my competition?

What are the trends in my industry?

Will I do all the work or do I need employees?

What kinds of equipment will I need?

What about office space, manufacturing area, or a showroom?

How will I use technology?

How much money do I need to get things started?

Who will provide the money?

How will my expenses and income change over the next three years? five years?

Don’t worry if you can only give specific answers to three or four of these questions right now. You’re on the right track. For help finding the answers to all these questions and planning your new business, check out the many resources in other sidebars that accompany this article.

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WHAT’S A BUSINESS INCUBATOR?

Growing a new business is a lot more complicated than hatching chicks—but both do take some special equipment and a nurturing environment.

A typical business incubator includes modern office space with state-of-the-art connections to telecommunications technology, standard office equipment such as copiers and fax machines, and meeting space for conferences and presentations. On the nurturing side, business incubators often offer their tenants special classes and practical seminars on topics of vital interest to new businessmen and women.

Three business incubators in Monticello, Burkesville, and Campbellsville are now seeking tenants. These Town Center business incubators are a service of the Kentucky Entrepreneurial Accelerator Network. For more information, go online to www.kyean.org/relaunch/doclib/lib-incubators.php.

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To read the Kentucky Living January 2009 feature that goes along with this supplement, click on Growing Kentucky’s Rural Economies

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