Detroit-area entrepreneurs face numerous challenges in starting a business. A local small business incubator called Practice Space is providing select entrepreneurs with the tools they need to get their business off the ground. Small business incubators provide resources as well as expert guidance to entrepreneurs. In a city like Detroit, with numerous unused commercial properties, these incubators also make use of perfectly good real estate.
Practice Space, which debuted last September, is located in a former auto-repair shop on Perry Street in North Corktown. In its first four-month "term" it had just one start-up business. It had two in its second term. It hopes to have three in its upcoming term, which runs from May through August.
The people at Practice Space say they focus on the "concept phase" of a new business. This includes developing a business plan, making financial projections, designing promotional materials and even designing floor plans. The businesses involved in the program are paired with a team of advisors who are experts in real estate, law, architecture, design and even community involvement. They can use the Practice Space location as needed.
Practice Space says that it offers entrepreneurs "the resources to fully explore the many aspects of your project, while clarifying a path forward." They work with budding business owners on a "concept book," which is a scaled-down version of their business plan that they can show to potential investors.
A term at the Practice Space costs $3,000. Those start-ups accepted into the program must meet several requirements, including having a planned brick-and-mortar business that is socially relevant to the city.
Starting a business can be a hugely-rewarding endeavor, but a challenging one. No one can do it alone. By receiving legal and financial guidance, as well as other expert advice in the business planning phase, entrepreneurs can increase their chances for success for themselves and for the Detroit business community.
Source: Southeast Michigan Start-Up, "Detroit's newest space for growing business ideas" Aaron Mondry, Apr. 11, 2014