One problem many entrepreneurs and business owners face is an overabundance of enthusiasm and a shortage of actual business know-how. That's where a dynamic process of business enterprise development known as business incubation comes in. It is one of the more effective and popular techniques to help entrepreneurs, business owners and start-up business firms survive and prosper during their early years -- when they are most vulnerable.
There are nearly 800 business incubators now throughout the United States and 49 certified incubators in Oklahoma. And the best news is they really work and deliver the desired end result! According to the National Business Incubation Association, the overall success rate for businesses that begin in an incubator is 80 percent. But these incubators fall short in knowledge of federal contracting… this is what sets our approach apart from all the others we have over 30 years of federal sector experience to support our business incubators companies.
SO0- Technical Assistance
Technical Assistance Coverage: Construction Management and Job Costing
Goal: This one-on-one assistance focuses on basic construction accounting concepts and will range from job costing to financial reporting, as well as construction-specific practices that help the small business, HUBZone, SDB,WOSB, VOSB, SDVOSB 8(a) firm in construction accounting fundamentals and the management of construction jobs.
Objectives - These fundamentals include
Company Management, Policies and Procedures, and Staffing
There are nearly 800 business incubators now throughout the United States and 49 certified incubators in Oklahoma. And the best news is they really work and deliver the desired end result! According to the National Business Incubation Association, the overall success rate for businesses that begin in an incubator is 80 percent. But these incubators fall short in knowledge of federal contracting… this is what sets our approach apart from all the others we have over 30 years of federal sector experience to support our business incubators companies.
SO0- Technical Assistance
Technical Assistance Coverage: Construction Management and Job Costing
Goal: This one-on-one assistance focuses on basic construction accounting concepts and will range from job costing to financial reporting, as well as construction-specific practices that help the small business, HUBZone, SDB,WOSB, VOSB, SDVOSB 8(a) firm in construction accounting fundamentals and the management of construction jobs.
Objectives - These fundamentals include
Company Management, Policies and Procedures, and Staffing
- Differences Between the General Contractor and Subcontractor
- Debits and Credits and how they work
- Accounting for Job Cost
- Work-in-Progress (WIP) Schedules
- Percentage-of-Completion Revenue Recognition
- Development of Financial Statements
- Debits and Credits and how they work
- Accounting for Job Cost
- Work-in-Progress (WIP) Schedules
- Percentage-of-Completion Revenue Recognition
- Development of Financial Statements
Technical Assistance Coverage: Bonding Assistance
Goal: This one-on-one assistance is designed to assist the small business, HUBZone, SDB,WOSB, VOSB, SDVOSB 8(a) firm who may currently have difficulty qualifying for bonds or obtaining the bond amount they desire and completing the bond application.
Objectives-Understanding:
Goal: This one-on-one assistance is designed to assist the small business, HUBZone, SDB,WOSB, VOSB, SDVOSB 8(a) firm who may currently have difficulty qualifying for bonds or obtaining the bond amount they desire and completing the bond application.
Objectives-Understanding:
- The various types of surety bonds
- How to begin the process of obtaining a bond
- The role of the agent/producer and the underwriter
- The prequalification process
- The 3 “C’s”, capital, capacity and character
- The costs of bonding
- How to develop a surety bond relationship
- The various types of insurances required such as
- How to begin the process of obtaining a bond
- The role of the agent/producer and the underwriter
- The prequalification process
- The 3 “C’s”, capital, capacity and character
- The costs of bonding
- How to develop a surety bond relationship
- The various types of insurances required such as
- Commercial general liability
- Workers Compensation
- What to look for in an insurance agent relationship
- Workers Compensation
- What to look for in an insurance agent relationship
- he SBA Bond Guarantee and Loan Programs
- Relevant state bond guarantee and loan programs
- Any local bonding or financial support programs that might be available for emerging small businesses
- Any local bonding or financial support programs that might be available for emerging small businesses
Technical Assistance Coverage: Debt and Equity Financing
Goal: This one-on-one assistance is designed to assist the small business, HUBZone, SDB,WOSB, VOSB, SDVOSB 8(a) firm in their need for capital equipment financing, how to determine working capital requirements, the use of lines of credit, and the need to establish a banking relationship.
Objectives:
Goal: This one-on-one assistance is designed to assist the small business, HUBZone, SDB,WOSB, VOSB, SDVOSB 8(a) firm in their need for capital equipment financing, how to determine working capital requirements, the use of lines of credit, and the need to establish a banking relationship.
Objectives:
- Managing and Controlling Financing Growth
- The Importance Cash Flow
- Determining Profit Forecasting
- Financial Statement Review
- Understanding Ratio Analysis
- The Importance Cash Flow
- Determining Profit Forecasting
- Financial Statement Review
- Understanding Ratio Analysis
Technical Assistance Coverage: Government Accounting and Financial Management
Goal: This one-on-one assistance is designed to provide the small business, HUBZone, SDB,WOSB, VOSB, SDVOSB 8(a) firm’s accounting representative with the knowledge to ensure complete understanding of the DCAA, the regulations and the requirements.
Objectives:
Goal: This one-on-one assistance is designed to provide the small business, HUBZone, SDB,WOSB, VOSB, SDVOSB 8(a) firm’s accounting representative with the knowledge to ensure complete understanding of the DCAA, the regulations and the requirements.
Objectives:
- The Basics
- Understanding the Chart of Accounts
- Understanding the basics DCAA accounting expectations o Understanding the basics of GAAP
- Understanding the basics DCAA accounting expectations o Understanding the basics of GAAP
- Working with Centers and Lists
- Setting up the Chart of Accounts to properly segregate costs
- Setting up Direct Costs by contract
- Setting up what you sell (items & inventory) in order to track costs by CLIN o Managing customers jobs and job types
- Managing vendors, expenses and employees
- Establishing your timekeeping system and integrating the results with payroll and QuickBooks
- Breaking down Unallowable costs
- Adding custom fields
- Setting up Direct Costs by contract
- Setting up what you sell (items & inventory) in order to track costs by CLIN o Managing customers jobs and job types
- Managing vendors, expenses and employees
- Establishing your timekeeping system and integrating the results with payroll and QuickBooks
- Breaking down Unallowable costs
- Adding custom fields
- Working with Standard Modules
- Creating invoices and credit memos
- Tracking customers and sales (customers, estimating, sales receipts, retail sales, customer payments, and statements)
- Working with Journal Entries
- Processing payroll transactions
- Tracking vendors and expenses (vendors, bills, bill payment stubs, checks, check credit memos)
- Tracking customers and sales (customers, estimating, sales receipts, retail sales, customer payments, and statements)
- Working with Journal Entries
- Processing payroll transactions
- Tracking vendors and expenses (vendors, bills, bill payment stubs, checks, check credit memos)
- Banking and billing Activities
- Paying bills vs. Writing checks
- Managing bank account transactions o Entering and paying bills
- Using registers
- Managing bank account transactions o Entering and paying bills
- Using registers
- Working with Reports and Budgets o Generating month end reports o Managing provisional rates
These are hands-on activities and are completely explained because of the difficult concepts. However, due to the interaction, the 8(a) firm will need to have their own computer.
Technical Assistance Coverage: International Trade and Exporting
Goal: To furnish a generous assortment of technical assistance and resources to help expand the small business, HUBZone, SDB, WOSB, VOSB, SDVOSB 8(a) firm’s knowledge in International Trade and Exporting. The outcome is for them to enhance their potential for business expansion in a global market.
Objectives:
Technical Assistance Coverage: International Trade and Exporting
Goal: To furnish a generous assortment of technical assistance and resources to help expand the small business, HUBZone, SDB, WOSB, VOSB, SDVOSB 8(a) firm’s knowledge in International Trade and Exporting. The outcome is for them to enhance their potential for business expansion in a global market.
Objectives:
- Finding overseas markets or suppliers
- Dealing with a variety of complexities/challenges facing small firms seeking to participate in internationa trade (IT). Helping the small business, HUBZone, SDB,WOSB, VOSB, SDVOSB 8(a) to deal with the complex issues of documentation
- Dealing with a variety of complexities/challenges facing small firms seeking to participate in internationa trade (IT). Helping the small business, HUBZone, SDB,WOSB, VOSB, SDVOSB 8(a) to deal with the complex issues of documentation
- Shipping
- Financial
- Legal
- Communications
- Governmental regulations
- Licensing
- Property rights
- Banking
- Financial
- Legal
- Communications
- Governmental regulations
- Licensing
- Property rights
- Banking
Technical Assistance Coverage: Marketing and Capture Management
Goal: This one-on-one assistance is designed to assist the small business, HUBZone, SDB,WOSB, VOSB, SDVOSB 8(a) firm in their marketing strategy and plan, working on their capability statements, developing standard templates for the management and technical proposals and showing them how the technical proposal impacts the cost proposal.
Objectives:
Goal: This one-on-one assistance is designed to assist the small business, HUBZone, SDB,WOSB, VOSB, SDVOSB 8(a) firm in their marketing strategy and plan, working on their capability statements, developing standard templates for the management and technical proposals and showing them how the technical proposal impacts the cost proposal.
Objectives:
- Reviewing the Business Plan
- Identifying core Company Capabilities
- Developing Capability Statements
- Reviewing/Restructuring the Market Plan
- Developing Marketing Literature
- Registering with Government and Prime Contractors’ Procurement Databases Marketing to Government Agencies and Prime Contractors
- Identifying core Company Capabilities
- Developing Capability Statements
- Reviewing/Restructuring the Market Plan
- Developing Marketing Literature
- Registering with Government and Prime Contractors’ Procurement Databases Marketing to Government Agencies and Prime Contractors
- Matching Capability Statements with Market Research Identifying Targets of Opportunity
- Responding to the RFP
- Administrative Proposal
- Management Proposal
- Technical Proposal
- Cost Proposal
- Responding to the RFP
- Administrative Proposal
- Management Proposal
- Technical Proposal
- Cost Proposal
Responding to Discussions and Negotiations Preparing for a Debrief
Preparing to Execute Contract
Preparing to Execute Contract
Technical Assistance Coverage: Human Capital and Operations Management
Goal: This one-on-one provides operational, tactical and strategic level of assistance to the small business, HUBZone, SDB, WOSB, VOSB, SDVOSB 8(a) firm in their desire to improve and enhance job performance in meeting their mission objectives.
Objectives:
Goal: This one-on-one provides operational, tactical and strategic level of assistance to the small business, HUBZone, SDB, WOSB, VOSB, SDVOSB 8(a) firm in their desire to improve and enhance job performance in meeting their mission objectives.
Objectives:
- Human Resources Strategy
- Organization and Position Management Staff Acquisition
- Performance Management
- Compensation Management
- Benefits Management
- Human Resources Development
- Employee Relations
- Labor Relations
- Separation Management
- Organization and Position Management Staff Acquisition
- Performance Management
- Compensation Management
- Benefits Management
- Human Resources Development
- Employee Relations
- Labor Relations
- Separation Management
Technical Assistance Coverage: Specialize Services (Joint Venture, Teaming and Mentor/Protégé Program)
Goal: This one-on-one assistance is designed to assist the small business, HUBZone, SDB, WOSB, VOSB, SDVOSB 8(a) firm in their understanding and pursuing Joint Venture, Teaming, and Mentor opportunities to enhance their marketing strategy in order to help develop and grow as a company which eventually will lead to a contract win.
Objectives:
Reviewing Eligibility, Qualifications based on the Policies and Regulations Governing JV, TA and M/P
Goal: This one-on-one assistance is designed to assist the small business, HUBZone, SDB, WOSB, VOSB, SDVOSB 8(a) firm in their understanding and pursuing Joint Venture, Teaming, and Mentor opportunities to enhance their marketing strategy in order to help develop and grow as a company which eventually will lead to a contract win.
Objectives:
Reviewing Eligibility, Qualifications based on the Policies and Regulations Governing JV, TA and M/P
- Developing Strategies to pursue Business Relationships with Primes and other Small Firms
- Identifying those Primes and Small Firms looking to purse business relationships
- Preparing and Submitting the required documentation
- Marketing the JV, TA and or M/P
- The Business incubators will provide a physical location in which a business can commence, coupled with support services such as shared facilities and business advice
- Incubators are designed to produce healthy firms that create jobs and wealth, strengthen the economy commercialize new technologies and revitalize communities;
- Incubators are sponsored by local governments, economic development agencies, universities, community colleges and vocational schools, private sector firms, and combinations of these groups.
- Identifying those Primes and Small Firms looking to purse business relationships
- Preparing and Submitting the required documentation
- Marketing the JV, TA and or M/P
- The Business incubators will provide a physical location in which a business can commence, coupled with support services such as shared facilities and business advice
- Incubators are designed to produce healthy firms that create jobs and wealth, strengthen the economy commercialize new technologies and revitalize communities;
- Incubators are sponsored by local governments, economic development agencies, universities, community colleges and vocational schools, private sector firms, and combinations of these groups.
Is Your Business Ready for Incubation?
Small business incubators typically provide all or some of the following:
Small business incubators typically provide all or some of the following:
- Hands-on management assistance
- Access to financing
- Business and technical support services
- Shared office space, access to equipment on a pay-as-you-go basis
- Warehousing and manufacturing space
- Common loading docks
- Break room facilities
- Common reception area.
- Access to financing
- Business and technical support services
- Shared office space, access to equipment on a pay-as-you-go basis
- Warehousing and manufacturing space
- Common loading docks
- Break room facilities
- Common reception area.
Here are answers to Frequently Asked Questions about business incubators.
What does my company need to do to join an incubator?
Small businesses are selected as tenants in a variety of ways, depending on the criteria set by the sponsoring organization. The selection process may be as simple as one interview or may be more detailed, involving filing an application, submitting a business plan, and undergoing a review by a screening panel.
At a minimum, prospective tenants should have a good understanding of their product and a business plan that includes their requirements for capital, labor, space, marketing and advertising. Firms most suited to getting a start in an incubator includes those involved in services, facility support, construction, A&E, research and development, assembly and light manufacturing, advanced technology, and services.
If my company becomes an occupant of an incubator, will I receive a tax break?
Yes! In 1988, the Oklahoma Legislature passed the Oklahoma Small Business Incubators Incentives Act. The Act enables the tenants of a certified incubator facility to be exempt from state tax liability on income earned as a result of occupancy for up to five years.
In 2001, the legislature amended the Oklahoma Small Business Incubator Incentives Act to extend the tenant's tax exemption from five to ten years. The exemption remains in effect after the tenant is no longer an occupant in an incubator. To qualify for the tax exemption from the sixth through the tenth year, the tenant must make at least 75 percent of its gross sales to out-of-state buyers, to buyers located within the state if the product or service is resold to an out-of-state customer, or to the federal government. In addition, the Act enables the sponsor of a certified incubator facility to be exempt from Oklahoma income taxes for a period of ten years.
Small businesses are selected as tenants in a variety of ways, depending on the criteria set by the sponsoring organization. The selection process may be as simple as one interview or may be more detailed, involving filing an application, submitting a business plan, and undergoing a review by a screening panel.
At a minimum, prospective tenants should have a good understanding of their product and a business plan that includes their requirements for capital, labor, space, marketing and advertising. Firms most suited to getting a start in an incubator includes those involved in services, facility support, construction, A&E, research and development, assembly and light manufacturing, advanced technology, and services.
If my company becomes an occupant of an incubator, will I receive a tax break?
Yes! In 1988, the Oklahoma Legislature passed the Oklahoma Small Business Incubators Incentives Act. The Act enables the tenants of a certified incubator facility to be exempt from state tax liability on income earned as a result of occupancy for up to five years.
In 2001, the legislature amended the Oklahoma Small Business Incubator Incentives Act to extend the tenant's tax exemption from five to ten years. The exemption remains in effect after the tenant is no longer an occupant in an incubator. To qualify for the tax exemption from the sixth through the tenth year, the tenant must make at least 75 percent of its gross sales to out-of-state buyers, to buyers located within the state if the product or service is resold to an out-of-state customer, or to the federal government. In addition, the Act enables the sponsor of a certified incubator facility to be exempt from Oklahoma income taxes for a period of ten years.
