Future Baltimore is a flagship partnership for West Baltimore and the result of the innovative and equity-focused collaboration between Bon Secours Community Works, Kaiser Permanente, and the Latino Economic Development Center (LEDC). We have joined forces to help improve the socio-economic conditions in the area by launching a business incubator.
Named Incubator Without Walls, the program includes an intensive and accelerating series of coursework, one-on-one business advice, and financing options to help local entrepreneurs achieve greater financial potential and business growth.
Our goal is to position up to ten local businesses for long-term growth and profitability through intense individualized technical support provided by industry experts.
Benefits:
- A tailored and proven curriculum designed to grow businesses; See curriculum
- Up to 25 hours of consulting services by industry experts in fields including legal, marketing, sales, accounting, website development, merchandising, social media, finance, procurement and HR;
- Personal and business network expansion through relationships within the cohort; and
- Facilitated access to small business loans*.
*Additional requirements may apply
Participants:
- Businesses operating in the 21223-zip code (or other eligible neighborhoods**)
- Businesses with hiring potential in the 21223-zip code or other eligible neighborhoods
- Minority-owned businesses in the 21223-zip code or other eligible neighborhoods
- 2 to 5 years in operation
- Businesses meeting the above criteria with less than $1 million in annual revenue
Other eligible neighborhoods include:
Forest Park/Walbrook, Greater Mondawmin, Penn North/Reservoir Hill, Upton/Druid Heights, Sandtown-Winchester/Harlem Park, Greater Rosemont, Edmondson Village, Southwest Baltimore, Poppleton/The Terraces/Hollins Market, Washington Village/Pigtown.
Cost:
This program is delivered at no cost for participating businesses thanks to Kaiser Permanente and Bon Secour's generous contributions.
Curriculum
Module I: Access to Capital and Personal Finances
- Personal and Business Credit Building
- Debt Management, personal and business
- Grant-based resources and business loans
- Other sources of funding (angel investors, crowdfunding, bootstrapping)
Module 2: Rethinking Your Business Model
- Diversify and/or expand product/service portfolio
- Adjust the business model to new market trends (apps, online service)
- Business Resources Online (consumer databases, industry reports)
- Strategic business partnering and network associations
Module 3: Financial Management
- Understanding Financial Statements for decision making
- Budget
- Profit & Loss, Balance Sheet
- Cash Flow
- Debt management.
- Budgeting and Expense forecasting
- Price structure, costs evaluation, and promotional/discount strategies
- Break-even analysis
Module 4: Strategic Marketing
- Product Mix
- Online/Offline Marketing
- E-commerce
- Promotional strategies
- Procurement
Module 5: Legal and Operational Fundamentals for Your Business
- Operational agreement
- Employment agreements (e.g. Employee ownership)
- Lease contract negotiation
- Systematizing and digitizing your business (invoices, bookkeeping, payroll)