Services: How it works
NYPACE provides entrepreneurs with knowledge that will help them achieve success in their ventures. NYPACE advisors provide advice and assistance on topics that fall within their respective areas of expertise. The advisor’s role is to enable the entrepreneurs to reach their goals both during the relationship and for the life of the business. Our advisors will work with entrepreneurs to achieve their goals in the following areas:
- Market opportunity / business idea assessment
- Design and composition of business overview materials
- Certification and application processes (e.g. franchise applications, approved supplier lists, etc.)
- Business plan composition and development
- Website design
- Financial projections and other financial analyses
- Marketing material design and composition
- Cost structure and supply chain analysis
- Human resource planning
- Accounting infrastructure
- Basic business software instruction
- Assistance with Powerpoint and MS Word presentations
- Identification of new product/market opportunities
- Assistance with important meetings scheduled by the entrepreneurs (e.g. sales presentation)
NYPACE assigns two or three advisors to a team and matches that team with an entrepreneur. Together, the advisory team and the entrepreneur create a structured, results-oriented project aimed at addressing one or more specific business concerns of the entrepreneur. Projects typically last for 3-6 months with the entrepreneur and advisory team meeting once a month in addition to calls and emails. At the onset of a project, the advisory team and the entrepreneur establish clear objectives that include one or more of the areas listed above. At the completion of the project, the advisory team and the entrepreneur present to NYPACE the goals that they achieved.
Depending on the type of project undertaken, the output to NYPACE ranges from a final status report on the objectives outlined at the outset of the project to a more formal presentation of a marketing plan or sales presentation. Lenders, equity investors, partners and services providers that are associated with the entrepreneur and who were previously involved in the entrepreneur’s business are invited to the presentation when appropriate.
Completion of a project occurs when the group accomplishes the objectives laid out at the onset of the project or when the group reports back to NYPACE as to why the objectives were not achieved. Projects can continue beyond this point upon mutual agreement of the advisors, the entrepreneur and the NYPACE advisory board.
NYPACE believes that its program has benefits beyond the tangible objectives of each project. Some additional benefits for entrepreneurs include:
- A sounding board to evaluate ideas test hypotheses
- Access to the advisors’ network of banking, accounting and other business resources
- The opportunity to share best practices with other NYPACE project teams at NYPACE-sponsored events
Please help us support more community entrepreneurs by making a contribution to NYPACE. You can make a donation by clicking the donate button above.
Thank you for your support!
Stephanie George, Executive Director & the NYPACE Board of Directors
Email us for more information: email@example.com
Joy Hibbert of Love Joy Sweet Treats