Live/Work in Newark
Category: Available Spaces Deadline: 05/01/2021 Website: https://www.makerhoods.com/apply
Are you a maker, artisan, or creative who wants to grow their passion into a thriving business? Have you outgrown your living room and are ready for the next step in your business?
While it’s easier than ever to start a business, it’s harder than ever to grow a profitable business – making consistent sales, keeping up with customer and technology trends, managing inventory and cash flow, plus taking care of household bills and responsibilities.
The Makerhoods Live/Work program is a new approach to solve these challenges that small business owners face. Our mission at Makerhoods is to help people grow profitable businesses that create prosperity, secure their futures, and build inter-generational wealth.
For one affordable monthly cost, accepted Makers receive an apartment, a separate commercial space to run their business, and business services all in an active, supportive community.
By taking this holistic approach, our aim is to help you earn more money by reducing your overhead costs and accelerating your business growth.
Who Are We Looking For
Makers create products people love to wear, eat, drink, use, gift, or decorate with. We are seeking to curate businesses that are at their core are artisanal, maker, creative, or light manufacturing (i.e. things skillfully and lovingly made by hand or produced locally).
Accepted makers may have a small resell component to their business, but the majority of the products should be produced on site at Makerhoods.
Makerhoods in Newark is focused on food & beverage, fashion & beauty, and neighborhood service businesses.
Selection Process & Application
• October 2020: Eligibility and application questions released.
• April 2021: Open for application submission.
• May 2021: Application is due. The application will be reviewed by a Selection Committee.
• June 2021: Selected applicants will be asked to schedule an interview with the Selection Committee.
• August 2021: Accepted Makers will be notified.
• December 2021: Tentative occupancy begins.
• Maker business
• One business per applicant
• Legally incorporated business with all applicable licensing and permits
• Must have business insurance
• An existing for-profit business generating $2,000/month in sales or $24,000/year*
• Majority business owner must be 21-years or older as of application due date
• Willing to live on-site at Makerhoods in Newark
• Able to commit to working full-time on your business
• Business owner is a legal resident or citizen of the U.S.
• Preferred Applicant:
• Current or former Newark resident
• Household income at 80% AMI
• A business owner from traditionally underrepresented demographics
• Letter of recommendation from a business advisor/coach/mentor/etc.
*Exceptions may be made for certain businesses. If this is your situation, please contact Kristen Lopez at firstname.lastname@example.org.
The full application will be released in April 2021. The application will ask questions and for documents typical to a business plan, as well as additional questions to get to know you and your business. Successful applicants will move on for an in-person interview. Below are the open-ended questions and documents we will be asking.
In a no more than 2-minute video submission, please explain why you want to be a part of Makerhoods Live/Work, your vision for your business and being part of the Makerhoods community, and why you should be selected.
Please describe your business, mission, and the need you are addressing. (300-word limit)
What makes your business unique? How are you different from your competitors? Who are your competitors? (300-word limit)
Who is your target market? (300-word limit)
How do you promote your business? (300-word limit)
How does your business make money? (300-word limit)
• Report for of revenue and expenses of last two periods
• 2019 and 2020 Personal Tax Returns
Stay tuned for assistance on preparing for the application. We also encourage interested applicants to seek assistance with organizations such as: Rising Tide Capital, GNEC, CUEED, IFEL, Small Business Development Center, SCORE, and Rutgers Food Innovation Center.
Contact: Kristen Lopez
Title: VP of Maker Growth