Caret
Small Business, Up
Program Overview
Business needs vary depending on the length of time in business, scale, and individual goals. This overview serves as a general guide, but each business receives a tailored plan to fit its unique needs.
Our Impact
We are committed to providing sound mentorship that empowers participants to achieve their goals. Our program equips entrepreneurs with the tools, frameworks, and decision-making processes needed to make informed, strategic choices across all areas of their business. Through this approach, we foster a foundation for long-term success and adaptability.
Month 1: Concept & Validation
- Week 1: Business Model Development (Discovery, Planning, Strategy).
- Week 2: Market Research & Competitive Analysis (Path to Success).
- Week 3: Branding & Positioning (Defining Unique Selling Proposition).
- Week 4: Product Development & Pricing Strategy (Implementing Strategy).
Month 2: Operational Readiness & Go-To-Market Strategy
- Week 5: Financial Planning (Costing, Pricing, Margins, Cash Flow).
- Week 6: Marketing & Sales Strategy (Assessing Marketing Reach & Needs).
- Week 7: Retail Operations (Inventory, Merchandising, Customer Experience).
- Week 8: Technology & POS Systems (Implementation of Digital Tools).
Month 3: Viability & Growth Strategy
- Week 9: Retail Readiness (Staffing, SOPs, Compliance).
- Week 10: Pitching, Storytelling, & Investor Relations (Prepping the Pitch).
- Week 11: Scaling & Exit Strategies (Final Business Viability Assessment).
- Week 12: Next Steps Planning (Where to Go Next).
Time & Financial Investment
Please review our time & financial investment requirements:
Time Commitment
- Caret is a three-month program designed to provide tailored support based on each business’s unique needs and stage of development.
- Regular check-ins will be scheduled to track both short- and long-term milestones.
- Meetings will be held in person or virtually to address program objectives and provide real-time support.
- Structured mentorship sessions and strategy discussions will be conducted throughout the program.
- Participants are expected to work at least one week in advance such that two weeks of program material is being engaged at a time.
Financial Investment
- No Application Fee – There is no cost to apply.
- No Program Fee – Selected businesses do not pay to join the program.
- No Ongoing Fees – There is no recurring cost to remain in the program.
- General Sales — For e-commerce, market sales, wholesale, and all other general sales, program participants will pay 10% of sales.
- Retail Space – Businesses that qualify for and accept retail placement will pay a nominal monthly rent plus 10% – 20% of sales.
- No Security Deposit – There is no deposit required for businesses placed in our retail spaces.
- No Construction Costs – No build-out needed.
- No Payroll — No payroll, payroll taxes.
- Funding Readiness – While the program is free, businesses should be financially prepared to operate and grow. Those not adequately funded may not be considered.
- Additional Support Options – For eligible businesses requiring continued mentorship beyond the three-month program, a retainer or equity-based arrangement may be available.
Eligibility Criteria
Caret is designed for start ups and early-stage businesses that are ready to enter the marketplace or ready to scale. We focus on e-commerce, retail, and product-based businesses with high growth potential.
Business Structure & Licensing
While Caret can provide general guidance on business structures, applicants should consult a tax professional for specific advice on business legal structure type. Businesses should either already be licensed or be in the process of establishing their legal structure.
Product Readiness
To maximize the benefits of the program, businesses should have or be in the process of receiving a minimum viable product (MVP). Concept-stage businesses may be considered on a case-by-case basis with modified support and terms.
Location Requirements
Caret is best suited for start ups based in the Hampton Roads community, though we may accommodate businesses from outside the area.
Exclusions
Caret is not currently accepting applications from businesses in the alcohol, tobacco, or firearm industries. Additionally, we prioritize businesses that demonstrate sustainability in their products and processes.
Call to Action Before Applying
- Discuss participation with their team and key stakeholders.
- Have their business plan and financials available to reference.
- Ensure they meet the eligibility requirements outlined above.
Application Review Process
- Applications are reviewed in the order they are received.
- Applicants will receive a follow-up email within five business days of submission.
- Caret may reach out with additional questions before making a final decision.
Join Caret and Grow Your Business
Ready to learn more about Caret and how we can support your business? Explore our resources and take the next step toward growth.