Innovation Incubator workshop equips entrepreneurs with business planning tools

Twelve participants of the CNMI Innovation Incubator Program took part in a workshop entitled “Business Planning and Strategy” last Dec. 13 at its office at Beach Road Plaza in Garapan.

Nicole Babauta, an adjunct instructor at the Northern Marianas College Center for Training and Innovation and senior consumer sales manager for Docomo Pacific, conducted the first of five workshops for Cohort 1 of the program.

She said the training provided a practical roadmap for entrepreneurs and start-ups in the CNMI, focusing on how to turn a business idea into a viable, well-managed enterprise.

“We focused on conducting a SWOT analysis,” she said. “The entrepreneurs were given a worksheet and tools to be able to take a look at their strengths, weaknesses, opportunities, and threats. Additionally, we talked about the various aspects of creating a business plan, and today they were also given the outline on how to create their own business plan or strengthen one if they already have one.”

As for the biggest challenge entrepreneurs face in the CNMI, she said, “it really comes down to generating multiple revenue streams to meet the demands of their business.”

Marianas Chorizo Company LLC’s Dave Guerrero said his biggest takeaway from last Saturday’s workshop is that his new business is not alone.

“A lot of people have the same issues and a lot of the same challenges. Here, particularly in the CNMI, we have issues with the supply chain, rising goods, and all this stuff really are components of a successful business. So that's kind of what I understand is that, you know, we're kind of all in it together. It's great to see the participants kind of rally behind each other and support each other.”

For his part, Jordan Ruiz said the workshop helped him identify new revenue streams for his record label, Paradise Lyric House LLC.

“I have in the past tried to focus more on going directly to my fans with merchandise or shows and of that source. But I think with the moving climate, moving forward, I'm going to focus more on going directly to businesses, as far as I make jingles,” he said.

Cassie De Leon Guerrero of asiga mix maker Bishu Mariana said Babauta taught them that a business plan shouldn’t be set in stone and should change with the times.

“Revisit your business plan every three months, see what works for you, see what doesn't work. And just to maintain flexibility, especially here in the CNMI,” she said.

Directory platform CNMI Central’s Joshua Cook said his biggest takeaway from the workshop is that there’s always an opportunity, even during an economic crisis.

“Rather than looking at the economy as that struggle as a threat to my business, I'm shifting and thinking, how is it an opportunity. And so now what I'm going to do is actually look for partnerships and opportunities to connect with other businesses that I wouldn't have if the economy were thriving. Because now businesses are kind of opening their minds, they're looking for new things, new opportunities, where they might not have if, you know, tourism or the economy in general were thriving,” he said.

Babauta’s training workshop provided a practical roadmap for entrepreneurs and start-ups in the CNMI by focusing on how to turn a business idea into a viable, well-managed enterprise.

It began by asking entrepreneurs to define the problem their business solves, then introduced SWOT analysis as a core strategic tool to assess internal strengths and weaknesses and external opportunities and threats. The goal was to help business owners make informed decisions, prioritize actions, and identify areas for growth and risk management.

Babauta also explained different business models—including subscription, marketplace, e-commerce, franchise, direct sales, on-demand, and hybrid models—highlighting how each creates, delivers, and captures value.

She also shared that a major component of a successful enterprise is business planning and demonstrated that a formal business plan should include a company description, mission and vision, legal and licensing requirements, products or services, and market research.

Participants were guided on identifying primary and secondary markets, understanding customer needs, analyzing competitors, and developing marketing and sales strategies tailored to their target audience.

The training also covered management and operations, stressing the importance of organizational structure, staffing, quality control, facilities, and consistent customer service. It emphasized building a capable management team and clear operational processes to support growth.

Finally, Babauta discussed financials and key performance indicators, or KPIs, by explaining essential metrics such as revenue growth, profit margins, cash flow, break-even point, customer acquisition and retention, inventory turnover, and employee productivity.

She said tracking financial data is crucial, as it helps business owners make smarter decisions. The workshop closed with practical advice from Babauta that “cash is king,” while urging attendees to have a strong support network—the so-called “BAIL team,” short for banker, accountant, insurance agent, and lawyer.

“Becoming an entrepreneur is not easy. It can definitely be scary, but they're off to a great start, and we look forward to their growth and success,” were Babauta’s encouraging words to participants of the Innovation Incubator Program.