Opportunity is knocking for Entrepreneurs and Small Business Owners in San Angelo.
Will you answer?
The ASU-SBDC is partnering with the ASU College of Business and The Business Factory to bring you an unparalleled opportunity to receive guidance and support in building your small business dreams. The San Angelo Business Plan Competition is your opportunity to develop a viable business plan that will create a new business or expand an existing business in San Angelo.
The competition consists of three phases. The first phase is your initial entry into the competition. You will need to submit a two-page business overview with details about your proposed business or expansion. It will need to include the essential elements of your new venture or expansion plans of an existing entity such as; the product or service you will offer, information about your target market, your potential for revenue generation, and the economic impact for San Angelo. This business plan overview needs to be submitted by August 5, 2019 by 5 pm.
The second phase of the competition is where the initial entries will be reviewed and the selected candidates will advance. If selected for the second phase, the candidate will be responsible for a $50 entry fee and will begin work on a full business plan draft.
The third and final phase of the competition is the submission of a completed business plan and formal presentation to the competition officials.
The Business Plan Competition opens the door to many different economic development resources in San Angelo. The ASU-SBDC will be hosting training events to help you better understand the anatomy of a great business plan. ASU-SBDC Certified Business Advisors will be available to guide you through the details of your business plan in all phases of the competition.
The goal of the Business Plan Competition is to encourage entrepreneurs and foster their success which contributes to the economic growth of San Angelo. The partnership will fund the opportunity for the first-place winner to receive, a prize package of $40,000 cash and in-kind services, the second-place winner, a prize package of $20,000 cash and in-kind services, and the third-place winner, a prize package of $10,000 and in-kind services. The in-kind services will include professional services from an attorney and an accountant. They will also include various marketing services, office space, and furniture.
Benjamin Franklin said, “By failing to prepare, you are preparing to fail.” If you are planning to open a small business or expand an existing one, you need to prepare for the trials and successes ahead. Don’t miss out on this amazing opportunity to not only create a solid plan for your business but to also take advantage of the many resources being offered to the Business Plan competitors.
The deadline to submit the two-page business overview for phase one of the competition is August 5, 2019. For more information or to download a copy of the complete competition guidelines see angelo.edu/business-plan-competition. You can also call 325-942-2098, and ask for Dave Erickson.
“Business Tips” was written by Dezaray Johnson, Business Development Training Coordinator, of Angelo State University’s Small Business Development Center. For more information on the topic of this article or the services of the ASU · SBDC, contact her at Dezaray.Johnson@angelo.edu.