The economic development partners housed in the City’s Business Resource Center are again sponsoring a business plan competition that will award the winner $25,000 in cash plus in-kind products and services.
The San Angelo Business Plan Competition is open to entrepreneurs looking to launch local start-up businesses and to existing business owners wishing to expand. Advisers from the Angelo State University Small Business Development Center and students from the ASU College of Business will help guide and assist contestants in drafting plans.
A business plan is a comprehensive document that provides an organized view of a specific business idea. Plans should reflect the vision of a market opportunity and serve as a blueprint for the development of the proposed business.
The competition will be conducted in three phases. In the first phase, a business overview that addresses market need for the proposed service or business, target customers, competitive advantages and revenue generation will be due by Feb. 6. Selected semi-finalists will submit a draft business plan that includes an operations plan, market and financial analyses, a sales strategy and a management profile by March 27. The final business plan will be due by April 17. Winners will be announced April 26.
Judges may award a second-place prize of $20,000 cash and a third-place prize of $15,000 cash, plus in-kind rewards for each. The $60,000 in total cash prizes are being made available from the City of San Angelo Development Corp., which administers the half-cent sales tax for economic development. Winners may be eligible to apply for The Business Factory incubator program.
The competition is being coordinated by the ASU Small Business Development Center, The Business Factory and ASU’s College of Business.