Entries for business plan competition due Tuesday

The deadline for entries into the San Angelo Business Plan Competition is getting close. Tuesday is the final day to submit plans is Tuesday, Feb. 2. The competition is open to entrepreneurs who wish to launch a local start-up business and owners of existing business looking to create new ventures as separate entities. Advisers from Angelo State University’s Small Business Development Center along with ASU business students will be available to assist contestants with drafting plans.

Plans entered should reflect the vision of a market opportunity and serve as a blueprint for development of the proposed business.

The first of three phases will be a business overview. The overview will address market need for the proposed service or business, target customers, competitive advantage and revenue generation. The first phase is due Tuesday.

Semi-finalists that are selected must submit a draft business plan including an operation plan, market and financial analysis, sales strategy and management profile by March 21.

Final business plans are due April 18 and winners will be announced April 27. Winners will receive a $15,000 cash prize and in-kind products and services.

Judges may award a second cash prize of $10,000 plus in-kind rewards. Winners may be eligible to apply for The Business Factory’s incubator program.

Cash prizes are made available via a grant from the City of San Angelo’s Development Corporation, which administers a half-cent sales tax for economic development.

Information for interested parties is available in the SBDC’s offices at the Business Resource Center, 69 N. Chadbourne St.; by calling 325-653-7179; or via email to businessplan@cvced.org.