The City's Business Resource Center Resurrects Business Plan Competition

The economic development partners housed in the City’s Business Resource Center are resurrecting a business plan competition that will award the winner $15,000 in cash plus in-kind products and services, said a press release Thursday.

The San Angelo Business Plan Competition is open to entrepreneurs looking to launch local start-up businesses and existing business owners who are creating new ventures as separate entities. Advisers from the Angelo State University Small Business Development Center and students from the ASU College of Business will be available to guide and assist contestants in drafting their 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.

According to the press release, 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 February 2. Selected semi-finalists will submit a draft business plan that includes an operations plan, market and financial analysis, a sales strategy and a management profile by March 21. The final business plan will be due by April 18, and winners will be announced April 27.

Judges may also award a second-place prize of $10,000 cash plus in-kind rewards. Winners may also be eligible to apply for The Business Factory’s incubator program. The $25,000 in total cash prizes are being made available via a grant from the City of San Angelo Development Corp., which administers the half-cent sales tax for economic development.

Potential contestants can get more information in the SBDC’s offices in the Business Resource Center, 69 N. Chadbourne St., by calling 325-653-7197, or emailing [email protected].

The competition is being coordinated by the SBDC, The Business Factory and ASU’s College of Business. The competition was last conducted in 2009.