If you have a new or expanding business, it’s a pretty good idea to have a fully-formed business plan in hand before you talk to investors or lenders. And nobody knows more about preparing business plans than the folks at the Angelo State University Small Business Development Center.
So, one thing is certain in this year’s San Angelo Business Plan Competition: all the participants are going to come out ahead.
Dezaray Johnson and the ASU SBDC crew, joined by Nora Nevarez with the City of San Angelo Development Corporation, held a forum at Fuentes Cafe Downtown on Monday to go over the rules and requirements for the competition.
As attendees munched on the restaurant’s delicious chips and salsa, Johnson explained the competition is open only to businesses in either a startup or expansion phase, who are located in San Angelo, or within the city’s extra-territorial jurisdiction (ETJ).
They also must be legally formed at the county or state level, with no more than four owners, and actual income and expenses.
(Businesses still in the concept phase of development are not eligible for this competition, but the SBDC does have resources available for folks trying to get something new off the ground.)
How it Works
The San Angelo Business Plan Competition takes place in two distinct phases.
The initial competition is built around the business owner’s application, and offers them the chance to sketch out their operation, talk about why they think it will succeed in the market, and outline the economic impact their business would have in San Angelo.
The application will also describe the ownership of the business, and how they would use the funds if selected.
Initial applications are due by 5 p.m. Aug. 8, and the SBDC staff is available to help contestants with advice on preparation, or to answer any questions they may have.
Phase 1 contestants will be notified regarding their submissions via email around the end of August,
Phase 2
From there, all applications are judged by an independent panel, and Phase 1 contestants are notified of the results.
Those selected to advance will have some papers to sign, and the second part of the competition begins where participants prepare their business plans, which must be submitted by Oct. 31.
The competition’s prizes are funded by the half-cent sales tax, and underwritten by the City of San Angelo Development Corporation, and those who receive monetary prizes can use the funds to pay for a variety of things, from real estate and equipment to employee training, but funds may not be used for wages or salaries.
Attendees also got to meet Nora Nevarez, economic development coordinator & corporation secretary for COSADC, who participants will be working with during the competition, and she went over some of the legally binding rules and requirements of the competition.
The ASU SBDC and COSADC are joined by top students from the Norris-Vincent College of Business, so participants will get the expert help they need to make their presentations stand out.
Phase 2 of the San Angelo Business Plan Competition lasts about two months, as everyone prepares their plans with professional guidance, including a seminar to teach participants how to best present their plans to the judges.
The plans are due by midnight on Oct. 31, and presentations will be made before the panel of judges on Nov. 7
The top prize is $50,000, with the second-prize winner receiving $30,000, and third-place earning $20,000.
The competition also offers more than $14,00 worth of in-kind prizes from local business, such as marketing and advertising, or accounting help.
To learn more about the San Angelo Business Plan Competition, click here.
You can make an appointment with the SBDC click here.
