Securing funding for startups continues to be one of the most challenging obstacles facing entrepreneurs. Even established businesses looking for growth funding often face barriers in obtaining the finances they need. When traditional funding sources fail, it might be time to look to more unique alternatives. One such option being the world of business plan competitions.
Business plan competitions are held by private and corporate foundations, corporations, venture capital firms, universities and even state and local governments. Submitted business plans are judged by a panel of entrepreneurial experts, and the winners can receive funding in amounts ranging from $500 to $100,000 or more.
Ensuring you have a strong and viable business plan will play a vital role in determining your success in these competitions. This means having a thorough and well thought out business plan that covers everything from start to finish. In addition, you’ll need to make sure you can validate your numbers or projections, as well as prove your management capacity in terms of making the business a success.
To learn more about setting yourself up for success with a winning business plan and how to leverage that in business plan competitions, read more below.
Business plan competitions are a great way to validate your business idea, business model, market and market fit, marketing approach and more. They can also be a great way to get constructive criticism about your business concept or approach. Generally, the dollar awards from winning a business plan competition can range from as little as $500 up to as much as $200,000.
Here is a resource that lists business plan competitions if you want to learn about opportunities in the state in which you live - Commercial Capital LLC. You can also do a search for national business plan competitions too. In any case, if you are a new entrepreneur looking to validate your business concept, receive valuable expert feedback and hopefully secure some cash too, don’t overlook the value of business plan competitions.
A lot of entrepreneurs seem to think that a great idea is enough to get funding, but it’s not. A funder or investor who wants to see a business plan needs to be confident that the business is going to hit its targets and be a success before they invest their money.
There is a unique way that a new company can get some assistance through business plan competitions. This article is going to focus on how to fund a startup by finding and entering such competitions so you can reach your goal of starting your own business.