Business plan competitions are often hosted by public libraries, universities, corporations, incubators and other organizations and award cash to the winning business plan(s). Business plans are the blueprint or roadmap for your business, analyzing the market and the competition and laying out a path to profitability. For entrepreneurs just starting out, business plan competitions can be a great way to hone your idea, win some cash and jumpstart your venture.
- Helps hone your idea and build contacts
- Some contests come with mentoring as well as money
- Typically small amounts
- Competitions may be time-consuming and there’s no guarantee you’ll win
Find a B-plan competition: http://www.bizplancompetitions.com/
For help writing a business plan, check out your local SCORE center https://www.score.org/