how do you organize a business plan competition

The 20 Best Business Plan Competitions to Get Funding

Business plan competitions can provide valuable feedback on your business idea or startup business plan template , in addition to providing an opportunity for funding for your business. This article will discuss what business planning competitions are, how to find them, and list the 20 most important business planning competitions.

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What is a Business Plan Competition?

How do i find business plan competitions, 20 popular business plan competitions, tips for winning business plan competitions, other helpful business plan articles & templates.

A business plan competition is a contest between startup, early-stage, and/or growing businesses. The goal of the business plan competition is for participants to develop and submit an original idea or complete their existing business plan based on specific guidelines provided by the organization running the contest.

Companies are judged according to set criteria including creativity, feasibility, execution, and the quality of your business plan.

A quick Google search will lead you to several websites that list business planning competitions. 

Each site has a different way of organizing the business planning competitions it lists, so you’ll need to spend some time looking through each website to find opportunities that are relevant for your type of business or industry.

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Below we’ve highlighted 20 of these popular competitions, the requirements and how to find additional information. The following list is not exhaustive; however, these popular competitions are great places to start if you’re looking for a business competition.

Rice Business Plan Competition

The Rice University Business Plan Competition is designed to help collegiate entrepreneurs by offering a real-world platform on which to present their businesses to investors, receive coaching, network with the entrepreneurial ecosystem, fine-tune their entrepreneurship plan, and learn what it takes to launch a successful business.

Who is Eligible?

Initial eligibility requirements include teams and/or entrepreneurs that:

• are student-driven, student-created and/or student-managed
• include at least two current student founders or management team members, and at least one is a current graduate degree-seeking student
• are from a college or university anywhere in the world
• have not raised more than $250,000 in equity capital
• have not generated revenue of more than $100,000 in any 12-month period
• are seeking funding or capital
• have a potentially viable investment opportunity

You can find additional  eligibility information on their website.

Where is the Competition Held?

The Rice Business Plan Competition is hosted in Houston, TX at Rice University, the Jones Graduate School of Business.

What Can You Win?

In 2021, $1.6 Million in investment, cash prizes, and in-kind prizes was awarded to the teams competing.

This two-part milestone grant funding program and pitch competition is designed to assist students with measurable goals in launching their enterprises.

Teams must be made up of at least one student from an institution of higher education in Utah and fulfill all of the following requirements:

• The founding student must be registered for a minimum of nine (9) credit hours during the semester they are participating. The credit hours must be taken as a matriculated, admitted, and degree-seeking student.
• A representative from your team must engage in each stage of Get Seeded (application process, pre-pitch, and final pitch)
• There are no restrictions regarding other team members; however, we suggest building a balanced team with a strong combination of finance, marketing, engineering, and technology skills.
• The funds awarded must be used to advance the idea.

The business plan competition will be hosted in Salt Lake City, UT at the Lassonde Entrepreneur Institute at the University of Utah.

There are two grants opportunities:

• Microgrant up to $500
• Seed Grant for $501 – $1,500

Global Student Entrepreneur Awards

The Global Student Entrepreneur Awards is a worldwide business plan competition for students from all majors. The GSEA aims to empower talented young people from around the world, inspire them to create and shape business ventures, encourage entrepreneurship in higher education, and support the next generation of global leaders.

• You must be enrolled for the current academic year in a university/college as an undergraduate or graduate student at the time of application. Full-time enrollment is not required; part-time enrollment is acceptable.
• You must be the owner, founder, or controlling shareholder of your student business. Each company can be represented by only one owner/co-founder – studentpreneur.
• Your student business must have been in operation for at least six consecutive months prior to the application.
• Your business must have generated US $500 or received US $1000 in investments at the time of application.
• You should not have been one of the final round competitors from any previous year’s competition.
• The age cap for participation is 30 years of age.

You can find additional   eligibility information on their website.

Regional competitions are held in various locations worldwide over several months throughout the school year. The top four teams then compete for cash prizes during finals week at the Goldman Sachs headquarters in New York City.

At the Global Finals, students compete for a total prize package of $50,000 in cash and first place receives $25,000. All travel and lodging expenses are also covered. Second place gets US $10,000, while third place earns US $5,000. Additional prizes are handed out at the Global Finals for Social Impact, Innovation, and Lessons from the Edge.

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The collegiate entrepreneurs organization business plan competition.

The Collegiate Entrepreneurs Organization Business Plan Competition (COEBPC) exists to help early-stage entrepreneurs develop their business skills, build entrepreneurial networks, and learn more about how they can transform ideas into reality. It also offers cash prizes to reward entrepreneurship, provide an opportunity for recognition of top student entrepreneurs around the world, and provide unique opportunities for networking.

To compete, you must:

• Be a currently enrolled student at an accredited institution
• Have a viable business concept or be the creator of an existing business that generates revenue.

If you are among the top three finalists of the business plan competition and successfully receive prize money, you will be required to submit a class schedule under your name for the current academic semester. Failure to do so will result in the forfeit of the prize money.

All competitions are held online. The finalist will receive a trip to the International Career Development Conference, where they have an opportunity to win additional prizes from CEO’s sponsors.

• First Place – $7,000
• Second Place – $5,000
• Third Place – $3,000
• People’s Choice Award – Collegiate Entrepreneur of the Year – $600

MIT 100k Business Plan Competition and Expo

The MIT 100K was created in 2010 by the Massachusetts Institute of Technology to foster entrepreneurship and innovation on campus and around the world. Consists of three distinct and increasingly intensive competitions throughout the school year: PITCH, ACCELERATE, and LAUNCH. 

• Submissions may be entered by individuals or teams.
• Each team may enter one idea.
• Each team must have at least one currently registered MIT student; if you are submitting as an individual, you must be a currently registered MIT student.
• Entries must be the original work of entrants.
• Teams must disclose any funding already received at the time of registration.

Hosted in Cambridge, MA at the Massachusetts Institute of Technology beginning in October through May of each academic year.

Top finalists will have a chance to pitch their ideas to a panel of judges at a live event for the chance to win the $5,000 Grand Prize or the $2,000 Audience Choice Award.

20 Finalists are paired with industry-specific business professionals for mentorship and business planning and a $1,000 budget for marketing and/or business development expenses.

The 10 Top Finalists participate in the Showcase and compete for the $10,000 Audience Choice Award while the 3 Top Finalists automatically advance to LAUNCH semi-finals.

The grand prize winner receives a cash prize of $100,000 and the runner-up receives $25,000.

Florida Atlantic University (FAU) Business Plan Competition

The FAU business plan competition is open to all undergraduate and graduate student entrepreneurs. The competition covers topics in the areas of information technology, entrepreneurship, finance, marketing, operations management, etc.

All undergraduate and graduate students are eligible to participate.

The business plan competition will be held at Florida Atlantic University in Boca Raton, Florida.

• First prize: $5,000 cash
• Second prize: $500 cash

Network of International Business Schools (NIBS) Business Plan Competition

The Network of International Business Schools (NIBS) Business Plan Competition is designed to offer an opportunity to develop your business plan with the guidance of industry experts. It provides the opportunity for you to compete against fellow entrepreneurs and explore big ideas.

• Participants must be the legal age to enter into contracts in the country of residence.
• Participants may not be employed by an organization other than their own company or business that they are launching for this competition.
• The plan should be for a new business, not an acquisition of another company.

The Network of International Business Schools (NIBS) Business Plan Competition is held in the USA.

There is a cash prize for first, second, and third place. There is also a potential for a business incubator opportunity, which would provide facilities and assistance to the winners of the competition.

Washington State University Business Plan Competition

The Washington State University Business Plan Competition has been serving students since 1979. The competition is a great opportunity for someone who is looking to get their business off the ground by gaining invaluable knowledge of running a successful business. It offers a wide range of topics and competition styles.

• Any college undergraduate, graduate, or professional degree-seeking student at Washington State University
• The company must be an early-stage venture with less than $250,000 in annual gross sales revenue.

The Washington State University Business Plan Competition is held in the Associated Students Inc. Building on the Washington State University campus which is located in Pullman, Washington.

There are a wide variety of prizes that could be won at the Washington State University Business Plan Competition. This is because the business plan competition has been serving students for over 30 years and as such, they have offered more than one type of competition. The common prize though is $1,000 which is awarded to the winner of each class. There are also awards for those who come in second place, third place, etc.

Milken-Penn GSE Education Business Plan Competition

The Milken-Penn GSE Education Business Plan Competition is one of the most well-known competitions in the country. They have partnered with many prestigious institutions to provide funding, mentorship, and expertise for the competition.

Education ventures with innovative solutions to educational inequity from around the world are encouraged to apply, especially those ventures founded by and serving individuals from marginalized and historically underrepresented communities.

We encourage applicants working in every conceivable educational setting–from early childhood through corporate and adult training. We also welcome both nonprofit and for-profit submissions.

The competition is held at the Wharton School of the University of Pennsylvania.

All finalists receive $1,000 in cash and $5,000 in Amazon Web Services promotional credits.

Next Founders Business Plan Competition

Next Founders is a competition geared towards innovative startups with a social impact, looking to transform society by addressing key global human needs. The competition inspires and identifies energetic, optimistic entrepreneurs who are committed to achieving their vision.

Next Founders is for Canadian business owners of scalable, high-growth ventures.

Next Founders is held at the University of Toronto.

You could win up to $25,000 CAD in cash funding for your new business.

Hatch Pitch Competition

The Hatch Pitch competition is one of the most prestigious business competitions in the US. The winners of the Hatch Pitch Competition are given access to mentorship courses, discounted office space with all amenities included, incubators for startups, tailored education programs, financial counseling & more.

The competition is for companies with a business idea.

• The company’s product/service must have launched within the past 2 years, or be launched within 6 months after the Hatch Pitch event.
• Founders must retain some portion of ownership in the company.
• Received less than $5 million in funding from 3rd party investors.
• The presenter must actively participate in Hatch Pitch coaching.

The Hatch Pitch Competition is located at the Entrepreneur Space in Dallas.

The grand prize for this business plan competition is access to resources like incubators and mentorships that could prove invaluable in bringing your startup company to the next level.

TechCrunch’s Startup Battlefield

The Startup Battlefield is a business plan competition that is sponsored by TechCrunch.  It awards the winner $50,000. There are two different rounds to this competition:

• First Round – 15 companies from all of the applicants that submitted their business plans for this round.
• Second Round – Two finalist companies compete against each other at TechCrunch Disrupt NY’s main stage.

At the time of the application process, companies must have a functional prototype to demo to the selection committee. In selecting final contestants, we will give preference to companies that launch some part of their product or business for the first time to the public and press through our competition. Companies that are in closed beta, private beta, limited release or generally have been flying under the radar are eligible. Hardware companies can have completed crowdfunding but those funds should have been directed to an earlier product prototype. Existing companies launching new feature sets do not qualify.

TechCrunch’s Startup Battlefield is held at different locations.

The Startup Battlefield rewards the winner with $50,000. In addition, the two runner-ups get a prize of $5,000 each.

New Venture Challenge

New Venture Challenge is a competition hosted by the University of Chicago. There are 3 main categories that will be judged:

• Innovative Concept – Arguably the most important category, this focuses on uniqueness, originality, and suitability.
• Market Fit/Business Model – Are you solving an actual problem for your target market? Does your project have the potential for profit?
• Presentation – Did you make a compelling, impactful presentation? Did you clearly communicate your goals and vision to potential investors?

You can find  eligibility information on their website.

The New Venture Challenge competition is held in Chicago, IL.

Finalists are awarded:

• First Place: $50,000 equity investment and access to industry mentors and other resources.
• Second place: $25,000 equity investment and access to industry mentors and other resources.
• Third place: $15,000 equity investment and access to industry mentors and other resources.

New Venture Championship

The New Venture Championship is hosted by the University of Oregon and has been since 1987. The championship brings new ventures and innovative business ideas to life and the competition offers plan writing as a service to those who need it.

The University of Oregon New Venture Championship is open to university student teams with 2-5 members that have at least one graduate student involved with their venture. Students should be enrolled in a degree program or have finished their studies in the current academic year.

The New Venture Championship hosted by the University of Oregon is held in Eugene, Oregon.

Every business plan has a chance of winning a cash prize from $3,000 to $25,000 and additional benefits like plan coaching and office space rental.

Climatech & Energy Prize @ MIT

The Climatech & Energy Prize @ MIT is a competition that focuses on companies that are involved in the area of energy, environment, and climate change.

• Participants must be a team of two or more people.
• At least 50% of formal team members identified in the competition submission documentation must be enrolled as half-time or full-time college or university students.

The Climatech & Energy Prize @ MIT is held in Cambridge, MA.

The grand prize winner receives $100,000 and other winners may receive other monetary prizes.

Baylor Business New Venture Competition

This competition has been offered by Baylor for the last 20 years. It is designed to help aspiring entrepreneurs refine business ideas, and also gain valuable insights from judges and other entrepreneurs.

Must be a current undergraduate student at Baylor University or McLennan Community College.

The Baylor Business New Venture competition will be held at the Baylor University, Waco, TX.

The grand prize winner will receive $6,000. There are also other prizes given out to the other finalists in each category which are worth $1,500 – $2,000.

13th IOT/WT Innovation World Cup

The 13th IOT/WT Innovation World Cup was organized by the 13th IOT/WT Innovation World Cup Association. It was organized to provide a platform for innovators from all over the world to showcase their innovative ideas and projects. The competition aimed at drawing the attention of investors, venture capitalists, and potential business partners to meet with representatives from different companies and organizations in order to foster innovation.

The revolutionary Internet of Things and Wearable Technologies solutions from developers, innovative startups, scale-ups, SMEs, and researchers across the world are invited to participate. Eight different categories are available: Industrial, City, Home, Agriculture, Sports, Lifestyle, and Transport.

Only those submissions that have a functional prototype/proof of concept will advance in the competition, mere ideas will not be considered. 

The competition is held in Cleveland, Ohio also an important center for innovation and cutting-edge technology.

Win prizes worth over $500,000, connect with leading tech companies, speed up your development with advice from tech experts, join international conferences as a speaker or exhibitor, and become part of the worldwide IoT/WT Innovation World Cup® network. 

The U.Pitch is a competition that gives you a chance to share your idea and for the community of budding entrepreneurs, startup founders, CEOs, and venture capitalists to invest in your enterprise. It also provides mentoring by experts in the field.

• Currently enrolled in an undergraduate or graduate program
• Applicants may compete with either an idea OR business currently in operation
• Applicants must be 30 years of age or under

The U.Pitch is held in San Francisco, California.

Enter to win a part of the $10,000 prize pool.

At the core of CodeLaunch is an annual seed accelerator competition between individuals and groups who have software technology startup ideas.

If your startup has raised money, your product is stable, you have customers, and revenue, you are probably not a fit for CodeLaunch.

CodeLaunch is based in St. Louis, Missouri. 

The “winner” may be eligible for more seed capital and business services from some additional vendors.

New York StartUP! Business Plan Competition

The New York StartUP! is a competition sponsored by the New York Public Library to help entrepreneurs from around the world to develop their business ideas.

• You must live in Manhattan, The Bronx, or Staten Island
• Your business must be in Manhattan, The Bronx, or Staten Island
• All companies must have a big idea or business model in the startup phase and have earned less than $10,000

The New York StartUP! competition is held in New York, NY.

Two winners are chosen: 

•  Grand Prize – $15,000  
•  Runner-up – $7,500  

First, determine if the competition is worth your time and money to participate.

• What is the prize money?
• Who will be on the judging panel?
• Will there be any costs associated with entering and/or presenting at the competition (e.g., travel and lodging expenses)?

Once you’ve determined the worth of the competition, then shift to focusing on the details of the competition itself.

• What are the rules of the competition?
• Are there any disqualifying factors?
• How will you be judged during the different parts of the competition?

After conducting this research, it’s best to formulate an idea or product that appeals to the judges and is something they can really get behind. Make sure you thoroughly understand the rules and what is expected from your final product. Once you know what is expected from you, you’ll be able to refine and practice your pitch to help you move through the stages of the competition.

These competitions are a fantastic method to get new business owners thinking about business possibilities, writing business plans, and dominating the competition. These contests may assist you in gaining important feedback on your business concept or plan as well as potential monetary prizes to help your business get off the ground.  

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How to organize a business plan competition - Guide

• What problem does the startup aim to solve? (50 words max)
• How does the startup want to solve the problem? (50 words max)
• How does the company want to make money? (50 words max)
• Market Size
• Existing Competitors
• What are areas where you have edge over competition and vice versa
• Revenue Model - easy to understand revenue model
• Marketing strategy
• Team members
• Growth plan
• Big ass 'thank you' slide.

You are reading an archived discussion.

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Business Plan and Pitch Competition Guide

1 min. read

Updated April 8, 2024

Pitch competitions are more than an opportunity to win funding; they’re a valuable platform to practice and perfect your business pitch. By participating, you gain critical experience presenting your ideas, receive expert feedback, and engage with potential investors and partners.

This guide is designed to help you prepare for these business plan competitions. Whether you’re an aspiring entrepreneur or an experienced business owner—here is what you need to know about pitch competitions.

If you need to develop your pitch deck or elevator pitch , check out our other guides.

• What is a pitch competition?

A pitch or business plan competition is an event where people with business ideas or who are running early-stage startups get the chance to present to a group of judges. Entrepreneurs need to cover their business model, target market, financial plans, and other vital areas of their businesses within a fixed time limit. 

The judges, typically experts in business and investment, evaluate and provide feedback on these presentations. The best pitches, as determined by the judges, may receive prizes often in the form of funding, mentorship, or resources to help develop or scale their businesses.

• How to prepare for a pitch competition

Are you participating in your first startup pitch or business plan contest? Check out these guides to refine your pitch and better understand what it takes to succeed.

How to win a business plan competition

What does it take to stand out from the competition and win a pitch contest? Check out these insights from business planning expert Tim Berry to help you prepare.

Common business plan competition mistakes to avoid

Startup competitions are a great opportunity to practice your pitch and even win some prize money to fund your business. Just be sure you don’t make these big mistakes.

Pitch competition resources and tools

Resources and templates to help you successfully pitch your business idea.

Free investor pitch deck template

Visualize your business pitch and wow investors with this free pitch deck template.

Download Template

Free business plan template

Back up your pitch with a detailed and investor-ready business plan. Get started with our fill-in-the-blank business plan template.

Successfully pitch your business with LivePlan

With one tool you can craft and share your business plan, pitch, and important financial forecasts. No spreadsheets or PowerPoint slides necessary.

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Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.

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How to make a business plan

Table of Contents

How to make a good business plan: step-by-step guide.

A business plan is a strategic roadmap used to navigate the challenging journey of entrepreneurship. It's the foundation upon which you build a successful business.

A well-crafted business plan can help you define your vision, clarify your goals, and identify potential problems before they arise.

But where do you start? How do you create a business plan that sets you up for success?

This article will explore the step-by-step process of creating a comprehensive business plan.

What is a business plan?

A business plan is a formal document that outlines a business's objectives, strategies, and operational procedures. It typically includes the following information about a company:

Products or services

Target market

Competitors

Marketing and sales strategies

Financial plan

Management team

A business plan serves as a roadmap for a company's success and provides a blueprint for its growth and development. It helps entrepreneurs and business owners organize their ideas, evaluate the feasibility, and identify potential challenges and opportunities.

As well as serving as a guide for business owners, a business plan can attract investors and secure funding. It demonstrates the company's understanding of the market, its ability to generate revenue and profits, and its strategy for managing risks and achieving success.

Business plan vs. business model canvas

A business plan may seem similar to a business model canvas, but each document serves a different purpose.

A business model canvas is a high-level overview that helps entrepreneurs and business owners quickly test and iterate their ideas. It is often a one-page document that briefly outlines the following:

Key partnerships

Key activities

Key propositions

Customer relationships

Customer segments

Key resources

Cost structure

Revenue streams

On the other hand, a Business Plan Template provides a more in-depth analysis of a company's strategy and operations. It is typically a lengthy document and requires significant time and effort to develop.

A business model shouldn’t replace a business plan, and vice versa. Business owners should lay the foundations and visually capture the most important information with a Business Model Canvas Template . Because this is a fast and efficient way to communicate a business idea, a business model canvas is a good starting point before developing a more comprehensive business plan.

A business plan can aim to secure funding from investors or lenders, while a business model canvas communicates a business idea to potential customers or partners.

Why is a business plan important?

A business plan is crucial for any entrepreneur or business owner wanting to increase their chances of success.

Here are some of the many benefits of having a thorough business plan.

Helps to define the business goals and objectives

A business plan encourages you to think critically about your goals and objectives. Doing so lets you clearly understand what you want to achieve and how you plan to get there.

A well-defined set of goals, objectives, and key results also provides a sense of direction and purpose, which helps keep business owners focused and motivated.

Guides decision-making

A business plan requires you to consider different scenarios and potential problems that may arise in your business. This awareness allows you to devise strategies to deal with these issues and avoid pitfalls.

With a clear plan, entrepreneurs can make informed decisions aligning with their overall business goals and objectives. This helps reduce the risk of making costly mistakes and ensures they make decisions with long-term success in mind.

Attracts investors and secures funding

Investors and lenders often require a business plan before considering investing in your business. A document that outlines the company's goals, objectives, and financial forecasts can help instill confidence in potential investors and lenders.

A well-written business plan demonstrates that you have thoroughly thought through your business idea and have a solid plan for success.

Identifies potential challenges and risks

A business plan requires entrepreneurs to consider potential challenges and risks that could impact their business. For example:

Is there enough demand for my product or service?

Will I have enough capital to start my business?

Is the market oversaturated with too many competitors?

What will happen if my marketing strategy is ineffective?

By identifying these potential challenges, entrepreneurs can develop strategies to mitigate risks and overcome challenges. This can reduce the likelihood of costly mistakes and ensure the business is well-positioned to take on any challenges.

Provides a basis for measuring success

A business plan serves as a framework for measuring success by providing clear goals and financial projections . Entrepreneurs can regularly refer to the original business plan as a benchmark to measure progress. By comparing the current business position to initial forecasts, business owners can answer questions such as:

Are we where we want to be at this point?

Did we achieve our goals?

If not, why not, and what do we need to do?

After assessing whether the business is meeting its objectives or falling short, business owners can adjust their strategies as needed.

How to make a business plan step by step

The steps below will guide you through the process of creating a business plan and what key components you need to include.

1. Create an executive summary

Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.

Keep your executive summary concise and clear with the Executive Summary Template . The simple design helps readers understand the crux of your business plan without reading the entire document.

2. Write your company description

Provide a detailed explanation of your company. Include information on what your company does, the mission statement, and your vision for the future.

Provide additional background information on the history of your company, the founders, and any notable achievements or milestones.

3. Conduct a market analysis

Conduct an in-depth analysis of your industry, competitors, and target market. This is best done with a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats. Next, identify your target market's needs, demographics, and behaviors.

Use the Competitive Analysis Template to brainstorm answers to simple questions like:

What does the current market look like?

Who are your competitors?

What are they offering?

What will give you a competitive advantage?

Who is your target market?

What are they looking for and why?

How will your product or service satisfy a need?

These questions should give you valuable insights into the current market and where your business stands.

4. Describe your products and services

Provide detailed information about your products and services. This includes pricing information, product features, and any unique selling points.

Use the Product/Market Fit Template to explain how your products meet the needs of your target market. Describe what sets them apart from the competition.

5. Design a marketing and sales strategy

Outline how you plan to promote and sell your products. Your marketing strategy and sales strategy should include information about your:

Pricing strategy

Advertising and promotional tactics

Sales channels

The Go to Market Strategy Template is a great way to visually map how you plan to launch your product or service in a new or existing market.

6. Determine budget and financial projections

Document detailed information on your business’ finances. Describe the current financial position of the company and how you expect the finances to play out.

Some details to include in this section are:

Startup costs

Revenue projections

Profit and loss statement

Funding you have received or plan to receive

Strategy for raising funds

7. Set the organization and management structure

Define how your company is structured and who will be responsible for each aspect of the business. Use the Business Organizational Chart Template to visually map the company’s teams, roles, and hierarchy.

As well as the organization and management structure, discuss the legal structure of your business. Clarify whether your business is a corporation, partnership, sole proprietorship, or LLC.

8. Make an action plan

At this point in your business plan, you’ve described what you’re aiming for. But how are you going to get there? The Action Plan Template describes the following steps to move your business plan forward. Outline the next steps you plan to take to bring your business plan to fruition.

Types of business plans

Several types of business plans cater to different purposes and stages of a company's lifecycle. Here are some of the most common types of business plans.

Startup business plan

A startup business plan is typically an entrepreneur's first business plan. This document helps entrepreneurs articulate their business idea when starting a new business.

Not sure how to make a business plan for a startup? It’s pretty similar to a regular business plan, except the primary purpose of a startup business plan is to convince investors to provide funding for the business. A startup business plan also outlines the potential target market, product/service offering, marketing plan, and financial projections.

Strategic business plan

A strategic business plan is a long-term plan that outlines a company's overall strategy, objectives, and tactics. This type of strategic plan focuses on the big picture and helps business owners set goals and priorities and measure progress.

The primary purpose of a strategic business plan is to provide direction and guidance to the company's management team and stakeholders. The plan typically covers a period of three to five years.

Operational business plan

An operational business plan is a detailed document that outlines the day-to-day operations of a business. It focuses on the specific activities and processes required to run the business, such as:

Organizational structure

Staffing plan

Production plan

Quality control

Inventory management

Supply chain

The primary purpose of an operational business plan is to ensure that the business runs efficiently and effectively. It helps business owners manage their resources, track their performance, and identify areas for improvement.

Growth-business plan

A growth-business plan is a strategic plan that outlines how a company plans to expand its business. It helps business owners identify new market opportunities and increase revenue and profitability. The primary purpose of a growth-business plan is to provide a roadmap for the company's expansion and growth.

The 3 Horizons of Growth Template is a great tool to identify new areas of growth. This framework categorizes growth opportunities into three categories: Horizon 1 (core business), Horizon 2 (emerging business), and Horizon 3 (potential business).

One-page business plan

A one-page business plan is a condensed version of a full business plan that focuses on the most critical aspects of a business. It’s a great tool for entrepreneurs who want to quickly communicate their business idea to potential investors, partners, or employees.

A one-page business plan typically includes sections such as business concept, value proposition, revenue streams, and cost structure.

Best practices for how to make a good business plan

Here are some additional tips for creating a business plan:

Use a template

A template can help you organize your thoughts and effectively communicate your business ideas and strategies. Starting with a template can also save you time and effort when formatting your plan.

Miro’s extensive library of customizable templates includes all the necessary sections for a comprehensive business plan. With our templates, you can confidently present your business plans to stakeholders and investors.

Be practical

Avoid overestimating revenue projections or underestimating expenses. Your business plan should be grounded in practical realities like your budget, resources, and capabilities.

Be specific

Provide as much detail as possible in your business plan. A specific plan is easier to execute because it provides clear guidance on what needs to be done and how. Without specific details, your plan may be too broad or vague, making it difficult to know where to start or how to measure success.

Be thorough with your research

Conduct thorough research to fully understand the market, your competitors, and your target audience . By conducting thorough research, you can identify potential risks and challenges your business may face and develop strategies to mitigate them.

Get input from others

It can be easy to become overly focused on your vision and ideas, leading to tunnel vision and a lack of objectivity. By seeking input from others, you can identify potential opportunities you may have overlooked.

Review and revise regularly

A business plan is a living document. You should update it regularly to reflect market, industry, and business changes. Set aside time for regular reviews and revisions to ensure your plan remains relevant and effective.

Create a winning business plan to chart your path to success

Starting or growing a business can be challenging, but it doesn't have to be. Whether you're a seasoned entrepreneur or just starting, a well-written business plan can make or break your business’ success.

The purpose of a business plan is more than just to secure funding and attract investors. It also serves as a roadmap for achieving your business goals and realizing your vision. With the right mindset, tools, and strategies, you can develop a visually appealing, persuasive business plan.

Ready to make an effective business plan that works for you? Check out our library of ready-made strategy and planning templates and chart your path to success.

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How To Win A Business Plan Contest

A well-developed business plan creates the foundation on which a successful startup will be able to establish itself, and is especially necessary when considering participation in a business plan contest or pitch event. When every factor is considered – market and industry, finance, marketing, operations, and etc. – success becomes a long-term plan as opposed to a hope for a stroke of startup luck. Along with a solid pitch and pitch deck, a business plan is a critical element in your journey to landing a successful seed funding round. Writing an  investor-ready business plan  can be difficult, but securing funding without a solid plan in place is pretty much impossible.

Once you finally get the perfect business plan written, what’s next? For those who are far enough along in their business, submitting the plan directly to investors might be a wise step. For those who aren’t quite ready to approach VCs yet, but could use a financial boost to get things going, participating in business plan contests can be a tremendous help. Not only do these competitions often provide significant rewards for the winners, but they also often draw the attention of angels, VCs, and even corporations looking to invest in or partner with the next billion-dollar startup.

Unfortunately, where there is honey there are bees – business plan contests often attract some of the brightest minds, and the higher the reward, the more competition you can expect. In this post, we’ll explore everything you need to know to find a great business plan contest, enter it with confidence, and win against other participating startups!

The Benefits of Winning A Business Plan Contest

Business plan competitions are beneficial platforms that allow entrepreneurs to showcase their idea, product, or startup to a group of judges. Often, these competitions involve pitching the idea or startup to judges over one or more rounds. Once each competing startup has presented, judges vote on which business (or businesses) will receive the offered reward.

While business plan competitions highly benefit winning startups, they offer immense benefits to investors who attend them also – access to early-stage businesses that they can invest in before others have the opportunity. Furthermore, these competitions work to even out the playing field for entrepreneurs who otherwise may not have access to investors – winning a business plan contest could be the difference between funding your business’ launch or failing before you even get the chance to begin.

The most obvious benefit of winning a business plan contest is winning the offered reward. The reward value of these contests can vary from small amounts to extremely large amounts.  For example, the Panasci Business Plan Competition by Syracuse University offers around $35,000 in total rewards, while the Rice Business Plan Competition offers over $1.2 million in seed funding to its winners and runner-ups. Winning the right competition can impact your business greatly; providing you with the  app funding  required to progress your business from the app idea phase to launch and beyond. There is something that should be considered though – some business plan competitions may come with specific conditions that must be met to receive the funding; such as headquartering the business in a certain location, offering up an equity percentage, or being involved in a startup incubator for some length of time.

High-profile angels and VCs often attend larger business plan competitions, and even participants that don’t win the contest may attract the attention of an investor. In some cases, teams that don’t win may end up with larger investments than those that the judges selected for first place. Investors aren’t always looking for the same things in a startup; your idea might not be of much interest to the judges, but may be exactly what an attending investor was looking for! These investors aren’t only good for the funds they bring – some of them may provide a critical mentorship component to your startup; helping to advise your team for greater success down the line.

Lastly, one of the least recognized but most effective benefits of participating in a business plan competition is having your business plan and startup critically reviewed by experienced judges, entrepreneurs, and investors. Even if you don’t win, the insight provided by the panel of judges will offer different perspectives regarding your startup. Ultimately, by applying this insight, you can further position your startup for success when participating in future events.

Finding The Right Business Plan Contest

The unique beauty of business plan contests is that they are relatively ubiquitous – and today, more competitions are popping up than ever before. A variety of organizations, educational institutions, and even individuals organize business plan competitions to seek out investable and fundable business ideas. In general, most business plan contests can be grouped into two categories:

• University Competitions: Many major universities organize some type of business plan contest through their business school. Eligibility may vary from contest to contest, but these contests are typically only available to those connected to the business program – students, alumni, and in some cases, even on-staff professionals. Due to these eligibility requirements, competition is generally limited – which means that participants have a much larger chance of winning when compared to contests with less regulation. Furthermore, universities know that any successful startups launched through these contests will give their business program a major boost in visibility and credibility. As a result, universities often go a step above to support winners of these programs – providing additional on-campus resources or even access to alumni professionals that can help them advance their businesses.
• Sponsored Contests: Sponsored business plans are those that are planned and hosted by an organization, corporation, individual or other entity. Specifically, these organizers ‘sponsor’ the competition – organizing the event, involving investors and judges, and securing rewards to incentivize winners and participants. Sometimes, these competitions may be sponsored by companies within a specific sector such as biotech, healthcare, urban transit, architecture, and etc.; while other times they may be part of a larger  startup incubator  or accelerator program.  

Business plan and  pitch deck  competitions take place several times each year in most major cities – and even in many less popular upcoming startup regions. If you are a student or alumni, check with your university to see if they have a business plan competition in place – if not, maybe you can help them organize one! For those who are not eligible to join a university-sponsored competition, a simple Google search will provide you with several options. Search for “industry name + business plan contest” or “city + business plan contest” to see what upcoming business plan contest events you may be eligible to participate in.

Winning Big At Your First Business Plan Contest

Participating in a business plan contest can be extremely valuable, but the real goal is to win – and to win big! The key to winning a business plan competition of any type is to know what the judges are looking for and to position your startup, business plan, and pitch to exceed their expectations.

Judging The Judges

In general, whether you win a business plan contest or not will hinge upon how your business idea is perceived by the panel of judges, and how they perceive you as an entrepreneur and presenter. It is worth noting that judges often come from various backgrounds with varied experiences; what may be a top consideration for one judge may make little difference to another. However, most judges compare businesses on at least the following three factors:

• Originality: Successful business ideas need to be original in nature and able to improve upon an existing solution, solve a wide-scale problem, or effectively meet the current market demand. Businesses that simply spin-off from other successful ideas are not looked upon favorably by judges or investors – since they usually have little advantage to compete against already established players. To win a business plan contest, it is essential that your idea is fresh, scalable, sustainable and eventually, profitable.
• Ability To Generate Profit: Even the most creative ideas need to be able to turn a profit at some point. Understandably, most investors aren’t interested in funding businesses that won’t provide them with a return in the long-run. In order to gain interest in your business during a contest, your business plan should show exactly how your business will provide a return for investors in the long-term. While some investors may be interested in other aspects of a business, such as their social consciousness or involvement, the majority of investors are looking for opportunities to grow their portfolio by investing in businesses that are capable of generating strong profits.
• Effective Presentation : It’s not always the best idea that wins a business plan competition. A perfect business plan and an exciting idea means very little if an entrepreneur can not properly convey their message during their presentation. In most contests, participants are given a set time limit (such as 10 minutes) to present – and expressing all the necessary information within this time period can be rather difficult. Judges look for confident entrepreneurs who can articulate their business enough to convey the efficacy and scalability of their idea properly. The knowledge an entrepreneur needs to possess doesn’t end with just the text presented in their business plan or  pitch deck . Most often, there is a Q&A portion during these events in which the entrepreneur will be required to answer specific questions by judges and investors. The inability to answer these questions properly and confidently can quickly dissuade an investor from investing, or can cause a judge to give a lower score than they would have otherwise.

Preparing For Business Plan Contest Success

Success at these events is often linked to how well an entrepreneur has prepared themselves beforehand. One thing is certain – your competitors will be prepared; and if you aren’t, it will be embarrassingly noticeable. Unfortunately, in a business plan contest, there is no way to mask unpreparedness, especially among an audience of experienced entrepreneurs and investors. To best prepare for an upcoming business plan competition, consider the following tips:

• Sell A Strong Team:  There is one thing that’s more important than having a great business plan – having a strong and experienced team that can actually execute it. Management teams are what bind all the elements of a business plan together; combining the skills necessary to put the plan into action successfully. It is vital that your team encompasses a broad range of skills and that each team member has a specific job that will lead to the startup’s success.
• Present The Problem First : Startups that win (in contests and in general) are those that truly solve an existing problem – whether the problem is shared by a mass group of people, or by a niche audience. There’s a lot of “cool tech” out there, but even simple ideas can solve major problems. Taxis have existed for decades, but a simple idea like ride-sharing changed the way the world views personal transportation. Prepare a pitch that is challenge/solution heavy by focusing on what the problem is, why individuals experience the issue, why current solutions don’t solve the challenges effectively, and why your product/service is the right solution for the problem.
• Know Your Funding Requirements : Investors don’t want their funds to just sit in an account; they want to know that there is a plan in place to use these funds and effectively scale a startup from its current position. Have a funding plan in place – know how much funding is required, what actions need to be completed to successfully progress the business, and how each dollar will be spent to meet your launch or growth objectives.
• Be The Expert : If there is any gap in your business plan, it will be uncovered during the Q&A stage. Investors and judges are highly experienced in asking the right questions to get a full picture of your startup and to gauge whether you are well-informed about your business, market and the issue that you are attempting to solve. It’s not a good sign when an investor or judge knows more about your business than you do. Ensure that your business plan is all-encompassing with vital information, and that you can answer any necessary questions without needing to reference your business plan. During the Q&A session, you should be able to answer questions proficiently, confidently, and with enough expertise to prove that you know exactly what you are talking about.
• Listen, Learn and Apply : You can’t win every business plan or pitch contest, but you can definitely take the insights given during one competition and use it to propel your potential for success in future contests. It’s not everyday that you’re able to receive critical feedback from a group of investors, and when you can, you should take advantage of it as much as possible. Even if you don’t win anything in a business plan competition, the insights gained can be used to catapult your business to the next level.

Writing A Business Plan That Wins

Even if everything else is perfect – if you want to win, you must begin with a well-thought-out, perfectly articulated, and investor-ready business plan that tells your startup’s story in an effective manner. There are many factors to consider when writing a business plan from proper market analysis to financial projections – and any weak point in your plan will decrease your chances of winning. If you need more advice on writing a business plan, contact one of our experts today for a free business plan consultation!

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How To Write A Business Plan (2024 Guide)

Updated: Apr 17, 2024, 11:59am

Table of Contents

Brainstorm an executive summary, create a company description, brainstorm your business goals, describe your services or products, conduct market research, create financial plans, bottom line, frequently asked questions.

Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and dreams, a strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started. In this guide, we’ll walk you through how to write a business plan that you can stick to and help guide your operations as you get started.

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Drafting the Summary

An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.

Ask for Help

When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.

After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business. 

The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.

Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.

Numbers-based Goals

Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.

Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.

Intangible Goals

Goals unrelated to traceable numbers are important as well. These can include seeing your business’s advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.

The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.

If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.

This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.

You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.

Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.

Business Operations Costs

Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.

Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.

Other Costs

Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.

Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.

How do I write a simple business plan?

When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.

What are some common mistakes in a business plan?

The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry.

Kelly Main is a Marketing Editor and Writer specializing in digital marketing, online advertising and web design and development. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist covering small business marketing content. She is a former Google Tech Entrepreneur and she holds an MSc in International Marketing from Edinburgh Napier University. Additionally, she is a Columnist at Inc. Magazine.

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Professional Organizing Business

Back to All Business Ideas

How to Start a Professional Organizing Business

Written by: Carolyn Young

Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on January 5, 2022 Updated on June 5, 2024

Investment range

$2,050 - $5,500

Revenue potential

$78,000 - $260,000 p.a.

Time to build

0 – 3 months

Profit potential

$70,000 - $234,000 p.a.

Industry trend

People like to have nice things – a lot of things. So much so that for many people, those things get out of control, and clutter takes over their homes. Professional organizing is a service that solves that problem for consumers. If you are a meticulous person who knows how to control clutter, a professional organizing business is a great opportunity to build a profitable company.

Launching a professional organizing business will have its challenges, and will take time, preparation, and knowledge. This step-by-step guide is full of information and insight to put you on your way to organizing your new entrepreneurial home.

Looking to register your business? A limited liability company (LLC) is the best legal structure for new businesses because it is fast and simple.

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Step 1: Decide if the Business Is Right for You

Pros and cons.

Starting a professional organizing business has pros and cons you should consider before deciding if it’s right for you.

• Low Startup Costs – No equipment or office needed
• Great Profit Margin – Few ongoing expenses
• Broad Market – Both individuals and businesses could be customers
• Messy – People can be slobs and things will get dirty
• Patience Needed – People may not want to get rid of their junk

Professional organizing industry trends

Industry size and growth.

• Industry size and past growth – The US home organization market has grown more than 40% over the last decade.(( https://www.statista.com/statistics/622446/value-of-the-us-home-organization-market/ )) Analyst Research and Markets values the US home organization products market at $12.2 billion in 2021.(( https://www.researchandmarkets.com/reports/5389715/us-home-organization-products-market-2021-2030 ))  
• Growth forecast – Between 2018 and 2028, demand for professional organizers is expected to grow 7% and create 9,600 job opportunities across the US.(( https://www.zippia.com/organizer-jobs/ ))
• Number of people employed – There are nearly 45,000 organizers employed in the US.(( https://www.zippia.com/organizer-jobs/demographics/ ))

Trends and challenges

Trends in professional organizing include:

• The aesthetics of organizing is becoming just as important as usability due to the social media influence. People are posting pictures of their closets and want them to be visually appealing.
• Professional organizing is becoming more of a science, considering the psychology of the customer and their needs. For example, some care more about what is most visible rather than making the most used items the easiest to reach.

Some challenges also exist in the professional organizing industry including:

• Big players are entering the industry such as The Container store, creating a more competitive environment.
• Barriers to entry into the industry are low, increasing the competitive environment even more.

What kind of people work in professional organizing?

• Gender – 53% of all organizers are female, while nearly 47% are male.(( https://www.zippia.com/organizer-jobs/demographics/#gender-statistics ))
• Average level of education – 62% of organizers hold a bachelor’s degree and 11% finished high school. Organizers usually study political science, business, or psychology. (( https://www.zippia.com/organizer-jobs/education/ ))
• Average age – The average age of organizers is 40+ years old.(( https://www.zippia.com/organizer-jobs/demographics/#age-statistics ))

How much does it cost to start a professional organizing business?

Startup costs for a professional organizing business range from about $2,000 to $5,000. The largest expenses are for a website set up and an initial marketing budget. The high end also includes professional organizing classes which are not required but can add to your credibility. You can take classes through the National Association of Productivity & Organizing Professionals (NAPO) . 

How much can you earn from a professional organizing business?

The average price that customers pay for an organizing job is about $500. The price will vary based on the size of the job and the time that it takes. Your profit margin should be around 90%. 

In your first year or two, you could do 3 organizing jobs per week, bringing in $78,000 in annual revenue. This would mean $70,000 in profit, assuming that 90% margin. As your brand gains recognition, sales could climb to 10 jobs per week. With expected annual revenue of $260,000, you would make about $234,000.

What barriers to entry are there?

There are a few barriers to entry for a professional organizing business. Your biggest challenges will be:

• You need to know good organizational methods
• It will take some marketing dollars to get a large customer base

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Step 2: hone your idea.

Now that you know what’s involved in starting a professional organizing business, it’s a good idea to hone your concept in preparation to enter a competitive market. 

Market research will give you the upper hand, even if you’re already positive that you have a perfect product or service. Conducting market research is important, because it can help you understand your customers better, who your competitors are, and your business landscape.

Why? Identify an opportunity

Research professional organizing businesses in your area to examine their services, price points, and customer reviews. You’re looking for a market gap to fill. For instance, maybe the local market is missing a professional business organizer. 

You might consider targeting a niche market by specializing in a certain aspect of your industry such as closet organization.

This could jumpstart your word-of-mouth marketing and attract clients right away. 

What? Determine your services

You need to determine what types of organizing services you will do. You could specialize in something like closets, or you could organize a variety of things including:

• Kitchen cabinets and pantries
• Business establishments
• Home offices

How much should you charge for professional organizing services?

Prices for organizing jobs range from $250 to $800 and average about $500. You should determine your prices based on the time that the job takes you. Prices should work out to an average of $50 to $100 per hour. Your ongoing expenses should be limited to fuel and marketing so you should aim for a profit margin of about 90%.

Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price point. Remember, the price you use at launch should be subject to change if warranted by the market.

Who? Identify your target market

Your target market will be broad, although the people that will be willing and able to pay for your services are probably more established. You can find them on sites like Facebook and LinkedIn. 

Where? Choose your business premises

In the early stages, you may want to run your business from home to keep costs low. But as your business grows, you’ll likely need to hire workers for various roles and may need to rent out an office. You can find commercial space to rent in your area on sites such as Craigslist , Crexi , and Instant Offices .

When choosing a commercial space, you may want to follow these rules of thumb:

• Central location accessible via public transport
• Ventilated and spacious, with good natural light
• Flexible lease that can be extended as your business grows
• Ready-to-use space with no major renovations or repairs needed

Step 3: Brainstorm a Professional Organizing Business Name

Here are some ideas for brainstorming your business name:

• Short, unique, and catchy names tend to stand out
• Names that are easy to say and spell tend to do better 
• Name should be relevant to your product or service offerings
• Ask around — family, friends, colleagues, social media — for suggestions
• Including keywords, such as “professional organizing” or “home organizing”, boosts SEO
• Name should allow for expansion, for ex: “TidyUp Solutions” over “Office Organizers”
• A location-based name can help establish a strong connection with your local community and help with the SEO but might hinder future expansion

Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these. 

Find a Domain

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Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that sets your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.

Step 4: Create a Professional Organizing Business Plan

Here are the key components of a business plan:

• Executive Summary: Highlight the vision of your professional organizing business, its services, target market, and what will make it successful.
• Business Overview: Detail what organizing services your business will provide and the organizational problems it aims to solve.
• Product and Services: Describe the specific organizing packages you offer, like home decluttering, office systematization, or digital organization.
• Market Analysis: Examine the demand for organizing services in your area, including potential customer segments and their needs.
• Competitive Analysis: Identify other professional organizers in the market and how your business will differentiate itself in service quality, methods, and prices.
• Sales and Marketing: Outline how you will market your services and what strategies you will use to sell them, such as social media campaigns or partnerships.
• Management Team: Present the experience and qualifications of the team that will manage and grow the business.
• Operations Plan: Explain the process of how services will be delivered, client management, and workflow.
• Financial Plan: Summarize the financial aspects, including startup costs, pricing strategy, and projected financial growth.
• Appendix: Include any additional documents like client testimonials, detailed market research, or organizational certifications that support your business plan.

If you’ve never created a business plan yourself before, it can be an intimidating task. Consider hiring an experienced business plan writer to create a professional business plan for you.

Step 5: Register Your Business

Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.

Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business! 

Choose where to register your company

Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you are planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to professional organizing businesses. 

If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state. 

Choose your business structure

Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your professional organizing business will shape your taxes, personal liability, and business registration requirements, so choose wisely. 

Here are the main options:

• Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
• Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
• Limited Liability Company (LLC) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
• C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends, which is sometimes referred to as double taxation.
• S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC , which just need to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.

We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization , and answer any questions you might have.

Form Your LLC

Choose Your State

We recommend ZenBusiness as the Best LLC Service for 2024

Step 6: Register for Taxes

The final step before you’re able to pay taxes is getting an Employer Identification Number , or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN. 

Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.

The IRS website also offers a tax-payers checklist , and taxes can be filed online.

It is important to consult an accountant or other professional to help you with your taxes to ensure you are completing them correctly.

Step 7: Fund your Business

Securing financing is your next step and there are plenty of ways to raise capital:

• Bank loans : This is the most common method but getting approved requires a rock-solid business plan and strong credit history.
• SBA-guaranteed loans : The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan .
• Government grants : A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
• Friends and Family : Reach out to friends and family to provide a business loan or investment in your concept. It’s a good idea to have legal advice when doing so because SEC regulations apply.
• Personal : Self-fund your business via your savings or the sale of property or other assets.

For a professional organizing business you probably won’t need any outside financing and can just use your personal funds since startup costs are low.

Step 8: Apply for Licenses and Permits

Starting a professional organizing business requires obtaining a number of licenses and permits from local, state, and federal governments. You can become a certified professional organizer through NAPO to add credibility to your business. 

Federal regulations, licenses, and permits associated with starting your business include doing business as, health license and permit from the Occupational Safety and Health Administration ( OSHA ), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits. 

You may also need state-level licenses and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more. You could also check this SBA guide for your state’s requirements. 

This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.

If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.

For peace of mind and to save time, we recommend using MyCorporation’s Business License Compliance Package . They will research the exact forms you need for your business and state, and provide them to you to make sure you’re fully compliant.

Step 9: Open a Business Bank Account

Before you start making money, you’ll need a place to keep it, and that requires opening a bank account . Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your professional organizing business as a sole proprietorship. 

Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.

Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account. 

Step 10: Get Business Insurance

Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.

Here are some types of insurance to consider:

• General liability : The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
• Business Property : Provides coverage for your equipment and supplies.
• Equipment Breakdown Insurance : Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
• Worker’s compensation : Provides compensation to employees injured on the job.
• Property : Covers your physical space, whether it is a cart, storefront, or office.
• Commercial auto : Protection for your company-owned vehicle.
• Professional liability : Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
• Business owner’s policy (BOP) : This is an insurance plan that acts as an all-in-one insurance policy, a combination of any of the above insurance types.

Step 11: Prepare to Launch

As opening day nears, prepare for launch by reviewing and improving some key elements of your business. 

Essential software and tools

Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks. 

You can use industry-specific software, such as SMM Ware , to manage your sales, scheduling, quotes, and billing. 

• Popular web-based accounting programs for smaller businesses include Quickbooks , Freshbooks , and Xero . 
• If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial.

Develop your website

Website development is crucial because your site is your online presence and needs to convince prospective clients of your expertise and professionalism.

You can create your own website using services like WordPress, Wix, or Squarespace . This route is very affordable, but figuring out how to build a website can be time-consuming. If you lack tech-savvy, you can hire a web designer or developer to create a custom website for your business.

They are unlikely to find your website, however, unless you follow Search Engine Optimization ( SEO ) practices. These are steps that help pages rank higher in the results of top search engines like Google. 

Here are some powerful marketing strategies for your future business:

• Targeted Workshops and Seminars: Offer free or low-cost organizing workshops or seminars in your local community to showcase your expertise and attract potential clients.
• Collaborate with Realtors: Partner with real estate agents to offer your organizing services to clients preparing to sell their homes, emphasizing the appeal of an organized space.
• Social Media Challenges: Engage your audience on social media by creating organizing challenges or tips series, encouraging followers to share their progress and experiences.
• Client Testimonials and Before/After Photos: Build credibility by sharing success stories and visually striking before/after photos on your website and social media platforms to demonstrate the tangible benefits of your services.
• Referral Programs: Implement a referral program that rewards existing clients or partners who refer new business to you, fostering a network of advocates for your services.
• Local Partnerships: Establish partnerships with local businesses like furniture stores, cleaning services, or home improvement stores to cross-promote services and tap into each other’s customer base.
• Printed Materials and Direct Mail: Design eye-catching brochures, flyers, or postcards to distribute in local businesses or mail to targeted neighborhoods, showcasing your services and offering exclusive discounts.
• Online Presence Optimization: Enhance your online presence through search engine optimization (SEO) techniques, ensuring that your business ranks high in local search results.
• Community Sponsorships: Sponsor local events, sports teams, or community activities to increase brand visibility and demonstrate your commitment to the community.
• Specialized Packages or Seasonal Promotions: Create special packages or promotions during peak seasons, such as spring cleaning or back-to-school, to attract clients looking for specific organizational solutions.

Focus on USPs

Unique selling propositions, or USPs, are the characteristics of a product or service that sets it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your professional organizing business meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire. 

Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your professional organizing business could be: 

• Make your closet shine
• Can’t find stuff? Let us put your house in order
• De-clutter your office and improve your business efficiency

You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running a professional organizing business, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in professional organizing for years and can offer invaluable insight and industry connections. 

The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in professional organizing. You’ll probably generate new customers or find companies with which you could establish a partnership. 

Step 12: Build Your Team

If you’re starting out small from a home office, you may not need any employees. But as your business grows, you might want to hire an assistant to help you with organizing jobs.

Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed , Glassdoor , or ZipRecruiter . Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent. 

Step 13: Run a Professional Organizing Business – Start Making Money!

In a busy world, people need to stay organized to have time to do all there is to do. Professional organizers have expertise that can help to streamline people’s lives. Organizing has also risen in demand because people want their spaces to look nice, as well as be utilitarian, and they are willing to pay for a professional’s help. 

By starting a professional organizing business, you can capitalize on that demand and make a healthy profit. Now that you have all the knowledge that you need, you’re ready to start organizing your entrepreneurial plan and launch a successful business! 

• Professional Organizing Business FAQs

Absolutely!  The average organizing job costs $500, so even if you just have 3 clients a week, you can make a healthy profit. Your ongoing expenses are very low, so most of what you make will stay in your pocket.

Training is not required, but it can certainly add to your credibility, particularly if you are trained by a professional association. You can take classes through the National Association of Productivity & Organizing Professionals (NAPO) . 

The duties of a professional organizer include assessing clients’ organizing needs, developing personalized organizing plans, decluttering and purging belongings, creating efficient storage systems, providing guidance and support, teaching organizing skills, and collaborating with clients to maximize space utilization.

Professional organizers can acquire clients through networking with related professionals, building an online presence, offering workshops or webinars, seeking referrals from satisfied clients, collaborating with local businesses, and utilizing targeted advertising or direct mail campaigns.

A professional organizing business can help organize various spaces, including residential spaces such as homes, apartments, closets, garages, basements, attics, and storage areas, as well as office spaces like home offices, corporate offices, and workspaces.

Professional organizing makes a great side hustle. Starting small and gradually expanding your client base can help manage workload and accommodate your other responsibilities. 

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• Decide if the Business Is Right for You
• Hone Your Idea
• Brainstorm a Professional Organizing Business Name
• Create a Professional Organizing Business Plan
• Register Your Business
• Register for Taxes
• Fund your Business
• Apply for Licenses and Permits
• Open a Business Bank Account
• Get Business Insurance
• Prepare to Launch
• Build Your Team
• Run a Professional Organizing Business - Start Making Money!

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How to Start a Profitable Organizing Business [11 Steps]

Business steps:, 1. perform market analysis., are organizing businesses profitable, 2. draft a organizing business plan..

Creating a business plan is a critical step in launching your organizing business. It will serve as a roadmap to guide you through setting up, managing, and growing your venture effectively. Here's a concise guide to help you draft an essential business plan for your organizing business:

How does a Organizing business make money?

3. develop a organizing brand., how to come up with a name for your organizing business, 4. formalize your business registration., resources to help get you started:, 5. acquire necessary licenses and permits for organizing., what licenses and permits are needed to run a organizing business, 6. open a business bank account and secure funding as needed., 7. set pricing for organizing services., what does it cost to start a organizing business, 8. acquire organizing equipment and supplies., list of software, tools and supplies needed to start a organizing business:, 9. obtain business insurance for organizing, if required., 10. begin marketing your organizing services., 11. expand your organizing business..

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How to Run a Quiz Show Competition

Last Updated: May 17, 2024 Fact Checked

This article was co-authored by wikiHow Staff . Our trained team of editors and researchers validate articles for accuracy and comprehensiveness. wikiHow's Content Management Team carefully monitors the work from our editorial staff to ensure that each article is backed by trusted research and meets our high quality standards. This article has been fact-checked, ensuring the accuracy of any cited facts and confirming the authority of its sources. This article has been viewed 118,092 times. Learn more...

You may decide to run a quiz show competition in your classroom to get students engaged in the material. Or you may want to run a quiz show style competition at home with friends as a challenging, fun way to hang out. To run a quiz show competition, you should determine the format and decide if you are going to run the competition with a live host or by building it on a computer program. You can also take steps to make sure the quiz show goes smoothly and all the participants enjoy the competition.

Determining the Format of the Competition

• You may think about how many participants you would like to have in the competition and then determine if teams or individual competitors makes more sense. Having large teams may be fun if there are going to be a lot of participants, while individual competitors may be ideal if there are only going to be a handful of participants.
• You may opt for teams if you are trying to get the participants used to working as a group. This may be a good way to encourage social interaction among friends or teamwork among a class of students.
• You may also break up the quiz show into sections or heats, where teams compete against each other in heats. Then, whichever teams win the heats face each other in the final round of the competition.

• For example, you may have a rule where the competitors earn five points for every question they answer correctly. Then, if there is a tie at the end of the competition, there is a sudden death match where competitors answer difficult questions as fast as they can.
• You may also allow for the stealing of points from an opposing team if a team member does not answer a question within a certain timeframe.

• You may decide to include a mix of easy questions and difficult questions in the content so the competitors can still be challenged and have fun. Having a variety of questions can also keep the competition interesting and engaging for any spectators in the room.

Running the Competition with a Live Host

• You may ask a friend who is known for being social, outgoing, and extroverted to host the show for you. Or you may ask a colleague, such as another teacher or professor, to be a guest host.

• You may also want a host who is willing to let competitors know when they got a question wrong or failed to come up with a right answer. They should do this with tact and then move on to the next question or allow the other team to answer. This will keep the pace of the show on track and make sure the show does not feel slow or boring.

Building the Quiz Show on a Computer Program

• You may look for a quiz show program that contains content that relates to your class or your area of interest for the competition. Or you may add in your own content into a quiz show template and upload it into the program, creating a quiz show game you can run on a computer.

• When building the game show, make sure you include interactive elements, such as buttons that trigger audio prompts and a running total of the competitor’s score on the screen. You could also give the participants the option of entering text into the quiz to answer questions.

• When you are testing the quiz show, put yourself in the position of a competitor and check that all of the functionality makes sense. Test any interactive parts of the quiz and make sure functionality like a score counter or a timer on the screen are working properly.
• If you decide to use the computer program quiz in a live setting, you may also store the quiz answers in a sealed envelope. You may also have a live host who will read out the scores to the participants as they appear in the quiz show.

Making Sure the Quiz Show Goes Well

• You may give the participants sample questions to help them prepare for the competition. You may include a range of difficult and easy sample questions so the participants can get a taste of what they will be quizzed on.
• You may also enlist spectators for the show so the competition feels more like a real quiz show. You can get spectators for the show by asking students at school to attend or other friends in your social network.

• You may also create a scoreboard that can be placed behind the participants so the spectators can see it. You can display the prizes as well so everyone knows what is at stake.

• The host should also do recaps throughout the quiz show to let competitors know where they stand in the competition. For example, they may end each round of play by reading out the scores of each team or individual competitor. They may also let competitors know when they are falling behind and encourage them to try to catch up to the lead scorer.

• To get the spectators more involved, the host may also poll them and ask them to answer a question for the competitors. Or they may have the spectators choose the sudden death match topic for the competitors.

• You can also give the winners an experience as their prize, such as a trip to a museum that focuses on a topic or issue discussed in the quiz show. You may also buy the winning team or competitor dinner to reward them for their hard work.

Expert Q&A

You might also like.

• ↑ https://www.pbs.org/wgbh/nova/education/viewing/2010_novaquiz_01.html
• ↑ https://www.usf.edu/atle/documents/handout-interactive-techniques.pdf
• ↑ https://www.cdc.gov/parents/essentials/toddlersandpreschoolers/consequences/rewards.html

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The Best 20 Business Plan Competitions to Get Funding in (2024)

Free Business Plan Template

Radhika Agarwal

• October 18, 2023

11 Min Read

Brilliant business ideas deserve 2 things for sure – Feedback and Funding.

And if you think you have a good business idea and have some bit of groundwork figured out, you may want to look into business plan competitions.

Now, what is a business plan competition? Why should you participate in one? How to find one that’s just right for your business?

We’ll discuss all of the above and more through this article.

What is a Business Plan Competition?

A business plan competition is an event that allows small businesses and startups to compete with each other, get feedback and advice on their business, and also can help you get your business funded.

Businesses are judged on several factors including execution, feasibility, innovation, etc.

How to Find a Business Plan Competition?

There are several business plan competitions listed on Google that you can look through. Different competitions have different eligibility criteria and guidelines. Go through all of that to know if it fits your business or not.

At the same time, it is important to check the credibility and check for any scams or illegitimate sites.

To make finding business plan competitions a little easier we have compiled a list of 20 popular and credible competitions that you can apply for.

Business Plan Competitions

• Global Student Entrepreneur Awards
• tecBRIDGE Business Plan Competition
• HATCH Pitch
• Rice Business Plan Competition
• New York StartUP! Business Plan Competition
• MIT 100k Business Plan and Expo
• FAU Business Plan Competition
• NIBS Business Plan Competition
• Pistoia Alliance President’s Startup Challenge
• College of New Jersey’s Mayo Business Plan Competition
• Next Founders Business Plan Competition
• TechCrunch’s Startup Battlefield
• New Venture Challenge
• New Venture Championship
• Climatech & Energy Prize @MIT
• Baylor Business New Venture Competition
• 13th IOT/WT World Cup

1. Global Student Entrepreneur Awards

To encourage students across the globe to become entrepreneurs GSEA organizes this competition for students from all disciplines and countries. The main aim of the awards is to draw people towards entrepreneurship, shape their ideas, and become a catalyst for their business’s growth.

Eligibility

The student must enroll in a part-time or full-time undergraduate or graduate course.

The student should own or work as a founder or co-founder of the startup.

Only one person from the startup can represent it.

The person should either be 30 or under 30 years of age.

The startup should be running for at least 6 months from the date of application.

The startup should either generate $500 or get $1000 as investments at the time of application.

The startup shouldn’t have reached the final round of the competition in previous years.

For more details check out their website.

The competition is held at several locations across the world over months during a school year. The finals among the Top 4 teams are held at Goldman Sachs New York.

• First Prize: $25,000
• Second Prize: $10,000
• Third Prize: $5,000

Lodging and travel expenses are covered and additional prizes are handed out at the event.

2. tecBRIDGE Business Plan Competition

The tecBRIDGE competition is divided into two parts, with one for college students across 14 colleges and universities and a non-collegiate one for early-stage entrepreneurs.

( For Collegiate )

At least one member as a college student

The product must identify commercial solutions through technical processes.

( For Non-Collegiate )

The startup must gross less than $250k in revenue from its start date up to the last tax filing date.

It is held in Northeastern Pennsylvania every year. The businesses that win have to establish their headquarters there as well.

Prizes worth $100,000 are shared amongst the winning teams.

3. HATCH Pitch

Through the Hatch Pitch program, you get access to mentorship courses, discounted spaces, funds, education programs, financial consulting, and so on.

The product/ Service was launched within 2 years.

Founders should retain some part of the ownership.

Must actively participate actively in Hatch Pitch coaching.

Must receive less than $5 million in funds from third-party investors.

The competition is held at Entrepreneur space in Dallas.

Access to high-level incubators and mentorship.

4. Rice Business Plan Competition

The Rice University business plan competition is specially designed for college students to present their ideas to investors , get mentorship and help shape their ideas and business journey better.

Students managed or created businesses.

Consists of at least 2 college students, and one student pursuing a graduate degree.

Have raised less than $250k in equity capital.

Have generated less than $100k in any 12-month period.

Houston at Rice University, graduate school of business, hosts this event.

In 2021, the winners were awarded investments worth $1.6 Million , cash prizes, etc.

5. New York StartUP! Business Plan Competition

New York Public library sponsors this competition to help entrepreneurs from around the world. They give wings to their ideas.

Must live in Manhattan, Staten Island, or The Bronx.

Your business should be in any of the above places as well.

The idea or business model is in the startup phase and shouldn’t have earned more than $10,000.

The competition is held in New York.

A grand prize worth $15000 and a Runner Up prize worth $7500 .

6. MIT 100k Business Plan and Expo

MIT organizes this competition to promote innovation in the university as well as the world. It consists of 3 competitions throughout the year namely Pitch, Accelerate, and Launch.

Each team should enter one idea.

Participants must have original work ideas

Should disclose the received funding.

Hosted in Cambridge MA MIT campus from October to May through the academic year.

• Pitch: $5000 jury award and $2000 audience choice award.
• Accelerate: 20 finalists get industry-specific mentorship programs with a budget of $1000 each. The top 10 finalists compete for the Audience Choice award worth $10,000. The top 3 finalists immediately get into the finals of the launch.
• Launch: The winner gets a whopping amount of $100,000 while the runner gets $25000 .

Official Website MIT 100k

7. FAU Business Plan Competition

The Florida Atlantic University Business Plan Competition is for graduate and undergraduate students spanning all continents.

Undergraduate or graduate participants.

The competition is held at Florida Atlantic University, in Boca Raton, Florida.

First Prize: $5000 and Second Prize: $500

8. NIBS Business Plan Competition

The NIBS competition helps you discuss and give a boost to your ideas. It also helps you get industry experts guidance.

Entrants of legal age to have contracts as per the rules of their country of residence.

Should not hold any employment apart from their own company.

The plan must stand for a startup business and not an acquisition.

It is held in the USA.

There’s a cash prize for the first three places as well as an opportunity to get an incubator program for the winners.

9. Get Seeded

Get Seed is a two-part funding program for students in launching their businesses.

At least one student from a higher education institution in Utah is a must.

Should be enrolled for nine credit hours during that semester.

Utilization of funds to take the idea further.

Salt Lake City in Utah hosts the business plan competition.

A micro-grant worth $500 and a seeded grant from $501 to $1500

10. Pistoia Alliance President’s Startup Challenge

This competition was designed for startups focusing on digital and health technology.

Legally formed entities

The company must have less than 50 people.

Annual sales under $5 million.

The product should have been launched within 3 years.

Your country should not have USA’s trade restrictions imposed.

You can submit your ideas from anywhere.

Five finalists win $5000 and 2 winners receive $20,000 .

Official Website

11. College of New Jersey’s Mayo Business Plan Competition

This competition is held for students to appreciate new challenges.

The teams must consist of two and bot more than four students from the College of New Jersey.

The College of New Jersey hosts this event.

The winners get mentorship and guidance programs.

Check Official Website

12. Next Founders Business Plan Competition

This competition focuses on startups with an innovative approach to solving social problems and global needs.

It is for Canadian entrepreneurs with scalable, high-potential ventures.

The University of Toronto.

Up to 25,000 CAD$ in cash for funding your startup.

13. TechCrunch’s Startup Battlefield

TechCrunch sponsors this competition which comprises two levels.

The companies must have a functional prototype of their product or service to present to the committee.

Different locations.

The winner gets $50,000 and two runner-ups get $5000 each.

Check Competition Website

14. New Venture Challenge

This competition is held at the University of Chicago. Three evaluation points for participants are – Innovation, Product Market Fit , and presentation.

The eligibility information is available on their website.

Chicago, IL.

1st Place: $50,000 ; 2nd Place: $25,000 ; 3rd Place: $15,000 . In addition to that, the winners get access to mentorship and resources.

15. New Venture Championship

This competition is for those with a good business idea. Even if you don’t have a business plan, you can participate as the competition provides optional plan writing services.

The team should have 2-5 members.

Should have at least one graduate student.

The students should be pursuing their undergraduate or graduate degrees.

Eugene, Oregon.

Teams have a chance to win cash prizes ranging from $3000 to $25,000 with additional benefits like mentorship and rented office spaces.

16. Climatech & Energy Prize @MIT

This competition is ideal for companies with a core focus on energy, climate change, and the environment.

The team must have more than 2 members.

At least 50% of part-time or full-time university students.

Cambridge, MA hosts this competition

The winner gets a sizable sum of $1,00,000 .

17. U.Pitch

This competition gives entrants a chance to present their ideas to people from different levels and spectrums in the business space and get an opportunity for investments and mentorship programs.

Undergraduate or graduate program students.

Functioning Business

Age up to or below 30

San Francisco, California hosts this competition.

Prizes worth $10,000 are given.

18. CodeLaunch

It is a seed accelerator competition for entrepreneurs who have technology startups.

The detailed eligibility criteria can be found on their website.

St. Louis, Missouri hosts these competitions, usually.

The winner gets seed fund capital and access to other additional resources.

19. Baylor Business New Venture Competition

Baylor launched this competition to help entrepreneurs discuss their ideas and get advice from judges.

An undergraduate student at Baylor University and McLennan Community College.

Baylor University, Waco, Texas hosts this competition.

The first prize winner receives $6000 . The other finalists win prizes ranging from $1500-$2000 .

20. 13th IOT/WT World Cup

The innovation world cup was started to give startups a chance to display their ideas and business. The competition aims to attract venture capitalists, investors, and potential business partners .

The startup should have a concept of innovative technologies.

You should have a functional prototype of the product.

Cleveland, Ohio hosts this event.

You get a chance at winning prizes worth $500,000 and connect with leading tech companies in your field.

Even if you don’t receive funds, there’s a lot of chance to network, get exposure, and get your ideas validated. Especially, if you are someone who’s new in the business space business plan competitions are a great way to learn the ropes of the trade.

So, go ahead, write your business plan , look up the details, and register for a competition that fits your business the best!

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About the Author

Radhika is an economics graduate and likes to read about every subject and idea she comes across. Apart from that she can discuss her favorite books to lengths( to the point you\'ll start feeling a little annoyed) and spends most of her free time on Google word coach.

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The Ultimate Guide to Organizing an Awards Competition

Getting it right is not always a given. The bigger the awards the harder it is to manage all the moving parts. There’s a smarter way to approach every single element of your awards and you will learn all the ins and outs in this complete and holistic guide. Don’t worry if some part of the guide doesn’t apply to your awards, you can still apply about 99% of the information to pretty much any kind of program. We cover absolutely everything like nobody has before.

Well, happy reading!

Table of contents

01. Introduction 02. Why start an awards in the first place 03. Ticking all the boxes 04. Creating and pricing your award categories 05. The fine art of creating your entry forms 06. Awards marketing & communication strategy 07. Evaluation phase and judging criteria 08. The somewhat boring (but important) stuff 09. You`ll need the right tools 10. Announcing the winners

01 INTRODUCTION

Everybody loves awards.

Awards have always been popular but nowadays that’s more so than ever before. It’s pretty obvious why – literally everybody loves awards. It’s all about being superior in sport, quality, activity, industry, etc. If attracting lots of people towards your brand is important for you, starting a contest can be a real game-changer and if done right it can be quite beneficial for everyone associated including the organizer, sponsors, program judges, everyone recognized with a nomination, and of course the worthy winners.

There’s a smarter way

With this guide you’ll end up considerably wiser on what makes an awards program tick, including:

• why organize an awards competition in the first place;
• how to ensure you have a winning formula on your hands;
• creating, promoting and selling your award categories;
• more marketing basics and not-so-basics;
• formulating your judging criteria and evaluation phase;
• preparing the legal terms for your awards;
• picking the right tools for every job;
• announcing the winners and overall results.

But what’s in it for you?

As the organizer, what exactly do you stand to gain from creating an awards competition ?

That’s pretty easy…

NEW BUSINESS LEADS AND CONTACTS Obviously, if you have a database with existing contacts you will get in touch with them first. But an awards contest has high potential for bringing many new business leads for the reasons listed above. We’ll cover this bit in-depth in this guide.

STRENGTHENS AND IMPROVES YOUR BRAND Awards you organize are also a good way to bring some attention to your brand. This can also have long-term benefits – the more the program grows, the more you strengthen and improve your brand image.

EXTRA PUBLICITY FOR YOUR ORGANIZATION Not saying you’ll automatically get free publicity simply because you’re organizing an awards competition. But awards are the darlings in any industry and as such generate more online buzz, media coverage, shares, likes and commentary across all channels.

NEW BUSINESS PARTNERSHIPS Because everyone’s fascinated by awards competitions, there’s great potential for arranging new business partnerships, even with companies that aren’t part of the industry you operate in. Awards are great for branching out.

ANOTHER INCOME CHANNEL It’s not about the money – but money is money. Any source of income for your organization is definitely worth the time and effort, so let’s not pretend it’s “no biggie.” Even as a non-profit or a charity organization you can do with some resources to operate more efficiently.

POTENTIAL TO DO SOME GOOD An awards competition can serve a good cause, like distinguishing excellence in science, supporting environmental efforts, pushing innovations, etc. A good cause is something that people are usually happy to get behind.

Next, time to make it a winning awards competition!

03 TICKING ALL THE BOXES

If you want to succeed in this endeavour, every element and program phase is important. Creating and managing a winning awards program means paying attention to the details. So you want to make sure you tick all the boxes, starting with the basics and moving onto the more advanced stuff.

✔️ A name that sticks

It may seem unimportant, but the name of your awards is significant. It can give an indication of what the awards are for from the off. A catchy name will always attract more attention than a generic one. It’s not a key factor, but every little bit helps. Oh, and check to see if you can register a suitable domain.

✔️ Identify your audience

Knowing your audience is central to everything you do for the rest of the awards. It’s probably the single most important element of your strategy. Do your research, and make sure you have identified and profiled your target audience well, so you can plan the rest of your awards well.

✔️ A detailed plan

Planning is critical when it comes to awards management. Make sure you plan every phase of the program carefully and know exactly how much time you need every step of the way. Avoid approximate timelines as they often lead to bottlenecks throughout your program.

An awards competition usually has 4 main phases: • registration period (a.k.a call for entries) • entry submission (entrants work on and submit their applications) • entry evaluation (judging phase) • announcements (finalists, winners)

The longest stage should be the collection of entries, at least if you want as many entries as possible. The evaluation phase shouldn’t be too long, else you’re mixing anticipation with procrastination. Finally, you don’t want to wait too long to announce things like shortlisted entries, finalists, and winners of course.

Contact companies for partnership and sponsorship opportunities. The main thing here is to find sponsors that match your awards, industry, and/or the interests of your audience. It just needs to make sense for the potential sponsor to sponsor your awards.

✔️ Bang-on website

Your website has to be the face of your awards, where people come to find out more about it and register for the program. Having impressive but also informative pages will ensure the credibility of your awards program and generate more traffic.

✔️ Marketing budget

Investing some time and money into marketing the awards, rather than merely organizing it, will help reach the precise audience and make the most of this whole endeavour. This guide has so much food for thought in this regard, it will make your head spin.

✔️ Expert judging panel

Featuring industry experts on the judging panel spells prestige and publicity. Spend time to select judges who lend legitimacy to your program and also become brand ambassadors of sorts, who could actually attract more potential entries.

✔️ Strong online presence

If your awards competition is not online, you’re doing it wrong. There’s 4.5+ billion people out there using the Internet to get stuff done and you want to reach as many people as possible with your awards.

✔️ Social proof

Social proof is necessary to create an aura of prestige, recognition and good publicity for your awards. It’s a continuous effort that comes from selecting the right judges for the contest, having articles published about the awards by various media, and attracting big-name sponsors and partners along. If available, add customer testimonials and company logos participating in the awards.

✔️ Trophies, plaques, certificates

An award means nothing if the winner has nothing to show for it. Plan who gets what to commemorate their awards participation and make sure everything looks as professional as possible, so people would actually enjoy showing them off.

✔️ Additional goodies

Consider some extra goodies, like trophies for 2nd and 3rd place as well, website banners or badges that participants can use, certificates and plaques (can be physical or digital), and any other digital or non-digital goods you can think of.

✔️ Everything made easy

You’ve checked everything else on the list, but there’s one more important thing to do – make all moving parts run nice and smooth. Everything should be easy not just for you, but for the award participants and program judges as well. Only then can the awards be considered a success.

04 CREATING AND PRICING YOUR AWARD CATEGORIES

You have a clear concept of what your awards competition is all about, but it’s the entry categories that define it. You want to welcome as many participants as possible, which comes with identifying and doing some research on your target audience, then providing the categories they’d be interested in winning and being recognized as the best in. At the same time avoid creating so many categories that it throws off potential participants and becomes a nightmare to manage for you.

A simple example

Let’s say you want to incite corporate venues to participate in your awards. This means you can have different categories for the various types of venues. Then there’s the fact different venues cater to different events, activities, audiences. Congress and convention centers are usually extremely large, while conference ones may be smaller, so you’ll probably want to consider venue sizes as well.

Breaking up the venue categories guarantees you higher interest and more entries for the awards. To continue with the example, you can have different categories depending on venue type, like so:

• Conference centers
• Congress and convention centers
• Hotels with meeting facilities:

– City hotels – Resort hotels – Airport hotels

• Special venues

– Cultural (museums, universities, galleries) – Recreational (country clubs, restaurants, parks, zoos, botanic gardens)

• Unconventional venues

Next, if you want additional categories, you can break each type of venue into more categories for size:

• Conference centers Large / Medium / Small
• Congress and convention centers Large / Medium / Small

– City hotels Large / Medium /Small – Resort hotels Large / Medium / Small – Airport hotels Large / Medium / Small

• Special venues:

– Cultural (museums, universities, galleries) Large / Medium / Small – Recreational (country clubs, restaurants, parks, zoos, botanic gardens) Large / Medium / Small

• Unconventional venues Large / Medium / Small

You can further break down these into even more categories based on venue purpose like sports, concerts, restaurants, etc.

This simple example shows how you can approach your categories to provide many possibilities for participation. At the same time there’s a clear distinction between them, therefore there’s value in winning.

Names and descriptions

Unlike the name of your awards, the category names don’t have to be unique. In fact, better keep them simple so people can…

• Easily identify the category/ies they should enter
• Clearly see the value of winning the category/ies

There should be a simple and crystal clear description for each entry category. In addition, you might want to put info on who is eligible to participate and/or any requirements for participation. Here’s a quick example from the biggest global event industry awards Eventex Awards – a description for their New Event Technology category:

“A category devoted to the rising stars in the industry! Any new event tech, app or gadget, or new feature in an existing product that was developed in the last 3 years, is suitable for this category. Here’s your chance to be recognized and show off in front of the whole event world!”

👉 Evalato Pro Tip:

Include the judging criteria, or at least some information on how entries are going to be evaluated, within the category’s description. That way participants would know exactly what the judges will be looking for in an entry and increase the overall quality of the submissions.

How to handle pricing for paid entry awards

Perhaps the trickiest part is deciding on the right pricing for entering the awards. If you set it too low – the program will bring lower profit margins. Set it too high and you’re pricing out potential applicants and missing out on more sales.Here are the main pricing strategies you can choose from.

Competitive pricing – based on what the competition is charging is a relatively safe and reliable strategy to adopt. Just keep in mind that it has its downfalls, as the difference in prices influences the decision to buy and consumers are less likely to do so if faced with a choice between two similar items with identical prices.

Premium pricing – simply put, charge higher prices for entry into your program or awards. This is suitable for market-leading organizations and well-known names, but can be tricky to pull off if you’re still relatively unknown. We recommend a lower markup, because it would be more effective during your organization’s growth period when aiming for higher market penetration.

Economy pricing – more or less the opposite of Premium pricing, this strategy adopts low prices. It’s a good option provided you’re able to minimize your costs enough to afford such lower prices. This strategy is usually a good way to guarantee more award entries for the program, but it’s also less likely to bring a good profit.

Psychology pricing – our favourite strategy as it uses a mix of different marketing techniques to drive sales. The main idea here is to incite the potential applicant to make a purchase by appealing to them on an emotional rather than rational level. Throughout this guide we’ll go through most of these techniques.

Getting the price right in 4 easy steps

1. Calculate your base price

The base price is the lowest amount that someone will pay for participating in your program. To ensure that you will at least break even your base price should be derived by calculating your potential direct, indirect, variable, fixed, and other operating costs. Then you can add a markup.

2. Add a markup

Do you want entry into the program to come at a premium price, be more affordable, or somewhere between? When deciding this consider important factors such as competition, market trends, special offer strategy, and last but not least – how much would target applicants actually be willing to spend to participate in the awards.

3. Plan your special offers

Adding improved value propositions like discounts, promo codes, freebies, etc. should be part of the plan. They’re a good way to attract new applicants, retain previous ones. Consider any special offers you’ll be adding and make sure such strategic sales don’t reduce your bottom line instead of increasing it.

4. Set your prices

You’re ready to set a dynamic pricing range to drive sales. This should be based on segmentation and knowing data about peak sales periods. The price of a perishable product fluctuates continuously over time, one simple way of driving demand is to incrementally increase the price when nearing “D-day” and mix it up with unexpected discounts and promotional sales.

Fixed vs dynamic prices

Fixed prices

One obvious advantage of fixed prices is the simplification of the budget and pricing structure. This can work really well when there’s a stable demand for program registrations. There is one major drawback of the fixed price scheme that we already mentioned – set the price too low, and you’ll miss out on potential revenue; set the price too high, and you may face slow demand and end up losing sales. This type of pricing model also ignores the reality of fluctuating demand, and in some cases, completely eliminates the sense of urgency in the potential buyer.

Dynamic prices

Revenue, or yield, management is a strategic tool used to maximize revenues. It provides a more optimal way to sell inventory for the hospitality industry, event tickets, fashion products, or award entries of course. The idea is to adopt dynamic pricing in order to drive sales.

The price scheme is usually based on segmentation of relevant price categories and researching the potential peak sales periods. You can mix this with incrementally increasing the price when nearing the end of the registration period and mixing it up with unexpected discounts and promotional sales.

If entry price increases are part of your strategy, you should do them gradually with small and frequent changes. This makes the changes less noticeable and people don’t get used to a certain reference price.

Influencing price perception

You know the saying that we’re all bound to spend ”til it hurts”? Driving sales is all about reducing that pain. The act of paying with a credit card as a very simple example of reducing that pain – it feels better compared to paying cash because you are not giving actual bills of money. There are many ways to make a purchase less painful. Part of this fine art involves affecting the customer’s price perception – commonly known as psychological or charm pricing.

Adjust the left digit

To make your price seem lower, reduce the left digit by one count and complete the whole number with .99. It works because we tend to scan information rather than analyze it in-depth, so we see $299 as less than $300 because the first digit we see is 2, which is less than 3.

Use prices with less syllables

People unconsciously perceive a positive relationship between syllabic length and numerical magnitude. A price which has 7 syllables may be perceived as more expensive than one which has 5 syllables, even if it really isn’t. Test your price to see how long it “sounds” and optimize it if possible.

Remove unnecessary characters and zeroes

Research indicates that putting a comma in the price can influence the perception of its magnitude. A $299 price will always work better than $299,99 because you reduce both the physical and the phonetic length of your price.

Use words that imply small magnitude

The language you use around the price is very important as well, since it changes the potential buyer’s numerical perception of magnitude. Try to use words that imply a small magnitude like small, low, little, tiny, etc.

Arrange from highest to lowest price

If you have different prices for entering the program, consider the order in which you’re going to present your categories on the registration form. The first price people see becomes a sort of reference for them and affects their perception of all other prices. If you start with a $300 category, a $100 one will seem cheap and $800 expensive.

Motivate the visitor to act

Use words that can motivate potential applicants to register. The idea is to trigger action instead of just writing about your program. This is a powerful marketing technique that leads to increased sales known as Call to Action or CTA.

👉 Evalato Pro Tip: Decide what action you want to trigger, start with a verb that motives towards that action, and for optimal results, put that CTA above the fold at the top of the landing page. This makes the button one of the first things the potential registrant is going to see.

Sale badges and other conversion triggers Promotional sale indicators are a very powerful tool. Whether that indicator is a large SALES text or an attention-grabbing badge, they often get a response from the potential buyer. This one is so effective that a higher price with a special sale indication can even outperform a lower price without one.

Some careful planning and a good strategy can yield fantastic results. Just remember that there’s no universal recipe for success – you should always experiment, analyze results, update, and improve. With Evalato you get the right tools to do all that and so much more.

05 THE FINE ART OF CREATING YOUR ENTRY FORMS

With the categories all set, you’ll need to decide what information would each participant be required to enter as part of their application. Most of it, if not all, should be based on the criteria that judges will be using to distinguish the poor from the average and the exceptional entries. That’s where the entry forms come in – they’re filled out by entrants and allow you to collect everything you need.

Consider what would the judges need to make an accurate assessment of the entries. Try to ask the right questions. Maybe require visual data like pictures and/or videos to supplement the entries. Also, be very clear on the requirements and specifications, if any – for example, list the accepted file formats that you’ll be accepting, or indicate the maximum number of characters for a text field.

Avoid using too many fields – in most cases the simpler the form, the better.

To continue with the example used when creating the award categories, we’re evaluating venues, so here’s some ideas that fit the theme:

• Allow entrants to provide a short history of the venue.
• Require some visual information on the venue like photos, a 360-video, or short presentation.
• Ask for the unique selling points of the venue.
• Ask for any additional features like technological equipment, flexibility (modular space), security, accessibility, sustainable design, etc.

Useful options Evalato brings to the table

In any case, make sure you are using a solution that has a robust entry form builder. Anything less would just be considered old school today and frankly that’s not something you want for your program. Evalato offers the whole shebang along with a number of super useful extra features you can utilize.

Text fields with character limit – not just text fields, they’re obviously needed so people can provide any necessary information related to their application. The ability to limit the number of symbols allowed within a text field is important, if you have requirements about the length of the text or simply wish to avoid judges from having to read what is usually referred to as a “wall of text”.

Image, gallery placeholders – allow people to add images as part of their applications. While such visuals make an application more appealing, they can drastically complement the text and help make things more understandable when necessary.

Embeddable videos, images, etc – how about a place where applicants can simply drop a link to a web page, a video on YouTube or Vimeo, an image, or even a Google Maps location and it gets automatically embedded directly into the application? It’s not only super convenient, but also considerably faster than having to upload large files.

Questions – for when you want to ask questions and let people choose one or select multiple answers. You can even create a whole survey then analyse the data and export if for external use.

Limit data access – maybe some of the information you collect via the entry form is not for everyone to be able to access. Evalato even has you covered there as well by allowing you to separate which information can only be seen by you (the program administrator), by award judges, and the public of course.

Application thumbnails – a thumbnail option is great if you want to have an image next to the name of every application on the lists. That’s usually the case where public voting is involved, it also makes it easier for the applications to stand out.

File uploads – of course you’ll want to provide an option for file uploads as well, that’s most useful whenever the embed option just isn’t suitable. You probably don’t want embedded .zip files for example.

Downloadable entry kit

Since you’ve probably just finalized the categories, their descriptions, and the entry forms for the different categories, consider preparing a downloadable entry kit as well. Most award programs out there choose to provide one for potential entrants to download – it’s a selection of information and materials that help people submit their entries.

👉 Evalato Pro Tip: Try this neat trick – once you finalize the categories, descriptions, and entry forms, consider sending at least some of that information to your judges. They may give you some invaluable feedback, like pointers on what could be missing or stuff that’s unnecessary. Trust their expertise as they will be the ones assessing the entries.

06 AWARDS MARKETING & COMMUNICATION STRATEGY

We covered business partnerships, online presence, and marketing to some extent already. Now it’s time to expand on how to make your awards successful. The main thing here is to explore all possibilities and use as many channels as possible to popularize your program, because awards are meant to be announced far and wide and reach as many people as possible.

Start with finding sponsors

What’s the participant profile you’ve identified as your target audience? If it’s individuals – what’s their age, sex, education, profession, income, interests? If it’s companies – industries, revenue, interests. These are things you might want to consider and find the kind of company that would benefit from reaching your audience. Choose your targets carefully and you will have a much higher chance of striking a deal!

While the main goal here is funding, there is also the element of “social proof” in having a widely recognized company logo on the awards competition website as an official award sponsor, as well as adding their name in press materials.

Some ideas to help you entice a sponsor:

• let them headline the competition;
• offer sponsorship of specific categories that are relevant specifically to them;
• put their logo in all email communication for the awards;
• provide additional email marketing opportunities;
• agree to share certain data and statistics about your audience.

👉 Evalato Pro Tip: Remember that you can’t just process personal data without having consent to do so. Use Evalato’s Waiver fields to add any important terms of participation, privacy agreements, consent forms, etc. You can use the field as many times as you need to be fully compliant with GDPR and other applicable data protection requirements.

Influencers

“Individuals who have the power to affect purchase decisions of others because of their (real or perceived) authority, knowledge, position, or relationship.” Source: Businessdictionary.com

Like them or not, it’s 2020 so you shouldn’t ignore the ‘influencers’ and any kind of so-called trendsetters. You probably want to look for people that fit your awards, of course. There are free online tools to help you find such individuals.

Keyhole provides a great tool for finding influencers on Twitter and Instagram. Followerwonk for finding influencers on Twitter. Buzzsumo for finding the most shared articles and authors online in a given field. LinkedIn is also great for finding individuals and companies that specialize in the sector you are targeting. In the top search bar of LinkedIn you can research for:

• individuals with the skill-set of your target field, be it event planning, tourism, marketing, etc;
• public and private groups for specialists in the field;
• companies that operate in that field.

With LinkedIn you can also use your searches to find close connections and individuals or companies in a given geographic area.

There are plenty of magazines for every professional sector. You are always likely to find an editor or prominent journalist in a panel of judges. They are well informed and because their profession usually demands it, they tend to be impartial and objective – key qualities for a member of your jury panel.

Editors of industry-specific publications are influencers in the field. Authors of more general publications who cover your industry are also very knowledgeable and influential. With the right pitch, they can see the value of participating as judges in your awards.

How about companies from the sector? The first point of contact can be the PR or marketing team – they understand the value of their company directors participating.

Keep in mind you don’t want to contact the same companies you’ll be approaching for entry registration or sponsorship packages. Carefully consider which company you’re to contact and for what purpose. The same company can’t be a registered participant and have someone from their team on the jury panel.

Associations

Every industry and sector has an association or governing body of some sort. Research and find the ones relevant to your awards, browse through the members, find the ones that would have the most influence as judges in your awards. Again, no need to rule out competing associations.

Celebrity judges

Another option is to look for celebrity judges, but unless it’s for a charitable cause, they probably won’t jump at the chance to do it pro bono. Generally speaking, consider who’d make more sense to examine a thesis on “Black Holes and Dark Matter” – renowned astrophysicist Neil deGrasse Tyson or Taylor Swift?

No matter where you decide to look for members of your jury panel, the judges should be held in high regard by your target audience. Just make sure there’s no conflict of interests. That’s a potential sh*tstorm in the making because it would ruin the credibility of your competition and once you lose this, it’s an uphill battle to gain it back.

Getting judges on board

Now that you have a list of potential judges, it’s time to get them to agree to become part of your awards. It helps if you understand all the potential benefits they stand to gain from this, so you can communicate it better. These can include their name and company:

• on the awards competition website;
• shared across your social media channels;
• featured in press releases;
• featured in media publications;

And that’s on top of the opportunity to further establish that person as a leader, influencer, prominent figure in the industry. You can also entice their participation with additional offerings of:

• sponsorship packages;
• product or service positioning;
• interviews and media publications.

Finding media partners

Find at least one media partner from the off. Contact publications and influential industry bloggers early on, introduce yourself, your idea, the purpose of your awards and ask if they’d be interested in becoming official partners of the contest. Explain how this can be of great interest to their readers. Mention the names of any prominent judges that are already on board and other partnering companies.

As part of that business partnership you can have them publish press releases, interviews, and other promotional materials about your awards. You can also ask:

• if they can offer you permanent or periodic presence in their publications, newsletters, bulletin, etc.
• to put your program’s (or organization’s) logo as their partner;
• about ad space (for example, banners).

Apart from the more straightforward, factual information about your awards competition, you can also offer:

• interviews with judges and contestants (if they agree, of course);
• insights into organizing the awards;
• invaluable industry know-how.

👉 Evalato Pro Tip: You can sweeten the deal even further by offering media partners to include their logo on your website, make someone from their team part of the jury panel, put their name in some of the program communication. Such exclusives are important, otherwise they’d have no reason to partner with you for the awards.

Non-partner media

If your awards aren’t international in scale, you can create a targeted media list. Set your sights on local ones and reach out to them. Another way you can populate your list is by checking out media publications that cover only a specific industry or field that would be interested in covering your awards.

In any case, always focus first on the ones most likely to publish your press releases!

Press release topics and ideas:

• Awards announcement
• New category announcement
• Announcing of the judging panel
• New business partnership
• Big-name sponsor onboard
• Prizes announcement
• Special promotional sales
• Milestone reached
• Aligning with a cause
• Announcing the finalists, winners

Getting people to apply

Complement the registration page, where your award categories are listed, by summarizing the participation benefits. It’s important that you do that in order to maximize program conversions. Here are some of the usual ones that are valid pretty much 99% of the time:

• participating brings recognition as one of the best in a field and builds brand credibility;
• leading industry experts get to see and provide valuable feedback on the participant’s products, services, work, etc;
• almost year-round potential for publicity and buzz on social media;
• new business leads by using the awards competition as a networking opportunity;
• can be a vital part of the marketing strategy to impress clients, partners and potential customers;
• it also shows confidence;
• …and of course, there’s always the chance of winning a prestigious trophy!

Entice with some special offers

You can entice people further with some strategic sales. Here are some examples:

• Pre-launch offer (discount)
• Early bird discount for the ones who enter first
• 2 for 1 limited time offers
• Volume discounts (for multiple entries)
• Free entries for a cause

A good special offer has 4 secret ingredients. Follow these simple steps to make sure your promotional sales achieve their objectives.

• Goal. What do you want to achieve with your special offer? Is it to get new registrations, reward existing participants, or simply increase your revenue. Once you define a goal, you’re ready to decide how to meet it.
• Value. Let’s make one thing perfectly clear – people can always tell a good value offer from a bad one. A sales promotion must never be the latter. If you have doubts that your offer isn’t attractive, it probably isn’t.
• Profitability. The Special offer has to represent good value, but without sacrificing profitability margins. Do the math to calculate its profitability and make sure the offer is healthy for your revenue.
• Exclusivity. The final ingredient is the element of exclusivity. This usually means making it a timed offer or setting a maximum number of times it can be used.

And what if there is a participant whose entry is applicable to more than one category? Well, that’s an opportunity as it gives them another shot at winning an award. You need to be ready to cross-sell, up-sell and entice!

Don’t go overboard because you don’t want to establish a thrift store image! Special offers need to feel exclusive. If you want to have a larger variety of pricing offers to attract more entries, try contacting organizations or companies with promo codes made specifically for them.

Social media

You need to be present and very active on social media, especially after you’ve done your research on your target audience and the channels they use predominantly. Join conversations. Don’t just “like” other people’s comments, try to engage your audience and start conversations when possible. It’s best if this happens alongside any promotions, updates, press releases and news coverage you publish.

There are now dozens of social media networks and each have their benefits and advantages, however it is crucial that you maintain a strong presence on the one/s where your target audience is most active. You need a unique #hashtag for your awards. Use it regularly and make sure you are tracking it. Try to include popular hashtags too, as long as they’re relevant of course.

Focus into generating social media content that’s:

• Visual (Photos/Graphics/Video)
• Relevant to the awards and the industry you operate in (at least 80% of the time)
• Useful or fun for your potential participants
• Positive rather than negative
• Engaging and encouraging conversation

Keep in mind that some social media channels have their own specifics and might require different strategies.

Strive to make the award’s Twitter profile an engaging and up-to-date conversation about your competition, industry and audience.

• Reply to people and companies instead of just liking their Tweets.
• Engage new followers in a conversation instead of just “thanking” them for the “follow.”
• Join in and start your own conversations. Ask questions and ask for opinions.
• @Tag organizations, people and partners when possible.

Nearly any kind of awards or program should have a presence on Facebook. Why not create a Facebook event for your awards competition? Here’s what you need to provide:

Details. In the details section start with a link to your competition’s website. If participants need to register elsewhere make sure you explain that clearly. Always add the necessary links.

Add more hosts. Click “Edit” at the top right of the event and then add sponsor or partner names in the “Host” field.

Event wall. Choose whether you wish to turn on the “Only admins can post” option. You want everyone to be active on the event page – organizers, sponsors and participants. Use Tags. To generate even more likes, shares and comments try to get the sponsors involved. Tag sponsors, partners and entrants in your posts. Encourage their activity and engage your audience.

Unlike most social media channels where people come to have fun or waste time, LinkedIn is where people usually come for work-related activities: to look for new work/business opportunities, network with other people in their field, learn new skills or find out what’s trending in an industry.

This makes it one of the go-to social media channels for business awards. Here are some nice features you might wish to use:

• LinkedIn Events – similar to Facebook events, it’s a great tool, especially if you plan on having a live ceremony or gala night for the awards
• LinkedIn Live – videos on LinkedIn Live get, on average, 7x more reactions and 24x more comments. You can even stream directly to your LinkedIn Event attendees.
• LinkedIn Showcase – create a page for your awards as an extension to your main company page. Don’t forget to enter a full description, the right hashtags, cover photo, custom buttons, etc.

With over one billion monthly active users, less competition and a more engaged audience compared to Facebook or Twitter, Instagram is a channel you might want to include in the marketing mix, provided it makes sense for the awards, of course. A photo competition or design awards, for example, are a perfect fit for Instagram! Some tips and tricks:

Show your awards in a creative way . Instagram is the “Beauty Queen” of social media, so your feed can be an essential tool to add value to your audience and look great doing it. Showcase your trophies, provide some interesting behind-the-scenes visual content, post judge photos and quotes, share participant success stories or some visual creatives that were part of their entries, etc.

Try Instagram Stories and Instagram Reels . Reels allows you to record and edit together 15-second video clips set to music, then share them to your Stories, Explore Feed, and the Reels tab on your profile.

Start a blog, vlog, podcast

Try to post as regularly as possible, at least once a week. Even better – create a content plan calendar and schedule everything. A blog is only useful if kept active.

• Any of your press releases can be partially re-written in a more casual way
• A post with advices on how to make the best of your awards
• Interviews with judges, someone from your team, sponsors, contestants, etc.
• Teasers on various elements of the awards, like the awards ceremony
• Off-topic stuff that might make for a fun read, for example “5 Ways To Be Happier” (keep such posts to a minimum, the focus should be on your awards after all)

Email marketing

Email marketing is a great way of generating extra buzz around your competition and potentially increasing the number of entries you get. But first things first, make sure you are not sending spam, prepare a mailing list of contacts that have subscribed, or signed up to receive your newsletter.

Here’s a quick guide for your email marketing:

• Test before you send! Really, testing is always important, and if you can test something by all means, do so! Test on multiple devices.
• Make it responsive. A lot of the people receiving your email will open it from their mobile devices. You want them to be able to read it effortlessly, otherwise they probably won’t read it at all. Test the email on a mobile device.
• Always put a CTA (call-to-action). Make sure it’s obvious, but not too obvious to the point where it takes the whole screen of the mobile phone. Links are better CTAs in emails if you’re going the responsive route.
• Keep it simple and clean! Nobody wants to see a wall of text when they open an email. Be prompt and to the point, else your emails might get ignored, people might unsub, add your address to the spam filter, etc.
• Add a personal touch. Personalise your messages so that the recipient feels as though you’re reaching out to them alone.
• Use the right language. Know your audience and address them accordingly.

Emails are a great way to send out news about exclusive offers and special promotional sales, because everybody loves good value. Just don’t overdo it with too many emails or else they might end up in the spam filter.

👉 Evalato Pro Tip: With Evalato you easily export all applicant data, so it can be used externally. The software also integrates effortlessly with over 2000+ popular apps and services on the web, including most of the leading email marketing solutions out there, so you can automate a ton of your work.

Outbound marketing

We are huge fans of inbound marketing, especially when it comes to marketing awards. But that doesn’t mean you should ignore the good old paid advertising. At the very least, it gives a great boost to all your other marketing efforts. The number one rule here is to find the right channels – test what works and when you see that something does, go ahead and scale. Then keep monitoring each campaign closely and act accordingly to maximize their effectiveness.

Again, some basic guidelines and tips you can follow.

Google ads A great ad channel for almost any type of awards (alternatively, consider Yandex for Russia and Baidu for China). Any specific advice here would be useless, because it all depends on the specifics of your competition and your target audience, but here are some general tips:

• Make a strategy based on research. Use Google Trends to look for trending keywords in your niche and Google Keyword Planner to come with a rough estimation of your costs.
• Ad campaigns require outstanding creatives (banners or videos) to be effective. Otherwise, you’ll be spending a bag of money for little to no results.
• Monitor and optimize! Don’t just launch a campaign and forget about it. Monitor it both in Google ads and Google Analytics at least once a week, so you can make adjustments.

Facebook ads You can reach only a small percentage of your followers on Facebook organically. So if it’s an important channel your audience frequents, you’ll need to use its paid ad options to achieve better results. Now for another batch of quick tips:

• Always use Facebook Business manager for your ad campaigns – don’t just boost a post!
• Experiment with the ad creatives and scale the ones that perform best.
• Remember there’s the Facebook ad fatigue – you can’t have the same ad on Facebook or Instagram for a long period of time, people will just stop noticing it.

Since Instagram is part of the Facebook corporation, you can also manage your Instagram advertising from Facebook, which is pretty convenient.

07 EVALUATION PHASE AND JUDGING CRITERIA

Right off the bat, your main objective here remains ensuring unbiased judges for your awards, then you need to set criteria that ensures objective evaluation and make it easy for the jury panel to do their job. Which means you also need a clear concept and to clearly explain everything so the jury panel has a clear understanding of it in order to determine what is considered poor, average, exceptional.

Evaluation phase and judging criteria

Another vital part of your awards is how the jury panel is to go about evaluating competition entries. A detailed guide on this could be confusing as it varies greatly from one awards program to the other and everything depends on your requirements. But there are some pretty important aspects that you need to understand.

Awards have an element of competition that absolutely requires you to carefully consider the judging phase and set some clear criteria for evaluating entries. First because participants need to understand how their entries will be judged and second because it’s what judges will use to score the contestants. There’s also the fact that as the awards organizer it’s how you get to spare yourself a lot of potential trouble and complaints.

How to set clear criteria for your awards

Properly formulated judging criteria minimizes the unconscious biases your jury members might have and focuses their attention on the qualities of each participant, on the merits of each entry. A simple example would be Eventex Awards where the entries are rated based on 3 key sets of criteria – creativity & innovation; objectives, planning & execution; and effectiveness & results. Each set contributes respectively 40%, 20%, and 40% of the total score.

So make it clear what the judging criteria is to all participants and judges from the off. It could be a simple sentence even – “Essays must be in English, be original work not exceeding 1000 characters in length, and comply with the terms of the awards as provided on the site.”

Pick a scoring system

With the criteria set, you’ve one last thing to decide – the scale or scoring system that entries will be rated upon. One of the most popular scoring systems in competitions is the 10 point scale, also used in many sports. With it it’s very easy to find average scores and weigh up different entries.

Apart from rating the entries, consider whether you wish judges to have the option of leaving comments and feedback along the scores they’ve given each entry. This increases the transparency of the awards, which generally speaking, is great for the credibility of the awards program – especially once the final results have been announced.

👉 Evalato Pro Tip: The scoring system for your awards is extremely important. Go for a robust evaluation solution that offers complete flexibility, where you can customize every element of the judging phase – like setting the total scale, adding multiple criteria, adjusting how much each criterion contributes to that total score, etc.

Judging with Evalato Software is a sleek and smooth experience for your program judges. They can leave comments and evaluate entries from any device, even on the go via smartphones! As the program admin, you have full access to the analytics including sales data, judging results, and voting, allowing you to coordinate with the program judges at all times.

08 THE SOMEWHAT BORING (BUT IMPORTANT) STUFF

The legal side of the awards is the bit that people rarely read, but that doesn’t mean you shouldn’t carefully prepare your documentation! In case you’re not sure what legal stuff, it’s the part where people click the “I agree…” checkbox when registering for your program, where they give consent with the rules of the competition, etc.

Your terms and conditions for participation in the awards program need to be well drafted and coherent. This makes a good impression of professionalism and trustworthiness. More importantly, they need to be rock solid when you’re dealing with payments, collecting personal information, processing and controlling data.

Define the rules and requirements

The rules of the competition and any additional requirements should be part of the legal documentation. Make it perfectly clear that everyone who wants to participate needs to agree to them. It’s as simple as that. Include information on:

• who the organizer of the competition is (you!);
• provide definitions for the terms used in the document;
• clarify the relationship between each party that’s part of the awards program in one capacity or another;
• state which law governs the contract and how and where any dispute is to be settled;
• limitation of liability to ensure your organization is not held responsible in some scenarios.

Explain what’s used and for what purpose

You must be crystal clear what information you’re collecting as part of the participation, if and what part will be shared with the judges, as well as indicate if some of it is to be made public or shared with a 3rd party at some point.

• Can entries be shared for the marketing purposes of the competition?
• Make sure companies entering the awards with their projects have the permission of all parties involved, such as partners, clients, etc.
• If they’re adding video, music or photo materials to their entries, make sure they have the appropriate licenses for you to show them.

Detail the judging process and criteria

Explain in detail how the judging process works starting with what’s required of each entrant, how the winners are selected, and even how the actual awards are going to be presented, trophies delivered, etc. Set out any responsibilities, be it yours, the entrant’s, or the jury’s.

Set the payment and refund terms

Explain the payment terms, including when payment is due, what happens in case someone pays late, and other billing terms. As far as refunds go, in e-commerce it’s common practise nowadays to offer money back guarantees and store credit, but award programs are obviously different. There isn’t much you can give in exchange and participants are not exactly guaranteed to be happy with their purchase, unless they win an award of course. You should consider your refund policy carefully and put it into writing, so participants know when and if they’re eligible for a refund.

Go over your data protection and privacy policies

GDPR and other applicable data protection laws require you to let participants know in detail who gets to process their personal data and for what purpose. The data considered personal include name, address, and photos. GDPR extends that to include even an IP address and other sensitive information such as genetic and biometric data, which could be processed to identify an individual.

👉 Evalato Pro Tip: If you’re using an online awards management solution, go through its privacy policy and security features list. Since such solutions play a huge part in your awards, you want to choose one like Evalato, where security is one of the platform’s main strengths. It’s how you can put program participants at ease with being part of your project.

09 YOU’LL NEED THE RIGHT TOOLS

There are various software solutions that can help your endeavours. Like tools for cutting costs, saving time, streamlining communication, and automating some of the duller tasks. To help with this, we’re happy to share some useful ones we’ve been using to get stuff done fast and easy. There are plenty of alternatives to most of the solutions we’ve listed here, but these are the ones we do use and enjoy.

Organize your work

Example: We’re big fans of Asana .

Task management solutions are great for organizing and tracking work progress. Asana has a sleek interface, keeps track of everyone’s tasks, and most importantly to us, integrates flawlessly with the other tools we use.

There’s a free version and a premium one which gives extra bang for the buck.

Do you need it? Possible that you don’t need such a solution. But if our super organized team can see such great benefits, yours likely will too.

Team communication

Example: Slack is currently our favourite for team communication.

Team communication solutions improve… well… team communication. What Slack does for us is eliminate the need for long team meetings and internal emails. We use it to coordinate, chat, share pictures of puppies, etc. It’s quick and clean and helps us get things done faster.

Again, you have the option to use it for free or pick a paid plan for some additional features.

Do you need it? Team communication apps are a great quality of life improvement – not something you REALLY need, but they do save a ton of time nonetheless.

End-to-end awards management

Example: Obviously our top recommendation for awards management is Evalato .

Evalato helps you with every phase of the competition – registration, entry submissions, judging. The reason we love it is the level of freedom and control it gives. You can customize almost anything, retain all of the program data, receive money from your sales right away and directly to your account, etc.

Do you need it? If you want to do it the old-fashioned way, with pen and paper, or using spreadsheets for everything – sure you can. But if saving countless hours of repetitive work, making use of online payments, improving submission and evaluation processes and being part of the digital age sounds good to you, Evalato is well worth it.

Example: ActiveCampaign gets our vote here.

These platforms help you design email campaigns and automate marketing. We like how clean and easy to use it is, but the reason it gets the vote is the solid feature set you get at a competitive price.

Do you need it? Probably a must. Basically if you want to do email marketing, it’s well worth investing in an email marketing solution.

What each tool you choose should do

Any tool you choose should at least bring either a clear benefit to your work, or a clear benefit to the people participating in your awards. Most importantly, you need to ensure that every process is easy and convenient for your customers. Starting with the registrations for your awards competition, through entry creation and submissions, to the judging phase, every element has to be a most positive experience.

Some key factors you should consider when picking a solution.

• Is the price good and what would your costs be like without said service?
• Does it integrate with other tools you use and will it optimize your work?
• Is the service secure and is all data stored safely?
• Does the solution share data with third parties and if yes – how is that data processed and for what purposes?

Time for a shameless plug

We obviously want you to check out Evalato . It’s the end-to-end management platform that helps you handle every phase of your awards – from registration and automated communication, to entry submissions, judging, and then showing the results! We’ve put every bit of know-how from our 12+ years of experience as award organizers into creating a truly awesome solution for other award organizers. Here’s why we believe you should definitely give Evalato a try…

• Simply makes everything easier With Evalato all processes become a walk in the park for judges, entrants, and you as the organizer. It streamlines the process of application submission, allows you to manage your programs with ease no matter the scope of the awards, and allows program judges to fill in their scores directly, from anywhere and at any time.
• Removes lengthy and tiring administrative procedures Evalato also removes all applicant woes when it comes to the vastly dated traditional methods of creating and sending in submissions via emails, filling out word docs, excel sheets, etc. You probably don’t need us to tell you that simplicity is king and everything Evalato offers is just a click or two away.
• Creates a better organizational structure Organizing an entire awards program can be quite challenging and extremely tiring. With massive amounts of applicant entries, it’s easy for mistakes to happen. Evalato helps to create the necessary format to reduce unnecessary hassles and considerably improves the process flow.
• You can customize the judging format The software enables you to tailor the judging process exactly to your requirements. The system is super flexible and allows you to create anything from a simple review process to the most complex evaluation scenarios.
• Improves the quality of applications and you get more of them Having an efficient awards management software is like owning a magic wand – yes, it’s that beneficial. It allows you to receive better submissions, sort them by category, manage registration, review and monitor all stored information with ease, etc.
• Easier accessibility for entrants and judges With Evalato you don’t have to deal with tons of emails or manual postal submissions. You simply log on, enter the required information and the software is ready to assist you with pretty much everything, including sorting submissions, storing details, monitoring processes, scoring procedures, handling online payments, etc.
• Eliminates human error for more accurate scoring The software greatly reduces the element of human error, especially compared to manually calculating everything. When it comes to your judging phase, Evalato brings reliability and accuracy.

Tangible benefits such as these give you a pretty good picture why organizations are opting to automate their awards management system. Best of all, not only does Evalato offer automation and security, the software also connects to 2000+ popular apps and services, so you can automate everything, to get even more work done in less time.

10 ANNOUNCING THE WINNERS

And finally it’s time for the best part – announcing the winners. As a key phase of your awards and one that can really make or break the whole program, there are some important things to consider in advance. Some mistakes you really want to avoid as well.

When to announce

First things first, give yourselves enough time to compile all the data and analyze the results, you want to be 100% sure everything is correct. This is another aspect where an end-to-end solution like Evalato can save you hours of work and eliminate the human error element, but if you want to do it the old school way – make sure there are no mistakes. Next up, decide how you’re going to announce the results.

In-person, virtual, or hybrid

Traditionally, an in-person live ceremony is the prefered way of announcing the winners, with people physically present in one location and receiving the awards on the spot. Today, virtual – where people get to attend online, and hybrid – where some attend in-person and others online, are really good alternatives. Up to you to decide what suits your awards best.

Each option has its advantages and disadvantages. In our humble opinion hybrid is the best and offers a proven formula for success if you aim for a deeper connection with your audience and higher engagement rates. But for the record – a virtual-only announcement is hands down the most efficient way to go.

Generate some BUZZ before, during and after

To maximize the buzz around announcing the winners it’s best to prepare as much content as possible.

• Prepare emails. Could be one for the winners and another for everyone else who participated. You can also ask the winners to send some feedback and a photo (or video) of them celebrating, along with address information to send their prizes.
• Write a press release. Keep the PR professional and informative, to make sure it gets posted by as many publications as possible.
• Prepare some social media posts for Facebook, Twitter, etc. If you’ve asked the winners to provide some user-generated content for your social media posts and further promotions – use that as well.
• Write a blogpost. Announcing the winners via a blog post is a surefire way to increase publicity in your loyal community. A blog post gives you more room and flexibility than any of your other potential announcement channels. In it, you can include all the contest details and user-generated content to tell a full, visually engaging story.

👉 Evalato Pro Tip: Consider thanking all participants for entering, and make special mention of the award sponsors, media partners, etc. Also try to always include at least one link to the awards website and/or its social media channels.

Pitfalls and mistakes

Mistakes happen of course. But you can avoid some serious ones that could harm the reputation of your organization or awards, by double-checking:

• the final results;
• the winners and their names;
• the categories;
• if there’s email communication, make sure all names are correct and sent to the right address.

Some additional ideas

Reveal the nominees first – no matter the format you’ve chosen for the awards, you can start by revealing the nominees first, then announce the winners live at the dedicated ceremony;

Hire a celebrity host – again, regardless of the format, it’s better to have a host. Find an industry expert or someone easily recognizable by your audience to keep people engaged.

Request feedback – while you’re at it and everyone’s engaged, try to get some feedback from your audience. It’s a good way of checking what works and what can be improved.

Ever wonder how technology can impact your work?

Check out Evalato ! It’s the end-to-end management platform that helps you handle every phase of your awards –  from creating a landing page with smooth registration process and automated communication, to entry submissions, managing applications, judging, the evaluation process, and finally showing the results!

Download a free awards program checklist

Get started in a snap.

Understanding the Value of Business Plan Competitions

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• How to Create an Effective Business Marketing Plan
• How to Determine Your Business Structure
• Tips for Estimating Market Share for Your Business

Introduction

Business plan competitions provide tremendous value for entrepreneurs, investors, and individuals alike. Being part of a business plan competition not only helps entrepreneurs become successful but provides well-rounded individuals with greater insight into how a business can be successful. At its core, a business plan competition is a contest where multiple individuals or teams submit a business plan for a proposed venture. The entries are judged on a variety of criteria, and typically the winners receive monetary rewards, or in-kind prizes.

A business plan competition can bring many potential benefits to participants, from gaining greater insights into the business planning process, to networking opportunities and external recognition, to obtaining mentorship opportunities. Let’s take a closer look at the potential benefits of participating in a business plan competition.

Research Opportunities

Business plan competitions offer excellent research opportunities that you can take advantage of to gain a better understanding of the industry you are entering into. This research is invaluable as it can help you to identify potential problems, as well as provides you with a wealth of information on how to improve your business proposal.

Gaining a More In-Depth Understanding of any Given Industry

By entering into a business plan competition, you have the opportunity to gain a more in-depth understanding of the industry, as experts from the field are on hand to provide you with valuable feedback on your business plan. These professionals can provide you with insight into the industry and help you to identify potential problems you may run into, as well as provide advice on how to fix any problems that may arise.

Acquiring Valuable Data and Feedback From Professionals

Business plan competitions also provide you with valuable data and feedback from professionals. These experts can provide you with valuable feedback on your business plan and can help you to identify potential areas of improvement. This data can be used to identify potential problems and come up with solutions that can be used to improve your business proposal.

In addition to providing you with invaluable feedback from professionals, you also have the opportunity to observe other business plans and learn from their successes and mistakes. This can be invaluable in helping you to avoid pitfalls and ensure that your business plan is competitive and successful.

Networking Opportunities

Business plan competitions provide a higher level of networking opportunities compared to other events. Participants have the chance to meet and interact with mentors, potential collaborators and partners, who can provide valuable insights into their venture and offer the help they need to grow and succeed.

Connecting with mentors who can provide advice and guidance

Business plan competitions are a great platform to meet and interact with experienced entrepreneurs, professors and venture capitalists in the same field. These mentors can provide valuable advice and guidance to young entrepreneurs on their venture, giving them the opportunity to learn from their experience.

Connecting with potential collaborators or partners

Participants in business plan competitions also have the opportunity to meet potential collaborators or partners. This can include business owners, research organizations, government agencies, angel investors or venture capitalists, who can provide new insights into the venture and help it grow and succeed.

Presenting Opportunities

Business Plan Competitions can create significant opportunities for participants to hone their professional skills. Through the course of research, creating, and presenting a business plan, participants begin to develop various valuable communication, presentation and critical thinking skills. These skills promote not only professional growth, but also personal confidence.

Developing Important Communication, Presentation and Critical Thinking Skills

Learning how to communicate, present, and critically think are essential traits every entrepreneur, business professional, and team member should possess. Business Plan Competitions give contestants an opportunity to master these skill sets through practice and experience. Communication is a key factor in the success of any venture, whether large or small. It pertains not only to the people already within a business or team, but also the client and customer outreach. Therefore, learning the ability to effectively communicate will be essential for success.

Presenting and critical thinking skills can equally advantageous. Presenting ideas, plans, and strategies gives participants the chance to effectively communicate their vision and goals. These skills can be used both in and out of a business setting. Developing strong presentation skills can make a significant difference when it comes to fostering team connections, asking for funds, or pitching a product. Moreover, critical thinking is a must for understanding complex business situations and finding the best solutions. Business Plan Competitions give participants experience in discerning the best course of action.

Learning How to Effectively Present a Business Idea

When it comes to presenting a business plan, especially in the context of a competition, the stakes are high. As such, it is important to understand the nuances of presenting a business idea. Business Plan Competitions provide the perfect opportunity to learn how to effectively present a business concept. Participants learn to display the most important aspects of their business plan clearly, concisely, and persuasively. After participating in such a competition, it will become easier to present one’s business idea in any setting.

Overall, Business Plan Competitions offer many opportunities for personal and professional growth. Not only can the contestants gain invaluable insight into their plans and strategies, but they can also develop important communication, presentation and critical thinking skills. Such skills are essential in any business environment and will help participants in leading innovative and successful ventures.

Expanding Horizons

Participating in business plan competitions can be an incredible opportunity for entrepreneurs to increase their knowledge base. While focusing on the industry that the entrepreneur is initially targeting, competing can also be a chance to explore other options that could lead to new opportunities.

Exploring other industries or sectors that could lead to new opportunities

Not only is developing a deeper understanding in one’s chosen field important, but entrepreneurs should also consider looking into other industries. During the research and writing process of the business plan, one should consider what companies are doing well, investments that have been made, hot products, and international development. A competitor should search for trends in other sectors that offer insight into the market, and the location of their own target industries. Research of other companies and industries can help an entrepreneur develop a diving new angle or idea for their own product or service.

Increasing overall knowledge and understanding of the business world

In addition to researching other sectors, participating in a business plan competition can help an entrepreneur grow their overall understanding of the business world. Through completing market research, organizing the company’s budget and operations strategies, and understanding the entrepreneurial process, entrepreneurs can learn the key concepts of operating a successful business. It is important to gain the knowledge necessary to build a strong business plan, as well as the insights that can be gained throughout the competition process.

In conclusion, business plan competitions can be incredibly helpful for entrepreneurs interested in expanding their knowledge and exploring new opportunities. When participating, one should explore other industries and learn the key concepts of the business world to gain a better understanding of the entrepreneurial process. By doing so, entrepreneurs have a greater chance of succeeding in their competition and expanding the possibilities for their business.

Mentorship can be seen as one of the most valuable advantages of participating in business plan competitions. Mentorship allows participants to receive guidance on their project from experienced professionals and learn and grow from an experienced perspective. Experienced mentors can provide critiques on strategies and approaches, offer advice, provide valuable contacts and networking opportunities, and hold people accountable to their objectives and goals. Advising entrepreneurs to help them develop realistic plans and objectives is a great way to foster their success.

Receiving mentorship from experienced professionals is beneficial on several different fronts. By receiving mentorship, competitors are able to gain insights on how to best approach various challenges and identify the most effective way to achieve success. Through mentorship, competitors have the opportunity to ask questions, explore ideas, and receive valuable feedback and advice. Mentors are typically knowledgeable about the industry field, providing participants with an invaluable opportunity to learn from a professional with expertise.

Additionally, mentorship can help to foster relationships with industry veterans and professionals. Having a mentor can be instrumental in bringing ideas to life, offering advice and resources for growth, and providing feedback for improvement. Mentorship can also provide guidance and support for navigating the industry, and help participants envision the successful development and execution of their project and business plan.

Receiving Guidance on a Project from Experienced Professionals

Receiving guidance on a project from experienced professionals can help competitors to better understand the industry and how to effectively maneuver and reach the desired outcome. Mentors can provide competitors with strategic insights and advice on how to best develop their project and business plan. Through mentorship, competitors are able to receive guidance and support, learn techniques, and receive help in creating an effective strategy and approach.

Learning and Growing from an Experienced Perspective

Finally, mentorship can help competitors gain insights into the industry from an experienced perspective. Mentors are knowledgeable about trends, resources and other related topics, offering participants a valuable opportunity to learn from an industry veteran. Mentorship provides competitors with the opportunity to observe, ask questions, and receive help in areas where further knowledge is needed.

By utilizing mentorship in the business plan competition, competitors can have the opportunity to gain invaluable insights about the industry, explore ideas, receive guidance and support, and ultimately, have the possibility to earn invaluable rewards. Mentorship is an invaluable resource and has been referred to as one of the most important aspects of success. Those who participate in business plan competitions should take advantage of this unique opportunity to further their project, vision, and understand what it requires to achieve success in their field.

Business plan competitions are a great way for entrepreneurs to gain exposure and hone their skills and idea. As more and more entrepreneurs enter these competitions, a greater understanding of the value behind these competitions can be seen. By understanding the value of business plan competitions, entrepreneurs have the chance to benefit from the various networking opportunities that these competitions provide, as well as the possibility of winning funding and acclaim for their idea.

Summary of Benefits of Participating in a Business Plan Competition

Participating in a business plan competition can provide entrepreneurs many benefits, including the following: valuable feedback on their business plans, constructive criticism to help strengthen their plans, connection with potential investors, and better understanding of the startup process in a competitive atmosphere. Participants may also take advantage of the wide network of mentors and likeminded entrepreneurs, and build skills in public speaking and communication. Additionally, a business plan competition can provide invaluable support to further develop their plans and advance the idea.

Outlining of Key Areas to Focus on When Researching and Preparing for a Business Plan Competition

When researching and preparing for a business plan competition, entrepreneurs should focus on the following key areas:

• Research: Make sure to research the competition thoroughly and follow the instructions given by the organizers.
• Planning: Give yourself enough time before the deadline, so that you can plan the project ahead of time and refine your idea.
• Networking: Take advantage of the great networking opportunities provided by the competition.
• Feedback: Get feedback from mentors and other like-minded entrepreneurs, as this will help you to improve your plan.
• Pitch: Practice your pitch, so that you can deliver it with clarity and confidence during the competition.

Business plan competitions can be a great way for entrepreneurs to gain exposure and hone skills, so it is important to understand the value of these competitions in order to make the most of them.

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How to Handle Competition in Business: 7 Tips to Beat Competition

Running a Business

Table of Contents

More business academy articles.

Competition is healthy for businesses – it will force you to innovate, staying ahead of the curve.

Yet that rivalry can also be intimidating.

You don’t want to back down but aren’t sure how to combat competition. Every company deals with this problem. Success comes down to developing a plan to help you better serve your customers, accurate branding, and team support.

Learn How to Be Competitive in Business

To compete in business, you need to know the game. Becoming a competitor in your industry requires research, strategy, and some risk-taking. Read on for seven real-world ideas of strategies you can use to learn how to beat your competition in business.

1. Know Your Customers

Did you know that 80% of companies lack customer data to build effective marketing campaigns?

Most marketers know their customers’ purchasing patterns, which is certainly helpful to track. But you can use so much more information to continue refining your marketing plans.

By knowing your customers, you can build a relationship between them and your company, extending the customer lifecycle beyond only a couple of purchases. Data can help you get to know your customers. For example, social activity often helps marketers uncover critical insights regarding the timing of purchases and related searches.

Using online tools such as Facebook’s Audience Insights , your company can better understand what ultimately triggers your customers to purchase.

2. Understand the Competition

To understand your competition, it is most important to examine the marketplace.

First, take a hard look at your competitor's activities. Does that company have intimate conversations with customers that lead to conversions? Do they have a unique angle from which to tell their story?

Second, look for what your competitor doesn’t do and then try to fill that part of the market.

In the 1980s, Canon and Xerox were competing in the market for copiers. Xerox thought Canon’s prices were ridiculously low based on their assumptions of the cost of creating a copier.

Examining the market, they found cheaper ways to make a copier. Through Xerox’s market research, they discovered that Canon found its way into the market through innovation, leading to a better market for consumers.

3. Highlight Your Difference

You can use your differences to learn how to handle competition in business.

After completing market research, understand what makes you different from the competition. Do you have more ethical sourcing for products? Or, maybe your prices are cheaper. Perhaps you have an angle to your company’s story that could push you above the competition.

In the case of IKEA’s 2011 catalog , IKEA knew they had the resources to do something extra special with their publication. While IKEA’s print catalog had more competition, the company decided that simply moving to a digital platform was insufficient.

So, they used their marketing resources to create an augmented reality version. Just by understanding what they could do differently, IKEA’s design overhaul doubled the time customers spent browsing the catalog.

4. Clarify Your Message

Your company needs a clear message to attract customers. Customers want to know what you can do for them that no one else can, and that is how you will win their business.

It is not enough to throw a message into the void and hope it sticks with someone. Instead, craft a narrative that will attract customers.

The car rental service Enterprise clarifies its messaging whenever it communicates with customers.

With each communication, Enterprise considers the specific audience it is trying to reach and then considers what tone or message will be the most effective to extend the customer lifecycle.

By consciously considering your audience with each message, you, too, will be able to communicate more clearly with consumers.

5. Explore Strategic Partnership Opportunities

For businesses, partnership opportunities are very popular right now. Most businesses are reaching out to others, hoping to reach a new market or demographic. These symbiotic relationships help both partners by providing some opportunity that was not otherwise attainable.

When considering partnerships, consider what your company needs to succeed and act on that opportunity.

Starbucks has partnered with Earthwatch since 2001. One goal of this partnership was to introduce Starbucks employees to the scientific research behind coffee beans, which benefitted Earthwatch’s goals. Additionally, Starbucks was able to increase employee engagement through this partnership.

The partnership helped Starbucks develop its ethical approach to coffee while assisting Earthwatch in spreading sustainable and scientific practices.

6. Keep Innovating

In today’s world, it is crucial to iterate, iterate, and iterate. That should be your marketing team’s mantra in today’s constantly shifting world of online media. As pointed out earlier, your new and old markets also benefit from innovation.

By constantly innovating, your team will stay focused on the goal while keeping your customers interested in your company.

Older companies are great sources of innovation leadership. How have they managed to keep up with the times? What company policies allow them to continue to innovate and change while functioning well for their customer base?

These questions will help you see the logic of innovation, even when it seems out of reach.

7. Look After Your Team

Your products are only as good as your team. This may not seem like the most obvious tactic in learning how to handle competition in business. However, you can also keep your team productive by keeping them happy.

It may not be necessary to get everyone a beanbag chair or to have some kegs on tap as many companies think. Listen to your team when they tell you what they need to be happy, not what trends think they need.

Case studies from Snack Nation can teach you how to retain your best employees. Most employees only ask for trust, professional development, collaboration, and the opportunity to take ownership of their work. Allow your employees these opportunities, and you may find that you have happier employees and lower turnover.

Helping your employees find happiness in their work will lead to dedication from employees – and this is where you can beat your competition.

Equipped for Competition

There are a million ways to combat competition in business, but which are suitable for your company? Following these strategies to handle competition in your business will help you better understand what your customers need.

With these ideas, you can be sure your customers will keep coming back. Remember, an unsuccessful idea is only a failure if you stop trying.

• What are the most important competitor business metrics to consider? Competitor value propositions, engagement campaigns, pricing, and what they are not doing. All of these can help provide insights into why they are successful, and how you can emulate or innovate on that success.
• What is competition in business? Competition in business refers to companies trying to outdo each other and sell more goods and services than similar businesses. The severity of this competition can vary drastically by industry. Winners in business competition have higher revenue and profit, more sales, happier customers, and a strong reputation.

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How to Organize & Run a Sports Tournament in 2024

Organizing sporting tournaments requires a combination of strategic planning and effective execution. The key to success lies in having a well-thought-out vision and applying the best practices in sports event management .  

According to Statista , the revenue of sports event tickets in the United States sits at around 15.4 billion dollars. This may make sporting event production seem like a difficult task at first, but having the right tools and knowledge makes all the difference in creating a smooth and memorable experience for fans, attendees, parents and athletes. 

This guide will walk you through the essential steps of how to run a sports tournament. From initial planning, like selecting the type of tournament and venue, to implementing effective participant management and ensuring a memorable event day. 

Each phase is important, so we’ll provide insights and practical advice to navigate them effectively, ensuring your sports tournament not only runs smoothly but also leaves a lasting impression on its participants and spectators.

Now, let’s start by setting you up for success.

How do you plan a sporting event?

Planning a sporting event begins with defining its purpose and objectives. You’ll need a clear understanding of the type of sport, the format of the competition and the target audience. Additionally, it’s key to understand the scope of the event, whether it's a local community game, a school tournament or a professional-level championship. 

Once you have your vision, your initial steps include selecting a suitable date, determining the budget and establishing the size and scale of the event.

The next stage involves logistical planning, which covers venue selection, securing permits, arranging equipment and facilities and ensuring compliance with safety standards. This means managing participant registrations, scheduling games or matches and organizing staff and volunteers. 

Effective communication is key throughout the planning process. Event management tools like EventPipe can save a massive amount of time and headaches by streamlining your tournament housing management. 

EventPipe can handle housing accommodation management , streamline your RFP process and simplify booking for attendees.

How to organize & run a sports tournament

Organizing and running a sports tournament has many moving parts that require careful planning and execution. Let's break down the key steps:

1. Choose your sports tournament type 

Selecting the right tournament format will shape the entire event. When deciding on the format, consider factors such as the skill level of teams, the intended competitive atmosphere and the overall duration of the tournament. 

The chosen format should cater to your audience's expectations and enhance their experience, while also being logistically feasible. The tournament type influences everything from game scheduling to prize distribution and should align with your event's overarching goals. Here are the most common tournament formats :

• Single-Elimination Tournaments: Ideal for a large number of teams, where each game's loser is immediately eliminated. Best for short-duration events.
• Round-Robin Tournaments: Every team plays against every other team. Suitable for ensuring more playtime for each team, emphasizing participation over competition.
• Double Elimination: Combines elements of both round-robin and single-elimination, offering a balance between fair play and competitive intensity.
• League Style: Teams accumulate points over a series of games, typically followed by playoffs. Great for longer tournaments with a focus on consistent performance.
• Knockout Tournaments: Similar to single-elimination but with a focus on progressing to the next round after each win.
• Hybrid Formats: Mixes various elements from different formats to suit specific tournament needs and preferences.

2. Organize sports tournament supplies

A well-organized sports tournament requires a comprehensive list of supplies . This includes not only sports-specific equipment but also general supplies for staff. Anticipate and meet the needs of everyone at the event – teams, officials, volunteers and spectators – to ensure a smooth and enjoyable tournament experience. 

Your checklist should include the following: 

• Sports Equipment: Ensure availability of quality, sport-specific gear like balls, nets and protective equipment.
• Operational Tools: Walkie-talkies and other communication devices for coordinating staff and volunteers.
• Medical Supplies: Stock first aid kits and have medical professionals on standby for emergencies.
• Hydration and Nutrition: Set up hydration stations and consider offering snacks or meals, especially for all-day events.
• Signage and Information: Clear signs for directions, schedules and other essential information.
• Seating and Shelter: Adequate seating for spectators and shelters or tents for outdoor events to protect against weather.
• Safety Gear: Depending on the sport, ensure the availability of helmets, pads or other safety equipment.
• Scorekeeping Tools: Scoreboards, timers and other necessary equipment to keep track of game progress.

Preparation should also include contingency plans for equipment failure. Anticipate the needs of your teams, officials and spectators to ensure a smooth experience.

3. Get sports event insurance coverage

Insurance coverage is critical to protect against unforeseen incidents. General liability insurance should cover injuries and property damage, while additional coverage may be needed for specific risks associated with your sport or event location. 

Work with an insurance provider who understands sports events and can tailor coverage to your needs, including participant liability and equipment insurance. 

It's important to ensure that your insurance covers the entire duration of the event, from setup to breakdown and includes provisions for event cancellation due to unexpected factors like adverse weather. 

This comprehensive approach to insurance not only protects you legally and financially but also adds a layer of trust and professionalism to your event.

4. Prioritize event housing management  

For multi-day tournaments, proper event housing management will factor into your attendees' overall experience and future participation. Consider locking in room block rates to make your investment better spent. 

Efficient housing management not only ensures comfort for participants but can also be a deciding factor in the event's success. When selecting accommodations, consider proximity to the venue, the comfort level of the hotels and the amenities they offer. 

This is where EventPipe’s platform can provide a tremendous amount of value! With Eventpipe, users can unlock easy access to:

• Event Management: Vast network of hotels with filters for optimal attendee accommodation.
• Custom Booking Sites: Easily create branded event sites with no coding.
• Revenue Streams: Enhance branded sites with ads and optional extras.
• Hotel Block Management: Manage multiple hotels, room types and live inventory.
• RFP Process: Simplified interface for room requests, concessions and negotiations.
• Easy Booking: Mobile-friendly site for attendee reservation management.
• Analytics: Comprehensive reporting on financial performance and booking trends.

5. Implement health & safety initiatives 

Establish protocols for emergency medical services, including on-site medical staff and clear procedures for handling injuries. Implement safety checks for all equipment and facilities. Consider environmental factors, like heat or cold and plan accordingly with hydration stations or warming areas. 

Communicate safety procedures to all participants and staff and have a clear plan for emergencies. Regular training sessions for staff on safety protocols can also be beneficial.

6. Find staff & sponsors 

Securing skilled staff and finding sponsors are key to making attendees, participants and families feel safe and engaged. Staff roles might include referees, logistical support and event coordinators. 

Approach potential sponsors with a clear value proposition, showcasing the visibility and reach of your event. 

Pro tips:  

• Offer sponsors meaningful ways to engage with your audience, such as branding opportunities or interactive booths. 
• Build a strong team and cultivate relationships with sponsors for not only a successful event but for future events as well.  Do not underestimate the power of great relationships.

7. Market your sports tournament

Develop a fun and engaging marketing strategy to promote your event. Use a mix of digital marketing, social media engagement and traditional marketing methods. Tailor your marketing efforts to reach your target audience effectively.  

For example, If you’re promoting a hockey tournament , you may have a better turnout by reaching out to hockey-centric entities, rather than general sports entities alone. Highlight the unique aspects of your tournament and leverage engaging content to build excitement. 

Collaborate with local sports clubs, schools and communities to broaden your reach.

8. Host your sports tournament

When the day of your sports tournament arrives, it's important to make sure everything runs according to plan. This stage will run smoother with effective management and coordination. Start by confirming that the venue is set up correctly, with all necessary equipment in place and ready for use. Ensure that all teams and participants are aware of their schedules, locations and any last-minute changes.

Keep a close eye on the event's timeline. Delays in one game or match can have a ripple effect on the entire schedule, so it's essential to keep things moving smoothly. Have a team in place to quickly address any issues that arise, whether they're related to the facility, equipment or participants.

Engage actively with staff, volunteers and officials to maintain a clear line of communication throughout the event. Their support is integral to the tournament's success, so ensure they have all the resources and information they need.

Finally, focus on creating a positive experience for everyone involved – from players and coaches to spectators. This includes adequate hydration and medical support for participants and maintaining a friendly, welcoming atmosphere for attendees. 

9. Determine the profitability of your sports event

To accurately determine the profitability of your sports event, start by compiling all revenue streams such as ticket sales, housing revenue (rebates and commissions), sponsorships, merchandise and any additional services offered during the event. Then, tally up all the expenses that went into producing your event, including venue rental, equipment, marketing, personnel and other operational costs.  Take the difference between the total cost and total revenue to determine your final profitability number.

If this sounds complicated, don’t worry!  Modern sports team management tools like EventPipe offer in-depth analytics to make this part a breeze. 

For a deeper exploration of determining profitability and employing effective strategies, refer to our detailed guide on how to measure event ROI .

More about hosting sports tournaments & events

What's the biggest sporting event in the world?

According to Lunar Group Charter , the Fifa World Cup and the Olympics are often considered the largest, encompassing numerous sports and attracting athletes and spectators worldwide.

How do you organize a local tournament?

Organizing a local tournament involves a deep understanding of the community and a focus on inclusivity rather than a competitive nature . Begin by selecting venues that are not only accessible but also have the necessary facilities to accommodate your event. These venues should be chosen with the size of your audience and participants in mind, ensuring they are near public transportation for easy access.

Engagement with the local community is important, so be sure to promote your event through various local channels, such as media, schools and sports clubs. Partnering with local businesses as sponsors can provide essential support and foster a sense of community involvement.

Remember : the goal is to create an event that caters to different skill levels and age groups, promoting team building and unity. Successful execution of these aspects will contribute to the tournament's success, leaving a lasting positive impact on the community.

How do you arrange a tournament?

Starting by defining the tournament's format. Decide whether it will be single-elimination, round-robin or a combination, as this will affect the number of games and overall scheduling. Choose a venue that suits the sport's requirements and can accommodate the expected number of participants and spectators. Ensure the venue has the necessary facilities, including equipment, seating and refreshments.

Organize the participant registration process, clearly communicating rules, schedules and expectations. Implement a reliable system for keeping scores and managing the progression of teams through the tournament. Safety is a priority, so arrange for first aid and emergency procedures. Consider the spectator experience, providing amenities like food vendors, entertainment and comfortable viewing areas.

Promote the tournament through social media, local sports clubs and community announcements to attract participants and audiences. Engage sponsors to add value to the event and provide prizes or equipment. Throughout the planning and execution, maintain clear and consistent communication with all stakeholders, ensuring a smooth, enjoyable and well-organized tournament experience.

Start Organizing the Best Sports Tournament

Organizing a sports tournament brings its own set of challenges and opportunities. Tapping into the potential of EventPipe can be a time-saver and a game-changer in this endeavor. 

This innovative platform offers a suite of tools designed to simplify complex tasks such as:

• Event Management: Easily manage your event housing with features like quick event setup, extensive hotel selection with filters, customizable booking sites and real-time monitoring of room block pickups.
• Branded Housing Site Creation: Create a branded housing site in minutes, complete with your logo and imagery, without needing to code. This platform also allows for the generation of additional revenue through advertisements and other optional items.
• Group Block Management: Effortlessly manage group blocks with options for multiple hotels and room types, assign a group block manager, view live inventory and provide attendees with clear booking instructions and a unique link.
• RFP Process Streamlining: Simplify your Request for Proposal process with an easy-to-use interface for requesting nights, room types and more. Select preferred hotels for proposals and negotiate directly within your account.
• Simplified Booking for Attendees: Ensure a smooth booking experience for attendees with a mobile-friendly website, centralized reservation management and options for waitlisting sold-out hotels.
• Hotel Partner Management: Keep hotel partners informed with real-time access to pickup and reservation data, reservation confirmations and RFP management through a dedicated portal.
• Analytics and Tracking: Utilize EventPipe's Report Center to analyze event performance, track hotel cut-off dates and monitor reservation confirmations.
• Data Security: Benefit from best-in-class data security, with encrypted storage, secure data transit and multi-region deployments for disaster recovery.

Turn to EventPipe for a seamless, efficient approach to sports tournament organization. Its user-friendly interface and comprehensive features provide the support needed to ensure your event is both memorable and smoothly executed. 

Jeff Porter

Jeff is the Marketing Manager at EventPipe. He brings almost a decade of Marketing experience with a background in social media, events, SEO and content. Outside of work, Jeff is an independent Hip Hop artist who regularly releases and performs his music and loves to golf and play ice hockey in his spare time.

Recent Posts by Jeff Porter:

• How to Create a Budget Plan for a Youth Sports Program
• How to Apply for Youth Sports Grants [2024 Guide]
• Cost of Youth Sports: 2024 Review

Ready to level up your event housing management in 2024?

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• Business Plans

How to Write the Competitor Analysis Section of the Business Plan

Writing The Business Plan: Section 4

Susan Ward wrote about small businesses for The Balance for 18 years. She has run an IT consulting firm and designed and presented courses on how to promote small businesses.

The competitor analysis section can be the most difficult section to compile when writing a business plan because before you can analyze your competitors, you have to investigate them. Here's how to write the competitor analysis section of the business plan.

First, Find Out Who Your Competitors Are

If you're planning to start a small business that's going to operate locally, chances are you already know which businesses you're going to be competing with. But if not, you can easily find out by doing an internet search for local businesses, looking in the online or printed local phone book, or even driving around the target market area. 

Your local business may also have non-local competitors that you need to be aware of.

If you're selling office supplies, for instance, you may also have to compete with big-box retailers within a driving distance of several hours and companies that offer office supplies online. You want to make sure that you identify all your possible competitors at this stage.

Then Find Out About Them

You need to know:

• what markets or market segments your competitors serve;
• what benefits your competitors offer;
• why customers buy from them;
• as much as possible about their products and/or services, pricing, and promotion.

Gathering Information for Your Competitor Analysis

A visit is still the most obvious starting point - either to the brick and mortar store or to the company's website. Go there, once or several times, and look around. Watch how customers are treated. Check out the prices.

You can also learn a fair bit about your competitors from talking to their customers and/or clients - if you know who they are. Other good "live" sources of information about competitors include a company's vendors or suppliers and a company's employees. They may or may not be willing to talk to you, but it's worth seeking them out and asking.

And watch for trade shows that your competitors may be attending. Businesses are there to disseminate information about and sell their products or services; attending and visiting their booths can be an excellent way to find out about your competition.

You'll also want to search for the publicly available information about your competitors. Online publications, newspapers, and magazines may all have information about the company you're investigating for your competitive analysis. Press releases may be particularly useful. 

Once you've compiled the information about your competitors, you're ready to analyze it. 

Analyzing the Competition

Just listing a bunch of information about your competition in the competitor analysis section of the business plan misses the point. It's the analysis of the information that's important.

Study the information you've gathered about each of your competitors and ask yourself this question: How are you going to compete with that company?

For many small businesses, the key to competing successfully is to identify a market niche where they can capture a  specific target market  whose needs are not being met.

• Is there a particular segment of the market that your competition has overlooked?
• Is there a service that customers or clients want that your competitor does not supply? 

The goal of your competitor analysis is to identify and expand upon your competitive advantage - the benefits that your proposed business can offer the customer or client that your competition can't or won't supply.

Writing the Competitor Analysis Section

When you're writing the business plan, you'll write the competitor analysis section in the form of several paragraphs. 

The first paragraph will outline the competitive environment, telling your readers who your proposed business's competitors are, how much of the market they control and any other relevant details about the competition.

The second and following paragraphs will detail your competitive advantage, explaining why and how your company will be able to compete with these competitors and establish yourself as a successful business.

Remember; you don't have to go into exhaustive detail here, but you do need to persuade the reader of your business plan that you are knowledgeable about the competition and that you have a clear, definitive plan that will enable your new business to successfully compete.

• Behind the Scenes

How to Plan a Programming Competition

February 11, 2019 Elayne Petterson 0 Comments

Lucid has hosted multiple programming competitions and is about to host our biggest one yet in March— Code Kerfuffle —with $50,000 in prizes. Here are some things I’ve learned from helping plan and run Lucid’s programming competitions.

1. Define your purpose

The first thing to keep in mind when planning competitions is “why?” Why do you want to run a competition? Is it to increase your company’s publicity? Is it to raise awareness of a social issue? Or to increase your potential pool of hires? The answer to “why?” will influence everything else.

2. Form your team

For a competition to be successful, you need a well-organized team. When we start planning a competition at Lucid, usually one person volunteers to be the competition organizer. Their job is to coordinate efforts to make the competition a success.

First, the organizer needs to assemble a team. They recruit others to help write problems and run the competition. At Lucid, posting a message in the #dev channel on Slack has been most effective. This call for help instantly leads to a team of interested people who can meet to go over logistics. Sometimes one person sets up the venue, while another person runs the coding part of the competition on HackerRank . Your team can generate, write, and proofread ideas for problems. With various team members running different parts of the competition, one person isn’t left doing all the work.

3. Determine the location

Since the office parking lot probably doesn’t have tables, power, and a good Internet connection, it’s important to find a place that will work for your competition. This could be a school, university, company, or any place with a large gathering room with good Internet access and enough charging outlets. Of course, you could eliminate the venue altogether by having the competition be entirely online and letting people program wherever they want, but having everyone together in one location can add to the energy and excitement.

Consider whether you want to use a computer lab or if people should bring their own laptops. Make sure there is space for everyone… and pizza.

When we run the Lucid Programming Competition at different universities, we coordinate with different groups on campus (like ACM-W ) to find rooms and advertise the competition. If you’re lucky, those groups might also help run the actual event. In any case, the location has a big impact on contestants’ experience.

4. Set rules

The rules are extremely important, both for creating problems and running the competition. Make sure the contestants know exactly what is and isn’t allowed. Here are some things to consider:

• Is it an individual competition, or can people work in teams?
• How many computers can each team use?
• What online resources are allowed, if any? Language documentation? Everything?
• How are problems scored? Are there points for partial solutions that pass some test cases, or is it all or nothing? Are problems timed? Do wrong submissions add to participants’ final time?

5. Write the problems

When designing the competition problems, think about the target audience. Is the competition aimed at middle schoolers who just took a summer programming course, or is it geared towards professional programmers with years of experience?

In either case, problems should be written to the participants’ level but cover a wide range of difficulty within that level. Whatever the group is, it may be good to have a problem or two everyone can solve, as well as problems tailored for more advanced participants.

You may also want to consider creating a theme around your competition problems. Will your competition questions all relate to nature, computer games, food, or something else? Does your competition’s purpose logically lead to a theme, or do a bunch of the problem ideas have something in common? Or, do you not want a theme at all? Advent of Code is a great example of a competition with a Christmas theme.

When I’ve helped plan competitions, generally the planning team comes up with a set of problems, each problem’s difficulty is rated, and then a selection is chosen. If there are too many problems at one difficulty level, problems can be simplified or made more difficult, or the team can think up additional problems.

In addition to including a variety of difficulty levels, it’s important to consider a range of programming topics, principles, algorithms, and data structures. There may be cases where a good problem has multiple solutions, but naive solutions will not pass all the test cases or will time out, while more elegant and efficient ones that use the correct data structure or algorithm will cover edge cases and quickly pass all the tests.

Once the problems are chosen, programmers on the planning team write the problems, including solutions and test cases. Like all code at Lucid, our competition problems are reviewed and modified until everything is awesome.

6. Host the competition

While there are multiple ways to run a competition, HackerRank is an easy and popular service that takes care of the scoring, timing, and other aspects of the competition.

Once the problems have been written, consider having a practice competition. Lucid frequently hosts internal competitions before running actual competitions. Doing this helps assure quality and allows us to find and remove ambiguity from problems if there is any. If there are kinks in any part of the process, they can be ironed out before the actual competition.

Whether in a practice run or the actual competition, there are a few administrative details you’ll want to communicate to competitors. Make sure that participants know whether or not they can ask questions. Will any help be given and under what circumstances? Will answers be posted publicly when there are legitimate concerns so that no one gets an unfair advantage? Also, consider whether or not the scoreboard should be public throughout the competition. Should participants know which teams are leading and how individuals are doing, or will it all be revealed at the end?

It may also be helpful to post some sample problems before the competition. Sample problems can help answer most of the competitors’ questions about the format and other expectations, as well as provide everyone with a chance to practice.

7. Give away prizes

Prizes are an important part of getting people excited about a competition. One thing that has been successful for Lucid in the past is holding a raffle at the end of the competition in addition to giving prizes to the winners. This encourages people to keep competing and stay to the end, and adds a bit of fun for everyone. Consider your budget and what your audience will be most interested in. A few ideas for prizes might be an Amazon gift card, a board game, a nice keyboard, two tickets to a sports game, or gift cards to a nice restaurant.

8. Follow up

Depending on what your initial purpose was, see if you have some quantitative measure of how successful the competition was. How many participants and spectators attended? Do you have potential hires to follow up with? Did you raise awareness for a good cause? Consider how your programming competition went and what you can change in the future to make it even better.

In Russian, there is a saying that goes, “Repetition is the mother of learning.” The best way to become a good programmer is to see good examples and to practice. The best way to run a programming competition is to see other competitions and then go ahead and run your own.

If you want to participate in an awesome programming competition and see how it’s done, Lucid will be hosting a massive one with $50,000 in prizes this March. Check it out at codekerfuffle.com .

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How to Write a Business Plan, Step by Step

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

What is a business plan?

1. write an executive summary, 2. describe your company, 3. state your business goals, 4. describe your products and services, 5. do your market research, 6. outline your marketing and sales plan, 7. perform a business financial analysis, 8. make financial projections, 9. summarize how your company operates, 10. add any additional information to an appendix, business plan tips and resources.

A business plan outlines your business’s financial goals and explains how you’ll achieve them over the next three to five years. Here’s a step-by-step guide to writing a business plan that will offer a strong, detailed road map for your business.

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A business plan is a document that explains what your business does, how it makes money and who its customers are. Internally, writing a business plan should help you clarify your vision and organize your operations. Externally, you can share it with potential lenders and investors to show them you’re on the right track.

Business plans are living documents; it’s OK for them to change over time. Startups may update their business plans often as they figure out who their customers are and what products and services fit them best. Mature companies might only revisit their business plan every few years. Regardless of your business’s age, brush up this document before you apply for a business loan .

» Need help writing? Learn about the best business plan software .

This is your elevator pitch. It should include a mission statement, a brief description of the products or services your business offers and a broad summary of your financial growth plans.

Though the executive summary is the first thing your investors will read, it can be easier to write it last. That way, you can highlight information you’ve identified while writing other sections that go into more detail.

» MORE: How to write an executive summary in 6 steps

Next up is your company description. This should contain basic information like:

Your business’s registered name.

Address of your business location .

Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.

Your company description should also define your business structure — such as a sole proprietorship, partnership or corporation — and include the percent ownership that each owner has and the extent of each owner’s involvement in the company.

Lastly, write a little about the history of your company and the nature of your business now. This prepares the reader to learn about your goals in the next section.

» MORE: How to write a company overview for a business plan

The third part of a business plan is an objective statement. This section spells out what you’d like to accomplish, both in the near term and over the coming years.

If you’re looking for a business loan or outside investment, you can use this section to explain how the financing will help your business grow and how you plan to achieve those growth targets. The key is to provide a clear explanation of the opportunity your business presents to the lender.

For example, if your business is launching a second product line, you might explain how the loan will help your company launch that new product and how much you think sales will increase over the next three years as a result.

» MORE: How to write a successful business plan for a loan

In this section, go into detail about the products or services you offer or plan to offer.

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

You can also discuss current or pending trademarks and patents associated with your product or service.

Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section , explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.

Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.

Include details about your sales and distribution strategies, including the costs involved in selling each product .

» MORE: R e a d our complete guide to small business marketing

If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.

Accounting software may be able to generate these reports for you. It may also help you calculate metrics such as:

Net profit margin: the percentage of revenue you keep as net income.

Current ratio: the measurement of your liquidity and ability to repay debts.

Accounts receivable turnover ratio: a measurement of how frequently you collect on receivables per year.

This is a great place to include charts and graphs that make it easy for those reading your plan to understand the financial health of your business.

This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.

Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.

Accuracy is key, so carefully analyze your past financial statements before giving projections. Your goals may be aggressive, but they should also be realistic.

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

Before the end of your business plan, summarize how your business is structured and outline each team’s responsibilities. This will help your readers understand who performs each of the functions you’ve described above — making and selling your products or services — and how much each of those functions cost.

If any of your employees have exceptional skills, you may want to include their resumes to help explain the competitive advantage they give you.

Finally, attach any supporting information or additional materials that you couldn’t fit in elsewhere. That might include:

Licenses and permits.

Equipment leases.

Bank statements.

Details of your personal and business credit history, if you’re seeking financing.

If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Here are some tips to write a detailed, convincing business plan:

Avoid over-optimism: If you’re applying for a business bank loan or professional investment, someone will be reading your business plan closely. Providing unreasonable sales estimates can hurt your chances of approval.

Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors. If writing and editing aren't your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.

Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. The U.S. Small Business Administration’s Small Business Development Centers , which provide free business consulting and help with business plan development, can also be a resource.

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How to Organize a Basketball Tournament

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Your team's star player is dribbling the ball, and there's not much time left on the clock. He fakes a left, then goes right, then shoots the perfect hook shot -- the one that helps your team take home the title.

No matter whether a team is playing for fun or for a shot at the big time, everyone loves bragging rights. That's where tournaments come into play. A basketball tournament is a series of games involving multiple teams that takes place over a period of one or more days, the outcome of which determines the champion of that specific tournament, league, state or national competition.

A sporting association will often host a basketball tournament in order to promote the sport and encourage friendly competition. The Amateur Athletic Union, Youth Basketball of America, National Junior Basketball, the National Collegiate Athletic Association and state school organizations are all examples of groups that organize and host tournaments every year. These associations sanction the events by having a formal set of rules and guidelines that all participating teams play under, and they often have local, state and national tournaments.

A city or town parks and recreation department may also choose to organize a tournament for teams in their local community. Some corporations, like Nike, host their own tournaments that not only promote the sport, but serve as a marketing tool for the business. Other groups, like Gus Macker, hold tournaments to raise money for charity. Of course, many of these events are organized in part by the parents and coaches of children's teams and adult players in amateur leagues.

But no matter who puts them together, basketball tournaments don't happen without organization and groundwork. Every successful event requires a good deal of preparation in order to ensure that it runs smoothly and that win or lose, everyone has a good time.

Although organizing a basketball tournament can be a lot of work, it can really pay off for your local team or league -- literally. Tournaments are great fundraising opportunities because you can earn money from entry fees, concessions and merchandise. Whether you're putting on an event in conjunction with a local parks and recreation department, a youth or adult league, a high school or college, these extra funds can help keep your group afloat financially and help players subsidize costs or travel expenses to other area tournaments.

So, what's the first (and arguably most important) aspect of organizing a basketball tournament? Read the next page to find out.

The Basics of Organizing a Basketball Tournament

Types of basketball tournaments, tips for organizing a basketball tournament.

The first order of business when planning a tournament is choosing when and where to host it. Be sure to pick a date that doesn't conflict with other events in your venue or other basketball games in the area. Many organizations have online calendars of events to help you plan. You should also consider the time of year you want to hold the tournament. If its purpose is to determine a league or geographical champion, then it should take place at the end of the season. If it's a contained event, such as an invitational tournament that simply declares its own winner, you can schedule it earlier in the season. Once you have the date, choose a venue and book it.

Now that you've got the event set, you'll need competitors. Who is this tournament for? Local youth teams? The adult rec league? Contact the teams, post registration instructions online and at schools, youth clubs, gyms and parks departments. Have teams formally register so you know exactly who's coming, and set a registration deadline far enough in advance to prepare the schedule. To make it easier, you may want to limit the number of teams allowed to play. And, of course, games can't be played if someone doesn't enforce the rules. So you'll also need to hire referees through a local officiating association.

Once you know who's coming, you can put together a schedule. Be sure to allot enough time each day to cover warm-ups and game time -- including halftime -- as well as extra room to stop the clock for things like time-outs and injuries.

In the weeks and days leading up to the event, you'll need to communicate with coaches, teams and volunteers about the logistical details. Also be sure to promote the tourney online and in the local press to generate interest.

People will need to eat throughout the day, so have a variety of food for sale. Remember that you're feeding athletes, so be sure to offer some healthy food and beverage options. If you're having a large tournament, think about selling T-shirts and other merchandise that participants and spectators can buy as souvenirs.

Remember the little details, too. Be sure to have awards for the winners, and don't forget to purchase extra insurance to cover liability.

A bye occurs when a team advances to the next round of a tournament without having to play. This usually takes place in the early rounds with teams that are highly ranked.

There are many ways to crown the winner of your tournament. One of the most popular is a single-elimination competition, wherein a team keeps playing as long as it wins, with the overall champion being the group that remains undefeated. Teams are generally seeded, or ranked, depending on a number of variables, including team record and difficulty of schedule, and put into brackets so stronger teams are likely to meet in the finals. Bracketing works on a power of two basis, creating brackets of four, eight, 16, and so on. Although you can have an odd number of teams and schedule byes, the overall calendar will have one fewer game than there are teams (because one team will be declared the winner). If each game takes 90 to 120 minutes, a 16-team tournament will need 22.5 to 30 hours of court time. This could equal three to four days of play.

A double-elimination competition means more organizational work, because each team can lose twice before being eliminated. This means teams get more bang for their buck by being able to play at least two games. Because it's bracketed, there will still be an overall winner. For scheduling, an eight-team double-elimination tourney will need 15 games.

In a round-robin tournament, teams are divided into pools, and they play everyone in their pool either once or twice. The team with the best record wins. In some tournaments, after a round of pools, a single-elimination competition takes place so there's an overall winner. The disadvantage to this format is the amount of rounds needed. While a 16-team single-elimination tournament takes only four rounds, a 16-team round-robin tournament requires 15 rounds of action.

A 3-on-3 tournament is exactly what it sounds like: Teams of three players compete against each other in a pick-up game type of event. These tournaments are often organized for charity events, and the event director sets the rules. Most often, these include playing on a half-court, winning by a certain number of points or within a time frame that's shorter than a standard basketball game. A 3-on-3 tournament can be a large competition involving dozens of teams across all age ranges. Teams are grouped into divisions, usually based on age and/or gender, and they often play in smaller pools, with the winners going on to an elimination bracket within the division.

One of the most well-known basketball competitions in the country is the Gus Macker 3-on-3 Basketball Tournament, which was started by Scott McNeal -- aka Gus Macker -- in his parents' driveway in 1974. Since then, it's grown to be held in over 75 cities each year.

Once you put together your checklist of things to do , organizing a tournament might seem a little daunting. However, there are many sporting associations that you can partner with for assistance. The U.S. Basketball Association and the Amateur Athletic Union, among others, have resources to help make planning easier. An association can provide a lot of support for the groundwork of your event, such as marketing, scheduling, compiling brackets, communication and insurance. Since their staffs are pros at doing this, they can help you avoid some pitfalls. An established association can also provide sanctioning, which will add an air of authority to the event. While the cost of these services varies, your league may also have to become a member of the association, which could cost several hundred dollars per year.

Also give yourself plenty of time to plan the event. The Amateur Athletic Union recommends starting the preparations at least 180 days before the tournament starts. Otherwise, the weeks leading up to the event could become a mad, stressful scramble, and some important tasks might fall through the cracks.

One person can't do all the work alone, so make sure you have enough hands on deck to keep things running smoothly. From getting enough qualified officials and referees to recruiting volunteers who can man concession stands and wrangle teams, having warm bodies to do the small stuff will ensure a smoother overall event. Find qualified officials through your state's basketball officials association. Get volunteers by asking parents, spouses and friends of league members to help and be sure to offer potential volunteers a place to sign up on the tournament's Web site. You can also try recruiting volunteers through social media and various other online resources.

Finally, don't forget that unless you're holding a charity event, a tournament is a way for your group to make money. While you'll be planning for concessions and tournament merchandise, also consider renting tables to outside vendors who sell shoes, clothing and other basketball gear. They'll have access to a larger customer base, which will help you turn a profit. Outside vendors also lend an air of spectacle and excitement to your event.

Now that you have a better idea of what's involved in basketball tournament planning, it's time to get the ball rolling on your own event!

Organize A Basketball Tournament FAQ

How do you organize a 3x3 basketball tournament, how do you create a tournament schedule, how do basketball tournaments work, what is the first step to organize a tournament, how do you run a successful tournament, lots more information, related articles.

• How to Motivate Kids in Sports
• Ultimate Guide to Coaching Youth Basketball
• How to Start a Basketball League
• Amateur Athletic Union. "Event Operators Wanted." (March 29, 2012) http://www.aausports.org/AreYouNewtoAAU/EventOperatorsWanted.aspx
• Brown, Robert. B. "Round-Robin Tournament." Discovery: Ohio's Systemic Initiative. (March 29, 2012) http://www.ohiorc.org/orc_documents/orc/RichProblems/Discovery-Round_Robin_Tournament.pdf
• Fayers, Matthew. "Mutliple-elimination knockout tournaments with the fixed-win property." Disc. Math. Vol. 290. Page 89-97. 2005. (March 29, 2012) http://dx.doi.org/10.1016/j.disc.2004.10.006
• Gus Macker. "Gus Macker History: The Legend of Gus." 2012. (March 29, 2012) http://www.macker.com/about/gus-macker-history.html
• Gus Macker. "Tournaments." 2012. (March 29, 2012) http://www.macker.com/
• Junior Hoops of America. "Mid-America Youth Basketball (MAYB)." Feb. 9, 2011. (March 29, 2012) http://juniorsportsusa.typepad.com/junior_sports_usa/2011/02/mid-america-youth-basketball-mayb.html
• Mull, Richard F., Kathryn G. Bayless and Lynn M. Jamieson. "Recreational Sport Management." 4th ed. Human Kinetics. 2005.
• PrimeTime Sports. "Host Opportunities." (March 29, 2012) http://primetimesportz.com/basketball/hostopportunities/
• PrimeTime Sports. "Tournament Competition Rules." (March 29, 2012) http://primetimesportz.com/basketball/rules/
• Ryvkin, Dmitry. "The Predictive Power of Noisy Elimination Tournaments." CERGE-EI. Working Paper Series 252. March 2005. (March 29, 2012) http://www.cerge.cuni.cz/pdf/wp/Wp252.pdf
• United States Basketball Association. "Host a Tournament." (March 29, 2012) http://www.usbahoops.com/host_a_tournament.htm
• United States Basketball Association. "USBA FAQs." (March 29, 2012) http://www.usbahoops.com/FAQ's.htm

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Three Steps to Winning Business Plan Competitions

Ting shih, founder of clickmedix, discusses the best way to structure your business plan pitch so you can come out on top..

I founded my healthcare technology company, ClickMedix, while I was a graduate student at MIT's Development Ventures class. Our mission is to improve the health of over one billion people. We currently have deployments in 18 countries, and serve more than a quarter million patients - all without investor money. I have been funding my startup by winning business plan competitions and through paying customers . Here are three steps to winning business plan competitions:

Step 1. Show Traction

What distinguishes your business, from winning and losing, is the fact that you have actual customers paying for your innovative solution. If you are not currently collecting payment, then provide solid, irrefutable evidence that many people will pay for your solution.

Why? Given only a 3-5 minute pitch, judges or investors need to know that your solution will make money. The best way to prove that your business will be hugely profitable is to show that it already makes money or that it will generate revenues with certainty.

A winning pitch may start as: Most of us are familiar with this problem, and our solution has generated $x amount of revenues or y users growing at z% monthly. I generally have one image, which I use to briefly illustrate the problem and communicate the main message. Then, I indicate that we have global deployments, paying customers, and customers who refer new customers to us, resulting in strong revenues and high growth year after year.

Step 2. Show Market Potential

When I first started answering the question, "what's the market size of your business", I went through various market research reports to show that the market is really large. Although these figures are important, what matters most to winning the contest is that your solution can address the need in the market, and that the market is growing.

Why? Marketing figures are generally large, e.g. hundreds of millions or billions. But judges and investors need to know how a new company can actually tackle that market- either by winning over customers of existing larger companies, or through a new solution that addresses customers' unmet needs.

Most pitches go like this: "The market size for our solution is $50Billion and growing at 30% CAGR. We are on our way to tackle that market."

By contrast, a winning pitch will include phrases such as: "At $50Billion with a 30% CAGR, this market is large and growing, our solution is better than existing solutions, we have already won business over current competitors, and these customer segments are growing."

Step 3. Show You're the One that Can Best Solve the Problem

Once you've demonstrated that you are successful and can be profitable, and that the profit has tremendous growth potential, one of the most important questions to address is whether you have the best solution for your customers.

Why? While your solution may be innovative, it's important to articulate how it is different than existing solutions. Given a fixed amount of money a customer would spend to solve their problem, judges and investors need to know that these customers would pay for your solution instead of the others.

A winning pitch includes a competitive landscape or other comparable information, PLUS the "secret sauce" for why your solution would win customers more frequently and faster than any other solution. The secret sauce can be special skills of team members, it can be a partnership agreement with an important channel partner or distributor, or ways you can build your solution faster and cheaper than your competitors. For a B2B solution such as ClickMedix, one way to show how we solve the problem better, faster, and cheaper is through implementation stories or case studies where we describe the problem we solved for our customers, how we solved it faster and cheaper, and yielded better results.

Business plan competitions are more or less a zero-sum game. Judges will have to pick a fixed number of winners, usually based on a scoring scheme within the evaluation criteria. Your goal is to be their best pick of the competitors. When going through the three steps to winning, strategize your presentation so that you can score the highest within the evaluation criteria- higher than the competition.

About the Author

Ting Shih founded ClickMedix , an award-winning healthcare technology enterprise born out of MIT Media Lab to enable health organizations to serve more patients through its eHealth platform. Her areas of expertise include mHealth solution design, competitive strategy, lean/Six Sigma process improvement and operations management. She spent five years implementing mobile health programs across 18 countries in North America, South America, Africa, and Asia to develop financially sustainable health programs through ClickMedix. The programs equipped health workers, nurses, pharmacists, and physicians with smartphones to capture patient symptoms information, images, and other related health data to be transmitted to remote specialists who can provide diagnosis and treatment advice. Ting is Toyota Mother of Invention 2015 and Cartier Women's Initiative Laureate 2012 for North America. She holds an MBA and MS in Systems Engineering from MIT. In addition, she holds a BS in Computer Science and MS in Software Design and Management from Carnegie Mellon University.​

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