Sunday, June 1, 2014

Business Plan Contest in Detroit, and Elsewhere

While there aren't many outright grants to start up your business, there are sometimes business plan competitions that you can enter.  And since a business plan--a detailed plan of your business's financial needs and prospects--is necessary if you wish to get lenders to loan you money, why not look into the possibility?

The nonprofit group Hatch Detroit is running its fourth annual contest, in which would-be brick and mortar retail business can win $50,000 and other support to help if they submit the winning business proposal. They are accepting proposals from now until July 16, 2014. 

But what if starting a brick and mortar retail business in Detroit is not your cup of tea?  Then check out Biz Plan Competitions, a site that tries to identify various business plan competitions and other such contests across the U.S.  And if you want to see a free sample business plan, check your local library to see if they have a print or electronic copy of Gale's Business Plan Handbook, a multivolume list of real business plans.  If you want to talk to a real person to develop your business plan, find a local chapter of SCORE, the Service Corps of Retired Executives.  They are volunteers who mentor new and aspiring business people. And good luck!

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