The Business Plan Competition
|
The Hormel Business Plan Competition is an annual event intended to inspire and encourage entrepreneurship in the McCook region.
Spearheaded by the Hormel Family Foundation, it enjoys generous support from Community Hospital, and McCook Community Development Company, comprised of AmFirst Bank, McCook National Bank, and Wells Fargo.
The Hormel Business Plan Competition is different from many other business plan competitions in the sense that the prize is not a simple cash award, but an actual investment, by which the Hormel Family Foundation becomes a shareholder in the winning business. The sole beneficiary of any proceeds that befall the Foundation will be the McCook Community College.
From our perspective, there could be no better way to pledge our long-term support and commitment to the competition winner, and to the community of McCook, than to take a stake in your business. The competition winner benefits from this relationship in a variety of ways.
In addition to the $25,000 investment, the winner is the recipient of business, legal and advertising services valued at $10,000. Thanks to the public interest in the Hormel Business Plan Competition, the winning business also receives extensive media coverage, something that normally takes years to achieve, and comes at significant cost.
Last, but not least, the winner learns one of the most important and valuable lessons in any business setting: corporate governance and shareholder responsibility. No matter how successful you are, if you want your business to grow, you are going to need the support of people around you. Earning a reputation as a responsible and professional partner is by far the best thing you can do for your business.
And what could be better than knowing that when you succeed, McCook Community College succeeds with you, creating opportunities for other talented and hard-working members of your community?
|
Interested in participating in next year's competition?
Then it's high time to begin working on your business plan. The date for the 2010 competition has not yet been set, but the Hormel Business Plan competition typically takes place during the first half of June, and the deadline is usually late May. If this is your first time composing a business plan, please refer to our links & resources, where you will find several websites that assists with business plan composition advise. Each business plan must include the following sections:
-
Table of contents
-
Executive summary: Tell us about your business idea and your objectives. Be short and to the point.
-
Company description: Describe your business. Keep it short and sweet.
-
Product or service: Describe, in detail, what product or service your business offers or will offer. Help us understand the value you bring to the table.
-
Market analysis: Is there a demand for your product/service? Who are your customers/competitiors? Is your market local/statewide/domestic/international? Show us that you understand, and can cater to, your customers.
-
Strategy & implementation: How do you plan to take your idea from dream to reality? We are looking for concrete ideas and examples.
-
Management team: Tell us about yourself, your partners and/or employees. If you have no employees, tell us about the people you plan to hire. Strengths? Experience? Network?
-
Financial plan and projections: Fill us in on your capital needs and projected earnings. Show us that you are fiscally responsible, and understand how to plan and budget for your operation.
|
|
