City Of Fort Worth: Business Plan Competition Returns To Help Local Entrepreneurs Flourish

Dallas TX

20 January, 2022

4:58 PM

Description

Press release from City of Fort Worth: January 20, 2022 After a two-year hiatus, the Fort Worth Business Plan Competition is back and putting small local businesses back in the spotlight. The Fort Worth Business Plan Competition is a celebration of the entrepreneurial spirit that makes the city so unique. The trailblazing spirit of Fort Worth's small-business owners inspires them to break new ground across a variety of industries, and their work is helping build and shape the character of one of the fastest-growing cities in the country. The Business Plan Competition is one way that the City of Fort Worth helps set the area's small-business owners up for success. Research shows that entrepreneurs who operate based on a written plan improve their long-term ability to generate revenue and create jobs, and solid business plans are crucial when seeking out investors and other sources of funding. Following several weeks of workshops and coaching, participants will develop a comprehensive business plan that covers everything from market competitiveness to financial outlooks, with the goal of learning their business inside and out. Then it's time to put their skills to the test, as the competition concludes with a final Pitch Night with $18,000 worth of cash prizes on the line. Small-business owners can apply to be part of the Fort Worth Business Competition through the city's website. Applications close at 11:59 p.m. Sunday, Jan. 30. Eligible applicants must have been in business for two to five years, have a DBA or business location registered in the Fort Worth city limits, and have an annual revenue of less than $500,000. Unlike previous years, the 2022 Business Plan Competition will feature prizes for the finalists that are cash-only, with $10,000 going to the first-place winner, $5,000 going to second place, and $3,000 going to third place. Once all entries are received, applicants will attend an Open House to network with partners in the local entrepreneurial ecosystem and learn which Top 20 businesses will be moving forward with the competition's business training sessions. Final business plans will be due in early April, and the Top 8 will participate in the competition finale – a Pitch Night before a panel of judges – on Thursday, May 5, as part of National Small Business Week. Frost Bank is the co-sponsor of the Fort Worth Business Plan Competition. Coaching and professional development workshops will be provided by industry experts and partnerships with Tarrant County Small Business Development Center, SCORE Fort Worth and several others.     Get articles like this in your inbox. Subscribe to City News.   This press release was produced by City of Fort Worth. The views expressed here are the author's own.