The business plan competition - Don't think you can't win! I did!By Jessica Serwe, Ideal Chiropractic Recently, I was faced with some major career decisions. I was working for a chiropractor in Fond du Lac and he presented me with the option to purchase the practice from him. It sounded like a great opportunity; however, it came at a time where getting a loan as a small business owner would be difficult. I had talked to a few banks and no one sounded too thrilled about lending me money. Finally, Associated Bank of Fond du Lac said they'd consider it, but then I heard the phrase I didn't want to hear..."you need to write a business plan." With a BS in biology and a doctorate in chiropractic medicine, you can imagine I had little to no familiarity with what a business plan was and what the proper way to write one would be. I had done some research on the internet and found a template that I followed to the best of my ability. I knew I should include a little bit of market data. Someone had suggested I go to Fond du Lac County Economic Development Corporation (FCEDC) for market data. I stopped by for some data and was then informed that someone would be willing to look over my business plan and critique it. My first thought was, ok, how much is this going to run me? To my surprise, it was no cost at all. FCEDC sat down and went thru my plan with a fine tooth comb. They had a lot of great suggestions and ideas on how to better the business plan. A couple months and several revisions later, we were ready to submit the final business plan to the bank. FCEDC had also helped me enter into a program with the City of Fond du Lac to finance part of the loan. When it was all said and done, I did get approved for the business loan. Just when I thought it was all over, and I was ready to embark on my new adventure as a small business owner, FCEDC reminded me of the Northeastern Wisconsin business plan competition. We made a few changes to make the plan suit the criteria, and it was entered. About a month later, I received an email saying I had made the first cut to the top 20. A couple weeks after that, I got a call saying I made the top 5. I then had a little over a week to prepare a 15 minute presentation on the highlights of my business plan. It was a wonderful feeling to make the top 5 because that meant I was going to walk away with some sort of prize money. FCEDC again helped me prepare for the competition and had some really great ideas and feedback. I ended up winning the top prize. I was in pure shock. Winning the competition has done wonders for my business. Obviously winning $10,000 helps with getting an extra boost in the early days of the business; however, the larger positive effect is it really helped my reputation. The majority of my new patients that have come in since then say they saw the articles in the paper about me winning the competition. It showed them that I am a hard worker and that I will provide the best service for them that I can. Be confident in your product or service. If you aren't 100% behind what you do or sell, how are you going to convince someone else that what you have to offer is beneficial? Commit your goals and dreams to paper. It is one thing to have them in your head, but its another to read them on paper. Read your goals daily. Cut out pictures and phrases that help you visualize your goals better. Maintain a positive attitude. I've been bombarded from the beginning with "you are too small to be a chiropractor" "there isn't a need for chiropractors" and "you will never get approved for a loan" Stay away from negative people. They will only bring you down. Surround yourself with positive influences and you will flourish. Don't be afraid to ask questions. There are plenty of people that have been in your shoes...ask their advice. Learn from others' mistakes so you don't repeat them. Do your homework when writing your business plan. Don't just "make up a number" when projecting costs. Call the different utilities, see what the pattern is for price increases. Figure out what size yellow page ad you want, and find out the price. The fewer surprise expenses you have when you open your doors, the better. Put yourself out there. At the very MINIMUM you should belong to one volunteer organization, one networking/professional group, and you should also be active in your church. Not only is volunteering an awesome experience, it opens your doors to meeting a lot of wonderful people. Do you think your next new client/customer is more likely to be someone who saw your ad in the paper or from a word of mouth referral? If your business is open 40 hours a week, expect to work 60 when you add in volunteering and networking. Shop around for bargains. I'm talking about everything from supplies to banks. Most of the equipment I've started out with is used...and there's nothing wrong with that. You can get discounts on everything from office supplies to advertising by going to more than one company. Many times if they know you've shopped with another company, they will be willing to lower their prices. Have someone review your business plan. It may look clear to you, and it should--it is your ideas and your vision. However, the lender may not understand the ideas you are trying to convey. Make sure its not someone in your profession...someone at the FCEDC would be perfect for this. Enter the business plan competition!! You've already spent a ton of time working on your business plan...why not try for a little extra money to help get your business going?? |
