Small Business Plan Competition

The Office of Business Inclusion and Advancement is devoted to promoting the growth of small businesses in Winston-Salem. Budding entrepreneurs approach the department weekly for assistance in writing business plans and the steps involved in starting a business.

In an effort to broaden our reach, the department will host its ninth Business Plan Contest in 2023

Winner Rewards

Each of the two winners will receive:

  • $5,000 grant for startup costs
  • $5,000 potential matching micro-loan
  • Opportunity to apply to Small Business Loan Program

Assistance

The Business Department staff is happy to provide technical assistance and feedback to participants at any point.

Eligibility

To be eligible for the contest, submissions must be for for-profit micro-businesses (5 employees or fewer) and be located within the Neighborhood Revitalization Strategy Area (NRSA) North and South (PDF). This area has been identified by the City of Winston-Salem as being prime for needed development and investment.

Lastly, the proposed business must create low- to moderate-income jobs and/or provide benefit to the low-to moderate-income community.

Contest Timeline

  1. February 21 - Informational kick-off meeting. Email Steven Harrison for a Zoom invitation or to learn more about our in-person meeting at City Hall.
  2. April 3 - Business Proposals due (2-page maximum)
    1. Mail, email, fax, or deliver to Office of Business Inclusion and Advancement. Only typed documents accepted.
    2. Include a completed Business Plan Contest Application (PDF) with your submission.
    3. For email submissions:
      1. Business Proposals must be attached to email in Word or PDF form and not written in the body of the email
      2. Include "Business Plan Contest" in the subject line
      3. Email Steven Harrison
  3. Submissions will be reviewed and the most viable business plans will move to the final round
    1. Staff will be available for technical assistance throughout the contest
  4. August 7th - Complete business plans are due from finalists for evaluation by the Small Business Loan Review Committee
  5. Winner of the contest will be announced in the Fall
    1. Entrepreneurs that do not win will still receive business plan critiques and have the opportunity to apply to the Small Business Loan Program. Staff will also be happy to continue providing technical assistance.

Entrepreneurs that do not win will still receive business plan critiques and have the opportunity to apply to the Small Business Loan Program. Staff will also be happy to continue providing technical assistance.

Email Steven Harrison for more information.

Business Proposal Format Instructions

The proposal is limited to 2 single-spaced pages.

While a complete business plan contains detailed information on the topics below, the purpose of the Business Proposal is to capture the interest of the reader and cover the highlights of your proposed business concept.

Your Business Proposal should cover the following highlights of your concept:

  1. Business Idea - Describe your business concept clearly and concisely
  2. Competitive Advantage - Describe how your product or service differs from the competition
  3. Team Members - Describe the job roles of key members of your business team
  4. Target Market - Describe the intended market for your product or service (demographic, geographic, etc.)
  5. Marketing Plan Outline - Describe your promotion and advertising plan
  6. Operational Plan Outline - Describe the labor and equipment requirements and how the business operates day-to-day
  7. Financial Overview - Describe your estimated project cost and start-up requirements
  8. Opportunities and Challenges - Outline the opportunities and challenges facing your business

Mail Submissions

Business Plan Contest
City of Winston-Salem
Office of Business Inclusion and Advancement
P.O. Box 2511
Winston-Salem, NC 27102

Fax: 336-747-9298

Contact

If you are interested in joining or learning more about the Business Plan Contest, please email Steven Harrison, Small Business Development Specialist or call him at 336-747-7474.