ADA Student Business Plan Competition

Attention ADA Students—Do you have an entrepreneurial spirit and a desire to create your own destiny? Does your future include private practice ownership?

If so, it’s time to get down to business and get your business plan ready, polished and perfected for the ADA 2016 Business Plan Competition. This year’s competition will focus on creating a business plan for a start-up audiology practice that is future-focused.

Business plan submissions are due no later than 5:00 p.m. EDT on Monday, July 11th.


Confirmed contestants must submit an executive summary for judges’ review no later than Monday, May 16th. Contestants who are invited to the second round will be required to submit a complete written business plan using SBA guidelines (this will be due July 11th). Finalists will receive an all-expense paid trip to the AuDacity Conference at the Loews Coronado Bay Resort in San Diego, CA, November 10 - 12, 2016, where they will present their business plans in person.

The Grand Prize Winner will receive a $5,000 ADA cash grant to be used to advance business objectives and enhance business and leadership skills.

Business plans will be judged based on the following criteria:
  1. Creativity
  2. Feasibility
  3. Completeness
  4. Cohesiveness throughout the document
  5. Professionalism and polish

Executive Summary Submission

Each confirmed participant must prepare and submit a high-level executive summary not later than 5:00 p.m. Eastern time on May 16, 2016. The Executive Summary should contain the following elements and be no more than two pages:
  • Your business's name and location
  • A summary of the rationale for practice start up and the unique value proposition of your practice and/or the problem that the establishment of your practice will solve
  • A simple explanation of your practice concept (include projecting staffing, services provided, target market etc.)
  • A description of your practice’s competitive advantages
  • A summary of the management team you've assembled whose experience meets your practice’s needs
  • Summary financial data that is realistic, accurate and compelling, including projected start-up capital requirements



Guidelines

Prior to submitting your application/intent to participate, please review eligibility requirements and submission guidelines. The letter of intent to submit must be completed no later than 5:00 p.m. Eastern Time on Thursday, March 31, 2016. The system will close at 5:00 p.m. Eastern Time, and no submissions will be received after that deadline.

Important Deadlines
Monday, May 16th Executive Summary Due
Wednesday, June 1st Second Round Participants Notified to Submit Full Business Plan
Monday, July 11th
by 5:00 pm EDT
Deadline to submit Written Business Plan online.
Friday, July 29th
Notification of Semifinalists
August 1 – August 15
Interviews and Feedback to Semifinalists
Wednesday, August 31st
by 5:00 pm EDT
Deadline to submit revised Written Business Plan online.
Wednesday, September 7th
Notification of Finalists
Thursday, November 10th
Presentation Practice Session
Saturday, November 12th
ADA Open Student Business Plan Competition

General Notices
Use of Materials: ADA reserves the right to use material prepared for the Competition in publicizing and promoting the event. ADA may use these materials in any printed materials and any videotape or other medium that it may produce. ADA may videotape any portion of the Competition and utilize these tapes in any way that its sees fit.

Entry Fees: The ADA Business Plan Competition does not have an entry fee.

Changes to Competition Rules: While not anticipated, these rules and prizes are subject to change at the discretion of ADA. ADA and its staff and volunteers have the right to interpret these rules according to their own judgment.

Decisions regarding the Competition and the Winners: All decisions regarding the competition rules, procedures, and processes are at the sole discretion of ADA. Changes and/or interpretations of these rules may be made by the ADA any time. The decision of the participants, semi-finalists, finalists and winner are at the sole discretion of the judges and the ADA. Best efforts will be made to make decisions in accordance with this Official Rules document.


Eligibility Requirements

Student Enrollment: The competition is for students enrolled in an Au.D. Program at an accredited university. Students must be ADA student members in good standing.

Nature of Ventures: The ADA Business Plan Competition is for the development of new, independent audiology practices, which are innovative and future-oriented.


General Guidelines

  • Non-confidentiality: All sessions of the competition, including but not limited to oral presentations and question/answer sessions, are open to the public at large. Any and all of these sessions may be broadcast to interested persons through media which may include radio, television and the Internet. Any data or information discussed or divulged in public sessions by entrants should be considered information that could possibly enter the public realm, and entrants should not assume any right of confidentiality in any data or information discussed, divulged, or presented in these sessions.

    Due to the nature of the competition, we are not able to ask judges, reviewers, staff, or the audience to agree to or sign non-disclosure statements. ADA cannot guarantee that other individuals will not obtain access to electronic or hard copies of the business plan. All presentations are open to attendees, and some presentations may be videotaped. Attendance by media personnel is expected.

  • Copyrights & Permissions: If a contestant s use copyrighted materials and/or images from a third-party in their submissions or presentations, they must obtain permission and authorization in advance from the owners to use this material.


Written Business Plan

  • Written Business Plan Submission: A complete written business plan from the confirmed second round participants will be due on or before 5:00 p.m. Eastern Time on Monday, July 11th (more information will be distributed to selected second-round participants).

  • Minimum Contents of the Written Business Plan: your business plan should include
    • Cover Page
    • Executive Summary
    • Company Description
    • Market Research
    • Product/Service Line
    • Marketing & Sales
    • Financial Projections
    • Supporting Information

  • Appendices: should be included only when they support the findings, statements, and observations in the plan. Because of the contestants participating in the competition, judges may not be able to read all the material in the appendices. Therefore, the text portion of the plan must contain all pertinent information in a clear and concise manner.


Oral Presentations

Venture presentations will take place on Saturday, November 12th at the AuDacity Conference in San Diego, CA.

Equipment: Finalists should plan to bring a copy of their presentation on a zip drive or CD. The presentation room is equipped with a large-screen projector and a room PC to run the presentation. You may also connect your laptop directly to the projector to present.

Business Plan Competition Informational Webinar





ADA Getting Down To Business Webinar: Tips for Writing a Successful Business Plan




Presented by Andrew Hebert, Vice President of EarQ

ADA Getting Down To Business Webinar: How to Effectively Brand Your Practice for Success Today (and Tomorrow)




Presented by Cliff Carey, Communications Director for EarQ

Learn from experts about best practices and important components in the development of a creative, feasible and professional business plan.


ADA Getting Down To Business Webinar: 10 Minutes to a Profitable Price Structure




Presented by James Page and Brenna Besemer


Suggested Resource Materials for Review in Completing the Business Plan

Small Business Administration:
www.sba.gov
SBA - Writing a Business Plan
https://www.sba.gov/tools/business-plan/1

SCORE
Financial Statements Template Gallery
Startup Business Plan Template

Audiology Business Information:
audiology.advanceweb.com/ebook/magazine.aspx?EBK=AA032111# (page 40)
journals.lww.com/thehearingjournal/toc/2006/07000 (page 10)
journals.lww.com/thehearingjournal/toc/2010/09000 (page 19)
www.audiologist.org/webinars
www.audiologist.org/other-student-resources

Mission Statements:
http://www.missionstatements.com/company_mission_statements.html
http://mystrategicplan.com/resources/mission-statements

Business Goals and Objectives:
www.dummies.com/how-to/content/set-goals-and-objectives-in-your-business-plan.html
www.extension.purdue.edu/extmedia/ec/ec-727.pdf

Outlook:
money.usnews.com/money/careers/articles/2008/12/11/best-careers-2009-audiologist
www.asha.org/careers/professions/trends.htm

Target Market:
en.wikipedia.org/wiki/Target_market
www.entrepreneur.com/encyclopedia/term/82498.html
www.inc.com/guides/201104/how-to-narrow-your-target-market.html
www.inc.com/guides/2010/06/defining-your-target-market.html

Market Share:
en.wikipedia.org/wiki/Market_share
https://www.sba.gov/tools/business-plan/1

Pricing:
audiology.advanceweb.com/ebook/magazine.aspx?EBK=AA062909#/32/
journals.lww.com/thehearingjournal/Fulltext/2011/05000/Reducing_hearing_aid_cost_does_not_influence.3.aspx
audiology.advanceweb.com/Article/Communicating-True-Value.aspx

Business Models:
audiology.advanceweb.com/Article/Business-Models-Dress-for-Success.aspx

To Incorporate or Not to Incorporate:
Audiology Today Jan/Feb 2005

Financial Management:
www.audiologist.org/finance

Plan for Practice Profitability:
audiology.advanceweb.com/ebook/magazine.aspx?EBK=AA082409#/48/

Breakeven Analysis:
audiology.advanceweb.com/ebook/magazine.aspx?EBK=AA082409#/48/

The Statement of Statements:
www.audiologist.org/_resources/documents/publications/feedback/Feedback_19_3.pdf

Accounting 101:
Audiology Today May/June 2005

Accounting 102:
Audiology Today July/Aug 2005

Finance Considerations:
Audiology Today Sept/Oct 2005

ACME Resources:
ACME Audiology Chart of Accounts
ACME Audiology Practice Budget Worksheet
ACME Audiology Practice Cash Flow
ACME Audiology Practice Assessment Tool

Other:
ADA Basic Accounting Principles
Balance Sheets Income statements, and Statements of Cash Flow.pdf
Cash Sensitivity Analysis
Quickbooks Accounts List for LLC
Webliography Financial Management