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ADA Student Business Plan Competition

Sponsored by:
Attention ADA 3rd and 4th Year Students—Do you have an entrepreneurial spirit and a sense of adventure? Does your future include private practice ownership?

If so, it’s time to get down to business and get your business plan developed, polished and perfected for the ADA VSC 2015 Business Plan Competition.

Reminder: Business plan submissions are due no later than 5:00 p.m. EDT on Tuesday, July 7th.

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 7th). Finalists will receive an all-expense paid trip to the ADA 2015 Annual Convention at the Hyatt Regency Capital Hill in Washington D.C., November 12 - 15, 2015, 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


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. EDT on Tuesday, April 7, 2015. The system will close at 5:00 p.m. EDT, and no applications can be submitted after that deadline.

Important Deadlines
Monday, May 18th Executive Summary Due
Monday, June 1st Second Round Participants Notified to Submit Full Business Plan
Tuesday, July 7th
by 5:00 pm EDT
Deadline to submit Written Business Plan online.
Tuesday, July 21st
Notification of Semifinalists
July 22 – August 10
Interviews and Feedback to Semifinalists
Monday, August 24th
by 5:00 pm EDT
Deadline to submit revised Written Business Plan online.
Friday, September 4th
Notification of Finalists
Thursday, November 12th
Presentation Practice Session
Friday, November 13th
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 in their 3rd or 4th year of study during the 2015 Calendar year to be eligible. If you are a 3rd or 4th year student at any time during the calendar year, you are eligible to participate, even if you graduate prior to the competition. 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.

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. on Tuesday, July 7th (more information will be distributed to selected second-round participants).

  • General Guidelines: Participants should register at http://www.sba.gov/business-plan/1 and create a business plan, utilizing this template and format.

  • 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 Friday, November 13th at the ADA Annual Convention in Washington, D.C.

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:
SBA - Writing a Business Plan

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)

Mission Statements:

Business Goals and Objectives:


Target Market:

Market Share:


Business Models:

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

Financial Management:

Plan for Practice Profitability:

Breakeven Analysis:

The Statement of Statements:

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

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