ADA

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 2014 Business Plan Competition.

During the first round of the 2014 competition, contestants will be required to submit only the executive summary for their business plan for the judges to review (Due by May 16). 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). There will be 12 semi-finalists and five finalists. Finalists will receive an all-expense paid trip to the ADA 2014 Annual Convention at the Red Rock Resort in Las Vegas, Nevada, November 6-9, 2014, 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


The deadline to complete the intent to participate is April 7. The deadline for the written business plan submission is July 7. Contestants must be ADA student members in good standing and must be listed as either 3rd or 4th year students at some time during calendar year 2014.

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

Please contact Stephanie Czuhajewski at sczuhajewski@audiologist.org for more information about the ADA Business Plan Competition.
 

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. EDT on Monday, April 7, 2014. The system will close at 5:00 p.m. EDT, and no applications can be submitted after that deadline.

Important Deadlines
Monday, April 7 Letter of Intent to Submit
Friday, May 16th Executive Summary Due
Friday, May 30th Second Round Participants Notified to Submit Full Business Plan
Monday, July 7th
by 5:00 pm EDT
Deadline to submit Written Business Plan online.
Monday, July 21st
Notification of Semifinalists
July 22 – August 9
Interviews and Feedback to Semifinalists
Monday, August 25th
by 5:00 pm EDT
Deadline to submit revised Written Business Plan online.
Friday, September 5th
Notification of Finalists
Thursday, November 6th
Presentation Practice Session
Saturday, November 8th
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 2014 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: AAll 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.

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 Friday, May 16, 2014. 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

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 Monday, 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 Saturday, November 8, 2014 at the ADA Annual Convention at Red Rock Resort and Casino in Las Vegas, Nevada.

Finalists will have 10 minutes to present, followed by a 5 minute question-and-answer session.

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.

Suggested Resource Materials for Review in Completing the Business Plan

Small Business Administration:
www.sba.gov
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)
www.audiologist.org/publications20/starting-a-practice
www.audiologist.org/ada-resources/online-webinars
www.audiologist.org/resources-general-business

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
www.sba.gov/content/market-analysis

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:
http://www.audiology.org/resources/audiologytoday/Documents/AudiologyToday/2005ATJanFeb.pdf

Financial Management:
www.audiologist.org/resources-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:
www.audiology.org/resources/audiologytoday/Documents/AudiologyToday/2005ATMayJun.pdf

Accounting 102:
www.audiology.org/resources/audiologytoday/Documents/AudiologyToday/2005ATJulAug.pdf

Financial Considerations:
www.audiology.org/resources/audiologytoday/Documents/AudiologyToday/2005ATSeptOct.pdf

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