Student Business Plan Competition
Attention ADA Students—Do you have an entrepreneurial spirit and a desire to create your own destiny? Do you have an interest in private practice ownership or audiology clinic management? If so, it’s time to get down to business and get prepared for the ADA 2024 Student Business Plan Competition.
Contestants must be ADA student members in good standing and must be listed as students at some time during calendar year 2024. Students may participate in the competition individually or as part of a two-person team. No more than two people may participate as a team.
Finalists will receive an all-expense paid trip to the AuDacity Conference at the Gaylord Texan, September 5-8, 2024, in Grapevine (Dallas), Texas, 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: Creativity, Feasibility, Completeness, Cohesiveness and Professionalism
SPONSORED BY:
Eligibility Requirements
- Student Enrollment: The competition is for students enrolled in an Au.D. Program at an accredited university at any point during 2024 (recent or upcoming graduates are encouraged to participate).
- SADA Membership: Students must be members of the Student Academy of Doctors of Audiology (SADA) 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.
Business Snapshot
The Business Snapshot is due by Monday, May 6th and should contain the following elements and be no more than two pages:
- Business Name: [Your Practice Name]
- Business Location: [Location Details]
- Services Offered: (Comprehensive audiological evaluations, hearing aid dispensing, tinnitus management, pediatric audiology, vestibular, interoperative monitoring, preventive audiology, industrial audiology, forensic audiology etc.)
- Products Offered and Margins: (what do industry averages tell us)
- Mission Statement: A concise statement that defines the practice's purpose and primary objectives.
- Vision Statement: Long-term goals and what the practice aims to achieve in the future.
- Startup Summary: Initial capital required, planned funding sources, and usage plan.
- Business Goals: Short-term and long-term goals for the practice.
Written Business Plan
- Written Business Plan Submission: A complete written business plan must be submitted by 5:00 p.m. Pacific Time on Monday, June 3rd.
- Minimum Contents of the Written Business Plan: Your business plan may also include:
- Cover Page
- Executive Summary
- Business Name: [Your Practice Name]
- Business Location: [Location Details]
- Services Offered: Comprehensive audiological evaluations, hearing aid dispensing, tinnitus management, pediatric audiology, vestibular, interoperative monitoring, preventive audiology, industrial audiology, forensic audiology etc.
- Products offered and margins (what do industry averages tell us)
- Mission Statement: A concise statement that defines the practice's purpose and primary objectives.
- Vision Statement: Long-term goals and what the practice aims to achieve in the future.
- Startup Summary: Initial capital required, funding sources, and usage plan.
- Business Goals: Short-term and long-term goals for the practice.
- Business Description
- Industry Background: Overview of the audiology profession, including trends, challenges, and opportunities.
- Business Model: How the practice will operate and generate revenue.
- Unique Value Proposition: What sets your practice apart from competitors.
- Location and Facilities: Details about the practice's location, accessibility, and any special equipment or facilities.
- Market Research/Analysis
- Target Market: Detailed analysis of your target demographic, including age, location, income levels, and specific needs.
- Market Needs: Identification of the specific needs of your target market that your practice will address. Expand on research conducted to determine the market has a need. What benchmarking is out there to determine the market has a need.
- Market Trends: Current and emerging trends in audiology and how they affect your target market.
- Competitor Analysis: Detailed analysis of direct and indirect competitors, their strengths, weaknesses, and market position.
- Marketing and Sales Strategy
- Marketing Plan: Strategies for reaching your target market, including online marketing, social media, traditional advertising, community outreach, and professional referrals.
- Sales Strategy: Approach to converting inquiries and consultations into paying patients.
- Pricing Strategy: Pricing of services and products, including hearing aids, compared to competitors.
- Operations Plan
- Operational Workflow: Day-to-day operations of the practice, including patient consultations, follow-ups, hearing aid fittings, and maintenance.
- Staffing Requirements: Number and type of staff needed, including audiologists, hearing aid specialists, administrative staff, etc.
- Suppliers and Partners: Key suppliers for hearing aids and other equipment, as well as any partnerships with medical practices or organizations.
- Management and Organization
- Management Team: Key management personnel, their roles, and experience.
- Organizational Structure: Chart showing the practice's organizational structure and lines of authority.
- Legal Structure: Legal structure of the business (sole proprietorship, partnership, LLC, etc.).
- Financial Plan
- Start-up Costs: Detailed list of start-up costs, including equipment, renovations, licensing, and initial inventory.
- Revenue Projections: Detailed revenue forecasts for the first three years, including assumptions.
- Expense Forecasts: Breakdown of fixed and variable expenses.
- Profit and Loss Projection: Projection of net profits after expenses.
- Cash Flow Projection: Monthly cash flow projection for the first year.
- Break-even Analysis: Analysis of when the practice is expected to become profitable.
- Supporting Information/Appendices
- Resumes of Key Personnel: Detailed resumes of all key personnel.
- Market Research Data: Full data and sources for market analysis.
- Legal Documents: Business registration documents, professional certifications, and licenses.
- Financial Statements: Detailed financial statements and assumptions. Assumptions are important details. Understanding and tailoring projections to your industry benchmarks. Business reference guides. Industry averages for expenses and revenues. What should the expenses be?
Suggested Resource Materials for Review in Completing the Business Plan
Important Deadlines
- Monday, May 6th — Deadline to submit Letter of Intent and 2-page Business Snapshot
- Monday, June 3rd — Business plan due
- Thursday, June 27th — Semi-finalists selected/notified with feedback from judges
- Monday, July 15th — Revised business plan due
- Thursday, July 25th — Finalists selected/notified
- Thursday, August 15th — Posters due
- Thursday, August 29th — Presentation slides due
- Thursday, September 5th — Posters at AuDacity
- Friday, September 6th — Live Business Plan Competition and Awards at AuDacity 2024
Business Plan Competition & Practice Management Webinar Series
- Although it is not required, it is highly encouraged that students who wish to participate in the competition also view the Business Plan Competition & Practice Management Webinar Series. This series is hosted by the Student Academy of Doctors of Audiology (SADA) and features experts in a variety of topics, including business planning, finance, marketing, and practice management.
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 Student 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.
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 uses 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.