Business Plan Challenge award presented

DAVE MOSIER/independent editor

Juli Hamilton followed her dream and it lead to $2,500 worth of business development funds as the winner of the first-ever Business Plan Challenge. Hamilton, who operates her own business, Something from the Garden, which Gary Corcoran, master of ceremonies for the event, called “community supported agriculture,” also received a Chamber business membership, certificates for free business counseling and courses and unique wall artwork created by The Artful Swan.

Hamilton, who received a Revolving Loan from the city last year for her business, said: “It’s a dream that’s been in the making for a long time. I wanted to reach out to the small business, the small farmer, the people that needed a second chance in this economy.”

The Business Plan Challenge winner added: “There is a lot of knowledge in this community that is not being tapped and I wanted to partner with those people and have a farm market that has a piece of a lot of people in this community.”

Those who competed in the first Business Plan Challenge were a diverse group with some interesting and unique ideas. Participants included an idea for marketing solar panels, a hair salon, Hamilton’s business and two people who want to start a business providing body jewelry, tattoos and a photography side business in the downtown area.

Those competing had the chance to attend a series of workshops on a number of business-related subjects, including Business Plan Basics, an overview of the whole process, as well as a marketing workshop given by Twyla Hayes of Brand It Design, a cash-flow projection workshop and one on funding, which included presentations on private sector funding from Stuart Wyatt of First Bank of Berne and one on public sector funding from Darlene Myers, who administers the Revolving Loan Fund program and works in the Van Wert Economic Development Office.

Seven different business ideas were originally entered into the Business Plan Challenge and four of those eventually filed business plans for judging.

Corcoran noted that the event, which began during the third annual “Follow Your Dream” Entrepreneurship Fair held at the Niswonger Performing Arts Center of Northwest Ohio in early November 2011, ran from November 2011 to early January of this year and concluded with “elevator talks” — presentations each business had to make to a panel of judges — that took place this past week.

Judges were Brad Wingfield of Kenton, Kathy Heller of Lima and local business people Connie Boley and Andy Czajkowski.

According to Susan Munroe, president and CEO of the Van Wert Area Chamber of Commerce, one of the sponsors of the competition (the others were the Van Wert Economic Development Office, Community Improvement Corporation, Main Street Van Wert and the Small Business Development Center at Wright State University-Lake Campus), each of the participants were judged on the following criteria:

• Is the idea unique?
• Is there a competitive advantage?
• A management plan
• An organizational plan
• Marketing research
• Feasibility of the plan
• Supplier base research
• Location of the business
• Legal organization
• Risk and potential problem identification

Hamilton said she felt the program was a good one. “I have gotten so much out of this, if nothing else just having to hammer out every aspect of your business,” she noted. “It makes you broaden your views a little bit.”

Hamilton also said she thought the online business tools and resources provided were very important to the process of creating a business plan.

As was Corcoran, who retired from his job as a project administrator at Central Insurance Companies and now volunteers as a local business consultant through the Small Business Development Center and Van Wert Innovation Center.

“Gary was so helpful … and answers any question you have,” she said.

While only one person could be the overall winner, it appeared from comments made after the awards presentation that all of the participants felt they got something valuable out of the process. Moreover, with event sponsors pleased with the first edition of the Business Plan Challenge, it’s likely that a second annual edition will be forthcoming this year.