Business owners compete for thousands in investment money. - WSFA.com Montgomery Alabama news.

Business owners compete for thousands in investment money

Business owners gather at an orientation meeting for the ASU Business Plan Competition. Business owners gather at an orientation meeting for the ASU Business Plan Competition.

Posted by: Melissa McKinney - bio | email

MONTGOMERY, AL (WSFA) - "It was a big boost," says Alfred Carmichael, co-owner of Carmichael Painting and Remodeling.

Just ask Carmichael what an additional $50,000 dollars did for his business.

"We bought equipment, and we mainly fostered the company.  [The] main goal was try to market the company a little more," he says.

Carmichael won the money back in 2007 as part of Alabama State University's first Business Plan competition.

Three years later, they're holding the contest again--awarding investment money to start-up and existing businesses.

But it takes a little creativity on your part--a business plan the judges like.

"To put their ideas and dreams down on paper, to actually see what it will take to really develop and grow a business in the state of Alabama," says Dr. Elisabeth Harrison with the ASU Center for Leadership and Public Policy.

Harrison is the contest coordinator.

She says each business owner constructs a plan and the judges pick three winners--two from existing businesses and one start-up.

The established business owners get $75,000 and $50,000 dollars.

The start-up receives $25,000.

With an unstable economy Harrison says it's the perfect opportunity for  "people looking to expand, to hire more staff, cover more territory, order more equipment."

It's an opportunity Nancy Gibson and Rick Williams are grabbing.

"We wanted to investigate this opportunity because you never want to miss a blessing in disguise," says Nancy Gibson, the owner of a therapy clinic in Montgomery.

"If you're going to have a successful business, a business plan is a great idea," says Rick Williams, a financial adviser.

While the money's a plus, Carmichael says building the business plan is what pays off in the end.

"It's a blueprint to your success. If you work the plan and believe in the plan, you'll be successful even in the downturns."

Leaders say the competition targets minority business owners and women--two groups they believe are often under-represented in the business world.

The contest's open to any business owner.  You must be an Alabama resident.

For a link to the application and rules, click on the Write it Down section of www.wsfa.com.

© Copyright 2010 WSFA. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

 

  • NewsMore>>

  • Political end to Olympics: NKorea offers talks with US

    Political end to Olympics: NKorea offers talks with US

    Sunday, February 25 2018 2:16 AM EST2018-02-25 07:16:08 GMT
    Sunday, February 25 2018 10:49 AM EST2018-02-25 15:49:08 GMT
    (AP Photo/Patrick Semansky). A volunteer walks in a foggy Pyeongchang Olympic Plaza during the 2018 Winter Olympics in Pyeongchang, South Korea, Saturday, Feb. 24, 2018.(AP Photo/Patrick Semansky). A volunteer walks in a foggy Pyeongchang Olympic Plaza during the 2018 Winter Olympics in Pyeongchang, South Korea, Saturday, Feb. 24, 2018.

    Pyeongchang closes its chapter of the modern Olympics on Sunday night with tales of detente and competitive grit and volunteerism and verve.

    More >>

    Pyeongchang closes its chapter of the modern Olympics on Sunday night with tales of detente and competitive grit and volunteerism and verve.

    More >>
  • After years of dejection, proponents of gun laws see hope

    After years of dejection, proponents of gun laws see hope

    Saturday, February 24 2018 10:35 AM EST2018-02-24 15:35:23 GMT
    Sunday, February 25 2018 10:39 AM EST2018-02-25 15:39:17 GMT
    The progression has become numbingly repetitive - mass bloodshed unleashed by a gunman, followed by the stories of the fallen, the funerals and mourning. (Source: AP Photos)The progression has become numbingly repetitive - mass bloodshed unleashed by a gunman, followed by the stories of the fallen, the funerals and mourning. (Source: AP Photos)

    "Our kids have started a revolution:" Teens' activism after Florida school shooting has some hopeful for action on gun policy.

    More >>

    "Our kids have started a revolution:" Teens' activism after Florida school shooting has some hopeful for action on gun policy.

    More >>
  • 2 dead as severe weather moves eastward through central US

    2 dead as severe weather moves eastward through central US

    Sunday, February 25 2018 2:25 AM EST2018-02-25 07:25:46 GMT
    Sunday, February 25 2018 10:38 AM EST2018-02-25 15:38:57 GMT
    (Liz Dufour/The Cincinnati Enquirer via AP). A view from the Central Bridge shows the flooding from the Ohio River  Saturday, Feb. 24, 2018 in Cincinnati.  Forecasters expected the Ohio River could reach levels not seen since the region's deadly 1997 f...(Liz Dufour/The Cincinnati Enquirer via AP). A view from the Central Bridge shows the flooding from the Ohio River Saturday, Feb. 24, 2018 in Cincinnati. Forecasters expected the Ohio River could reach levels not seen since the region's deadly 1997 f...

    A man in northeast Arkansas and a woman in south central Kentucky both were killed as the storm that also included strong winds, hail and heavy rain that triggered flooding muscled its way through the area, according to authorities.

    More >>

    A man in northeast Arkansas and a woman in south central Kentucky both were killed as the storm that also included strong winds, hail and heavy rain that triggered flooding muscled its way through the area, according to authorities.

    More >>
Powered by Frankly