A Giant Step Toward a Sure-Footed Start-Up

There's the executive summary, which gives a history of the type of business that's being opened, along with information about the amount of funding needed, the amount already invested and how the money will initially be used. A separate section should then go into more detail about the business structure, the products, how the business idea is different from that of competitors and the overall goals.

A market analysis section should identify likely customers, their demographic makeup and what the market area is, among other considerations that show a mastery of the ins and outs of creating demand and meeting it. Other sections should detail advertising plans, staffing levels and, of course, the most important part, financial data, including cash flow projections and a budget analysis, right down to the monthly cost of office supplies.

The winner of last year's competition -- Susan Bowen, co-owner of Thrive Yoga on Rockville Pike -- recalls noticing something interesting as she began to work on her business plan.

"We knew we had to have a strong plan to raise money," she said. "The more I wrote, the more interested I would get in the business. The more interested I would get in the business, the more research I would do. The more research I would do, the more ideas that would come for the business."

The circle made the business better in the long run. Bowen's storefront studio, which will celebrate its first anniversary next week, already is cash-flow positive -- a testament, Bowen said, to her ability to create a strong plan and to continually refer to it.

"The thing I look at most are the numbers," she said. "Are we keeping costs down? Are we meeting projections?"

But she also looks for broader themes. "Our business model is dependent on people sticking it out" for the long run, she said. "Are we being true to our vision of a high-quality environment? Are we planning the programming we want to plan? Every time we go away from doing what we intended, this keeps us honest."

The deadlines for the contest, which is open to Maryland, District and Virginia businesses, are approaching. The executive summary, along with a $25 application fee, is due tomorrow. Business plans need to be postmarked by Feb. 8. The awards -- which include $5,000 for first place -- will be presented March 10 at the Women in Business Conference and Tradeshow at the Montgomery County Conference Center.

The rewards for the county, Sternbach said, are more long-term. In five years, she said, "I hope this competition is on every calendar of every woman who is thinking about starting a business in this region."