Enter Business Plan Competitions Often

A good reason to keep my business plan current is so that I can use it to enter business plan competitions frequently and easily. Every few months, I google "business plan competition" and I see what's available. You'd be surprised how many competitions are out there, and how many you actually qualify for. If you're a student, there are (at least) dozens out there. In specific industries, such as green technologies or life sciences, there are many more. For most competitions, all I have to do to enter is email my business plan.

In the past year, I have won $15,000 in cash and $5,000 in marketing services from business plan competitions. All of them come with a substantial amount of PR as well, plus of course the connections you make by networking at the events. It's definitely been worthwhile for me to enter. And I didn't necessarily win them all -- I got $5,000 at one competition for coming in sixth! Even if you don't win any prizes, it's a chance to hone your pitch, practice your presentation, and get feedback on your business plan from professional investors and advisors. It's worth the time to look for competitions and enter the ones for which you're qualified.