By HILARY FERRAND
OST news editor hferrand@osceolaiowa.com
Businesses established in the Main Street district, or with plans to be settled there soon, have the chance to win a total of $28,000 in cash prizes, though that might not be the biggest benefit.
“Businesses that have gone through any part of the process will tell you that the experience of having to put your plan down on paper and then present on it gets you thinking,” said Osceola Chamber Main Street Executive Director Derek Lumsden. “The feedback from the judges on the presentation and plan can give great insight to a business on how to move forward with their plans.”
It takes money to make money
To take part, businesses must have at least $2,000 available for “matching funds.” This isn’t an entrance fee, but rather money you have available to invest in your business should you win. Participants need $8,000 for the state competition. However, Lumsden encourages business owners with at least $2,000 to give the competition a try.
“After the sub-state level, any business moving on to the finals will receive a business coach from the state to help them find ways to present effectively, get some technical assistance and help find financial incentives or alternatives. They will do that in conjunction wit the local Main Street office,” he said. “A business is always better off making the effort and learning from that effort than not moving forward.”
Timber Ridge Country Market won the local contest in both 2015 and 2016, according to Lumsden. While the business didn’t win the sub-state or state level prizes, it has put the information gleaned from the experience to good use.
“They are a true model for how helpful this program can be,” he said, “even when you do not win.”
Applications for Open 4 Business are due at the Osceola Chamber Main Street office by 5 p.m. Friday, April 14. Along with an application and budget sheet, business owners will have to make a 10 minute presentation on their business for the local Business Improvement Committee Friday, April 28. Local winners will take home $250 and advance to the sub-state round.
What’s the most important aspect in ranking number one? Uniqueness, said Lumsden, and thinking outside the box to provide something that’s capable of making the Main Street district a more popular destination.
For more information, visit OCMS, 115 E. Washington St. Readers can also learn more about a pre-revenue, pre-investment business idea competition, Iowa’s Great Idea Challenge, on page 4.