Small Business Challenge 2023

THE CHALLENGE AND THE GOALS

Partners in Lafayette have come together to launch a new Small Business Challenge, an effort to spur local small business growth and downtown redevelopment. The Small Business Challenge capitalizes on Lafayette’s strong culture of entrepreneurship with an open competition: the best idea for a great downtown small business will receive a $100,000 capital infusion and a lease to a unique downtown property – the historic Sans Souci Building. This pilot challenge has several goals – applicants should reflect on how their business can meet these goals prior to submitting an application:
- Promote small business growth and entrepreneurship in Lafayette.
- Activate a key location with a dynamic new retail, food & beverage, or other creative business concept that leverages Parc Sans Souci as a location and brings value and activity to the park.
- A creative use that aligns with the deed restriction on the property, which requires that the building “be used in a manner that is consistent with the building’s historical context, its proximity to Parc Sans Souci, and its unique place in the culture of Lafayette.”
- Generate foot traffic and sales tax collections, regularly activate the park outside of special events, and complement the focus of making the park a family-friendly year-round destination.
THE SITE

The subject property is the Sans Souci Building, Lafayette’s oldest, most storied commercial building. This approximately 1,200 square foot building, first constructed in the 1840s, is located in Parc Sans Souci. Over the years the building has been an inn, a newspaper office, a crafts store, and home of the much-beloved Sans Souci Bookstore (the original namesake for the park).

The current owner of the building – the Lafayette Public Trust Financing Authority (the “LPTFA”) – has as its mission to engage in activities that benefit the City of Lafayette. The LPTFA seeks to write the next chapter in the rich history of this cultural asset, to provide the public a more fulfilling park experience, and to ultimately benefit the City of Lafayette through increased economic and cultural activity.

Check out this link to learn more about the Historic San Souci Building!
THE PRIZE
- A significant capital infusion of up to $100,000 in tenant support and favorable lease terms.
- Favorable lease of approximately 1,200 sq ft of historical space on the corner of Vermilion Street and Taylor Street, including soon-to-be-constructed outdoor seating.
- Management and consulting support through the build-out and start-up process.
- Mentorship and training on essential business practices.
- Businesses may also be eligible for favorable financing from UpLFT – Lafayette’s new Community Development Financial Institution.
THE REQUIREMENTS

Complete this Round 1 application form, which includes the components of a “Lean Canvas” to be considered for the next round of the challenge. Click here to download a blank Lean Canvas Worksheet. The proposed business concept should:
- Fit in and enhance the downtown area, complement the neighboring businesses, and demonstrate added value to visitors to Parc Sans Souci.
- Honor and preserve of the historical value of the building.
- Capitalize on and complement the building’s location in the park by the smart use of outdoor space.
If selected for Round 2…
- Submit a full business plan (for applicants who make it to Round 2) (standard format to be provided via LivePlan – software cost will be covered)
- Authorization and payment for background and credit check (estimated at $30).
- Submit personal financial statement
- Submit proof of 3 months working capital (you may apply prior to securing this, but must have secured it prior to the end of the process – don’t worry, part of the process is designed to help you secure financing).
Applicant First and Last Name*

First NameLast Name
Applicant Home Address*

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
Applicant Email*
example@example.com
Applicant Preferred Phone Number*
Please enter a valid phone number.Format: (000) 000-0000.

Name of Proposed Business/Concept*
New Business ConceptExisting Business
How long have you been in business?
Expand to Add this LocationRelocate my Existing Business to The San Souci Building
Please describe briefly why you want to participate in the Small Business Challenge.*

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Why is Parc Sans Souci a good location for this business?*

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How would your business add value to the park and reflect the building’s historical and cultural context? *

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How you would leverage the outdoor area adjacent to the building?*

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Customer Segments: A customer segment is a distinct and identifiable group of consumers or businesses within a larger market who share similar characteristics, needs, behaviors, and preferences. These shared attributes can include demographic factors (such as age, gender, income, and location), psychographic factors (such as lifestyle, values, and interests), behavioral patterns (such as purchasing habits and brand loyalty), and specific pain points or problems they seek to solve. Describe below your concept's target customer segment. *

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Early Adopters: Which of your customer segments does your product or service cater to the most?*

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Problems: List your customers' top 3 problems that your business concept will solve or the top 3 opportunities in the market that your business can capitalize on.*

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Existing Alternatives: What other options or competition exist in the local market today for your customer segments? Try not to limit existing alternatives to just direct competitors.*

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High Level Concept: Provide a one sentence High Level Concept overview.*

List your X for Y analogy (e.g. YouTube = Flickr for videos) 0/250
Unique Value Proposition: How is your product or service unique compared to existing alternatives in the local market?*

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Solution: What products and services will you offer?*

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Channels: How will you spread the word about your business to your target customer base? *

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Revenue Streams: How will you generate revenue? What are the different ways your customers will pay for your product or services?*

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Cost Structure: How will you determine the cost structure of your product/service? How much will it cost to make your product and keep your business running? List your fixed and variable costs.*

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Key Metrics: Every business has a few key numbers that can be used to measure how well the business is performing. These numbers are key for measuring progress and identifying hotspots in your business model. List the top 3-5 metrics that you’ll plan to track to know how your business is doing. *

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Unfair Advantage: Unfair advantages can start as values that become differentiators over time. Tell us more about something you bring to the table for this concept that can't be easily copied or bought. *

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Tell us a little about yourself. Why are you the right person to run this business?*

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Is there anything else you wish to share with the judges? *

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Do you have any questions for the One Acadiana Staff or Small Business Challenge Partners regarding this opportunity?*

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