Maybe you’ve heard of the Stevie Awards, Golden Bridge Awards, or perhaps there’s a business award in your city or state you’ve been thinking of applying to. Some of these awards come with monetary compensation, but the vast majority of them pretty much just offer bragging rights — and you may have to pay a handsome fee to enter. Whether or not they’re “worth it” depends on the award, what you want to get out of it, and being honest with yourself. Do you genuinely see this award as being able to move your business or your personal brand forward, or do you just want to feel good about yourself? If it’s the latter, there’s certainly nothing wrong with that if you can afford it, but don’t expect it to be something it’s not.
The good news is many of these awards offer free entry categories for startups. If an award offers a free category geared towards non-profits or startups, that’s a sign they truly care about advancing such businesses and aren’t all about the money. However, there are a few red flags to watch out for and things to remember when applying. Here are some key things you need to know about business awards:
1. You may be required to attend/travel.
Even if the entry is free or reasonably priced, read the fine print. Will you be required to attend the event, pay for your own travel, or maybe even pay for the “honor” of buying your own dinner? Yes, your CPA may be able to swing this as a tax write-off, but at the very least you shouldn’t have to “pay to attend.” On the other hand, paying for your own travel expenses is normal and expected.
2. Are you suddenly flooded with spam that comes with a price tag attached?
Let’s say you sign up for a free entrance to a certain awards competition. If you’re suddenly getting emails pushing you to apply for a bevy of their other awards (some of which come with handsome price tags to the tune of $800), think again. One or two emails may be acceptable to you. If you’re getting bombarded daily though, this can read more like a legal and well-executed “scam.” After all, if you’re paying an entrance fee close to $1,000, you’d better get something out of it.
3. Does the award mean something in your industry?
There are a number of industry-specific awards as well as hyper-local awards (such as with your local Chamber of Commerce). With a little research, you can find out if such an honor actually means something in your circles or not. If it does, this can be a great way for an entrepreneur or small business to get their name out there. Plus, the actual awards event itself can be a fantastic networking opportunity.
Have you done your research, found a reputable and reasonably priced prize, sent in your application — and now you’ve won? Congratulations! However, this is just the beginning. You should capitalize on this award and use it as marketing and advertising fodder. Reach out to your local newspapers, news programs, interested bloggers and social media to share the good news. Consider drafting a press release and tying in the award to your region and/or industry. With this recognition, you may pique the interest of investors, talented job candidates, or maybe even your dream partner.
