Reasons To Be Profitable Contest: Enter for a chance at $100k in prizes

Building a lasting, financially sustainable—profitable—business takes all you’ve got.

Purpose, plenty of grit, ingenuity, and enough money sense to have made it this far. At Relay, we champion businesses at every stage of their journey, and our mission is to propel you further. Which is why we’re so excited to announce the Reasons To Be Profitable contest.

You have a powerful why behind your business. A reason to keep up the hustle, inspire your team, and trudge through the tough stuff. It might be freedom, something to prove, serving loved ones, or shaping your community. We want to hear it. Better yet, we want to bring you closer to achieving your why, which is why we’re awarding $100,000 in cash prizes for entrepreneurs to put towards building their businesses. The cash prizes include a $50,000 cash grand prize that will go to one exceptional small business.

Here’s everything you need to know about participating.

Hosted by Relay and Mike Michalowicz

At Relay, we’re building business banking that puts you in complete control of cash flow. For us, this means going beyond what you get with traditional banking to create tools that enable cash flow clarity. That’s why, earlier this year, Relay became the official banking platform for Profit First. 

Authored by Mike Michalowicz, Profit First is a cash management methodology that helps businesses truly prioritize profitability and financial sustainability. Currently, 16,587 businesses (and counting) have implemented the Profit First method with Relay. We’re officially calling this group of businesses The 100K Proft Club, and we invite you to join it (more info below)!

“This contest gets to the core of building a permanently profitable business: the impact you can create not just in your life but for your employees and community. Small business isn't the backbone of the economy; small business *is* the economy. I'm excited to reward entrepreneurs who are committed to building a permanently profitable business. Their success impacts us all,” said Mike Michalowicz.

Together, we’re thrilled to launch this contest and celebrate businesses on their way to permanent profitability. Here are the cash prizes at stake.

The Grand Prizes

Lucky Draw: $500 x 50

Everyone has a shot at winning something! We’ll draw 50 winners randomly, in addition to awarding the top three contest winners. Every business owner filling out the application form enters our Lucky Draw. Plus, you can increase your odds of winning by taking a few extra steps, like sharing your Reasons To Be Profitable on social media and opening a Relay account.

Increase your odds in the Lucky Draw

Entering the $500 x 50 Lucky Draw gets you 1 Ticket. But don’t stop there! You can get more tickets by taking a few extra steps. No purchase is necessary.

• +5 Tickets: Share your Reasons to be Profitable on social media. Building a business can feel lonely—but a powerful why inspires others. Share your Reasons To Be Profitable on LinkedIn, Facebook, Instagram, TikTok or Twitter (X). Be sure to tag @bankwithrelay and include the hashtag #ReasonsToBeProfitable with your post. Here are Relay's social media accounts to tag:

  • X (Twitter)

  • Instagram

  • LinkedIn

  • TikTok

  • Facebook

• +5 Tickets: Open a Relay account. Relay is banking that truly serves small businesses. Open an account to stay on the money and get crystal clear on exactly what your business is earning, spending and saving.

  • 💡 New to Relay? Learn more about the business banking platform here, or join our bi-weekly webinar to get a live walkthrough and Q&A.

How to win the Grand Prizes

To get a shot at the $50,000 cash grand prize and the two runners-up, apply here and complete all of the steps before the deadline of November 12, 2023.

The top applications will be considered by a panel of five in a blind judging process—with any personally identifiable information (like name, race, nationality, gender and age) removed from the application. This lets your story and Reasons To Be Profitable do the heavy lifting. The judges will weigh each submission based on the following: Storytelling, Impact, Grit, Innovation and Financial Journey, and your Reasons To Be Profitable.

Here’s what to do:

1. Share your story. To know where you’re going, you need to know where you came from. So, paint a picture for the judges. What does your business do, and how did it start? Stay authentic and be detailed.

2. Speak to
your impact. Business is about more than ourselves. What is your mission? What impact are you creating for your customers, clients, community or loved ones?

3. Tell us about your resilience. To make it, we have to give it our all. Tell us about a major challenge your business has experienced in the past year and how you overcame that hurdle. 

4. Explain how you’re innovating. To build a sustainable, resilient business, you must stay ahead. What are the innovations (tools, methods, mindsets, technologies, strategies, etc.) that you’ve adopted with successful outcomes? 

5. Impart your
financial lessons. Not all business owners are finance people, but we must know enough to get by. What is the biggest financial lesson you’ve learned from your business? What advice would you give to your former self?

6. Tying it all together, share your Reasons To Be Profitable.

7. And finally, tell us: if you were to win, what would you spend the money on?

8. Bank with Relay. To be eligible for the grand prize, open a Relay account. This is a required step that verifies your entry. It’s also where you’ll receive your grand prize! Already have a Relay account? Great, you’re already ahead!

If you have any questions, take a look at the FAQ and the Terms and Conditions.

Good luck!

The judges

No contest is complete without a panel of expert judges—so let’s meet them!

Mike Michalowicz. Entrepreneur and the author of Profit First and numerous other game-changing books for business owners, Mike brings a deep understanding of profitability and an intimate knowledge of the challenges faced by entrepreneurs.

Lisa Carmen Wang. 4-time National Champion gymnast turned entrepreneur and investor, Lisa is the Founder of Bad Bitch Empire and author of The Bad Bitch Business Bible. She is also featured in Forbes 30 under 30 and Entrepreneur Magazine's 100 Most Powerful Women.

Elaine Pofeldt. Author of Million-Dollar, One Person Business and Tiny Business, Big Money, Elaine is a business journalist and former senior editor of Fortune Small Business magazine. Her work has appeared in publications like FORTUNE, Money, CNBC, Inc., Forbes, and Crain’s New York Business.

Ron Saharyan. Co-Founder of Profit First Professionals, Ron's expertise in guiding businesses towards financial success is unparalleled. His hands-on approach and vast experience make him a key judge to impress.

Brian Thompson, JD, CFP®. Having spent a decade defending small-business owners against the IRS as a tax attorney, Brian holds a special place in his heart for entrepreneurs. He is a Forbes Senior Contributor and the Founder of Brian Thompson Financial, LLC, providing comprehensive financial planning to mission-driven businesses.

Join the 100K Profit Club

It’s more than a contest. You’ll be automatically enrolled in the 100K Profit Club when you enter the contest—and you’ll be one of its founding members! We’re building a community of 100,000 permanently profitable businesses—who are banking with Relay and practicing Profit First—and we’re already at 16,587.

Building a business is hard. Slow seasons, market shifts, and new competitors are unforgiving—but you must always be ready to take care of your bills, team and family. We believe that a community of like-minded business owners is the answer to getting through the tough times and leaping closer to your goals every month. The Reasons To Be Profitable Contest is just the start—we have a lot more initiatives to come. Learn more about the 100K Profit Club here.

Frequently Asked Questions

Here’s everything you may need to know about the contest.

What is the deadline to enter the contest?

Contest entries will close at 11:59 p.m. Eastern Time on Sunday, November 12th, 2023.

Is my business eligible to enter the contest?

The contest is open to small and medium businesses that are registered in the United States. Business entity types that can enter include LLCs, Partnerships, Incorporated Businesses, and Sole Proprietors.

Industries that are not supported by Relay are ineligible to enter the contest. For a full list of industries Relay doesn’t serve, please see here.

I own multiple businesses. Can I enter multiple times?

Applications are limited to one entry per business owner. While we encourage you to talk about your multiple businesses in the application and tell us the story behind all of them—the judges will ultimately want to hear about the person behind the businesses.

I do not own a business; can I still enter the contest?

The contest is only open to US-registered business entities (LLCs, Partnerships, Incorporated Businesses, and Sole Proprietors). Individuals who do not run a business and/or are not a beneficiary owner of a US business entity are not eligible to enter the contest.

My business isn’t profitable yet; is it still eligible?

Yes! This contest is focused on businesses that are committed to long-term, sustainable profitability. Whether your business is already profitable or you are taking your first step towards profitability today, we encourage you to enter.

How do I enter my business?

To enter the Reasons to be Profitable contest simply fill out the form in its entirety on the contest landing page.

Can I enter the Lucky Draw without entering the Grand Prize competition?

Yes! You can enter the Lucky Draw by completing Step One on the contest entry page. You’ll be entered in the draw as soon as you do! Submitting an application in Step Two is optional.

Can I enter the Lucky Draw today, and the Grand Prize competition later?

Yes! You can enter the Lucky Draw today, and then return later and update your application with a full entry into the Grand Prize competition.

How will you select the winners for the Grand Prize?

Our panel of judges will evaluate the applications through a blind judging process (i.e., with personally identifiable information removed from the application). The winners will be evaluated based on their provided Reasons to be Profitable, their Storytelling, Impact, Grit, Innovation and Financial Lessons. For more information on the selection process, please see the Terms & Conditions.

How will you choose the winners for the Lucky Draw?

The 50 Lucky Draw winners will be chosen at random. Those who have taken additional (optional) actions, like sharing their Reasons to be Profitable story on social media, or opening a Relay account, will have more tickets entered into the random draw.

How do I increase my odds of winning the Lucky Draw?

Each Lucky Draw entry gives you 1 Ticket. Sharing the story behind your business and your reasons to be profitable on social media with the hashtag #ReasonsToBeProfitable and tagging @bankwithrelay gives you an additional 5 tickets. Opening a free Relay account gives you another 5 tickets.

Are there alternative methods of entry for the draw?

For an alternative method to receive additional tickets, you can "Like" or “Reshare” our official contest social media launch post on Twitter, Facebook or Instagram (for an additional 5 tickets), and you can subscribe to our On the Money newsletter (additional 5 tickets). For more information, see the Terms & Conditions. Note that these are alternative methods to the ones listed above, and do not increase your maximum potential number of tickets beyond a maximum of 11 tickets.

How do I know Relay received my entry?

You will receive a confirmation email after you submit your entry. It may take up to a few minutes for the confirmation email to reach your inbox. Please also check your spam folders to confirm it didn’t land there.

What can I spend my Prize money on?

Running your business! Have you been waiting to make capital upgrades, save for the slow season or give back to your community? Now is your chance.

Is the prize money taxable?

The prize money may be taxable depending on the jurisdictions that cover you and your business entity. All federal, state or other taxes that may apply due to the receipt of a prize will be the sole responsibility of the recipient.

How is the 100k Profit Club different from the contest?

The Reasons To Be Profitable contest is a one-time competition with $100,000 in cash prizes for small business owners. The $100K Profit Club is a community of business owners who are committed to long-term, sustainable profitability. When you enter the contest, you’re signing up for the Profit Club as one of its founding members!

I have more questions! How can I reach you?

Please email us at profitclub@relayfi.com if you need any more information.

Who do I contact for media inquiries?

For media inquiries, please reach out to us at marketing@relayfi.com.