HAY Business Plan 101 - Business Description
by Nancy F, Zoepreneur and Founder of Haitian American Youth Online, Inc One thing we understand here at Haitian American Youth Online (referenced HAY Online from here on out), is the struggle. We still struggle to keep things going. Yet one unique factor of many is we started with a business plan that has really set the course for all one sees about HAY Online and will see in the future. I, Nancy Francois, seeked all the help I could get. I went into the Haitian community and learned many valuable lessons about sharing your dreams. Some will respectfully listen to help and some will listen to take your info to use for their gain. So one thing I say to all entrepreneurs, make a confidentiality clause and have all you speak to about your business sign it. Also put a clause in the signature area of your emails. Thankful to Attorney Melissa Bernier for helping with this advice after I emailed her about HAY Online and she saw I did not have one. Do not make the mistake I made trusting those I went to were there to genuinely guide. Now, let us get onto the matter of a business plan for your new start-up. Though an Executive Summary is always placed as the first piece of information in a business plan after the Table of Contents, it is actually the last thing to do. Look at it as a brief summary of all you have compiled to make the business plan and highlight key points that will have any investor jumping to invest. It is your time to wow the reader so to speak. It is not similar to the Appendix which in a sense is a collection of all info and their sources. It is a straight synopsis of what your business is about using the information one will find in the plan. Now back to the Company Description. Let us use a hypothetical person, Sajene who wants to start a boutique catering to teenagers. We will call it HAY Jeans Wear & Co. Now first off let us think about what type of business structure it will be. Let's pick a corporation. Now what kind of corporation will it be? Will it be a Non-Profit (Not for Profit) or For Profit? Well let's say it is a For Profit. - HAY Jeans Wear & Co is a clothing company focused on the teenage market that is forever being influenced by its environment. The business structure is an S corporation for now (these types of business structures are explained - Click on orange highlighted text). After researching brand A, B, C, D, and E; we have decided to focus on the urban community that shows more diversity in style. Our unique infusion of other countries flags in the rear pockets of our jeans will attract teens from those respective countries to represent their nationalities. This then brings us to focusing mainly on the youth of all countries between the ages of 12 years of age to 18 years of age. Sharing a love for ones nationality will help two fold. One, our brand will connect deeply with the youth of each respective country and those who are in the United States where the company is based. Secondly, it will have teens that are not from the countries, but for some reason found a connection to want to represent and purchase the jeans having a boutique that will also cater to them. Both types of teens, those from the respective countries and those who have connected in some way to them will find value in wearing jeans from HAY Jeans Wear & Co. They will represent their flags of choice and add a cool piece of clothing to their wardrobe that makes a statement. Always a conversational piece to boot like, “Are you from there? Where? Oh, you mean my jeans? Yes born and raised.” These are the jeans that just keep on giving a reason to be worn. This will give flexibility in marketing and broaden profit potential......- You get it? Great, now there is more to this and stay tuned or go to Small Business Administration’s - Create Your Business Pan. Thank you to Bernier Legal who to this day helps us with legal matters that seems to come up all the time. We always seek legal guidance for matters of our own doing or that of another entity that we once dealt with. We still work to structure our company as we grow and expand. It is always good to go to a business attorney. Be on the lookout for a HAY Business Seminar/Webinar: Business Plan 101 near you.