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CHYE BUSINESS PLAN COMPETITION CLASS #1 PLAN OUTLINE

Class 4 Adam D. Eilenberg, Esq. and Aharon J. Fehler who will discuss how to create a clear vision for your startup company: Legal considerations, target market and more.

Registration

BUSINESS PLAN OUTLINE 2016

The Business Plan should address each of the nine sections in the outline as they relate to your business. Not every item may be applicable to your business. Provide information specific to each topic; try not to repeat data from one section in anotherThe Business Plan Document shall fit these Guidelines:

The Plan should be compiled in 2 Parts:

1.                   Cover Page + Table of Contents + 20 page (maximum) Business Plan Narrative + Appendix.

2.                   Financial Projections Excel Spreadsheet

Business Plan Format Requirements:

·       Use 12-point font size. Recommended fonts include: Times New Roman, Arial and   Helvetica

·       Margins no less than .75

·       All pages must have the name of the business at the top or bottom.

·       The plan narrative should be no more than 20 one-sided pages with no less than 1.5 line spacing.

·       The Appendix and the Financial Projections do not count toward the 20-page limit.

·       Use the excel cash flow spreadsheet provided in the Financial Class.

Cover Page (Template Provided) - Include the names of all team members, including their street addresses, telephone numbers and email addresses, the business name, and if applicable, street address and web address, along with the date the plan was completed.

Table of Contents - List page numbers for each section.

1.Executive Summary (One to Two Pages)—Business Plan Class

a.       Summary of all sections, best written after the plan is complete.

 

2.Business Description—Business Plan Class

a.       Business concept and opportunity; why are you likely to be profitable?

b.      Description of product or service; what exactly will you be paid for?

c.       Legal structure and legal name; trademarks or copyrights if applicable

d.      Major accomplishments to date and/or timeline for future development.

e.       Financing requirements; start up costs, plus an explanation of how you will use the $7,500 prize.

3.Market Analysis and Target Market--Market Research Class

a.       Demonstrate that there is a market or opportunity and that your business can capture a share of it.

b.      Fully describe your target audience; where are they located and their characteristics. Are you targeting individuals and/or businesses? If individuals, include demographic information.

c.       Define the size of your target market, include how much money they spend, their buying habits and the potential for growth.

4.Industry Analysis and Trends—Market Research Class

a.       Your business is part of an industry.

b.      Identify and describe the industry, its size and potential for growth.

c.       Identify the opportunities in this industry and describe any barriers to entry.

d.      What are the trends for your industry or type of business? Are there new developments or other forces that will impact your business, such as technology, seasonal factors, regulatory or economic issues?

5.Competitive Analysis & Your Strategic Position Market Research Class

a.       Your competition includes businesses that sell similar products or services. They can be local or international.

b.      Identify companies serving your potential customers, and their strengths and weaknesses.

c.       Identify your company's strengths and how you will differentiate your company from the competition

d.      SWOT Chart for your business (internal Strengths & Weaknesses, external Opportunities & Threats).

6.Marketing Strategy--Marketing Class

a.       How will you promote your product to your target audience - what is your mix of marketing media, public relations, advertising? What will each cost?

b.      Describe your sales force and structure; describe any strategic partnerships.

c.       Pricing - what is your policy based on costs, your competition and your target market? This section must tie into Cash Flow statements.

7.Operations—Business Plan Class

a.       This section will vary depending on the business, but it must demonstrate you understand the day-to-day implementation of your business. Provide the cost for each item and tie this information into your financial statements.

b.      How will you manufacture your product or provide your service?

c.       What are the personnel or labor requirements?

d.      Special equipment or key suppliers, if applicable.

e.       Space requirements (e.g.: office, factory, re􀁆il, home) and associated costs, including renovations.

f.        Location - description of your desired location and its key features, including zoning requirements.

g.       How will you get your product or service to your customer; describe the distribution process.

h.      Quality controls and/or health and safety controls you will put in place.

8.Management and Organization -- Business Plan Class

a.       Job descriptions or duties, experience, skills, salaries, and resumes of the staff, including the owner(s). What does the owner bring to the business?

b.      Key personnel, consultants: Job descriptions, salaries, and training requirements.

c.       List advisors, board of directors, professional relationships (accountant, lawyer) if appropriate.

d.      Resumes, organization charts may be included in the appendix.

9.Financial Projections-

-Template will be sent to you via email ahead of the class

Translate the following details into realistic financial projections.

a.       START UP COSTS & FUNDS

        i.      What are the costs before you open? Include any expenses you have incurred already.

      ii.      Specify source of funds, including prize money, personal savings, family & friends, loans.

b.      CASH FLOW STATEMENTS for the first two years:

          i.      Year One - Every month for year one.

         ii.      Year Two - A summary of every quarter.

c.       NOTES &ASSUMPTIONS (optional) explain financial projections as needed.

   i.      The mechanics of an excel cash flow spreadsheet will be explained in the Financial Projections class - the class is mandatory. The spreadsheet will be available online after the class takes place.

10.Appendix -

Supporting documents, resumes, brochures, organizational chart, etc. Be judicious about what to include, the appendix should not exceed an additional 10 pages. 

Rules and Eligibility Requirements

This is a legal and binding document. Please read the following requirements. Your completed application to the CHYE Business Plan Competition indicates you have read, understand and agree to abide by these rules.

I. Location. Any business entering the CHYE Business Plan competition must be located in a Chabad Anash community in North America.

2. Start Ups Only. All businesses must be in the start-up phase with a need for investor capital. Businesses in operation for less than one year or with revenue of less than $50,000 are eligible. Businesses in operation before May 2, 2015 are not eligible. Businesses with gross revenue above $50,000 before May 2, 2016 are not eligible.

3. Individuals or Teams May Enter. Applicants can enter only once, as an individual or as part of a team of up to four, as long as all members are involved in the proposed business described in the application. The team leader will be the person who has attended the orientation and will be the person under whose name the application is submitted. The team leader is the main contact and one other member should be designated as the secondary contact. All team members will acknowledge their understanding and acceptance of the Rules and Eligibility Requirements.

4. Residency. At least one member of the team or the individual applicant must be a registered US or Canadian citizen.

5. Age. All applicants must be 18 years of age or older.

7. Email. All applicants and team members must have a working email address. Throughout the competition the CHYE staff will communicate with participants via email.

8. Application. The application deadline is Sunday May 15 at 11pm. Apply online at www.CHYE.info. Further details are provided in the Application Process document.

9. Classes. All applicants or at least one team member should watch the classes. The class schedule is posted above.

10. Business Assistance. As part of the program,a CHYE business coach, will be available to assist you with your business plan needs.

11. Business Plan Deadline. All CHYE business plans-must be submitted by Sunday June 5th at 11pm. Plans must be submitted in electronic PDF format. Applicants who submit a plan will be notified by email of its receipt.

12. If you are selected as one of the 6 finalists, you are required to come into NYC for the live finalist event.

13. Disbursement of Funds. Prize money will be awarded to the winners at the end of the competition. Winners have the responsibility for allocating prize proceeds. The prize awarded represents the total financial amount that will be given to a team leader to be used for the purposes stated in the· CHYE Business Plan. The organizers of CHYE Business Plan Competition Committee will not be involved, either voluntarily or by request, in a team's decision concerning the allocation or use of its prize proceeds. These awards are taxable and CHYE must receive each winner's Company Taxpayer Identification Number prior to issuing a check. No prize will be made out to an individual’s name.

16. Disqualification. This document, CHYE Rules and Eligibility Requirements, is legal and binding. Your application to CHYE indicates you have read, understood and accepted the rules and requirements set forth in this document. Violation of any one or multiple rules for eligibility may result in disqualification from the CHYE Business Plan Competition.

17. Confidentiality. Recognizing that entrants may be concerned about the confidentiality of their business plans, the plans will not be copied for any purpose other than the competition. Business plans submitted online will be purged from the site at the end of the competition. The short description of your business will be considered a "public summary,” and may be used in public documentation related to the competition. While all reasonable measures will be taken to ensure the protection of intellectual property and preserve the confidentiality of each submission, CHYE cannot take further responsibility to protect the intellectual property or other rights of each contestant. Protection of such rights is ultimately the responsibility of each applicant.

Judging Criteria

Your business plan should follow the outline provided by the Competition Committee. Each class will outline the requirements for the topic covered, e.g. Marketing Plan format will be covered in the Marketing Plan Class.

The judges are looking for a business plan that meets the following criteria:

  1. A convincing plan that is extremely well researched and written 
  2. A plan that is thorough and addresses the elements listed in the Business Plan Outline as applicable to your particular business
  3. A plan that describes a business that is viable and likely to succeed

Additional consideration is given to the following:

   1.  A clear need and use for the $7,500 award - plans should explain the impact of the award.  

   2.  The positive impact the business will have on the community -  the role your business will play in providing needed products or services, jobs, ecological alternatives, neighborhood revitalization, assistance to the underserved, stimulus to the local economy, etc.

Timeline

Competition Timeline

 

Monday May 16th, Class 1 at 7pm: How to Create a Business Plan (online)

To watch the recording of this class online click here

Wednesday May 18th, Class 2 at 7:45 pm:  Financial Projections (online)

To watch the recording of this class online click here

Monday May 23rd, Class 3 at 7:45 pm:  Build a Marketing Plan (online)

Monday May 30th, Class 4 at 7:45 pm: How to Conduct Market Research (online)

Tuesday May 31 at 11 pm: Applicant Signup deadline

Sunday June 5th: Completed Business Plan submission deadline 11pm

Thursday June 9th: Finalists announced

Wednesday June 22st: Live pitch event and prize awards