Another E2 renewal question

[bizboots]

As I am working on the E2 renewal paperwork, the letter previously written by our att. mentioned " buiseness plan" , I cannot find any business plan in the previous renewal( we have copies of the whole package) Do you have to write a new business plan every time or send in the original one, or not send one at all as this is going to be the 3rd renewal on this Visa, not counting the original application.

Also do I need to write a business plan for our 2nd business which we just recently started and did not make any money yet, as the costs are moe than the income at this time.

[peter gold]

If you submitted a business plan in a previous app then they will want to know how you faired
A new business plan is always worth including in an app or renewal

[chris]

Just remember that a Business 'Plan' is precisely that ... a plan. Plans change and have to change because outside factors change. A 4 year business plan can change after 6 months, if outside influences change. Most plans IMHO are not worth the paper they are printed on and simply make young bank managers, with little experience of the real world feel comfortable.
Any targets you set for the business should be realistic, not pie in the sky.

[InnVic]

From your post it sems to indicate that you did not write your business plan with previous application. Its important that you have some knowledge of the contents of this. I know many people on E2 are happy to let the broker write the plan for them as a means to get the visa but do not implement, or often even read, the plan. If your not able to find out what was in it then you may have to use a little poetic license and waffle around specifics relating to any past expectation but have a solid plan for future progress that you know inside out...and don't forget to keep a copy for the next renewal! :-)

With regard to the second business - I assume is it included under the umbrella corporation that the original E2 was issued for therefore you need to include it.
However if its a separate entity then be careful as I'm not sure how this would go down as technically you'd be working outside the terms fo the visa (which is issued for work in the E2 company only) unless its registered with spouses EAD

[bizboots]

Our Att. wrote the original business plan which of course I have read and have a copy of here. There is just some stuff in there , like the finacial growth and some other bull things.

The 2nd business is under the umbrella of the corp of the original E2 as a 2nd DBA, which I am working , I have a EAD. Just do not know excactly how to go about.


From your post it sems to indicate that you did not write your business plan with previous application. Its important that you have some knowledge of the contents of this. I know many people on E2 are happy to let the broker write the plan for them as a means to get the visa but do not implement, or often even read, the plan. If your not able to find out what was in it then you may have to use a little poetic license and waffle around specifics relating to any past expectation but have a solid plan for future progress that you know inside out...and don't forget to keep a copy for the next renewal! :-)

With regard to the second business - I assume is it included under the umbrella corporation that the original E2 was issued for therefore you need to include it.
However if its a separate entity then be careful as I'm not sure how this would go down as technically you'd be working outside the terms fo the visa (which is issued for work in the E2 company only) unless its registered with spouses EAD

[chris]

You have to stand back and draw a clear distinction between you and the corporation. They are a separate entity unto themselves and apart from the fact your hubby is majority stockholder has got b*****r all to do with you as people. The 2nd business which you are starting or have started should be shown under the corporation umbrella. It also strengthens the case for renewal of the corporation. You can start as many diverse businesses as you like under your corporation, but you have to maintain the original business that formed the original E2 application.
Your hubby as President of the corporation then has the responsibility for directing the development of that new business division. He has obviously hired you to manage it because you are the best person to do the job and you are legally entitled to work in the USA anyway.
I always look at it that if you are self employed, then the business is you and you are the business. With a corporation it is not the case.
Hope that helps

[InnVic]

"Financial growth and other bull things" are what they are interested in though :-)

[davidmartin_uk]

I would go through your business plan and write a report on what aspects of the original plan you met and what you didn’t meet in your first 2/5 years. Remember you are writing original that plan from a different country and culture 3000 miles away and when you get to the USA many things you might have thought would happen didn’t and I am sure some new opportunities that you never thought of .

As an example in my plan we made a big thing of expanding the business by getting account holders from local businesses. This just was not achieved in year 1. Didn’t know the area well enough or which business were good and bad. However did achieve this very successfully in year 2. We were also going to greatly expand our opening hours in the evening but actually living here and experiencing the ‘traffic’ in the evening it became very clear that to pay staff to stay open for just a few customers and hour was not cost effective. Even though the biz plan wasn’t met it was still a positive because you can move on to another ‘idea’

Report on the positives and negatives and try and expand on why some things didn’t work.

I would do it in simple bullet points.

Write your revised biz plan with your new DBA in light of now living in the area and having much more ‘local knowledge’.

Dave

[bizboots]

Thanks every one,

The problem with that business plan is that it is 12 years old and the past 2 years have not been as good as the previouse years.( gross down only profit went up as we took it very careful)

All this is just so over whelming, I remeber renewing E2 still in this country to DC , just a tax return and a cover letter and an other 5 year was send in the mail within 2 weeks.
After 9/11 we had out att. handle all this, now just have to do it ourselves to save att fee's which we could not afford right now anyway.


I would go through your business plan and write a report on what aspects of the original plan you met and what you didn’t meet in your first 2/5 years. Remember you are writing original that plan from a different country and culture 3000 miles away and when you get to the USA many things you might have thought would happen didn’t and I am sure some new opportunities that you never thought of .

As an example in my plan we made a big thing of expanding the business by getting account holders from local businesses. This just was not achieved in year 1. Didn’t know the area well enough or which business were good and bad. However did achieve this very successfully in year 2. We were also going to greatly expand our opening hours in the evening but actually living here and experiencing the ‘traffic’ in the evening it became very clear that to pay staff to stay open for just a few customers and hour was not cost effective. Even though the biz plan wasn’t met it was still a positive because you can move on to another ‘idea’

Report on the positives and negatives and try and expand on why some things didn’t work.

I would do it in simple bullet points.

Write your revised biz plan with your new DBA in light of now living in the area and having much more ‘local knowledge’.

Dave

[davidmartin_uk]

I have written lots of business plans. They are not that difficult if you keep them simple. You know your biz 100%. You are trying to show that on paper to a third party.

• Bullet points
• Numbered lists
• Short sentences and paragraphs

Even though your old plan was very old start with a history from your last renewal. Imagine you did have a plan. You must have had a plan in your head. What targets were met, which ones were not and why, be honest – if there are some local conditions that have effected you (beyond the general economy) rival biz, sudden increase in rent, general downturn of location, whatever then let the 3rd party know. The more you can let that 3rd party know that you know why things have gone wrong the more confident they will be that you can turn things around

In the light of the current economy it is very reasonable to write a pretty low expectation new plan. Any projections should be pretty low for years one and two. And you should have processes in place to show that you can survive the low projections.

Try and show that all your efforts are to get the biz into its best possible position and market position for when the economy gets better, even if at the moment and for the next year or so its not making much money.

When people start spending money you want it to be with you. Show that you are going to be ready for that!!

In my opinion I would not focus too heavily on your new DBA saving your corporation. Describe it as an addition to your portfolio, A diversification. If it looks like you are going to put all efforts into the new venture and leave the original under resourced I am sure you will just get 2 years instead of 5.

Dave

[peter gold]

http://www.bplans.com/sample_business_plans.cfm