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Cover Page
This sample business plan has been made available to users of Business Plan Pro, business
planning software published by Palo Alto Software, Inc. Names, locations and numbers may have
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Legal Page
Confidentiality Agreement
The undersigned reader acknowledges that the information provided by _______________ in this
business plan is confidential; therefore, reader agrees not to disclose it without the express written
permission of _______________.
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___________________
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___________________
Date
Table of Contents
Table of Contents
.....................................................................................................................................................................13
Table: Cash Flow....................................................................................................................................14
Chart: Cash..............................................................................................................................................15
7.5 Projected Balance Sheet........................................................................................................................16
Table: Balance Sheet...............................................................................................................................16
.....................................................................................................................................................................16
Table: Ratios...........................................................................................................................................17
Table: Sales Forecast.........................................................................................................................................1
...........................................................................................................................................................................1
Table: Personnel................................................................................................................................................2
...........................................................................................................................................................................2
Table: General Assumptions.............................................................................................................................3
...........................................................................................................................................................................3
Table: Profit and Loss.......................................................................................................................................4
...........................................................................................................................................................................4
Table: Cash Flow..............................................................................................................................................5
Table: Balance Sheet.........................................................................................................................................6
Page 2
Passion Soles
Chart: Highlights
Highlights
$240,000
$210,000
$180,000
$150,000
Sales
$120,000
Gross Margin
Net Profit
$90,000
$60,000
$30,000
$0
Year 1
Year 2
Year 3
Page 1
Passion Soles
Page 2
Passion Soles
Computer system with CD-RW, printer, Microsoft Office, QuickBooks Pro, and POS software.
POS terminal/cash register.
Back office desk and chair.
Front of store counter.
Shelving racks.
Display racks.
Chairs, mirrors.
Assorted halogen track lighting.
Please note that the following items which are considered assets to be used for more than a
year will labeled long-term assets and will be depreciated using G.A.A.P. approved straight-line
depreciation method.
Table: Start-up Funding
Start-up Funding
Start-up Expenses to Fund
Start-up Assets to Fund
Total Funding Required
$600
$29,400
$30,000
Assets
Non-cash Assets from Start-up
Cash Requirements from Start-up
Additional Cash Raised
Cash Balance on Starting Date
Total Assets
$9,368
$20,032
$0
$20,032
$29,400
$0
$0
$0
$0
$0
Capital
Planned Investment
Holly
Other
Additional Investment Requirement
Total Planned Investment
$30,000
$0
$0
$30,000
($600)
$29,400
$29,400
Total Funding
$30,000
Page 3
Passion Soles
Table: Start-up
Start-up
Requirements
Start-up Expenses
Legal
Stationery etc.
Other
Total Start-up Expenses
$500
$100
$0
$600
Start-up Assets
Cash Required
Other Current Assets
Long-term Assets
Total Assets
$20,032
$0
$9,368
$29,400
Total Requirements
$30,000
3.0 Products
Passion Soles will sell upscale women's shoes. The general categories of shoes that will be sold
are:
Sandals
Stylish work shoes
Loafers
Dress shoes
Canvas athletic/stylish shoes
Passion Soles will strive to have one of the largest selection of shoes in Oregon, barring the
larger stores in Portland. Passion Soles will accomplish this by having one size per style in
stock as a demonstration model. Passion Soles will then order the style in the needed size and
it will arrive within two days (rush one day service is available). This will be accomplished
through a special relationship with the wholesaler who is able to send out the right size in the
right style on demand. Often a wholesaler will be unwilling to ship out individual shoes,
but Passion Soles was able to secure an exclusive arrangement with a its wholesaler to meet
this need.
4.0 Market Analysis Summary
Passion Soles will be targeting two distinct groups of fashion-concious female shoppers-professional workers and housewives. While both groups are interested in dress shoes, the
professionals will also be looking for fashionable shoes they are able to wear with their business
attire. The housewives might be looking for fasionable but more casual shoes.
Page 4
Passion Soles
Professionals: these are full-time working professional women. They typically earn more
than $45,000. They will purchase shoes for the workplace, as well as for leisure time.
Housewives: The household income of this group is $60k-$120k, generally toward the
higher end of this range.
Market Analysis
Potential Customers
Growth
Professionals
Housewives
Other
Total
9%
8%
0%
8.47%
Year 1
Year 2
Year 3
Year 4
Year 5
12,457
14,544
0
27,001
13,578
15,708
0
29,286
14,800
16,965
0
31,765
16,132
18,322
0
34,454
17,584
19,788
0
37,372
CAGR
9.00%
8.00%
0.00%
8.47%
Professionals
Housewives
Other
Page 5
Passion Soles
While the leased space in a mall is expensive, one of the benefits that you pay for is the mall
association which spends money on marketing the mall and the stores within the mall.
4.3 Industry Analysis
Women's shoe retail industry is made up of several different types of companies:
Shoe-only stores: As the name implies, these stores only sell shoes. Generally the shoeonly stores will either sell athletic shoes for men and women, or dress shoes for only one
sex.
Large department stores: these types of stores sell everything, including shoes.
Small women's retail stores: these types of stores cater to women by only selling
women's clothing and shoes.
(name omitted). This is a women's only clothing and shoe store. They have a nice selection
of clothing but a poor selection of shoes. The shoe styles are not cutting edge. The price
point for the shoes is $30-$120.
(name omitted). This is a large, complete, department store. The store however, suffers
from cluttered displays and a general sense of disorganization. Shoes here are $30-$120.
(name omitted). This is a national franchise that only sells shoes, for both men and
women. This company will sell knock-offs, shoes just like name brands, but with their name
on it. While this store has a huge selection, the quality of the shoes leaves a lot to be
desired. This is somewhat understandable as the shoes typically sell for $13-$50. While the
shoes are often good copies of famous brands, the execution is sometimes off. Many of the
shoes are made out of pleather and look like they were dipped in wax, giving them a tacky
appearance.
An indirect competitor is a shoe smith that will dye shoes. The shoes are typically dyed to
match a specific dress. Not all colors can be dyed, and dying in general is not the ideal
situation. Dying shoes creates a new shoe color that is acceptable only 20% of the time.
The two major competitors in Portland are:
Nordstroms: mid- to high-end department store known for their outstanding customer
service. The shoe price point is $60-$300.
Saks: this department store caters to the high class, older crowd. Shoes range from $75$400.
The buying habits for fashion-conscious women consist of typically buying at least one pair of
shoes per month. Women generally purchase a pair of shoes to go with a specific dress. Once
the woman purchases the dress she will then begin the sometimes long search for the perfect
pair of shoes.
5.0 Strategy and Implementation Summary
Passion Soles will leverage their competitive edge of extensive selection to drive sales. This is
indeed a competitive edge because it is typically cost prohibitive for a store to have as much of
Page 6
Passion Soles
a selection that Passion Soles will offer. Because of a unique business model, Passion Soles is
able to leverage their financial resources and offer an unmatched selection. This is done by
carrying a large selection of styles by only stocking one size per style. Once the customer has
chosen the style, Passion Soles will have the customer's shoes in one to two days.
5.1 Sales Strategy
Passion Soles' sales strategy will be based on display and visibility. A highly visible store with
attractive product displays located in the mall will get a high percentage of foot traffic. This is
especially the case for a women's shoe store. Women love to shop for shoes. Some women
even use shoe shopping as a form of therapy, similar to eating chocolate. These activities can
make them feel better.
The sales strategy will simply be, have the most complete selection of shoes. Assuming the
prices are reasonable, having an extensive selection will drive sales because we believe our
target markets of fashion-conscious females are always looking for the perfect pair of shoes to
coordinate with their fashion style.
5.1.1 Sales Forecast
The first month will be used to set up the store front. The first employee will be hired and
display inventory will be purchased. There will be no sales activity during the first month. The
second month will begin to see sales activity, and it is forecasted that around month four sales
will really begin to pick up. The reason for this is that word will get out about Passion Soles and
more and more people will be coming in to check out the extensive selection. A third employee
will be hired in December for the holiday season.
Table: Sales Forecast
Sales Forecast
Year 1
Year 2
Year 3
$84,402
$54,861
$139,263
$118,745
$89,184
$207,929
$135,454
$102,095
$237,549
Year 1
$33,761
$21,945
$55,705
Year 2
$47,498
$35,674
$83,172
Year 3
$54,182
$40,838
$95,020
Sales
Professionals
Housewives
Total Sales
Direct Cost of Sales
Professionals
Housewives
Subtotal Direct Cost of Sales
Page 7
Passion Soles
Sales Monthly
$20,000
$18,000
$16,000
$14,000
$12,000
Professionals
$10,000
Housewives
$8,000
$6,000
$4,000
$2,000
$0
Month 1
Month 3
Month 5
Month 7
Month 9
Month 11
Month 2
Month 4
Month 6
Month 8
Month 10 Month 12
5.2 Milestones
Passion Soles will have several milestones early on:
Business plan completion. This will be done as a road map for the organization. This will be
an indispensable tool for the ongoing performance and improvement of the company.
Set up the store front.
Revenues exceeding $75,000.
Profitability.
Table: Milestones
Milestones
Milestone
Business plan completion
Set up the store front
Revenues exceeding $75,000
Profitability
Totals
Start Date
1/1/2001
1/1/2001
1/1/2001
1/1/2001
End Date
2/1/2001
2/1/2001
9/31/2001
10/31/2001
Budget
$0
$0
$0
$0
$0
Manager
ABC
ABC
ABC
ABC
Department
Marketing
Department
Department
Department
Page 8
Passion Soles
Passion Soles will be able to offer a large selection through a unique inventory model that
stocks only one size per style. The advantage is that for the same amount of money that
Passion Soles invests in overhead, they can offer far more styles.
This model is effective because women are willing to order a pair of shoes sight seen but not
fitted. Passion Soles offers two day delivery with an additional expense rush overnight option.
6.0 Management Summary
Holly Heels, the founder and owner received her Bachelor of Arts in marketing from
the University of Portland. Throughout college, and full time after graduation, Holly worked at
Nordstroms. She started out as a sales person in the Nordstroms outerwear department, where
Holly was named employee of the month five times. This caught the attention of her
supervisors and after one year of full-time work at Nordstroms, she was offered a position as
the assistant manager of the women's shoe department.
Holly worked as the assistant manager for one and a half years before receiving a promotion to
manager of the department, a huge responsibility and honor. Holly learned all of the "ins and
outs" of the Nordstroms retail shoe industry in this job. After three years, Holly decided to leave
and seek another job. She had always wanted to live in a smaller town and, upon visiting a
friend in Eugene, began to do some market research about the women's shoe industry in
Eugene. She realized that there was an unmet demand for fashionable shoes and she began to
write a business plan to serve this need. She was confident that she would be able to leverage
all of her industry knowledge and create a store in Eugene serving fashion-conscious women.
6.1 Personnel Plan
Holly will be working full time at Passion Soles. She will be in charge of all administrative
details, hiring, inventory management, etc. Beginning with month two, Holly will hire a full-time
sales clerk to help her at the store. By December, she will hire an additional full-time employee
in time for the holiday season.
Table: Personnel
Personnel Plan
Year 1
Year 2
Year 3
Holly
Full-time employee
Full-time employee
Total People
$36,000
$17,600
$1,600
3
$40,000
$19,200
$19,200
3
$42,000
$19,200
$19,200
3
Total Payroll
$55,200
$78,400
$80,400
Page 9
Passion Soles
General Assumptions
Plan Month
Current Interest Rate
Long-term Interest Rate
Tax Rate
Other
Year 1
Year 2
Year 3
1
10.00%
10.00%
30.00%
0
2
10.00%
10.00%
30.00%
0
3
10.00%
10.00%
30.00%
0
Page 10
Passion Soles
Break-even Analysis
$6,000
$4,000
$2,000
$0
($2,000)
($4,000)
($6,000)
$0
$4,000
$2,000
$8,000
$6,000
$12,000
$16,000
$20,000
$10,000
$14,000
$18,000
$22,000
Break-even Analysis
Monthly Revenue Break-even
$12,369
Assumptions:
Average Percent Variable Cost
Estimated Monthly Fixed Cost
40%
$7,421
Page 11
Passion Soles
Year 2
Year 3
$139,263
$55,705
$0
$55,705
$207,929
$83,172
$0
$83,172
$237,549
$95,020
$0
$95,020
$83,558
60.00%
$124,757
60.00%
$142,529
60.00%
Payroll
Sales and Marketing and Other Expenses
Depreciation
Shoe Display Inventory
Utilities
Insurance
Rent
Payroll Taxes
Other
$55,200
$1,200
$1,056
$7,000
$1,200
$1,800
$21,600
$0
$0
$78,400
$1,200
$1,056
$5,000
$1,200
$1,800
$21,600
$0
$0
$80,400
$1,200
$1,056
$5,000
$1,200
$1,800
$21,600
$0
$0
$89,056
$110,256
$112,256
($5,498)
($4,442)
$255
$0
$14,501
$15,557
$224
$4,283
$30,273
$31,329
$37
$9,071
Net Profit
Net Profit/Sales
($5,753)
-4.13%
$9,994
4.81%
$21,165
8.91%
Sales
Direct Cost of Sales
Other Production Expenses
Total Cost of Sales
Gross Margin
Gross Margin %
Expenses
Page 12
Passion Soles
Profit Monthly
$4,000
$2,000
$0
($2,000)
($4,000)
($6,000)
($8,000)
($10,000)
Month 1
Month 3
Month 5
Month 7
Month 9
Month 11
Month 2
Month 4
Month 6
Month 8
Month 10
Month 12
Page 13
Passion Soles
Year 2
Year 3
$139,263
$139,263
$207,929
$207,929
$237,549
$237,549
$0
$5,000
$0
$0
$0
$0
$0
$144,263
$0
$0
$0
$0
$0
$0
$0
$207,929
$0
$0
$0
$0
$0
$0
$0
$237,549
Year 1
Year 2
Year 3
$55,200
$78,704
$133,904
$78,400
$118,797
$197,197
$80,400
$133,576
$213,976
$0
$1,260
$0
$0
$0
$0
$0
$135,164
$0
$3,000
$0
$0
$0
$0
$0
$200,197
$0
$740
$0
$0
$0
$0
$0
$214,716
$9,099
$29,131
$7,732
$36,863
$22,833
$59,697
Cash Received
Cash from Operations
Cash Sales
Subtotal Cash from Operations
Additional Cash Received
Sales Tax, VAT, HST/GST Received
New Current Borrowing
New Other Liabilities (interest-free)
New Long-term Liabilities
Sales of Other Current Assets
Sales of Long-term Assets
New Investment Received
Subtotal Cash Received
Expenditures
Expenditures from Operations
Cash Spending
Bill Payments
Subtotal Spent on Operations
Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out
Principal Repayment of Current Borrowing
Other Liabilities Principal Repayment
Long-term Liabilities Principal Repayment
Purchase Other Current Assets
Purchase Long-term Assets
Dividends
Subtotal Cash Spent
Net Cash Flow
Cash Balance
Page 14
Passion Soles
Chart: Cash
Cash
$28,000
$24,000
$20,000
$16,000
$12,000
Cash Balance
$8,000
$4,000
$0
($4,000)
Month 1
Month 3
Month 5
Month 7
Month 9
Month 11
Month 2
Month 4
Month 6
Month 8
Month 10 Month 12
Page 15
Passion Soles
Year 2
Year 3
$29,131
$0
$29,131
$36,863
$0
$36,863
$59,697
$0
$59,697
$9,368
$1,056
$8,312
$37,443
$9,368
$2,112
$7,256
$44,119
$9,368
$3,168
$6,200
$65,897
Year 1
Year 2
Year 3
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities
$10,056
$3,740
$0
$13,796
$9,738
$740
$0
$10,478
$11,090
$0
$0
$11,090
Long-term Liabilities
Total Liabilities
$0
$13,796
$0
$10,478
$0
$11,090
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
$30,000
($600)
($5,753)
$23,647
$37,443
$30,000
($6,353)
$9,994
$33,641
$44,119
$30,000
$3,641
$21,165
$54,807
$65,897
Net Worth
$23,647
$33,641
$54,807
Assets
Current Assets
Cash
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Liabilities and Capital
Current Liabilities
Page 16
Passion Soles
Ratio Analysis
Year 1
Year 2
Year 3
Industry Profile
n.a.
49.31%
14.25%
10.45%
0.00%
77.80%
22.20%
100.00%
0.00%
83.55%
16.45%
100.00%
0.00%
90.59%
9.41%
100.00%
33.22%
85.17%
14.83%
100.00%
Current Liabilities
Long-term Liabilities
Total Liabilities
Net Worth
36.85%
0.00%
36.85%
63.15%
23.75%
0.00%
23.75%
76.25%
16.83%
0.00%
16.83%
83.17%
26.82%
25.97%
52.79%
47.21%
100.00%
60.00%
74.12%
0.43%
-3.95%
100.00%
60.00%
49.27%
0.23%
6.97%
100.00%
60.00%
48.20%
0.21%
12.74%
100.00%
22.01%
10.93%
1.05%
2.49%
2.11
2.11
36.85%
-24.33%
-15.36%
3.52
3.52
23.75%
42.44%
32.36%
5.38
5.38
16.83%
55.17%
45.88%
2.58
1.37
57.34%
6.10%
14.29%
Sales Growth
Percent of Total Assets
Percent of Sales
Sales
Gross Margin
Selling, General & Administrative Expenses
Advertising Expenses
Profit Before Interest and Taxes
Main Ratios
Current
Quick
Total Debt to Total Assets
Pre-tax Return on Net Worth
Pre-tax Return on Assets
Additional Ratios
Year 1
Year 2
Year 3
-4.13%
-24.33%
4.81%
29.71%
8.91%
38.62%
n.a
n.a
8.83
27
3.72
12.17
30
4.71
12.17
28
3.60
n.a
n.a
n.a
0.58
1.00
0.31
1.00
0.20
1.00
n.a
n.a
$15,335
-21.57
$26,385
64.74
$48,607
818.20
n.a
n.a
0.27
37%
2.11
5.89
0.00
0.21
24%
3.52
6.18
0.00
0.28
17%
5.38
4.33
0.00
n.a
n.a
n.a
n.a
n.a
Activity Ratios
Accounts Payable Turnover
Payment Days
Total Asset Turnover
Debt Ratios
Debt to Net Worth
Current Liab. to Liab.
Liquidity Ratios
Net Working Capital
Interest Coverage
Additional Ratios
Assets to Sales
Current Debt/Total Assets
Acid Test
Sales/Net Worth
Dividend Payout
Page 17
Appendix
Table: Sales Forecast
Sales Forecast
Month 1
Month 2
Month 3
Month 4
$3,245
$2,109
$5,354
$4,114
$2,674
$6,788
$5,678
$3,691
$9,369
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$9,956
$6,471
$16,427
$11,454
$7,445
$18,899
$12,457
$8,097
$20,554
Sales
Professionals
Housewives
Total Sales
Direct Cost of Sales
0%
0%
$0
$0
$0
Month 1
$6,545
$4,254
$10,799
$6,985
$4,540
$11,525
$7,454
$4,845
$12,299
$7,945
$5,164
$13,109
$8,569
$5,570
$14,139
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Professionals
$0
$1,298
$1,646
$2,271
$2,618
$2,794
$2,982
$3,178
$3,428
$3,982
$4,582
$4,983
Housewives
$0
$844
$1,070
$1,476
$1,702
$1,816
$1,938
$2,066
$2,228
$2,589
$2,978
$3,239
$0
$2,142
$2,715
$3,747
$4,320
$4,610
$4,920
$5,244
$5,656
$6,571
$7,560
$8,222
Page 1
Appendix
Table: Personnel
Personnel Plan
Holly
Full-time employee
Full-time employee
Total People
Total Payroll
0%
0%
0%
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$3,000
$0
$0
1
$3,000
$1,600
$0
2
$3,000
$1,600
$0
2
$3,000
$1,600
$0
2
$3,000
$1,600
$0
2
$3,000
$1,600
$0
2
$3,000
$1,600
$0
2
$3,000
$1,600
$0
2
$3,000
$1,600
$0
2
$3,000
$1,600
$0
2
$3,000
$1,600
$0
2
$3,000
$1,600
$1,600
3
$3,000
$4,600
$4,600
$4,600
$4,600
$4,600
$4,600
$4,600
$4,600
$4,600
$4,600
$6,200
Page 2
Appendix
Table: General Assumptions
General Assumptions
Plan Month
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
10
11
Month 12
12
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
Long-term Interest
Rate
Tax Rate
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
Other
Page 3
Appendix
Table: Profit and Loss
Month 3
Month 4
Month 10
Month 11
Month 12
Sales
Month 1
$0
$5,354
$6,788
$9,369
$10,799
$11,525
$12,299
$13,109
$14,139
$16,427
$18,899
$20,554
$0
$2,142
$2,715
$3,747
$4,320
$4,610
$4,920
$5,244
$5,656
$6,571
$7,560
$8,222
Other Production
Expenses
Total Cost of Sales
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$2,142
$2,715
$3,747
$4,320
$4,610
$4,920
$5,244
$5,656
$6,571
$7,560
$8,222
Gross Margin
Gross Margin %
Month 5
Month 6
Month 7
Month 8
Month 9
$0
$3,213
$4,073
$5,621
$6,480
$6,915
$7,379
$7,866
$8,483
$9,856
$11,339
$12,332
0.00%
60.00%
60.00%
60.00%
60.00%
60.00%
60.00%
60.00%
60.00%
60.00%
60.00%
60.00%
$3,000
$4,600
$4,600
$4,600
$4,600
$4,600
$4,600
$4,600
$4,600
$4,600
$4,600
$6,200
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$88
Expenses
Payroll
Sales and Marketing and
Other Expenses
Depreciation
Shoe Display Inventory
Utilities
Insurance
$88
$88
$88
$88
$88
$88
$88
$88
$88
$88
$88
$5,000
$0
$0
$0
$2,000
$0
$0
$0
$0
$0
$0
$0
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$150
$150
$150
$150
$150
$150
$150
$150
$150
$150
$150
$150
$1,800
$1,800
$1,800
$1,800
$1,800
$1,800
$1,800
$1,800
$1,800
$1,800
$1,800
$1,800
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$10,238
$6,838
$6,838
$6,838
$8,838
$6,838
$6,838
$6,838
$6,838
$6,838
$6,838
$8,438
($10,238)
($3,625)
($2,765)
($1,217)
($2,358)
$77
$541
$1,028
$1,645
$3,018
$4,501
$3,894
Rent
Payroll Taxes
Other
15%
($10,150)
($3,537)
($2,677)
($1,129)
($2,270)
$165
$629
$1,116
$1,733
$3,106
$4,589
$3,982
Interest Expense
$0
$0
$0
$0
$0
$42
$40
$38
$36
$35
$33
$31
Taxes Incurred
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Net Profit
Net Profit/Sales
($10,238)
($3,625)
($2,765)
($1,217)
($2,358)
$35
$502
$989
$1,609
$2,984
$4,469
$3,863
0.00%
-67.71%
-40.74%
-12.99%
-21.84%
0.31%
4.08%
7.55%
11.38%
18.16%
23.64%
18.80%
Page 4
Appendix
Table: Cash Flow
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Cash Received
Cash from Operations
Cash Sales
$0
$5,354
$6,788
$9,369
$10,799
$11,525
$12,299
$13,109
$14,139
$16,427
$18,899
$20,554
$0
$5,354
$6,788
$9,369
$10,799
$11,525
$12,299
$13,109
$14,139
$16,427
$18,899
$20,554
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$5,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$5,354
$6,788
$9,369
$10,799
$16,525
$12,299
$13,109
$14,139
$16,427
$18,899
$20,554
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$3,000
$4,600
$4,600
$4,600
$4,600
$4,600
$4,600
$4,600
$4,600
$4,600
$4,600
$6,200
$238
$7,055
$4,311
$4,900
$5,983
$8,414
$6,812
$7,120
$7,446
$7,872
$8,789
$9,765
$3,238
$11,655
$8,911
$9,500
$10,583
$13,014
$11,412
$11,720
$12,046
$12,472
$13,389
$15,965
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$210
$210
$210
$210
$210
$210
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Dividends
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$3,238
$11,655
$8,911
$9,500
$10,583
$13,014
$11,622
$11,930
$12,256
$12,682
$13,599
$16,175
($3,238)
($6,300)
($2,123)
$216
$3,511
$677
$1,179
$1,883
$3,745
$5,301
$4,379
Expenditures
0.00%
($131)
Page 5
Appendix
Cash Balance
$16,794
$10,493
$8,370
$8,240
$8,456
Month 3
Month 4
Month 5
$11,967
$12,644
$13,823
$15,706
$19,451
$24,752
$29,131
Month 2
Month 6
Month 7
Month 8
Month 9
Month 10
Month
11
Month 12
Starting
Balances
Current Assets
Cash
Other Current Assets
Total Current Assets
$20,032
$0
$20,032
$16,794
$0
$16,794
$10,493
$0
$10,493
$8,370
$0
$8,370
$8,240
$0
$8,240
$8,456
$0
$8,456
$11,967
$0
$11,967
$12,644
$0
$12,644
$13,823
$0
$13,823
$15,706
$0
$15,706
$19,451
$0
$19,451
$24,752
$0
$24,752
$29,131
$0
$29,131
$9,368
$0
$9,368
$29,400
$9,368
$88
$9,280
$26,074
$9,368
$176
$9,192
$19,685
$9,368
$264
$9,104
$17,474
$9,368
$352
$9,016
$17,256
$9,368
$440
$8,928
$17,384
$9,368
$528
$8,840
$20,807
$9,368
$616
$8,752
$21,396
$9,368
$704
$8,664
$22,487
$9,368
$792
$8,576
$24,282
$9,368
$880
$8,488
$27,939
$9,368
$968
$8,400
$33,152
$9,368
$1,056
$8,312
$37,443
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Liabilities and Capital
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month
11
Month 12
Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities
$0
$0
$0
$0
$6,912
$0
$0
$6,912
$4,149
$0
$0
$4,149
$4,703
$0
$0
$4,703
$5,701
$0
$0
$5,701
$8,187
$0
$0
$8,187
$6,575
$5,000
$0
$11,575
$6,873
$4,790
$0
$11,663
$7,184
$4,580
$0
$11,764
$7,581
$4,370
$0
$11,951
$8,464
$4,160
$0
$12,624
$9,418
$3,950
$0
$13,368
$10,056
$3,740
$0
$13,796
Long-term Liabilities
Total Liabilities
$0
$0
$0
$6,912
$0
$4,149
$0
$4,703
$0
$5,701
$0
$8,187
$0
$11,575
$0
$11,663
$0
$11,764
$0
$11,951
$0
$12,624
$0
$13,368
$0
$13,796
$30,000
($600)
($20,168)
$9,232
$20,807
$30,000
($600)
($19,667)
$9,733
$21,396
$30,000
($600)
($18,677)
$10,723
$22,487
$30,000
($600)
($17,069)
$12,331
$24,282
$30,000
($600)
($14,085)
$15,315
$27,939
$30,000
($600)
($9,616)
$19,784
$33,152
$30,000
($600)
($5,753)
$23,647
$37,443
$10,723
$12,331
$15,315
$19,784
$23,647
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
$30,000
($600)
$0
$29,400
$29,400
$30,000
($600)
($10,238)
$19,162
$26,074
$30,000
($600)
($13,863)
$15,537
$19,685
$30,000
($600)
($16,629)
$12,771
$17,474
$30,000
($600)
($17,845)
$11,555
$17,256
Net Worth
$29,400
$19,162
$15,537
$12,771
$11,555
$30,000
($600)
($20,204)
$9,196
$17,384
$9,196
$9,232
$9,733
Page 6