barton interiors
TRANSCRIPT
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Table of Contents
Page 1
1.0 Executive Summary.............................................................................................................................1Chart: Highlights ......................................................................................................................1
1.1 Objectives ...................................................................................................................................21.2 Mission ........................................................................................................................................21.3 Keys to Success ........................................................................................................................2
2.0 Company Summary.............................................................................................................................22.1 Company Ownership .................................................................................................................22.2 Start-up Summary ......................................................................................................................4
Table: Start-up .........................................................................................................................4Chart: Start-up .........................................................................................................................4
3.0 Products and Services........................................................................................................................54.0 Market Analysis Summary ..................................................................................................................5
4.1 Market Segmentation ................................................................................................................5Table: Market Analysis ...........................................................................................................7Chart: Market Analysis (Pie) ..................................................................................................7
4.2 Target Market Segment Strategy .............................................................................................74.3 Service Business Analysis........................................................................................................8
4.3.1 Competition and Buying Patterns................................................................................95.0 Web Plan Summary ............................................................................................................................9
5.1 Website Marketing Strategy .....................................................................................................95.2 Development Requirements .....................................................................................................9
6.0 Strategy and Implementation Summary ............................................................................................96.1 SWOT Analysis ........................................................................................................................10
6.1.1 Strengths ......................................................................................................................106.1.2 Weaknesses ................................................................................................................116.1.3 Opportunities ...............................................................................................................116.1.4 Threats..........................................................................................................................11
6.2 Competitive Edge ....................................................................................................................116.3 Marketing Strategy...................................................................................................................116.4 Sales Strategy..........................................................................................................................12
6.4.1 Sales Forecast ............................................................................................................12Table: Sales Forecast.................................................................................................12Chart: Sales Monthly ...................................................................................................13Chart: Sales by Year ...................................................................................................13
6.5 Milestones ................................................................................................................................13Table: Milestones..................................................................................................................14Chart: Milestones ..................................................................................................................14
7.0 Management Summary ....................................................................................................................147.1 Personnel Plan .........................................................................................................................15
Table: Personnel ...................................................................................................................158.0 Financial Plan ....................................................................................................................................16
8.1 Start-up Funding ......................................................................................................................16Table: Start-up Funding........................................................................................................17
8.2 Important Assumptions............................................................................................................178.3 Break-even Analysis................................................................................................................18
Table: Break-even Analysis .................................................................................................18Chart: Break-even Analysis .................................................................................................18
Table of Contents
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8.4 Projected Profit and Loss .......................................................................................................18Table: Profit and Loss ..........................................................................................................19Chart: Profit Monthly .............................................................................................................19Chart: Profit Yearly ................................................................................................................20Chart: Gross Margin Monthly ...............................................................................................20Chart: Gross Margin Yearly..................................................................................................21
8.5 Projected Cash Flow ...............................................................................................................22Table: Cash Flow ..................................................................................................................22Chart: Cash ...........................................................................................................................23
8.6 Projected Balance Sheet ........................................................................................................24Table: Balance Sheet ...........................................................................................................24
8.7 Business Ratios .......................................................................................................................25Table: Ratios .........................................................................................................................26
8.8 Long-term Plan.........................................................................................................................27Table: Sales Forecast ...............................................................................................................................1Table: Personnel ........................................................................................................................................2Table: Profit and Loss ...............................................................................................................................3Table: Cash Flow .......................................................................................................................................4Table: Balance Sheet ................................................................................................................................5
Barton Interiors
Page 1
1.0 Executive Summary
Barton Interiors is a proposed venture that will offer comprehensive interior design services forhomes and offices in the Boulder, Colorado area. Barton Interiors also will provide accessto products to complement the design consulting services including furniture, both new andantique, decorator fabric, and home and office accessories. This venture offers the personalizedservices the target market desires and can afford in a way that is unique from concept toimplementation.
Recent market research indicates a specific and growing need in the area for the interiordesign consulting services and products Barton Interiors offers the market it will serve. Themarket strategy will be based on a cost effective approach to reach this clearly defined targetmarket. Although the population of Boulder is under 100,000, the market has a significantquantity of relatively wealthy households that are conscious of the appearance and feel oftheir home and offices.
The approach to promote Barton Interiors with be through establishing relationships with keypeople in the community and then through referral activities once a significant client base isestablished. Barton Interiors will focus on developing solid and loyal client relationships offeringdesign solutions based on the client's taste, budget, use, and goals for the space. Theadditional selection, accessibility of product, design services, and value-based pricing willdifferentiate Barton Interiors from the other options in the area.
Total revenues in the first year are projected to exceed $46,000 with a loss. The venture willshow increasing profits in year two and three, with revenues projected to increase to almost$80,000. This interior design business plan outlines the concept and implementation and detailsregarding the first three years of this venture.
Sales
Gross Margin
Net Profit
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
Year 1 Year 2 Year 3 Year 4 Year 5
Highlights
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1.1 Objectives
1. Realize an average of $3,870 of sales each business month for the first year, $5,720 forthe second, and $6,600 for the third year.
2. Generate a minimum of 45% of revenues from product sales versus consulting billing.3. Establish a commercial revenue client base accounting for 10% of total revenues.
1.2 Mission
Barton Interiors is an interior design service for discerning, quality-conscious clients that seekassistance in their design choices for their primary residences, vacation homes, andbusinesses. This experience offers personal attention through the design process and alsoprovides design resources and products to its clients through special purchases of furniture,fabric, and accessories. The total experience is provided in a way to inform, inspire, andassist people through the process of transforming their home or business environment tobecome a unique and personalized expression of themselves and add to their enjoyment of thatinterior space.
1.3 Keys to Success
The primary keys to success for Barton Interiors will be based on the following factors:
Provide the highest quality interior design consulting experience possible. Sell specially selected products to these clients to further meet their interior design
needs. Communicate with our client base through the website and personalized communication
techniques. Retain clients to generate repeat purchases and initiate referrals.
2.0 Company Summary
Barton Interiors is a start-up business that will offer comprehensive interior design services forhome and office. This business will assist those that want to have guidance and council indeveloping a basic design concept of their project, to the person that desires someone to take itfrom concept to complete implementation. Barton Interiors will offer the ability for clients topurchase new and antique furniture, art work, decorator fabric, and home accessories. Thewebsite www.bartoninteriors.com will be used as another way to communicate theservices available and provide a portfolio of the work accomplished. The business will begin asa home-based business and is expected to remain in this structure through at least the firstthree years.
2.1 Company Ownership
Barton Interiors, located in Boulder, Colorado is registered in the State of Colorado as a sole
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proprietorship owned and operated by Jill Barton dba Barton Interiors.
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2.2 Start-up Summary
The following details the initial start-up expenses for Barton Interiors. Most equipment costs areoffice related. Sample and display costs include books, samples and resources necessary topromote furniture, fabric and other home accessory products.
Table: Start-up
Start-up
Requirements
Start-up Expenses
Legal $500
Stationery etc. $850
Brochures $420
Consultants $450
Insurance $150
Samples and Reference Books $3,250
Research and development $800
Expensed equipment $4,250
Other $550
Total Start-up Expenses $11,220
Start-up Assets
Cash Required $9,780
Other Current Assets $1,000
Long-term Assets $3,000
Total Assets $13,780
Total Requirements $25,000
$0
$3,000
$6,000
$9,000
$12,000
$15,000
$18,000
$21,000
$24,000
Expenses Assets Investment Loans
Start-up
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3.0 Products and Services
Barton Interiors focuses on providing interior design consulting. This is complementedby specially purchased furniture, art pieces, decorator fabric, and accessories for the homeand office. The sales process will begin with interior design consulting services, and thenprogress on to offer specially selected components to complement the design theme.
Products available through Barton Interiors include:
Furniture available through special purchase arrangements with Thomasville, DrexelHeritage, and Henredon and local craftsman.
A selection of decorator fabrics from Waverly, P Kaufmann, Fabricut, Ralph Lauren, Regal,Robert Allen, Latimer Alexander, Covington, and Portfolio.
A line of drapery hardware called "Oval Office Iron" purchased through Dept. of theInterior Decorator Fabrics in Eugene, Oregon found at www.fabric-online.com.
Accessory and art pieces available through wholesale shows. Hunter Douglas window treatment products including a variety of hard window coverings. Interior shutters made of wood and a plastic/resin product called "polywood." Antiques acquired for specific client needs through an arrangement with a local antique
buyer and through direct purchases through other sources.
4.0 Market Analysis Summary
Barton Interiors has a defined target market client that will be the basis of building thisbusiness. This client is identical for both the residence and office spaces, but the target marketis identical based on her different roles for each of those spaces.
Effective marketing combined with an optimal product offering is critical to the BartonInteriors' success and future profitability. The owner possesses solid information aboutthe market and knows a great deal about the common attributes of those that are expected tobe prized and loyal clients. This information will be leveraged to better understand who BartonInteriors will serve, their specific needs, and how to better communicate with them.
4.1 Market Segmentation
The profile of the Barton Interior client consists of the following geographic, demographic,psychographic, and behavior factors:
Geographics
The geographic market is the affluent sector within the Boulder, Colorado area with apopulation of 94,673. (Based on the 2000 Census data.)
A 20-mile geographic area is in need of the products and services offered and do notintend to pursue the Denver market at this time.
The total target market population is estimated at 24,000 based on the followingdemographics.
Demographics
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Female, married and have attended college. Have children, but they are not necessarily at home. A combined household annual income greater than $100,000. Age range of 35 to 55 years, with a median age of 42. Owns their home, townhouse and/or condominium valued at over $425,000. They and/or their spouse work in a professional setting and may have interior design
requirements for their office space as well as their homes. Belong to one or more business, service, and/or athletic organization including:
Boulder Country Club. Junior League of Boulder. American Business Women's Association. American Auxiliary of University Women. Doctor's Wives Auxiliary.
The following is known regarding the profile of the typical resident of Boulder:
67% have lived in the area for seven years or more. 23% are between the ages of 35 and 44. 40% have completed some college. 24% are managers, professionals and/or owners of a business. 53% are married. 65% have no children living at home. 56% own their residence.
Psychographics
The appearance of her home is a priority. Entertaining and showing her home is important. She perceives herself as creative, tasteful and able, but seeks validation and support
regarding her decorating ideas and choices. She reads one or more of the following magazines:
Martha Stewart Living. Country Living. Home. House Beautiful. Country Home. Metropolitan Home. Traditional Homes. Victoria. Elle Decor.
If she does seek out television as an information source for home decorating that ismost likely to be "Martha Stewart" and, on a lesser basis, "Interior Motives."
Behaviors
She takes pride in having an active role in decorating their home. Her home is a form of communicating "who she is" to others. Comparison positioning and stature within social groups are made on an ongoing basis,
but rarely discussed.
Barton Interiors is providing its clients the opportunity to create a home environment toexpress who they are. They seek design assistance and have the resources to accomplish
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their goals. They desire their home to be personal, unique, and tasteful as it communicates amessage about what is important to them. Barton Interiors will seek to fulfill the followingbenefits that are important to our clients.
Table: Market Analysis
Market Analysis
Year 1 Year 2 Year 3 Year 4 Year 5
Potential Customers Growth CAGR
Country Club Women 12% 34,400 38,528 43,151 48,329 54,128 12.00%
Boomers in Transition 9% 12,000 13,080 14,257 15,540 16,939 9.00%
Professional Youngsters 8% 8,000 8,640 9,331 10,077 10,883 8.00%
Home Builders 5% 8,000 8,400 8,820 9,261 9,724 5.00%
Other 0% 0 0 0 0 0 0.00%
Total 10.09% 62,400 68,648 75,559 83,207 91,674 10.09%
Country Club Women
Boomers in Transition
Professional Youngsters
Home Builders
Other
Market Analysis (Pie)
4.2 Target Market Segment Strategy
Our marketing strategy will create awareness, interest, and appeal from our target market forwhat Barton Interiors offers its clients. The target markets are separated into four segments;"Country Club Women," "Boomers in Transition," "Professional Youngsters," and "Home Builders."The primary marketing opportunity is selling to these well defined and accessible target marketsegments that focuses on investing discretionary income in these areas:
Country Club Women - The most dominant segment of the four is comprised of women in the agerange of 35 to 50. They are married, have a household income greater than $100,000, own atleast one home or condominium, and are socially active at and away from home. They aremembers of the Boulder Country Club, Junior League of Boulder, AAUW, and/or the Doctor'sWives Auxiliary. They have discretionary income, and their home and how it looks is a priority.The appearance of where they live communicates who they are and what is important to
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them. This group represents the largest collection of "Martha Stewart Wanna Be's," with theirprofile echoing readers of Martha Stewart Living magazine, based on the current demographicsdescribed in the 2001 Martha Stewart Living Media Kit.
Boomers in Transition - This group, typically ranging in age from 50 to 65, is going through apositive and planned life transition. They are changing homes (either building or moving) orremodeling due to empty nest syndrome, retirement plans, general downsizing desires, or tojust get closer to the golf course. Their surprisingly high level of discretionary income is firstspent on travel, with decorating their home a close second. This is what makes this segment soattractive. The woman of the couple is the decision maker, and often does not always includethe husband in the selection or purchase process.
Professional Youngsters - Couples between the ages of 25 and 35 establishing their first "adult"household fall into this group. They both work, earn in excess of $80,000 annually, and nowwant to invest in their home. They seek to enjoy their home and communicate a "successful"image and message to their contemporaries. They buy big when they have received apromotion, a bonus, or an inheritance.
Home Builders - People in the home building process, typically ranging in age from 40 to 55, areprime candidates for Barton Interiors. This applies to both primary residences and vacations andsecondary homes. Although only expected to occur two to fives times each year for thebusiness, this event will be the single largest dollar transaction amount.
4.3 Service Business Analysis
The industry continues to be competitive with a "commodity" concern with "designers" of allskill and background levels available throughout the market.
Potential Competitors: There are many other interior designers in the Boulder areaand these competitors range from those that provide simple-focused services, such asdraperies only, to a more full-service interior design approach similar to Barton Interiors.
Power of Suppliers: Moderately high in most anyone that has a business licence canhave access to wholesale purchase of furniture, fabrics and accessories.
Power of Buyers: Very low as buyers work within the financial terms and productavailability offered through the suppliers that specify the terms and conditions.
Substitute Products: High as many people refer to themselves as interior designersregardless of background, training, or certification. Substitute products are also high inthe area of window treatment as hardcovering solutions have become available andincreasingly affordable. This includes blinds, shutters, and other "manufactured"treatments. Substitute products are not as prevalent in the area of antiques and artpieces.
Rivalry: Moderately low with the "territorial" structure that the industry experiencesand moderately low exit barriers. The easy entry is accompanied with an easy exit andpeople get out when it is not working.
With the slow, but steady, growth of the past few years, the industry is now experiencing a"cautious optimism" regarding the future. Growth and expansion activities for most areas of theinterior design industry appear to be carefully considered. Many in the industry continues todecide what to do and buy as the economy has experienced a slowdown and increaseduncertainty from the more economically confident 1990's.
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4.3.1 Competition and Buying Patterns
Competition in the area is strong, with designers ranging from the home-based, no formal trainingindividuals to the more formalized store front, American Association of Interior Designers (ASID)certified designers that have close relationships with prestigious architects. In mostcases, clients make the provider decision on the basis of three criteria in this order withthese percent influences indicated after each:
1. Referrals and relationship with other professionals, particularly architects (55%).2. Personality and "expected relationship" with the designer (25% ).3. Past work (15%).4. ASID certification (5%).
Understanding the influence of these factors on the prospective client will be key in themarketing strategy.
5.0 Web Plan Summary
The website of www.bartoninteriors.com will be used for information only purposes at thistime. Contact information will be presented with a complete portfolio of work accomplished. Additional information will be provided regarding the product-based resources Barton Interiorsincorporates into the work done for clients.
5.1 Website Marketing Strategy
5.2 Development Requirements
6.0 Strategy and Implementation Summary
The primary sales and marketing strategy for Barton Interiors includes these factors:
A premier interior design consulting experience that provides impressive client servicethroughout.
The sale of other complementary products that adds value for the client's totalexperience.
Providing a experience that will result in repeat business for home and/or office needs andclient referrals.
This strategy will be implemented through the tactics and programs described in this section.
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6.1 SWOT Analysis
The following SWOT analysis captures the key strengths and weaknesses relating to themarket analysis summary and describes the opportunities and threats facing Barton Interiors.
Strengths
The proven ability to establish excellent personalized client service. Strong relationships with suppliers that offer flexibility and respond to special product
requirements. Good referral relationships with architects, complementary vendors, and local realtors. Client loyalty developed through a solid reputation among repeat, high-dollar purchase
clients.
Weaknesses
The owner is still climbing the "retail experience learning curve." Not established in a market where a variety of interior design options exist. Challenges of the seasonality of the business.
Opportunities
A significant portion of our target market is desperately looking for the services BartonInteriors will offer.
Strategic alliances offering sources for referrals and joint marketing activities to extendour reach.
Promising activity from new home construction activity. Changes in design trends can initiate home updating and, therefore, generate sales.
Threats
Continued price pressure due to competition or the weakening market reducingcontribution margins.
Dramatic changes in design, including fabric colors and styles can present challenges tokeep paced with what is desired by what is expected to be a leading-edge client base.
Expansion of products and services offered by other sources including national discountstores into the local market including Target, Wal-Mart, and Home Depot.
Catalog resources, including Calico Corners and Pottery Barn, with aggressively pricedtrend-setting fabric products including drapery, bedding and slipcovers.
This analysis indicates solid potential success, but the weaknesses and threats must berecognized throughout the life of the venture.
6.1.1 Strengths
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6.1.2 Weaknesses
6.1.3 Opportunities
6.1.4 Threats
6.2 Competitive Edge
Barton Interiors will be differentiated from other interior designers by the value it offersin quality, sought-after products not found through other designers or store choices, andthrough the excellent service and support it offers. Client follow-through will be impeccable. This competitive edge leverages the same proven factors that indicated higher success rates forinterior design services.
6.3 Marketing Strategy
The marketing strategy is based on establishing Barton Interiors as the resource of choice forpeople in need of interior design ideas and products. The more involved "do-it-yourself"and the "buy-it-yourself" clients will find the consulting and guidance helpful. On the otherend of the spectrum, the "just-get-it-done" client will find Barton will successfullyaccomplish exactly that. All clients will find Barton Interiors to be a resources to decoratetheir homes and offices in a way that is inspiring, inviting, and motivating.
Our marketing strategy is based on superior performance in the following areas:
Unique consulting services. Product choices specifically chosen for each individual client project. Overall quality of the experience and the result. Excellent client service and support regardless.
This marketing strategy will create awareness, interest, and appeal from our target market forwhat Barton Interiors offers our clients. This will be executed in a manner that will entice themto come back for repeat purchases and encourage them to refer friends and professionalcontacts.
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6.4 Sales Strategy
The key to our sales strategy is referrals from pleased clients that are proud of the result BartonInteriors provided them and pleased to tell their friends--people much like them. Keeping incontact with past clients to acquire repeat business and to remind them of this referralopportunity will be key. Sales activities will depend on creating awareness about the servicesBarton Interiors offers and then build on each and every client as they make the decision torefer to others.
6.4.1 Sales Forecast
The sales forecast is broken down into three main revenue streams; residential consultingrevenue, commercial consulting revenue, and product sales. The goal is to have these tworevenue streams be equal by the second year, with product sales slower to secure during yearone. The revenue forecast for the upcoming year is based on a modest 12% growth rate. The economic unpredictability adds to the difficulty of making these projections.
Table: Sales Forecast
Sales Forecast
Year 1 Year 2 Year 3 Year 4 Year 5
Sales
Residential Consulting $22,700 $31,200 $46,000 $556,400 $667,700
Commercial Consulting $3,960 $6,240 $7,200 $0 $0
Product Sales $19,800 $31,200 $46,000 $42,190 $63,280
Other $0 $0 $0 $0 $0
Total Sales $46,460 $68,640 $99,200 $598,590 $730,980
Direct Cost of Sales Year 1 Year 2 Year 3 Year 4 Year 5
Residential Consulting $3,405 $4,680 $6,900 $0 $0
Commercial Consulting $594 $936 $1,080 $0 $0
Product Sales $10,890 $17,160 $25,300 $0 $0
Other $0 $0 $0 $0 $0
Subtotal Direct Cost of Sales $14,889 $22,776 $33,280 $0 $0
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Residential Consulting
Commercial Consulting
Product Sales
Other
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
Mon
th 1
Mon
th 2
Mon
th 3
Mon
th 4
Mon
th 5
Mon
th 6
Mon
th 7
Mon
th 8
Mon
th 9
Mon
th 1
0
Mon
th 1
1
Mon
th 1
2
Sales Monthly
Residential Consulting
Commercial Consulting
Product Sales
Other
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
Year 1 Year 2 Year 3 Year 4 Year 5
Sales by Year
6.5 Milestones
The milestone chart below accompanied by the graphic outlines key activities that will be criticalto Barton Interiors' success in the coming year.
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Table: Milestones
Milestones
Milestone Start Date End Date Budget Manager Department
Year Buying Program 1/2/2002 1/30/2002 $560 Jil l Products
Membership Strategy 2/2/2002 2/15/2002 $225 Jil l Promotions
Seminar Schedule & Prep. 3/1/2002 4/1/2002 $45 Jil l Marketing
Seminars 4/1/2002 5/30/2002 $540 Jil l Marketing
Client Review/Analysis 6/1/2002 6/15/2002 $250 Jil l Marketing
Furniture Market (High Point, N.C.)
11/10/2002 11/20/2002 $1,800 Jil l Products
Year End Evaluation 12/20/2002 12/31/2002 $250 Jill & CPA Management
Totals $3,670
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Year End Evaluation
Furniture Market (High Point, N.C.)
Client Review/Analysis
Seminars
Seminar Schedule & Prep.
Membership Strategy
Year Buying Program
Milestones
7.0 Management Summary
Jill Barton is the founder and owner of Barton Interiors. Jill received a Bachelor of Arts degreefrom the University of Oregon in 1990 through the College of Architecture and Interior Design andis ASID certified. After working for three years at a prestigious interior design firm in Portland,Oregon, she moved to Boulder in 1993 and began working with Gibson & Sawyer, LLC, a well-established architecture firm focusing on the commercial sector. Jill worked with the architectsin the interior design needs for their projects. During this time, she has developedrelationships with a number of community, professional, and supplier contacts throughout theBoulder and Greater Denver area. Jill plans to leave the firm on favorable terms at the end ofthe year.
With her new role at Barton Interiors, Jill will oversee all aspects of the design process and allbusiness operations. Jill's responsibilities include all aspects of establishing the business,
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marketing, buying, bookkeeping and financial dealings.
7.1 Personnel Plan
Jill will act as a sole proprietor without employees at this point. Contract labor may requiredfor upholstery and fabrication purposes, but that will be included in the cost of good for eachclient's project. Jill's salary will begin at a modest $1,200 per month, increase quarterly, andthen is projected at $2,400 per month for year two and $3,000 for year three.
Table: Personnel
Personnel Plan
Year 1 Year 2 Year 3 Year 4 Year 5
Jil l Barton $19,800 $28,800 $36,000 $0 $0
Other $0 $0 $0 $0 $0
Total People 0 0 0 0 0
Total Payroll $19,800 $28,800 $36,000 $0 $0
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8.0 Financial Plan
The initial funding of $25,000 will be invested by the owner. The goal is to fund the growth ofthe business from its earnings. The financial plan contains these essential factors:
1. A growth rate in sales of 47% for the year 2002 and 15% for 2003.2. An average sales per month that increases each year, averaging $3,870 in the first
year, $5,720 the second, and $6,600 in the third year.3. Continue to fund the growth of the business from the revenues it generates.
Financial difficulties and risks
Slow sales resulting in less-than-projected cash flow. Unexpected and excessive cost increases compared to the planned expenses. Overly aggressive and debilitating actions by competing designers. A parallel entry by a new competitor further diminishing revenue generation potential.
Worst case risks might include
Determining the business cannot support itself on an ongoing basis. Dealing with the financial, business, and personal devastation of the venture's failure.
Survivable but painful.
8.1 Start-up Funding
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Table: Start-up Funding
Start-up Funding
Start-up Expenses to Fund $11,220
Start-up Assets to Fund $13,780
Total Funding Required $25,000
Assets
Non-cash Assets from Start-up $4,000
Cash Requirements from Start-up $9,780
Additional Cash Raised $0
Cash Balance on Starting Date $9,780
Total Assets $13,780
Liabili ties and Capital
Liabili ties
Current Borrowing $0
Long-term Liabili ties $0
Accounts Payable (Outstanding Bills) $0
Other Current Liabili ties (interest-free) $0
Total Liabil ities $0
Capital
Planned Investment
Jil l Barton $25,000
Investor 2 $0
Other $0
Additional Investment Requirement $0
Total Planned Investment $25,000
Loss at Start-up (Start-up Expenses) ($11,220)
Total Capital $13,780
Total Capital and Liabili ties $13,780
Total Funding $25,000
8.2 Important Assumptions
The following captured critical assumptions will determine the potential for future success.
A healthy economy that supports a moderate level of growth in the market. The ability to support a gross margin percentage in excess of 65%. Keeping operating costs low, particularly in the areas of product purchases ongoing
monthly expenses. Receiving an initial payment for each project of 50% of estimated time and product
purchases and collecting the balance of these revenues within 45 days of completingeach project.
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8.3 Break-even Analysis
The break-even analysis below is expressed as a per-client unit. This is based on averagehourly billing, product sales, and costs per transaction.
Table: Break-even Analysis
Break-even Analysis
Monthly Revenue Break-even $4,067
Assumptions:
Average Percent Variable Cost 32%
Estimated Monthly Fixed Cost $2,763
$0
$500
$1,000
$1,500
$2,000
$2,500
($500)
($1,000)
($1,500)
($2,000)
($2,500)
$0$700
$1,400$2,100
$2,800$3,500
$4,200$4,900
$5,600$6,300
$7,000$7,700
Break-even Analysis
8.4 Projected Profit and Loss
The following represents the projected profit and loss for Barton Interiors based on sales andexpense projections for 2002 through 2004.
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Table: Profit and Loss
Pro Forma Profit and Loss
Year 1 Year 2 Year 3 Year 4 Year 5
Sales $46,460 $68,640 $99,200 $598,590 $730,980
Direct Cost of Sales $14,889 $22,776 $33,280 $0 $0
Other $0 $0 $0 $0 $0
Total Cost of Sales $14,889 $22,776 $33,280 $0 $0
Gross Margin $31,571 $45,864 $65,920 $598,590 $730,980
Gross Margin % 67.95% 66.82% 66.45% 100.00% 100.00%
Expenses
Payroll $19,800 $28,800 $36,000 $0 $0
Sales and Marketing and Other Expenses $11,560 $13,430 $15,100 $0 $0
Depreciation $300 $750 $800 $0 $0
Leased Equipment $0 $0 $0 $0 $0
Util ities $540 $660 $800 $0 $0
Insurance $960 $1,200 $1,600 $0 $0
Rent $0 $0 $0 $0 $0
Payroll Taxes $0 $0 $0 $0 $0
Other $0 $0 $0 $0 $0
Total Operating Expenses $33,160 $44,840 $54,300 $0 $0
Profit Before Interest and Taxes ($1,589) $1,024 $11,620 $598,590 $730,980
EBITDA ($1,289) $1,774 $12,420 $598,590 $730,980
Interest Expense $0 $76 $238 $323 $323
Taxes Incurred $0 $265 $3,206 $167,515 $205,802
Net Profit ($1,589) $683 $8,176 $430,752 $524,855
Net Profit/Sales -3.42% 0.99% 8.24% 71.96% 71.80%
$0
$500
$1,000
$1,500
$2,000
$2,500
($500)
($1,000)
($1,500)
($2,000)
($2,500)
Month 1Month 2
Month 3Month 4
Month 5Month 6
Month 7Month 8
Month 9Month 10
Month 11Month 12
Profit Monthly
Barton Interiors
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$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
Year 1 Year 2 Year 3 Year 4 Year 5
Profit Yearly
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
Month 1Month 2
Month 3Month 4
Month 5Month 6
Month 7Month 8
Month 9Month 10
Month 11Month 12
Gross Margin Monthly
Barton Interiors
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$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
Year 1 Year 2 Year 3 Year 4 Year 5
Gross Margin Yearly
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8.5 Projected Cash Flow
The cash flow projections are outlined below. These cash flow projects are based on ourbasic assumptions and expense and revenue projections.
Table: Cash Flow
Pro Forma Cash Flow
Year 1 Year 2 Year 3 Year 4 Year 5
Cash Received
Cash from Operations
Cash Sales $32,522 $48,048 $69,440 $419,013 $511,686
Cash from Receivables $9,578 $18,511 $26,892 $132,716 $206,871
Subtotal Cash from Operations $42,100 $66,559 $96,332 $551,729 $718,557
Additional Cash Received
Sales Tax, VAT, HST/GST Received $0 $0 $0 $0 $0
New Current Borrowing $0 $1,600 $1,800 $0 $0
New Other Liabil ities (interest-free) $0 $0 $0 $0 $0
New Long-term Liabili ties $0 $0 $0 $0 $0
Sales of Other Current Assets $210 $0 $0 $0 $0
Sales of Long-term Assets $0 $0 $0 $0 $0
New Investment Received $0 $0 $0 $0 $0
Subtotal Cash Received $42,310 $68,159 $98,132 $551,729 $718,557
Expenditures Year 1 Year 2 Year 3 Year 4 Year 5
Expenditures from Operations
Cash Spending $19,800 $28,800 $36,000 $0 $0
Bill Payments $24,693 $38,506 $52,924 $158,500 $202,978
Subtotal Spent on Operations $44,493 $67,306 $88,924 $158,500 $202,978
Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out $0 $0 $0 $0 $0
Principal Repayment of Current Borrowing $0 $0 $0 $0 $0
Other Liabili ties Principal Repayment $0 $0 $0 $0 $0
Long-term Liabili ties Principal Repayment $0 $0 $0 $0 $0
Purchase Other Current Assets $0 $0 $0 $0 $0
Purchase Long-term Assets $0 $0 $0 $0 $0
Dividends $0 $0 $0 $0 $0
Subtotal Cash Spent $44,493 $67,306 $88,924 $158,500 $202,978
Net Cash Flow ($2,183) $852 $9,209 $393,230 $515,579
Cash Balance $7,597 $8,449 $17,658 $410,888 $926,467
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Net Cash Flow
Cash Balance
$0
$2,000
$4,000
$6,000
$8,000
$10,000
($2,000)
Month 1Month 2
Month 3Month 4
Month 5Month 6
Month 7Month 8
Month 9Month 10
Month 11Month 12
Cash
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8.6 Projected Balance Sheet
Barton Interiors' balance sheet is outlined below.
Table: Balance Sheet
Pro Forma Balance Sheet
Year 1 Year 2 Year 3 Year 4 Year 5
Assets
Current Assets
Cash $7,597 $8,449 $17,658 $410,888 $926,467
Accounts Receivable $4,360 $6,441 $9,308 $56,169 $68,592
Other Current Assets $790 $790 $790 $790 $790
Total Current Assets $12,747 $15,680 $27,757 $467,847 $995,849
Long-term Assets
Long-term Assets $3,000 $3,000 $3,000 $3,000 $3,000
Accumulated Depreciation $300 $1,050 $1,850 $1,850 $1,850
Total Long-term Assets $2,700 $1,950 $1,150 $1,150 $1,150
Total Assets $15,447 $17,630 $28,907 $468,997 $996,999
Liabili ties and Capital Year 1 Year 2 Year 3 Year 4 Year 5
Current Liabili ties
Accounts Payable $3,256 $3,157 $4,457 $13,795 $16,942
Current Borrowing $0 $1,600 $3,400 $3,400 $3,400
Other Current Liabili ties $0 $0 $0 $0 $0
Subtotal Current Liabili ties $3,256 $4,757 $7,857 $17,195 $20,342
Long-term Liabili ties $0 $0 $0 $0 $0
Total Liabil ities $3,256 $4,757 $7,857 $17,195 $20,342
Paid-in Capital $25,000 $25,000 $25,000 $25,000 $25,000
Retained Earnings ($11,220) ($12,809) ($12,126) ($3,950) $426,802
Earnings ($1,589) $683 $8,176 $430,752 $524,855
Total Capital $12,191 $12,874 $21,050 $451,802 $976,658
Total Liabil ities and Capital $15,447 $17,630 $28,907 $468,997 $996,999
Net Worth $12,191 $12,874 $21,050 $451,802 $976,658
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8.7 Business Ratios
Business ratios for the years of this plan are shown below. Industry profile ratios based on theStandard Industrial Classification (SIC) code 7389, Business Services--Interior Design Services,are shown for comparison. If we fail in any of these areas, we will need to re-evaluate ourbusiness model:
Gross margins at, or above, 65%. Month-to-month and annual increases to meet the expected growth requirements. Self-fund growth not dependant on the credit line to meet cash requirements.
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Table: Ratios
Ratio Analysis
Year 1 Year 2 Year 3 Year 4 Year 5 Industry Profi le
Sales Growth n.a. 47.74% 44.52% 503.42% 22.12% 12.40%
Percent of Total Assets
Accounts Receivable 28.22% 36.53% 32.20% 11.98% 6.88% 26.10%
Other Current Assets 5.11% 4.48% 2.73% 0.17% 0.08% 44.70%
Total Current Assets 82.52% 88.94% 96.02% 99.75% 99.88% 74.50%
Long-term Assets 17.48% 11.06% 3.98% 0.25% 0.12% 25.50%
Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Current Liabili ties 21.08% 26.98% 27.18% 3.67% 2.04% 44.30%
Long-term Liabili ties 0.00% 0.00% 0.00% 0.00% 0.00% 16.00%
Total Liabil ities 21.08% 26.98% 27.18% 3.67% 2.04% 60.30%
Net Worth 78.92% 73.02% 72.82% 96.33% 97.96% 39.70%
Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Gross Margin 67.95% 66.82% 66.45% 100.00% 100.00% 0.00%
Selling, General & Administrative Expenses 73.96% 65.72% 38.61% 28.04% 28.03% 80.80%
Advertising Expenses 16.36% 12.24% 11.36% 0.00% 0.00% 1.30%
Profit Before Interest and Taxes -3.42% 1.49% 11.71% 100.00% 100.00% 2.20%
Main Ratios
Current 3.92 3.30 3.53 27.21 48.96 1.75
Quick 3.92 3.30 3.53 27.21 48.96 1.38
Total Debt to Total Assets 21.08% 26.98% 27.18% 3.67% 2.04% 60.30%
Pre-tax Return on Net Worth -13.03% 7.36% 54.07% 132.42% 74.81% 3.80%
Pre-tax Return on Assets -10.29% 5.38% 39.38% 127.56% 73.29% 9.70%
Additional Ratios Year 1 Year 2 Year 3 Year 4 Year 5
Net Profit Margin -3.42% 0.99% 8.24% 71.96% 71.80% n.a
Return on Equity -13.03% 5.30% 38.84% 95.34% 53.74% n.a
Activity Ratios
Accounts Receivable Turnover 3.20 3.20 3.20 3.20 3.20 n.a
Collection Days 55 96 97 67 104 n.a
Accounts Payable Turnover 8.58 12.17 12.17 12.17 12.17 n.a
Payment Days 27 30 26 20 27 n.a
Total Asset Turnover 3.01 3.89 3.43 1.28 0.73 n.a
Debt Ratios
Debt to Net Worth 0.27 0.37 0.37 0.04 0.02 n.a
Current Liab. to Liab. 1.00 1.00 1.00 1.00 1.00 n.a
Liquidity Ratios
Net Working Capital $9,491 $10,924 $19,900 $450,652 $975,508 n.a
Interest Coverage 0.00 13.47 48.93 1,853.22 2,263.10 n.a
Additional Ratios
Assets to Sales 0.33 0.26 0.29 0.78 1.36 n.a
Current Debt/Total Assets 21% 27% 27% 4% 2% n.a
Acid Test 2.58 1.94 2.35 23.94 45.58 n.a
Sales/Net Worth 3.81 5.33 4.71 1.32 0.75 n.a
Dividend Payout 0.00 0.00 0.00 0.00 0.00 n.a
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8.8 Long-term Plan
Appendix
Page 1
Table: Sales Forecast
Sales Forecast Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
SalesResidential Consulting 0% $800 $900 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,400 $2,800 $3,200 $3,600Commercial Consulting 0% $0 $0 $0 $240 $280 $320 $360 $400 $440 $560 $640 $720Product Sales 0% $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,400 $3,000 $3,600Other 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Total Sales $1,200 $1,500 $1,800 $2,440 $2,880 $3,320 $3,760 $4,200 $4,840 $5,760 $6,840 $7,920
Direct Cost of Sales Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12Residential Consulting $120 $135 $150 $180 $210 $240 $270 $300 $360 $420 $480 $540Commercial Consulting $0 $0 $0 $36 $42 $48 $54 $60 $66 $84 $96 $108Product Sales $220 $330 $440 $550 $660 $770 $880 $990 $1,100 $1,320 $1,650 $1,980Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Subtotal Direct Cost of Sales $340 $465 $590 $766 $912 $1,058 $1,204 $1,350 $1,526 $1,824 $2,226 $2,628
Appendix
Page 2
Table: Personnel
Personnel Plan Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Jill Barton 0% $1,200 $1,200 $1,200 $1,500 $1,500 $1,500 $1,800 $1,800 $1,800 $2,100 $2,100 $2,100Other 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Total People 0 0 0 0 0 0 0 0 0 0 0 0
Total Payroll $1,200 $1,200 $1,200 $1,500 $1,500 $1,500 $1,800 $1,800 $1,800 $2,100 $2,100 $2,100
Appendix
Page 3
Table: Profit and Loss
Pro Forma Profit and Loss Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Sales $1,200 $1,500 $1,800 $2,440 $2,880 $3,320 $3,760 $4,200 $4,840 $5,760 $6,840 $7,920Direct Cost of Sales $340 $465 $590 $766 $912 $1,058 $1,204 $1,350 $1,526 $1,824 $2,226 $2,628Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Total Cost of Sales $340 $465 $590 $766 $912 $1,058 $1,204 $1,350 $1,526 $1,824 $2,226 $2,628
Gross Margin $860 $1,035 $1,210 $1,674 $1,968 $2,262 $2,556 $2,850 $3,314 $3,936 $4,614 $5,292Gross Margin % 71.67% 69.00% 67.22% 68.61% 68.33% 68.13% 67.98% 67.86% 68.47% 68.33% 67.46% 66.82%
ExpensesPayroll $1,200 $1,200 $1,200 $1,500 $1,500 $1,500 $1,800 $1,800 $1,800 $2,100 $2,100 $2,100Sales and Marketing and OtherExpenses
$2,165 $615 $615 $885 $625 $625 $685 $685 $935 $685 $2,425 $615
Depreciation $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25Leased Equipment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Utilities $45 $45 $45 $45 $45 $45 $45 $45 $45 $45 $45 $45Insurance $80 $80 $80 $80 $80 $80 $80 $80 $80 $80 $80 $80Rent $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Payroll Taxes 15% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Operating Expenses $3,515 $1,965 $1,965 $2,535 $2,275 $2,275 $2,635 $2,635 $2,885 $2,935 $4,675 $2,865
Profit Before Interest and Taxes ($2,655) ($930) ($755) ($861) ($307) ($13) ($79) $215 $429 $1,001 ($61) $2,427EBITDA ($2,630) ($905) ($730) ($836) ($282) $12 ($54) $240 $454 $1,026 ($36) $2,452 Interest Expense $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Taxes Incurred $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Net Profit ($2,655) ($930) ($755) ($861) ($307) ($13) ($79) $215 $429 $1,001 ($61) $2,427Net Profit/Sales -221.25% -62.00% -41.94% -35.29% -10.66% -0.39% -2.10% 5.12% 8.86% 17.38% -0.89% 30.64%
Appendix
Page 4
Table: Cash Flow
Pro Forma Cash Flow Month 1 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 OperationsCash Sales $840 $1,050 $1,260 $1,708 $2,016 $2,324 $2,632 $2,940 $3,388 $4,032 $4,788 $5,544Cash from Receivables $0 $12 $363 $453 $546 $736 $868 $1,000 $1,132 $1,266 $1,461 $1,739Subtotal Cash from Operations $840 $1,062 $1,623 $2,161 $2,562 $3,060 $3,500 $3,940 $4,520 $5,298 $6,249 $7,283
Additional Cash ReceivedSales Tax, VAT, HST/GST Received 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0New Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0New Other Liabilities (interest-free) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0New Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Sales of Other Current Assets $0 $0 $0 $210 $0 $0 $0 $0 $0 $0 $0 $0Sales of Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0New Investment Received $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Subtotal Cash Received $840 $1,062 $1,623 $2,371 $2,562 $3,060 $3,500 $3,940 $4,520 $5,298 $6,249 $7,283
Expenditures Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Expenditures from OperationsCash Spending $1,200 $1,200 $1,200 $1,500 $1,500 $1,500 $1,800 $1,800 $1,800 $2,100 $2,100 $2,100Bill Payments $88 $2,583 $1,209 $1,345 $1,772 $1,667 $1,815 $2,019 $2,174 $2,588 $2,705 $4,729Subtotal Spent on Operations $1,288 $3,783 $2,409 $2,845 $3,272 $3,167 $3,615 $3,819 $3,974 $4,688 $4,805 $6,829
Additional Cash SpentSales Tax, VAT, HST/GST Paid Out $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Principal Repayment of Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Other Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Long-term Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Purchase Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Purchase Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Subtotal Cash Spent $1,288 $3,783 $2,409 $2,845 $3,272 $3,167 $3,615 $3,819 $3,974 $4,688 $4,805 $6,829
Net Cash Flow ($448) ($2,721) ($786) ($474) ($710) ($106) ($114) $122 $546 $611 $1,444 $454Cash Balance $9,332 $6,612 $5,826 $5,352 $4,642 $4,536 $4,421 $4,543 $5,089 $5,700 $7,143 $7,597
Appendix
Page 5
Table: Balance Sheet
Pro Forma Balance Sheet Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Assets Starting Balances
Current AssetsCash $9,780 $9,332 $6,612 $5,826 $5,352 $4,642 $4,536 $4,421 $4,543 $5,089 $5,700 $7,143 $7,597Accounts Receivable $0 $360 $798 $975 $1,254 $1,572 $1,831 $2,091 $2,350 $2,670 $3,132 $3,722 $4,360Other Current Assets $1,000 $1,000 $1,000 $1,000 $790 $790 $790 $790 $790 $790 $790 $790 $790Total Current Assets $10,780 $10,692 $8,410 $7,801 $7,396 $7,004 $7,157 $7,302 $7,683 $8,549 $9,621 $11,656 $12,747
Long-term AssetsLong-term Assets $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000Accumulated Depreciation $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 $275 $300Total Long-term Assets $3,000 $2,975 $2,950 $2,925 $2,900 $2,875 $2,850 $2,825 $2,800 $2,775 $2,750 $2,725 $2,700Total Assets $13,780 $13,667 $11,360 $10,726 $10,296 $9,879 $10,007 $10,127 $10,483 $11,324 $12,371 $14,381 $15,447
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 LiabilitiesAccounts Payable $0 $2,542 $1,165 $1,286 $1,717 $1,607 $1,748 $1,947 $2,088 $2,500 $2,546 $4,617 $3,256Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Other Current Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Subtotal Current Liabilities $0 $2,542 $1,165 $1,286 $1,717 $1,607 $1,748 $1,947 $2,088 $2,500 $2,546 $4,617 $3,256
Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Total Liabilities $0 $2,542 $1,165 $1,286 $1,717 $1,607 $1,748 $1,947 $2,088 $2,500 $2,546 $4,617 $3,256
Paid-in Capital $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000Retained Earnings ($11,220) ($11,220) ($11,220) ($11,220) ($11,220) ($11,220) ($11,220) ($11,220) ($11,220) ($11,220) ($11,220) ($11,220) ($11,220)Earnings $0 ($2,655) ($3,585) ($4,340) ($5,201) ($5,508) ($5,521) ($5,600) ($5,385) ($4,956) ($3,955) ($4,016) ($1,589)Total Capital $13,780 $11,125 $10,195 $9,440 $8,579 $8,272 $8,259 $8,180 $8,395 $8,824 $9,825 $9,764 $12,191Total Liabilities and Capital $13,780 $13,667 $11,360 $10,726 $10,296 $9,879 $10,007 $10,127 $10,483 $11,324 $12,371 $14,381 $15,447
Net Worth $13,780 $11,125 $10,195 $9,440 $8,579 $8,272 $8,259 $8,180 $8,395 $8,824 $9,825 $9,764 $12,191