Womens Boutique Shoe Store Business Plan

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Table of Contents

1.0 Executive Summary....................................................................................................................................1
Chart: Highlights.......................................................................................................................................2
1.1 Objectives................................................................................................................................................2
1.2 Mission....................................................................................................................................................3
1.3 Keys to Success.......................................................................................................................................3
2.0 Company Summary.....................................................................................................................................3
2.1 Company Ownership..............................................................................................................................3
2.2 Start-up Summary...................................................................................................................................3
Chart: Start-up...........................................................................................................................................4
Table: Start-up...........................................................................................................................................4
3.0 Products.......................................................................................................................................................5
4.0 Market Analysis Summary.........................................................................................................................5
4.1 Market Segmentation..............................................................................................................................5
Table: Market Analysis.............................................................................................................................6
Chart: Market Analysis (Pie)....................................................................................................................6
4.2 Target Market Segment Strategy............................................................................................................6
4.3 Industry Analysis....................................................................................................................................7
4.3.1 Competition and Buying Patterns....................................................................................................7
5.0 Strategy and Implementation Summary.....................................................................................................8
5.1 Competitive Edge....................................................................................................................................8
5.2 Marketing Strategy..................................................................................................................................8
5.3 Sales Strategy..........................................................................................................................................8
5.3.1 Sales Forecast...................................................................................................................................9
Table: Sales Forecast............................................................................................................................9
Chart: Sales Monthly..........................................................................................................................10
Chart: Sales by Year...........................................................................................................................10
6.0 Web Plan Summary...................................................................................................................................11
6.1 Website Marketing Strategy.................................................................................................................11
6.2 Development Requirements..................................................................................................................11
7.0 Management Summary.............................................................................................................................11
7.1 Personnel Plan.......................................................................................................................................12
Table: Personnel......................................................................................................................................12
8.0 Financial Plan............................................................................................................................................12
8.1 Break-even Analysis.............................................................................................................................13
Table: Break-even Analysis....................................................................................................................13
Chart: Break-even Analysis....................................................................................................................13
8.2 Projected Profit and Loss......................................................................................................................14
Chart: Profit Monthly..............................................................................................................................14
Chart: Profit Yearly.................................................................................................................................15
Chart: Gross Margin Monthly................................................................................................................15
Chart: Gross Margin Yearly...................................................................................................................16
Table: Profit and Loss.............................................................................................................................17
.....................................................................................................................................................................17
Table: Start-up Funding..........................................................................................................................18
Page 1

Table of Contents

Chart: Cash..............................................................................................................................................19
Table: Cash Flow....................................................................................................................................20
8.5 Important Assumptions.........................................................................................................................20
Table: General Assumptions...................................................................................................................20
.....................................................................................................................................................................21
8.6 Projected Balance Sheet........................................................................................................................22
Table: Balance Sheet...............................................................................................................................22
.....................................................................................................................................................................22
Table: Ratios...........................................................................................................................................23
Table: Sales Forecast.........................................................................................................................................1
...........................................................................................................................................................................1
Table: Personnel................................................................................................................................................2
...........................................................................................................................................................................2
Table: Profit and Loss.......................................................................................................................................3
...........................................................................................................................................................................3
Table: Cash Flow..............................................................................................................................................4
Table: Balance Sheet.........................................................................................................................................5

Page 2

One, Two, Step!

1.0 Executive Summary
One, Two, Step! will carry only top of the line quality in women's shoes and accessories. Our
selection will range from the basics of comfortable flats and sandals to the trendy style
of stiletto shoes and boots. We will be purchasing through sales representatives and
manufacturers in a variety of sizes, colors and style to fit our customer base. The greatest
percentage of merchandise will be in shoes, followed by accessories.
One, Two, Step! is organized as a sole proprietorship in the name of Chloe Goodlowe. One,
Two, Step! will be located at 123 Shoe Lane in Houston, TX, temporarily, until it is vast enough
to expand into a store of its own, located in West Houston.
The hours of operation will be Monday - Friday 10 a.m. - 6 p.m., Saturday 10 a.m. - 8 p.m.,
and closed on Sundays. Customers will be able to purchase directly from our website and VIP
Showcase Events. There will be extended special hours designated during Christmas holiday
shopping season.
All merchandise will be purchased according to the company's mission and customer focus of
shoes ranging from sizes 5-13 and accessories. Management will rely
on customer feedback, suggestions, and sales reports to introduce or eliminate certain brands,
styles and sizes.
The Concept
Recognizing that the market for quality shoes in extended sizes is quite competitive using the
larger shoe retailers, One, Two, Step! will minimize the competition by targeting specific niches,
generally focusing on other retail stores whose prices are too expensive, lack quality and are
not "shoe size efficient".
One, Two, Step! has three keys to success. The first is establishing a high quality, high value
relationship with its vendors and customers. The second key is to ensure reliable and timely
delivery of their products. The last key to success is reliable administration of the organization.
This boutique business plan is intended to provide the structure to make sure this last key to
success is realized.
One, Two, Step! is set up as a home-based business, with plans for expansion into a
store/boutique in the near future. This will be the most cost effective arrangement, yet provide
the requisite amount of service and support.
The Market
One, Two, Step! will grow at 3% and there are many potential customers now, patiently
awaiting the start of business. One, Two, Step! will differ from other retail shoe stores because
we will always be less expensive than the competition, but we will still maintain the high quality
of our shoes.
Also, we will offer a sales promotion on a monthly basis, such as:





buy one, get one half price
buy one, get one free
half off on shoes from the previous season
"One, Two, Step!" dollars (for every $50 dollar purchase, the consumer receives an
additional 20% off of their next purchase)

Page 1

One, Two, Step!

In the future, One, Two, Step! will design its own, custom-made shoes for women and men.
The Sales Strategy
Our marketing strategy will not exceed 5% of our annual gross sales. We will use a wide range
of approaches, including our website with free shipping, postcards, business cards, and word of
mouth.

Chart: Highlights

Highlights
$120,000
$100,000

Sales

$80,000

Gross Margin

$60,000

Net Profit
$40,000
$20,000
$0
Year 1

Year 2

Year 3

Year 4

Year 5

1.1 Objectives
The objectives of One, Two, Step! are:
1. To market trendy, elegant shoes, ranging from sizes 5-13, that will cater to the needs of the
everyday woman.
2. To receive a 50% profit margin within the first year.
3. To provide customer service, measured through new and repeat business (our goal is that
50% of our customers will return within 6 months for an additional purchase) and multiple
sales (our goal is that 30% of our non-running and 60% of our running shoe sales are
accompanied by an additional purchase).
4. To achieve a net profit of $5,000 by year two and $15,000 by year five.

Page 2

One, Two, Step!

1.2 Mission
The One, Two, Step! mission is to offer quality, name brand shoes and accessories in an
assortment of sizes and styles to accommodate the chic in every woman.
1.3 Keys to Success
In order to succeed in the women's shoe industry One, Two, Step! must:






Carry an assortment of shoes sizes and style to fit the personalities of any woman.
Provide customers with top-notch personalized customer service in an atmosphere of
southern hospitality.
Advertise and promote in all areas so that our customer base will learn more about One,
Two, Step!
Continuously review our inventory and sales and adjust our inventory levels accordingly.
Most importantly, always stay on top of the latest trends in the style of women's shoes.

2.0 Company Summary
One, Two, Step! is organized as a sole proprietorship in the name of Chloe Goodlowe.
One, Two, Step! will be located at 123 Shoe Lane in Houston, TX temporarily, until we have the
volume to expand into a separate store, to be located in West Houston. The site is the owner's
house, along a busy pedestrian area in the trendy shopping section of downtown, and is zoned
for commercial/residential use. A prominent street-level entrance leads into a foyer and 2
parlors which are already renovated to accommodate the business. Built-in shelving with undershelf lighting will highlight the shoes, while antique display tables will hold special and sale
items, and accessories. The house is equipped with security monitors, and the second parlor is
fully wired for phone and internet access. We will use a point-of-sale system to handle in-house
sales. Website sales will be processed by an online credit card processor affiliated with our
website hosting company.
The hours of operation will be Monday - Friday 10 a.m. - 6 p.m., Saturday 10 a.m. - 8 p.m.,
and closed on Sundays. Customers will be able to purchase directly from our website and VIP
Showcase Events. There will be extended special hours designated during Christmas holiday
shopping season.
All merchandise will be purchased according to the company's mission and customer focus of
shoes ranging from sizes 5-13 and accessories.
2.1 Company Ownership
One, Two, Step! is organized as a sole proprietorship where I, Chloe Goodlowe, am responsible
for the daily management, sales, and development of the company.
2.2 Start-up Summary
One, Two, Step! start-up costs are listed below. The company will start with two months of
inventory on hand for shoes and accessories, as this is the main revenue generator. The
majority of the company's assets will reside in inventory. The opening day's cash on hand
balance will be $10,000.

Page 3

One, Two, Step!

Successful operation and building a loyal customer base will allow One, Two, Step! to be selfsufficient and profitable in year two.

Chart: Start-up

Start-up
$30,000
$27,000
$24,000
$21,000
$18,000
$15,000
$12,000
$9,000
$6,000
$3,000
$0
Expenses

Assets

Investment

Loans

Table: Start-up

Start-up
Requirements
Start-up Expenses
Legal
Stationery, business cards etc.
Credit Card Set-up
UPS Account
Supplies (special made shoe boxes, invoices, etc.)
Website Start-up
Total Start-up Expenses

$500
$500
$200
$300
$500
$3,000
$5,000

Start-up Assets
Cash Required
Start-up Inventory
Other Current Assets
Long-term Assets
Total Assets

$10,000
$15,000
$5,000
$0
$30,000

Total Requirements

$35,000

Page 4

One, Two, Step!

3.0 Products
One, Two, Step! will carry only top of the line quality in women's shoes and accessories. Our
selection will range from the basics of comfortable flats and sandals to the trendy style
of stiletto shoes and boots. We will be purchasing through sales representatives and
manufacturers in a variety of sizes, colors and style to fit our customer base. The greatest
percentage of merchandise will be in shoes, followed by accessories.
Management will rely on customer feedback, suggestions, and sales reports to introduce or
eliminate certain brands, styles and sizes.
4.0 Market Analysis Summary
The primary target customers of One, Two, Step! are women with a taste for highquality shoes, ranging from size 5-13. The types of shoes offered are casual and dress:
1.
2.
3.
4.

Heeled Shoes
Sandals
Boots
Flats

The most important thing I wanted to focus on is marketing "plus-size shoes." I have many
friends and family who are so limited and are really missing out on the fun in shoe fashion
because they have a hard time shopping for shoes in sizes 10 and up. This is the main reason I
will be one of the few shoe retailers who carries shoes from sizes 5-13.
I want every woman to own and enjoy a nice pair of fashionable shoes!
4.1 Market Segmentation
The numbers in the Market Analysis table represent numbers of women in each target market
segment residing within 10 miles of the store location. The numbers for each category are
based on the existing customer base of local shoe and accessory stores.
I also anticipate a number of web customers, but those numbers are harder to estimate. They
have been left out of the market analysis table, but I expect 2% of all sales in the first year to
come from the website.
Here is a breakdown for my Market Analysis table:






The Working Woman: is generally going to spend $20-$50. They're looking for comfort
and quality for the everyday 9-5.
The Retro Woman: will spend $35-$75. Keep in mind, this is a woman who loves classic
and the word "limited edition."
The Woman on the Edge: loves trendy, chic and whatever is in for the season. She will
purchase a pair of gold shoes--sale or not!
The Red Carpet Woman: must have a shoe that is fresh off the runway and she has to be
the first woman to ever wear a pair of Manolo Blahniks. She will pay $400 and the sky's the
limit for a pair of shoes.

Page 5

One, Two, Step!

Table: Market Analysis

Market Analysis
Potential Customers

Growth

The Working Woman
The Retro Woman
The Woman on the Edge
The Red Carpet Woman
Total

3%
2%
1%
1%
2.64%

Year 1

Year 2

Year 3

Year 4

Year 5

25,000
2,000
1,500
200
28,700

25,750
2,040
1,508
201
29,499

26,523
2,081
1,516
202
30,322

27,319
2,123
1,524
203
31,169

28,139
2,165
1,532
20
31,856

CAGR
3.00%
2.00%
0.53%
-43.77%
2.64%

Chart: Market Analysis (Pie)

Market Analysis (Pie)

The Working Woman
The Retro Woman
The Woman on the Edge
The Red Carpet Woman

4.2 Target Market Segment Strategy
Our trendy location and upscale interior will make shopping at One, Two Step! an indulgence
for every woman. However, our marketing efforts will attract different market segments with
targeted ad campaigns and sales.
Working women: The majority of our shoes will be priced below the standard for their quality
and this shopping district. I am planning on lower margins for the first three years in order to
establish a broad customer base, and lure "working women" who come through this area to see
a pair of shoes from One, Two, Step! as an affordable luxury. Our initial marketing thus
includes print ads in the local paper's weekend shopping section, as well as flyers put up around
the downtown financial section nearby. This is our largest customer base, and will be important
for maintaining healthy month-to-month sales. Our challenge with this group is to convince
them that they can find affordable, comfortable, and stylish shoes downtown; they don't have
to go to the mall.

Page 6

One, Two, Step!

Retro and Trendy women: This group includes college students and young professionals, as
well as professional women in more creative fields. Our marketing efforts to these segments
will include flyers on the local campuses and print ads highlighting our unique product offerings,
with an emphasis on "the latest" looks. We will attempt to get free coverage of our grand
opening in the fashion section of the local paper, and will encourage local fashion magazines
and the newspaper to use us as a "fashion expert' resource on footwear issues. The patronage
of this group will give us an air of youthful and creative energy, while maintaining
sophistication.
Red Carpet women: These women know each other, go to the same events, and wouldn't be
caught dead in the same shoes. Our targeted ads in the opera and symphony booklets, as well
as donations to local fundraiser auctions, will establish us among this group as an upscale and
exclusive boutique. We will offer special-ordering and maintain a very low inventory of the
highest-level shoes, in order to keep these customers' purchases exclusive. Although sales in
this group will be low and occasional, they will give us the air of sophistication we are seeking.
To say, "I got them at One, Two, Step!" should be a claim to good taste and high class. Our
challenge with this group is to maintain the air of exclusivity while offering a wide-enough
range to appeal to their different tastes.
4.3 Industry Analysis
In the Women's Shoe industry, most companies are manufacturing their own shoes and they
have their own retail stores to market to the consumers. A lot of the distribution is through
promotional ads, word of mouth, the internet and other promotional means. Small, high-end
retailers like One, Two, Step! usually focus on two or three brands, and use targeted ads and
word-of-mouth to gain new customers.
4.3.1 Competition and Buying Patterns
Competition for our first three market segments is usually driven by who is offering the best
quality, most interesting shoes for less. The key to success is the quality of the shoe: how it
was made and with what materials. In the fourth and smallest market (red carpet women), as
well as among the trendy women, the shoe's designer and uniqueness, and the store's warmth,
sophistication, and customer service are usually more important than price.
The buying factors include what is "in" for each season, and the relation of comfort to style
each woman is aiming for.
A few of the main competitors are:
Store A: They have a great selection of women's shoes and they have all of the latest styles,
but their shoes are a bit over-priced. Also, they are limited in the sizes of shoes they sell. For
example, I wear a 9 1/2 but I always purchase a size 10 or an 11 (11's only if I'm purchasing
stillettos). A usually does not carry 11's, only in a few styles. Also, their shoes are extremely
narrow and are not made for all types of women's feet. However, a big plus for this store
is when you are at the register, ready to pay, they provide a shoe protectant for no charge and
the protectant really does work.
Store B: They have very decent prices for their shoes but not all of their shoes are of good
quality. Some of their shoes are made at a second-rate and you can tell just by looking at the
details of the shoe. B is also another store that is limited in their shoe sizes.

Page 7

One, Two, Step!

5.0 Strategy and Implementation Summary
One, Two, Step! will use a strategy of providing a service to all women consumers with regular
shoes and "plus size" shoes. We will offer a product that most women consumers will require.
We will create an atmosphere that is appealing to the truly fashion forward consumer.
Strategic Assumptions:
1. Every female resident in Houston,TX is a potential customer.
2. Promoting on the Web, by word of mouth and promotional postcards will give One, Two,
Step! the opportunity to draw customers from outside Houston, TX.
3. One, Two, Step! will aggressively pursue all contacts through networking.
5.1 Competitive Edge
One, Two, Step! will differ from other retail shoe stores because we will always be less
expensive than the competition, but we will still maintain the high quality of our shoes.
Also, we will offer a sales promotion on a monthly basis, such as:





buy one, get one half price
buy one, get one free
half off on shoes from the previous season
"One, Two, Step " dollars (for every $50 dollar purchase, the consumer receives an
additional 20% off of their next purchase)

5.2 Marketing Strategy
Our marketing strategy will not exceed 5% of our annual gross sales. Marketing will be via:





1, 2 Step! website (to be launched in the first year of business)- free shipping if ordered by
2pm central.
Advertisement postcards
Business Cards
Word of mouth

5.3 Sales Strategy
Our key to sales strategy at One, Two, Step! will be a great buying experience, every time.
Once a customer comes in the door, they will be greeted and assisted as much or as little as
they wish. Some customers are uncomfortable with lots of personal attention; others expect it.
Chloe's experience as a retailer has taught her how to read the subtle signs that tell her what a
customer is seeking when they enter. All customers will be offered tea or coffee while they
shop, and we will have comfortable chairs for friends to sit in while waiting.
Our sales goal is to generate repeat business and strong word-of-mouth advertising based on
this great buying experience. Word of mouth in new women's apparel and accessory stores
tends to spread to family, friends, co-workers, church members and people we depend on to
provide us a service (hair stylist, nail salon,doctors, etc.), in and out of state.

Page 8

One, Two, Step!

We also plan to have software to collect customer information such as:



Names, addresses, email addresses and phone numbers
What type of shoes the customers prefer

One, Two, Step! will also accept returns/exchanges of unworn shoes with receipt within 30 days
of their purchase to build a trust with all of our customers.
5.3.1 Sales Forecast
I expect a growth rate of 3% annually on shoe sales. I am projecting my sales to be at this
level due to the low wholesale prices and the demand for women's shoes. If you notice in my
forecast table for the Christmas holidays and summer time, sales will increase. College kids will
be out of school from May to August. Research shows that most consumers tend to spend the
most money during the holidays for Christmas gifts and they can't miss out on all of the great
holiday sales.
In January, sales will most likely decrease because the average consumer has spent a lot of
money for the holidays. January is the month to play "catch-up" on paying their credit card bills
and restoring their bank accounts back to normal.
Direct costs for shoe and accessory sales are set at 70% for the first three years. This is much
higher than normal for the industry, because of our pricing and specials - we can undersell the
competition not through volume, but through the value-added of an exclusive location, personal
service, and the owner's independent income, which does not require a paid salary.
Table: Sales Forecast

Sales Forecast
Year 1

Year 2

Year 3

Year 4

Year 5

$106,440
$1,419
$107,859

$109,633
$1,461
$111,094

$112,922
$1,505
$114,427

$116,309
$1,550
$117,859

$119,799
$1,597
$121,396

Year 1
$63,864
$852
$1,079
$2,157
$67,951

Year 2
$65,780
$877
$1,111
$2,222
$69,989

Year 3
$67,753
$903
$1,144
$2,289
$72,089

Year 4
$63,970
$899
$1,179
$2,357
$68,405

Year 5
$59,900
$926
$1,214
$2,428
$64,468

Sales
Shoes
Accessories
Total Sales
Direct Cost of Sales
Shoes
Accessories
Boxes and bags
Shipping costs for website sales
Subtotal Direct Cost of Sales

Page 9

One, Two, Step!

Chart: Sales Monthly

Sales Monthly
$11,000
$10,000
$9,000
$8,000
$7,000

Shoes

$6,000

Accessories

$5,000
$4,000
$3,000
$2,000
$1,000
$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

Chart: Sales by Year

Sales by Year

$120,000
$100,000
$80,000

Shoes

$60,000

Accessories

$40,000
$20,000
$0
Year 1

Year 2

Year 3

Year 4

Year 5

Page 10

One, Two, Step!

6.0 Web Plan Summary
The website for One, Two, Step! will serve as a channel for business. The consumer will be
able to:









View and purchase their shoes and accessories online (VISA, MC, AMEX, DISCOVER)
Purchase gift cards
Take a virtual tour of the store
Read shoe FAQs
See our Return/Privacy Policy
Contact Us
Sign up for One, Two, Step! news and updates
Complete surveys for customer satisfaction

6.1 Website Marketing Strategy
All of our customers will be encouraged to use our website, in state and out of state, for faster
service. Shoes and accessories will be sent out via USPS, Fed-Ex, or UPS, depending upon how
fast the customer prefers to receive the purchase. The website will include a special "buying
shoes online" section, where customers can print out the footprint of each model at actual size,
to see how it compares to their foot shape. Each brand that we offer generally conforms to a
particular foot shape, regardless of size; tips on picking your best brand for your foot shape will
help online customers get a good fit without every leaving home.
6.2 Development Requirements
I plan to use a contracted service to design my website. Projected costs are estimated at
$3,000. I plan to have the website officially up and running by year 2 of business.
I have estimated the ongoing costs:




Website name registration for Site Hosting: $60 per year
Search Engine Registration: $30 or less per month
Site Design Changes: Changes in the site, such as photography costs (estimated at $150$200 per shot), are considered to be part of Marketing and Advertising.

7.0 Management Summary
When the company begins the start-up phase, I want to hire an assistant to basically be my
right hand and one other person for coverage. The hire process will be well-thought-out and
will take serious consideration to make sure that the employees will be trustworthy, have great
attitudes and can provide excellent customer service. I will continue to be in charge of
Operations.
I also would like to reach out to college students looking for part-time jobs or just a summer
job to earn some extra money for school. I am also willing to hire to the "right" person with no
experience, because I feel that everyone has to start somewhere. I remember someone
who gave me a chance when I had no experience and now I feel it's my turn.

Page 11

One, Two, Step!

7.1 Personnel Plan
There will be two part-time employees working 20-30 hours per week. They will be paid at a
rate of $9.00 per hour. All employees will benefit from a one day paid holiday on their
respective birthdays and one week of paid vacation after twelve months of employment.
Bonuses will be given annually in the month of December.
At this time medical/dental benefits will not be offered to employees. As profits increase in the
future medical/dental benefits will be offered to all employees.
Table: Personnel

Personnel Plan
Year 1

Year 2

Year 3

Year 4

Year 5

Operations Assistant (part-time)
Sales Associate (Part-Time)
Total People

$12,150
$9,360
2

$12,200
$9,400
2

$12,300
$9,400
2

$12,300
$9,400
2

$12,300
$9,400
2

Total Payroll

$21,510

$21,600

$21,700

$21,700

$21,700

8.0 Financial Plan
Sales growth will be aggressive the first 18 months as we sharpen our merchandise
assortment, size scales, and stock levels to better meet our customers' requirements.
However, it is expected that One, Two, Step! will become profitable in the first year, but not
excessively so. This is partly due to our lower overall sales price for merchandise, compared to
our competitors, but also due to the fact that all our sales must come from customers lured
away from other retailers. Once we have a solid customer base, we can increase our margins
slightly without risk of losing customers.

Page 12

One, Two, Step!

8.1 Break-even Analysis
Our break-even analysis is summarized by the following chart and table. In order to break
even, we must sell at least $7,312 of shoes and accessories per month. We should easily sell
more than this even in our first month.
Table: Break-even Analysis

Break-even Analysis
Monthly Revenue Break-even

$6,585

Assumptions:
Average Percent Variable Cost
Estimated Monthly Fixed Cost

63%
$2,436

Chart: Break-even Analysis

Break-even Analysis
$2,000
$1,500
$1,000
$500
$0
($500)
($1,000)
($1,500)
($2,000)
$0

$2,000
$1,000

$4,000
$3,000

$6,000
$5,000

$8,000
$7,000

$9,000

$10,000
$11,000

Page 13

One, Two, Step!

8.2 Projected Profit and Loss
The following table and charts show our profitability for the next three years, and detail our
operating expenses. these include a portion of the mortgage for my house, for the spaces which
will be dedicated solely to business operations.
Chart: Profit Monthly

Profit Monthly
$1,000
$800
$600
$400
$200
$0
($200)
($400)
($600)

Month 1

Month 3
Month 2

Month 5
Month 4

Month 7
Month 6

Month 8

Month 9
Month 11
Month 10
Month 12

Page 14

One, Two, Step!

Chart: Profit Yearly

Profit Yearly
$18,000
$16,000
$14,000
$12,000
$10,000
$8,000
$6,000
$4,000
$2,000
$0
Year 1

Year 2

Year 3

Year 4

Year 5

Chart: Gross Margin Monthly

Gross Margin Monthly
$4,000
$3,600
$3,200
$2,800
$2,400
$2,000
$1,600
$1,200
$800
$400
$0
Month 1

Month 3
Month 2

Month 5
Month 4

Month 7
Month 6

Month 8

Month 9
Month 11
Month 10
Month 12

Page 15

One, Two, Step!

Chart: Gross Margin Yearly

Gross Margin Yearly
$60,000
$50,000
$40,000
$30,000
$20,000
$10,000
$0
Year 1

Year 2

Year 3

Year 4

Year 5

Page 16

One, Two, Step!

Table: Profit and Loss

Pro Forma Profit and Loss
Year 1

Year 2

Year 3

Year 4

Year 5

$107,859
$67,951
$0
$67,951

$111,094
$69,989
$0
$69,989

$114,427
$72,089
$0
$72,089

$117,859
$68,405
$0
$68,405

$121,396
$64,468
$0
$64,468

$39,908
37.00%

$41,105
37.00%

$42,338
37.00%

$49,454
41.96%

$56,928
46.89%

Payroll
Marketing/Promotion
Depreciation
Mortgage %/Rent
Utilities
Insurance
Website maintenance
POS contract/fees
Payroll taxes

$21,510
$2,375
$0
$1,800
$960
$1,800
$372
$420
$0

$21,600
$1,500
$0
$1,800
$1,000
$1,850
$375
$450
$0

$21,700
$2,000
$0
$1,800
$1,100
$2,000
$375
$450
$0

$21,700
$2,500
$0
$1,800
$1,200
$2,200
$375
$450
$0

$21,700
$2,750
$0
$1,800
$1,300
$2,250
$375
$450
$0

Total Operating Expenses

$29,237

$28,575

$29,425

$30,225

$30,625

Profit Before Interest and Taxes
EBITDA
Interest Expense
Taxes Incurred

$10,671
$10,671
$2,274
$2,519

$12,530
$12,530
$1,875
$3,196

$12,913
$12,913
$1,459
$3,436

$19,229
$19,229
$1,042
$5,456

$26,303
$26,303
$626
$7,703

$5,878
5.45%

$7,458
6.71%

$8,018
7.01%

$12,731
10.80%

$17,974
14.81%

Sales
Direct Cost of Sales
Other Costs of Sales
Total Cost of Sales
Gross Margin
Gross Margin %

Expenses

Net Profit
Net Profit/Sales

Page 17

One, Two, Step!

8.3 Start-up Funding
I will be investing $10,000 in the business, and am seeking another $25,000 in SBA long-term
loans, to be repaid over six years.
Table: Start-up Funding

Start-up Funding
Start-up Expenses to Fund
Start-up Assets to Fund
Total Funding Required

$5,000
$30,000
$35,000

Assets
Non-cash Assets from Start-up
Cash Requirements from Start-up
Additional Cash Raised
Cash Balance on Starting Date
Total Assets

$20,000
$10,000
$0
$10,000
$30,000

Liabilities and Capital
Liabilities
Current Borrowing
Long-term Liabilities
Accounts Payable (Outstanding Bills)
Other Current Liabilities (interest-free)
Total Liabilities

$0
$25,000
$0
$0
$25,000

Capital
Planned Investment
Owner
Investor
Additional Investment Requirement
Total Planned Investment

$10,000
$0
$0
$10,000

Loss at Start-up (Start-up Expenses)
Total Capital

($5,000)
$5,000

Total Capital and Liabilities

$30,000

Total Funding

$35,000

Page 18

One, Two, Step!

8.4 Projected Cash Flow
Our projected cash flow is outlined in the following chart and table. The table lists sales tax
collected and paid out, as well as repayment of the loan we are seeking.

Chart: Cash

Cash
$22,000
$20,000
$18,000
$16,000
$14,000
$12,000

Net Cash Flow

$10,000

Cash Balance

$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

Page 19

One, Two, Step!

Table: Cash Flow

Pro Forma Cash Flow
Year 1

Year 2

Year 3

Year 4

Year 5

$107,859
$107,859

$111,094
$111,094

$114,427
$114,427

$117,859
$117,859

$121,396
$121,396

$0
$0
$0
$0
$0
$0
$0
$107,859

$0
$0
$0
$0
$0
$0
$0
$111,094

$0
$0
$0
$0
$0
$0
$0
$114,427

$0
$0
$0
$0
$0
$0
$0
$117,859

$0
$0
$0
$0
$0
$0
$0
$121,396

Year 1

Year 2

Year 3

Year 4

Year 5

$21,510
$70,868
$92,378

$21,600
$82,102
$103,702

$21,700
$84,729
$106,429

$21,700
$82,123
$103,823

$21,700
$81,093
$102,793

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

$0
$0
$0
$4,164
$0
$0
$0
$96,542

$0
$0
$0
$4,165
$0
$0
$0
$107,867

$0
$0
$0
$4,165
$0
$0
$0
$110,594

$0
$0
$0
$4,165
$0
$0
$0
$107,988

$0
$0
$0
$4,165
$0
$0
$0
$106,958

Net Cash Flow
Cash Balance

$11,317
$21,317

$3,227
$24,544

$3,833
$28,377

$9,871
$38,248

$14,438
$52,686

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

8.5 Important Assumptions
I assume that the economic conditions will improve in the next two to three years. Therefore,
business will be good in year one, but years two and years three. One, Two, Step! will be very
successful.
Table: General Assumptions

General Assumptions
Plan Month
Current Interest Rate
Long-term Interest Rate
Tax Rate
Other

Year 1

Year 2

Year 3

Year 4

Year 5

1
10.00%
10.00%
30.00%
0

2
10.00%
10.00%
30.00%
0

3
10.00%
10.00%
30.00%
0

4
10.00%
10.00%
30.00%
0

5
10.00%
10.00%
30.00%
0

Page 20

One, Two, Step!

Page 21

One, Two, Step!

8.6 Projected Balance Sheet
The table below outlines the projected balance sheet. While, as a retail store, we have no plans
for long-term assets, we will have a healthy cash balance, growing over the next five years. We
plan to pay off our loan within six years, and increase the net worth of the business from
$5,000 at start-up to over $15,000 by the end of five years.
Table: Balance Sheet

Pro Forma Balance Sheet
Year 1

Year 2

Year 3

Year 4

Year 5

$21,317
$13,255
$5,000
$39,573

$24,544
$12,111
$5,000
$41,655

$28,377
$12,475
$5,000
$45,852

$38,248
$10,905
$5,000
$54,154

$52,686
$10,208
$5,000
$67,894

$0
$0
$0
$39,573

$0
$0
$0
$41,655

$0
$0
$0
$45,852

$0
$0
$0
$54,154

$0
$0
$0
$67,894

Year 1

Year 2

Year 3

Year 4

Year 5

$7,859
$0
$0
$7,859

$6,649
$0
$0
$6,649

$6,992
$0
$0
$6,992

$6,728
$0
$0
$6,728

$6,660
$0
$0
$6,660

Long-term Liabilities
Total Liabilities

$20,836
$28,695

$16,671
$23,320

$12,506
$19,498

$8,341
$15,069

$4,176
$10,836

Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital

$10,000
($5,000)
$5,878
$10,878
$39,573

$10,000
$878
$7,458
$18,336
$41,655

$10,000
$8,336
$8,018
$26,354
$45,852

$10,000
$16,354
$12,731
$39,084
$54,154

$10,000
$29,084
$17,974
$57,059
$67,894

Net Worth

$10,878

$18,336

$26,354

$39,084

$57,059

Assets
Current Assets
Cash
Inventory
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
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities

Page 22

One, Two, Step!

8.7 Business Ratios
One, Two, Step!'s ratios can be seen in the table below. For comparison, we have included
standard business ratios for the Miscellaneous retails stores industry, SIC Code 5999.
Table: Ratios

Ratio Analysis
Year 1

Year 2

Year 3

Year 4

Year 5

Industry Profile

n.a.

3.00%

3.00%

3.00%

3.00%

2.79%

Inventory
Other Current Assets
Total Current Assets
Long-term Assets
Total Assets

33.50%
12.64%
100.00%
0.00%
100.00%

29.08%
12.00%
100.00%
0.00%
100.00%

27.21%
10.90%
100.00%
0.00%
100.00%

20.14%
9.23%
100.00%
0.00%
100.00%

15.03%
7.36%
100.00%
0.00%
100.00%

33.69%
24.88%
75.34%
24.66%
100.00%

Current Liabilities
Long-term Liabilities
Total Liabilities
Net Worth

19.86%
52.65%
72.51%
27.49%

15.96%
40.02%
55.98%
44.02%

15.25%
27.27%
42.52%
57.48%

12.42%
15.40%
27.83%
72.17%

9.81%
6.15%
15.96%
84.04%

37.95%
16.70%
54.65%
45.35%

100.00%
37.00%
31.55%

100.00%
37.00%
30.29%

100.00%
37.00%
29.99%

100.00%
41.96%
31.16%

100.00%
46.89%
32.09%

100.00%
31.49%
18.95%

0.00%
9.89%

0.00%
11.28%

0.00%
11.28%

0.00%
16.32%

0.00%
21.67%

1.80%
1.05%

5.04
3.35
72.51%
77.19%
21.22%

6.27
4.44
55.98%
58.11%
25.58%

6.56
4.77
42.52%
43.46%
24.98%

8.05
6.43
27.83%
46.53%
33.58%

10.20
8.66
15.96%
45.00%
37.82%

1.77
0.70
61.43%
2.23%
5.78%

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

Year 4

Year 5

Net Profit Margin
Return on Equity

5.45%
54.03%

6.71%
40.68%

7.01%
30.42%

10.80%
32.57%

14.81%
31.50%

n.a
n.a

5.95
10.02
27
2.73

5.52
12.17
33
2.67

5.86
12.17
29
2.50

5.85
12.17
31
2.18

6.11
12.17
30
1.79

n.a
n.a
n.a
n.a

2.64
0.27

1.27
0.29

0.74
0.36

0.39
0.45

0.19
0.61

n.a
n.a

$31,714
4.69

$35,007
6.68

$38,860
8.85

$47,425
18.45

$61,235
42.03

n.a
n.a

0.37
20%
3.35
9.92
0.00

0.37
16%
4.44
6.06
0.00

0.40
15%
4.77
4.34
0.00

0.46
12%
6.43
3.02
0.00

0.56
10%
8.66
2.13
0.00

n.a
n.a
n.a
n.a
n.a

Activity Ratios
Inventory Turnover
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 23

One, Two, Step!

Page 24

Appendix
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

$7,500
$100
$7,600

$7,725
$103
$7,828

$7,957
$106
$8,063

$8,195
$109
$8,305

$8,441
$113
$8,554

$8,695
$116
$8,810

$8,955
$119
$9,075

$9,224
$123
$9,347

$9,501
$127
$9,627

$9,786
$130
$9,916

$10,079
$134
$10,214

$10,382
$138
$10,520

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

$4,500
$60
$76
$152
$4,788

$4,635
$62
$78
$157
$4,932

$4,774
$64
$81
$161
$5,080

$4,917
$66
$83
$166
$5,232

$5,065
$68
$86
$171
$5,389

$5,217
$70
$88
$176
$5,551

$5,373
$72
$91
$181
$5,717

$5,534
$74
$93
$187
$5,889

$5,700
$76
$96
$193
$6,065

$5,871
$78
$99
$198
$6,247

$6,048
$81
$102
$204
$6,435

$6,229
$83
$105
$210
$6,628

Sales
Shoes
Accessories
Total Sales

0%
0%

Direct Cost of Sales
Shoes
Accessories
Boxes and bags
Shipping costs for website sales
Subtotal Direct Cost of Sales

60%
60%
1%
2%

Page 1

Appendix
Table: Personnel

Personnel Plan
Operations Assistant (part-time)
Sales Associate (Part-Time)
Total People
Total Payroll

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

$1,013
$780
2

$1,013
$780
2

$1,013
$780
2

$1,013
$780
2

$1,013
$780
2

$1,013
$780
2

$1,013
$780
2

$1,013
$780
2

$1,013
$780
2

$1,013
$780
2

$1,013
$780
2

$1,013
$780
2

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

Page 2

Appendix
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

$7,600

$7,828

$8,063

$8,305

$8,554

$8,810

$9,075

$9,347

$9,627

$9,916

$10,214

$10,520

Direct Cost of Sales

$4,788

$4,932

$5,080

$5,232

$5,389

$5,551

$5,717

$5,889

$6,065

$6,247

$6,435

$6,628

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$4,788

$4,932

$5,080

$5,232

$5,389

$5,551

$5,717

$5,889

$6,065

$6,247

$6,435

$6,628

Other Costs of Sales
Total Cost of Sales
Gross Margin

$2,812

$2,896

$2,983

$3,073

$3,165

$3,260

$3,358

$3,458

$3,562

$3,669

$3,779

$3,892

37.00%

37.00%

37.00%

37.00%

37.00%

37.00%

37.00%

37.00%

37.00%

37.00%

37.00%

37.00%

Payroll

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

Marketing/Promotion

$1,500

$75

$100

$100

$75

$75

$75

$75

$75

$75

$75

$75

Gross Margin %

Expenses

Depreciation
Mortgage %/Rent
Utilities
Insurance
Website maintenance
POS contract/fees
Payroll taxes
Total Operating Expenses
Profit Before Interest and
Taxes
EBITDA
Interest Expense
Taxes Incurred
Net Profit
Net Profit/Sales

15%
15%

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$150

$150

$150

$150

$150

$150

$150

$150

$150

$150

$150

$150

$80

$80

$80

$80

$80

$80

$80

$80

$80

$80

$80

$80

$150

$150

$150

$150

$150

$150

$150

$150

$150

$150

$150

$150

$31

$31

$31

$31

$31

$31

$31

$31

$31

$31

$31

$31

$35
$0

$35
$0

$35
$0

$35
$0

$35
$0

$35
$0

$35
$0

$35
$0

$35
$0

$35
$0

$35
$0

$35
$0

$3,739

$2,314

$2,339

$2,339

$2,314

$2,314

$2,314

$2,314

$2,314

$2,314

$2,314

$2,314

($927)

$583

$645

$734

$851

$946

$1,044

$1,145

$1,249

$1,356

$1,466

$1,579

($927)

$583

$645

$734

$851

$946

$1,044

$1,145

$1,249

$1,356

$1,466

$1,579

$205

$203

$200

$197

$194

$191

$188

$185

$182

$179

$177

$174

($340)

$114

$134

$161

$197

$227

$257

$288

$320

$353

$387

$422

($792)
-10.43%

$266

$312

$376

$460

$529

$599

$672

$746

$823

$902

$984

3.40%

3.86%

4.53%

5.38%

6.00%

6.60%

7.19%

7.75%

8.30%

8.83%

9.35%

Page 3

Appendix
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 Sales

$7,600

$7,828

$8,063

$8,305

$8,554

$8,810

$9,075

$9,347

$9,627

$9,916

$10,214

$10,520

Subtotal Cash from Operations

$7,600

$7,828

$8,063

$8,305

$8,554

$8,810

$9,075

$9,347

$9,627

$9,916

$10,214

$10,520

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

New Other Liabilities (interest-free)

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

New Long-term Liabilities

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Sales of Other Current Assets

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Sales of Long-term Assets

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

New Investment Received

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Subtotal Cash Received

$7,600

$7,828

$8,063

$8,305

$8,554

$8,810

$9,075

$9,347

$9,627

$9,916

$10,214

$10,520

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

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

$1,793

$60

$1,946

$5,839

$5,897

$6,406

$6,622

$6,819

$7,023

$7,233

$7,449

$7,672

$7,902

$1,853

$3,739

$7,632

$7,689

$8,199

$8,414

$8,612

$8,816

$9,025

$9,242

$9,465

$9,694

Sales Tax, VAT, HST/GST Paid Out

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Principal Repayment of Current
Borrowing
Other Liabilities Principal
Repayment
Long-term Liabilities Principal
Repayment
Purchase Other Current Assets

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$347

$347

$347

$347

$347

$347

$347

$347

$347

$347

$347

$347

Cash Received
Cash from Operations

Additional Cash Received
Sales Tax, VAT, HST/GST Received
New Current Borrowing

0.00%

Expenditures from Operations
Cash Spending
Bill Payments
Subtotal Spent on Operations
Additional Cash Spent

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Purchase Long-term Assets

$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

Subtotal Cash Spent

$2,200

$4,086

$7,979

$8,036

$8,546

$8,761

$8,959

$9,163

$9,372

$9,589

$9,812

$10,041

Net Cash Flow

$5,400

$3,742

$84

$269

$8

$49

$116

$184

$255

$328

$402

$479

Page 4

Appendix
Cash Balance

$15,400

$19,143

$19,227

$19,496

$19,504

$19,553

$19,669

$19,853

$20,108

$20,436

$20,838

$21,317

Month 10

Month 11

Month 12

Table: Balance Sheet

Pro Forma Balance Sheet
Month 1
Assets

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Starting
Balances

Current Assets
Cash
Inventory
Other Current Assets
Total Current Assets

$10,000
$15,000
$5,000
$30,000

$15,400
$10,212
$5,000
$30,612

$19,143
$10,280
$5,000
$34,423

$19,227
$10,201
$5,000
$34,428

$19,496
$10,464
$5,000
$34,960

$19,504
$10,778
$5,000
$35,281

$19,553
$11,101
$5,000
$35,654

$19,669
$11,434
$5,000
$36,103

$19,853
$11,777
$5,000
$36,631

$20,108
$12,131
$5,000
$37,239

$20,436
$12,495
$5,000
$37,930

$20,838
$12,869
$5,000
$38,707

$21,317
$13,255
$5,000
$39,573

$0
$0
$0
$30,000

$0
$0
$0
$30,612

$0
$0
$0
$34,423

$0
$0
$0
$34,428

$0
$0
$0
$34,960

$0
$0
$0
$35,281

$0
$0
$0
$35,654

$0
$0
$0
$36,103

$0
$0
$0
$36,631

$0
$0
$0
$37,239

$0
$0
$0
$37,930

$0
$0
$0
$38,707

$0
$0
$0
$39,573

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

$0
$0
$0
$0

$1,751
$0
$0
$1,751

$5,643
$0
$0
$5,643

$5,683
$0
$0
$5,683

$6,186
$0
$0
$6,186

$6,394
$0
$0
$6,394

$6,585
$0
$0
$6,585

$6,782
$0
$0
$6,782

$6,985
$0
$0
$6,985

$7,194
$0
$0
$7,194

$7,409
$0
$0
$7,409

$7,631
$0
$0
$7,631

$7,859
$0
$0
$7,859

Long-term Liabilities
Total Liabilities

$25,000
$25,000

$24,653
$26,404

$24,306
$29,949

$23,959
$29,642

$23,612
$29,798

$23,265
$29,659

$22,918
$29,503

$22,571
$29,353

$22,224
$29,209

$21,877
$29,071

$21,530
$28,939

$21,183
$28,814

$20,836
$28,695

Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital

$10,000
($5,000)
$0
$5,000
$30,000

$10,000
($5,000)
($792)
$4,208
$30,612

$10,000
($5,000)
($526)
$4,474
$34,423

$10,000
($5,000)
($215)
$4,785
$34,428

$10,000
($5,000)
$162
$5,162
$34,960

$10,000
($5,000)
$622
$5,622
$35,281

$10,000
($5,000)
$1,151
$6,151
$35,654

$10,000
($5,000)
$1,750
$6,750
$36,103

$10,000
($5,000)
$2,422
$7,422
$36,631

$10,000
($5,000)
$3,168
$8,168
$37,239

$10,000
($5,000)
$3,991
$8,991
$37,930

$10,000
($5,000)
$4,894
$9,894
$38,707

$10,000
($5,000)
$5,878
$10,878
$39,573

$5,000

$4,208

$4,474

$4,785

$5,162

$5,622

$6,151

$6,750

$7,422

$8,168

$8,991

$9,894

$10,878

Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities

Net Worth

Page 5

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