Beauty Salon 1
Beauty Salon 1
Beauty Salon 1
[YOUR NAME]
[YOUR TITLE]
The undersigned reader acknowledges that the information provided by [YOUR COMPANY NAME] in this
business plan is confidential; therefore, reader agrees not to disclose it without the express written permission of
[YOUR COMPANY NAME].
It is acknowledged by reader that information to be furnished in this business plan is in all respects confidential in
nature, other than information which is in the public domain through other means and that any disclosure or use of
same by reader may cause serious harm or damage to [YOUR COMPANY NAME].
___________________
Signature
___________________
Name (typed or printed)
___________________
Date
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Contents
1.0 Executive Summary.......................................................................................................................... 3
1.1 Objectives...................................................................................................................................... 5
1.2 Mission.......................................................................................................................................... 5
1.3 Keys to Success............................................................................................................................ 5
2.0 Company Summary/Company Ownership.........................................................................................6
2.1 Start-Up Summary......................................................................................................................... 6
3.0 Products and Services....................................................................................................................... 6
4.0 Market Analysis Summary (data provided by the American Cancer Society)...............................6
4.1 Competition and Buying Patterns..................................................................................................7
5.0 Web Plan Summary.......................................................................................................................... 7
6.0 SWOT Analysis............................................................................................................................. 7
6.1 Competitive Edge.......................................................................................................................... 8
6.2 Marketing Strategy........................................................................................................................ 8
6.3 Sales Strategy............................................................................................................................... 9
6.4 Sales Forecast............................................................................................................................... 9
6.5 Milestones................................................................................................................................... 11
7.0 Management Summary................................................................................................................... 11
7.1 Personnel Plan............................................................................................................................ 11
8.0 Financial Plan.................................................................................................................................. 11
8.2 Break-even Analysis.................................................................................................................... 12
8.3 Projected Profit and Loss............................................................................................................. 12
8.4 Projected Operating Cash Flow...................................................................................................15
8.5 Projected Balance Sheet............................................................................................................. 16
Table: Sales Forecast............................................................................................................................. 1
Table: Personnel..................................................................................................................................... 2
Table: Profit and Loss............................................................................................................................. 3
Table: Cash Flow.................................................................................................................................... 4
Table: Balance Sheet.............................................................................................................................. 5
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1.0 Executive Summary
Introduction
[YOUR COMPANY NAME] is seeking $127,000 funding in order to fund the start-up of a ‘green’ hair salon
that focuses on hair replacement/hair extensions services targeting cancer patients and survivors in a high-
end salon setting. The business will also offer traditional salon services and will offer some educational
opportunities for stylists.
Location
The Organization
The business will be organized as a Minnesota LLC and will be owned 100% by INSERT NAME. INSERT
NAME will be the full-time owner/operator of the salon.
Services
The salon focuses on hair replacement/hair extensions services targeting cancer patients and survivors in a
high-end salon setting. In addition, the firm will offer laser hair growth services at $65 a session, estitician
services, and retail sales of salon products.
The Market
There are 1,530,000 new cases of cancer are expected to be found in the U.S. in 2010, of which 740,000 will
be female. The 5-year relative survival rate for all cancers diagnosed between 1999-2005 is 68%, up from
50% in 1975-1977. There are currently 11,000,000 cancer survivors in the U.S., of which 5,320,261 are
women. The high-end services and location of the salon in a high-income area will provide a stable
demographic to support the business. All of this points to a large and growing market of potential customers
of [YOUR COMPANY NAME].
Financial Considerations
[YOUR COMPANY NAME] is projecting $638,840 in annual sales and a $65,813 net profit in year 1,
and is seeking $127,000 in funding to be used as follows. The working capital will be
partially used to acquire inventory.
Start-up
Start-up Expenses
Legal & Accounting $2,000
Salon Build-Out $7,500
Laser Hair Growth Machine $7,000
Furniture (includes shelving, chairs, and receptionist desk) $5,000
Mirrors $3,000
Rent Deposits $2,500
Initial Marketing Expense $10,000
Wigs and Mannequins $1,500
Working Capital (2.5 months of operating expenses) $88,500
Total Start-Up Costs $127,000
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The major focus for funding is as follows:
1. Hire employees; the firm will look to hire veterans, minorities, and the unemployed; as sales and cash
flow improve.
Highlights
$900,000
$800,000
$700,000
$600,000 Sales
$300,000
$200,000
$100,000
$0
Year 1 Year 2 Year 3
The firm is projecting a net profit of $65,813 in year 1 and a net profit of $135,670 in year 2.
1.1 Objectives
1. Begin dialogue with cancer health care providers to identify patients who can benefit from the firm's hair
replacement services.
2. Create a new company website for a services description, education/awareness, with contact information
and online appointment scheduling.
3. Build a ‘green’ salon with organic products; yet retaining an upscale environment.
1.2 Mission
The mission of [YOUR COMPANY NAME] is to provide high quality hair replacement/hair extensions services
targeting cancer patients and survivors in a high-end salon setting.
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1.3 Keys to Success
3. INSERT NAME’s desire to help cancer patients, including offering discounted services to those in need.
[YOUR COMPANY NAME] is a start-up up-scale and ‘green’ hair salon that will specialize in hair
extension and replacement services for cancer patients. In addition, the firm will offer laser hair growth
services at $65 a session, estitician services, and retail sales of salon products. The salon will be located in
[CITY, STATE]. The business will be organized as a [STATE] LLC, with INSERT NAME as the President.
INSERT NAME is the President and 100% owner.
[YOUR COMPANY NAME] is projecting $450,000 in annual sales and a $4,706 net profit in year 1,
and is seeking $127,000 in funding to be used as follows. The working capital will be
partially used to acquire inventory.
Start-up
Start-up Expenses
Legal & Accounting $2,000
Salon Build-Out $7,500
Laser Hair Growth Machine $7,000
Furniture (includes shelving, chairs, and receptionist desk) $5,000
Mirrors $3,000
Rent Deposits $2,500
Initial Marketing Expense $10,000
Wigs and Mannequins $1,500
Working Capital (2.5 months of operating expenses) $88,500
Total Start-Up Costs $127,000
The primary services offered by [YOUR COMPANY NAME] are hair extensions and hair reconditioning. The
owner is highly skilled in the technique of Thermal Reconditioning, which is a Japanese straightening
treatment that uses heat to restructure the bonds in your hair so the hair lies straight, giving you glossy,
smooth, shiny straight hair that requires hardly any blow drying. Thermal Reconditioning has been practiced
in the United States for just over six years. This treatment has been featured in just about every fashion
magazine in America including: In Style, Allure, Vogue, Marie Claire, Jane, Woman's Day, Cosmopolitan,
Self, Oprah, Lucky, Glamour, and Elle. The business also offers traditional hair salon services,
including haircuts, up-dos, and hair coloring. The firm can also offer formal training to stylists twice a month as
an additional revenue source. In addition, the firm will offer laser hair growth services at $65 a session,
estitician services, and retail sales of salon products.
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4.0 Market Analysis Summary (data provided by the American Cancer Society)
1,530,000 new cases of cancer are expected to be found in the U.S. in 2010, of which 740,000 will be
female.
The 5-year relative survival rate for all cancers diagnosed between 1999-2005 is 68%, up from 50%
in 1975-1977.
There are currently 11,000,000 cancer survivors in the U.S., of which 5,320,261 are women.
According to the Pantene Beautiful Lengths Web site, a recent study revealed that nearly 60 percent
of women consider hair loss the most dreaded side effect they face when undergoing chemotherapy.
Real-hair wigs can cost as much as $1,200 and are often only partially covered by health insurance.
Dakota County, MN has a population of approximately 386,599 and a median household income of
$73,209. With 55.5% of the population in the 25-64 age range and 52.65% of the adult population
being female, the target population of women is 112,967 (data from the U.S. Census Bureau 2009
estimates)
There are many small salons, resort salons, and a few larger salons who offer general cosmetology services.
Hair extensions touch a specific client and the firm’s hair replacement services will actively seek women and
childhood cancer patients.
Several competing salons that offer extensions and wigs include the following:
INSERT COMPETITION
The firm believes that the most attractive growth strategies involve marketing based upon the firm’s upscale
and green image, mining the existing customer base for referrals, and by contacting any visitors to the
company’s website
A website will be developed. It will allow prospective customers to view examples of the firm’s service,
including photos of the dramatic improvement in the attractiveness in the patient’s hair. In addition, the firm
will make a stronger effort at collecting customer’s email for periodic email blasts. The website will also allow
for online scheduling of appointments.
Ability to change hair services quickly based The firm will move quickly to take advantage of changing
upon changing consumer demand customer preferences
Only high-end salon in this particular suburb The firm will quickly attract financial comfortable clients
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risen due to the increased survivability rates of
cancer treatment
Many small, poorly managed hair salons have The firm can quickly build sales with customers who have
gone out of business during the recession; lack lost their salon contacts and market to targeted customer
of high-end salon in high-income Dakota demographic
County
The firm’s competitive edge will be created by its proximity to multiple cancer treatment facilities in the Twin
Cities area, high-end and comfortable salon facilities, eco-friendly “green” and organic product philosophy and
management experience brought by INSERT NAME; which will allow for a strong brand image that will attract
new customers and build referral pipelines. In addition, the salon will be the only high-end salon currently
operating in the subject suburb.
Newspaper advertisement
New web site that will exclusively target hair replacement services
All employees are paid based on performance (40 – 52% commission) providing incentive for customer
service and relationship-building. Customer referrals and e-marketing will drive both local and national
customers to the salon.
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12
6.4 Sales Forecast
10 Month
11
The firm projects to achieve $638,840 in sales during year 1, $767,166 in year 2, and $899,741 in year 3.
9 Month
Table: Sales Forecast
8 Month
Month
Sales Forecast
Year 1 Year 2 Year 3
Month
Sales
7
Salon Services by Stylists and Barbers $450,000 $550,000 $650,000
Month
Salon Services by Estitician $84,000 $96,600 $111,090
Laser Hair Growth Services by Owner/Manager Month 6 $60,840 $69,966 $80,461
Retail Product Sales by Stylists and Barbers $44,000 $50,600 $58,190
5
Sales Monthly
$60,000
$0
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Sales by Year
$800,000
Salon Services by Stylists and Barbers
$200,000
$0
Year 1 Year 2 Year 3
6.5 Milestones
Table: Milestones
Milestones
INSERT NAME is a former educator (5 years in public school systems) and retail manager (9 years at all
levels of management). He has specialized knowledge in the fitting and care of wigs. He is also skilled in
creating and analyzing business financial statements and managing the cash flow of an operating business.
The firm estimates a first year payroll expense of $326,064. The stylists and barber will be independent
contractors.
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Table: Personnel
Personnel Plan
Year 1 Year 2 Year 3
Full-Time Sylists (Seven in Year 1) 1099 $224,004 $230,724 $237,646
Full-Time Barber (One in Year 1) 1099 $32,004 $32,964 $33,953
Full-Time Receptionist (One in Year 1) W-2 $20,796 $21,420 $22,063
Part-Time Receptionist (One in Year 1) W-2 $13,260 $13,658 $14,068
Owner/Manager $36,000 $37,080 $38,192
This Business Plan is used by the management as a road map to its success. It is an indispensable tool for
the ongoing performance and improvement of the Company, and it will be referred to often as management
plots its business course. The Company provided the assumptions for all financial projections which are
detailed in the tables and charts throughout this plan.
[YOUR COMPANY NAME] is projecting $638,840 in annual sales and a $65,813 net profit in year 1,
and is seeking $127,000 in funding to be used as follows. The working capital will be
partially used to acquire inventory.
Start-up
Start-up Expenses
Legal & Accounting $2,000
Salon Build-Out $7,500
Laser Hair Growth Machine $7,000
Furniture (includes shelving, chairs, and receptionist desk) $5,000
Mirrors $3,000
Rent Deposits $2,500
Initial Marketing Expense $10,000
Wigs and Mannequins $1,500
Working Capital (2.5 months of operating expenses) $88,500
Total Start-Up Costs $127,000
Break-even Analysis
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Break-even Analysis
$30,000
$20,000
$10,000
$0
($10,000)
($20,000)
($30,000)
The following Projected Profit and Loss Table and charts illustrate the firm’s sales, operating expenses, and
profitability over the next three years. It illustrates the effects on profitability of increased expenses such as
asset acquisition, personnel, and marketing as the Company expands. It also illustrates the delayed revenue
(sales) growth that occurs months after the capital expenditures of start-up and expansion. A monthly
projection for the first twelve months of sales, direct cost of sales, operating expenses, gross profits, tax
consequences, and net profits after taxes is found in the appendix.
The firm is projecting a $638,840 sales figure in year 1 and a $65,813 net profit.
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Table: Profit and Loss
Pro Forma Profit and Loss
Year 1 Year 2 Year 3
Sales $638,840 $767,166 $899,741
Direct Cost of Sales $101,544 $116,776 $134,292
Other Costs of Sales $0 $0 $0
Total Cost of Sales $101,544 $116,776 $134,292
Expenses
Payroll $326,064 $335,846 $345,921
Marketing/Promotion $15,000 $15,450 $15,914
Depreciation $0 $0 $0
Rent $24,000 $24,720 $25,462
Utilities $6,000 $6,180 $6,365
Insurance with Workers Comp $8,004 $8,244 $8,491
Payroll Taxes $48,910 $50,377 $51,888
Phone/Fax $1,500 $1,545 $1,591
Legal & Accounting $3,000 $3,090 $4,026
Office Expense $1,800 $1,854 $1,910
Repair/Maintenance $2,400 $2,472 $2,546
Travel $3,600 $3,708 $3,819
Auto/Truck Expense $3,000 $3,090 $3,183
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Profit Monthly
$10,000
$8,000
$6,000
$4,000
$2,000
$0
Profit Yearly
$210,000
$180,000
$150,000
$120,000
$90,000
$60,000
$30,000
$0
Year 1 Year 2 Year 3
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Gross Margin Monthly
$50,000
$40,000
$30,000
$20,000
$10,000
$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
$720,000
$600,000
$480,000
$360,000
$240,000
$120,000
$0
Year 1 Year 2 Year 3
[YOUR COMPANY NAME] has applied for $127,000 in funding sources. The Company forecast that it will receive
the funding between the first and second quarter of 2011. As all sales will be paid by cash, check, or credit card;
there will be no delayed collection of receipts and most inventory or supplies will be paid up front as well. The
cash flow statement below projects the operating cash flow only.
Cash
$70,000
$60,000
$50,000
Net Cash Flow
$40,000
Cash Balance
$30,000
$20,000
$10,000
$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
The Balance Sheet Table (below) shows the Pro-Forma Balance Sheet projections. In the appendix, the first
twelve months are shown individually.
Based on these financial projections, [YOUR COMPANY NAME] expects to build a business with a solid
balance sheet for years to come. The balance sheet assumes that all earnings are retained in the business
and projects that cash will grow to $407,515 by year 3.
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Table: Balance Sheet
Current Assets
Cash $65,813 $201,483 $407,515
Other Current Assets $0 $0 $0
Total Current Assets $65,813 $201,483 $407,515
Long-term Assets
Long-term Assets $0 $0 $0
Accumulated Depreciation $0 $0 $0
Total Long-term Assets $0 $0 $0
Total Assets $65,813 $201,483 $407,515
Current Liabilities
Accounts Payable $0 $0 $0
Current Borrowing $0 $0 $0
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $0 $0 $0
Long-term Liabilities $0 $0 $0
Total Liabilities $0 $0 $0
The table below presents the projected business ratios from the beauty salons services as a reference with
sales from $500,000-$999,999. The firm is projecting sales growth of 20.09% in year 2 and 17.28% in year 3.
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Table: Ratios
Ratio Analysis
Year 1 Year 2 Year 3
Sales Growth n.a. 20.09% 17.28%
Percent of Sales
Sales 100.00% 100.00% 100.00%
Gross Margin 84.10% 84.78% 85.07%
Selling, General & Administrative 73.80% 67.09% 62.18%
Expenses
Advertising Expenses 2.35% 2.01% 1.77%
Profit Before Interest and Taxes 14.72% 25.26% 32.71%
Main Ratios
Current 0.00 0.00 0.00
Quick 0.00 0.00 0.00
Total Debt to Total Assets 0.00% 0.00% 0.00%
Pre-tax Return on Net Worth 142.86% 96.19% 72.23%
Pre-tax Return on Assets 142.86% 96.19% 72.23%
Activity Ratios
Accounts Payable Turnover 0.00 0.00 0.00
Payment Days 0 0 0
Total Asset Turnover 9.71 3.81 2.21
Debt Ratios
Debt to Net Worth 0.00 0.00 0.00
Current Liab. to Liab. 0.00 0.00 0.00
Liquidity Ratios
Net Working Capital $65,813 $201,483 $407,515
Interest Coverage 0.00 0.00 0.00
Additional Ratios
Assets to Sales 0.10 0.26 0.45
Current Debt/Total Assets 0% 0% 0%
Acid Test 0.00 0.00 0.00
Sales/Net Worth 9.71 3.81 2.21
Dividend Payout 0.00 0.00 0.00
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Appendix
Direct Cost of Sales Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month Month Month
10 11 12
Salon Services by Stylists & $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Barbers
Salon Services by $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500
Estiticians
Laser Hair Growth Services $468 $936 $1,404 $1,872 $2,340 $2,808 $3,276 $3,744 $4,212 $4,680 $5,148 $5,616
Retail Product Sales $1,920 $1,920 $1,920 $1,920 $1,920 $1,920 $1,920 $1,920 $1,920 $1,920 $1,920 $1,920
Subtotal Direct Cost of $5,888 $6,356 $6,824 $7,292 $7,760 $8,228 $8,696 $9,164 $9,632 $10,100 $10,568 $11,036
Sales
Page 1
Appendix
Table: Personnel
Personnel Plan
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month Month Month
10 11 12
Full-Time Sylists (Seven in Year 1) $18,667 $18,667 $18,667 $18,667 $18,667 $18,667 $18,667 $18,667 $18,667 $18,667 $18,667 $18,667
1099
Full-Time Barber (One in Year 1) $2,667 $2,667 $2,667 $2,667 $2,667 $2,667 $2,667 $2,667 $2,667 $2,667 $2,667 $2,667
1099
Full-Time Receptionist (One in Year $1,733 $1,733 $1,733 $1,733 $1,733 $1,733 $1,733 $1,733 $1,733 $1,733 $1,733 $1,733
1) W-2
Part-Time Receptionist (One in Year $1,105 $1,105 $1,105 $1,105 $1,105 $1,105 $1,105 $1,105 $1,105 $1,105 $1,105 $1,105
1) W-2
Owner/Manager $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
Total People 0 0 0 0 0 0 0 0 0 0 0 0
Total Payroll $27,172 $27,172 $27,172 $27,172 $27,172 $27,172 $27,172 $27,172 $27,172 $27,172 $27,172 $27,172
Page 2
Appendix
Gross Margin $35,642 $39,954 $40,266 $44,328 $44,640 $44,952 $45,264 $45,576 $45,888 $49,950 $50,262 $50,574
Gross Margin % 85.82% 86.28% 85.51% 85.87% 85.19% 84.53% 83.88% 83.26% 82.65% 83.18% 82.63% 82.09%
Expenses
Payroll $27,172 $27,172 $27,172 $27,172 $27,172 $27,172 $27,172 $27,172 $27,172 $27,172 $27,172 $27,172
Marketing/Promotion $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250
Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Rent $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Utilities $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500
Insurance with $667 $667 $667 $667 $667 $667 $667 $667 $667 $667 $667 $667
Workers Comp
Payroll Taxes $4,076 $4,076 $4,076 $4,076 $4,076 $4,076 $4,076 $4,076 $4,076 $4,076 $4,076 $4,076
Phone/Fax $125 $125 $125 $125 $125 $125 $125 $125 $125 $125 $125 $125
Legal & Accounting $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250
Office Expense $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150
Repair/Maintenance $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Travel $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300
Auto/Truck Expense $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250
Total Operating $36,940 $36,940 $36,940 $36,940 $36,940 $36,940 $36,940 $36,940 $36,940 $36,940 $36,940 $36,940
Expenses
Profit Before Interest ($1,298) $3,014 $3,326 $7,388 $7,700 $8,012 $8,324 $8,636 $8,948 $13,010 $13,322 $13,634
and Taxes
EBITDA ($1,298) $3,014 $3,326 $7,388 $7,700 $8,012 $8,324 $8,636 $8,948 $13,010 $13,322 $13,634
Interest Expense $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Taxes Incurred ($389) $904 $998 $2,216 $2,310 $2,404 $2,497 $2,591 $2,684 $3,903 $3,997 $4,090
Page 3
Appendix
Net Profit ($908) $2,110 $2,328 $5,172 $5,390 $5,609 $5,827 $6,045 $6,264 $9,107 $9,326 $9,544
Net Profit/Sales -2.19% 4.56% 4.94% 10.02% 10.29% 10.55% 10.80% 11.04% 11.28% 15.17% 15.33% 15.49%
Expenditures Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month Month Month
10 11 12
Net Cash Flow ($908) $2,110 $2,328 $5,172 $5,390 $5,609 $5,827 $6,045 $6,264 $9,107 $9,326 $9,544
Cash Balance ($908) $1,201 $3,530 $8,702 $14,092 $19,700 $25,527 $31,573 $37,836 $46,943 $56,269 $65,813
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Appendix
The $127,000 funding request has been rounded down to $120,000 in the statement below, assuming that negotiations result in a smaller funding amount.
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
Current Assets
Cash ($908) $1,201 $3,530 $8,702 $14,092 $19,700 $25,527 $31,573 $37,836 $46,943 $56,269 $65,813
Other Current $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Assets
Total Current ($908) $1,201 $3,530 $8,702 $14,092 $19,700 $25,527 $31,573 $37,836 $46,943 $56,269 $65,813
Assets
Long-term
Assets
Long-term $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Assets
Accumulated $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Depreciation
Total Long-term $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Assets
Total Assets ($908) $1,201 $3,530 $8,702 $14,092 $19,700 $25,527 $31,573 $37,836 $46,943 $56,269 $65,813
Liabilities and Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Capital
Current
Liabilities
Accounts $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Payable
Current $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Borrowing
Other Current $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Liabilities
Page 5
Appendix
Subtotal Current $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Liabilities
Long-term $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Liabilities
Total Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Paid-in Capital $120,000 $120,000 $120,000 $120,000 $120,000 $120,000 $120,000 $120,000 $120,000 $120,000 $120,000 $120,000
Retained ($120,000 ($120,000 ($120,000 ($120,000 ($120,000 ($120,000 ($120,000 ($120,000 ($120,000 ($120,000 ($120,000 ($120,000)
Earnings ) ) ) ) ) ) ) ) ) ) )
Earnings ($908) $1,201 $3,530 $8,702 $14,092 $19,700 $25,527 $31,573 $37,836 $46,943 $56,269 $65,813
Total Capital ($908) $1,201 $3,530 $8,702 $14,092 $19,700 $25,527 $31,573 $37,836 $46,943 $56,269 $65,813
Total Liabilities ($908) $1,201 $3,530 $8,702 $14,092 $19,700 $25,527 $31,573 $37,836 $46,943 $56,269 $65,813
and Capital
Net Worth ($908) $1,201 $3,530 $8,702 $14,092 $19,700 $25,527 $31,573 $37,836 $46,943 $56,269 $65,813
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