business plan financial statement example

Financial Assumptions and Your Business Plan

Written by Dave Lavinsky

Financial assumptions are an integral part of a well-written business plan. You can’t accurately forecast the future without them. Invest the time to write solid assumptions so you have a good foundation for your financial forecast.

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What are Financial Assumptions?

Financial assumptions are the guidelines you give your business plan to follow. They can range from financial forecasts about costs, revenue, return on investment, and operating and startup expenses. Basically, financial assumptions serve as a forecast of what your business will do in the future. You need to include them so that anyone reading your plan will have some idea of how accurate its projections may be.

Of course, your financial assumptions should accurately reflect the information you’ve given in your business plan and they should be reasonably accurate. You need to keep this in mind when you make them because if you make outlandish claims, it will make people less likely to believe any part of your business plan including other financial projections that may be accurate.

That’s why you always want to err on the side of caution when it comes to financial assumptions for your business plan. The more conservative your assumptions are the more likely you’ll be able to hit them, and the less likely you’ll be off by so much that people will ignore everything in your plan.

Why are Financial Assumptions Important?

Many investors skip straight to the financial section of your business plan. It is critical that your assumptions and projections in this section be realistic. Plans that show penetration, operating margin, and revenues per employee figures that are poorly reasoned; internally inconsistent, or simply unrealistic greatly damage the credibility of the entire business plan. In contrast, sober, well-reasoned financial assumptions and projections communicate operational maturity and credibility.

For instance, if the company is categorized as a networking infrastructure firm, and the business plan projects 80% operating margins, investors will raise a red flag. This is because investors can readily access the operating margins of publicly-traded networking infrastructure firms and find that none have operating margins this high.

As much as possible, the financial assumptions should be based on actual results from your or other firms. As the example above indicates, it is fairly easy to look at a public company’s operating margins and use these margins to approximate your own. Likewise, the business plan should base revenue growth on other firms. 

Many firms find this impossible, since they believe they have a breakthrough product in their market, and no other company compares. In such a case, base revenue growth on companies in other industries that have had breakthrough products. If you expect to grow even faster than they did (maybe because of new technologies that those firms weren’t able to employ), you can include more aggressive assumptions in your business plan as long as you explain them in the text.

The financial assumptions can either enhance or significantly harm your business plan’s chances of assisting you in the capital-raising process. By doing the research to develop realistic assumptions, based on actual results of your or other companies, the financials can bolster your firm’s chances of winning investors. As importantly, the more realistic financials will also provide a better roadmap for your company’s success.

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Financial assumptions vs projections.

Financial Assumptions – Estimates of future financial results that are based on historical data, an understanding of the business, and a company’s operational strategy.

Financial Projections – Estimates of future financial results that are calculated from the assumptions factored into the financial model.

The assumptions are your best guesses of what the future holds; the financial projections are numerical versions of those assumptions. 

Key Assumptions By Financial Statement

Below you will find a list of the key business assumptions by the financial statement:

Income Statement

The income statement assumptions should include revenue, cost of goods sold, operating expenses, and depreciation/amortization, as well as any other line items that will impact the income statement.

When you are projecting future operating expenses, you should project these figures based on historical information and then adjust them as necessary with the intent to optimize and/or minimize them.

Balance Sheet

The balance sheet assumptions should include assets, liabilities, and owner’s equity, as well as any other line items that will impact the balance sheet. One of the most common mistakes is not including all cash inflows and outflows.

Cash Flow Statement

Cash flow assumptions should be made, but they do not impact the balance sheet or income statement until actually received or paid. You can include the cumulative cash flow assumption on the financial model to be sure it is included with each year’s projections. 

The cumulative cash flow assumption is useful for showing your investors and potential investors how you will spend the money raised. This line item indicates how much of the initial investment will be spent each year, which allows you to control your spending over time.

Notes to Financial Statements

The notes to financial statements should explain assumptions made by management regarding accounting policies, carrying value of long-lived assets, goodwill impairment testing, contingencies, and income taxes. It is important not only to list these items within the notes but also to provide a brief explanation.

What are the Assumptions Needed in Preparing a Financial Model?

In our article on “ How to Create Financial Projections for Your Business Plan ,” we list the 25+ most common assumptions to include in your financial model. Below are a few of them:

For EACH key product or service you offer:

• What is the number of units you expect to sell each month?
• What is your expected monthly sales growth rate?

For EACH subscription/membership you offer:

• What is the monthly/quarterly/annual price of your membership?
• How many members do you have now or how many members do you expect to gain in the first month/quarter/year?

Cost Assumptions

• What is your monthly salary? What is the annual growth rate in your salary?
• What is your monthly salary for the rest of your team? What is the expected annual growth rate in your team’s salaries?
• What is your initial monthly marketing expense? What is the expected annual growth rate in your marketing expense?

Assumptions related to Capital Expenditures, Funding, Tax and Balance Sheet Items

• How much money do you need for capital expenditures in your first year  (to buy computers, desks, equipment, space build-out, etc.)
• How much other funding do you need right now?
• What is the number of years in which your debt (loan) must be paid back

Properly Preparing Your Financial Assumptions

So how do you prepare your financial assumptions? It’s recommended that you use a spreadsheet program like Microsoft Excel. You’ll need to create separate columns for each line item and then fill in the cells with the example information described below.

Part 1 – Current Financials

Year to date (YTD) units sold and units forecast for next year. This is the same as YTD revenue, but you divide by the number of days in the period to get an average daily amount. If your plan includes a pro forma financial section, your financial assumptions will be projections that are consistent with the pro forma numbers.

Part 2 – Financial Assumptions

Estimated sales forecasts for next year by product or service line, along with the associated margin. List all major items in this section, not just products. For instance, you might include “Professional Services” as a separate item, with revenue and margin information.

List the number of employees needed to support this level of business, including yourself or key managers, along with your cost assumptions for compensation, equipment leasing (if applicable), professional services (accounting/legal/consultants), and other line items.

Part 3 – Projected Cash Flow Statement and Balance Sheet

List all key assumptions like: sources and uses of cash, capital expenditures, Planned and Unplanned D&A (depreciation & amortization), changes in operating assets and liabilities, along with those for investing activities. For example, you might list the assumptions as follows:

• Increases in accounts receivable from customers based on assumed sales levels
• Decreases in inventory due to increased sales
• Increases in accounts payable due to higher expenses for the year
• Decrease in unearned revenue as evidenced by billings received compared with those projected (if there is no change, enter 0)
• Increase/decrease in other current assets due to changes in business conditions
• Increase/decrease in other current liabilities due to changes in business conditions
• Increases in long term debt (if necessary)
• Cash acquired from financing activities (interest expense, dividends paid, etc.)

You make many of these assumptions based on your own experience. It is also helpful to look at the numbers for public companies and use those as a benchmark.

Part 4 – Future Financials

This section is for more aggressive financial projections that can be part of your plan, but which you cannot necessarily prove at the present time. This could include:

• A projection of earnings per share (EPS) using the assumptions above and additional information such as new products, new customer acquisition, expansion into new markets
• New product lines or services to be added in the second year. List the projected amount of revenue and margin associated with these items
• A change in your gross margins due to a specific initiative you are planning, such as moving from a high volume/low margin business to a low volume/high margin business

Part 5 – Calculations

Calculate all critical financial numbers like:

• Cash flow from operating activities (CFO)
• Operating income or loss (EBITDA)  (earnings before interest, taxes, depreciation, and amortization)
• EBITDA margin (gross profits divided by revenue less cost of goods sold)
• Adjusted EBITDA (CFO plus other cash changes like capital expenditure, deferred taxes, non-cash stock compensation, and other items)
• Net income or loss before tax  (EBT)
• Cash from financing activities (increase/decrease in debt and equity)

Part 6 – Sensitivity Analysis

If your assumptions are reasonably accurate, you will have a column for “base case” and a column for “worst case.”  If you have a lot of variables with different possible outcomes, just list the potential range in one cell.

Calculate both EBITDA margins and EPS ranges at each level.

Part 7 – Section Highlights

Just list the two or three key points you want to make. If it is hard to distill them down, you need to go back and work on Part 3 until it makes sense.

Part 8 – Financial Summary

Include all the key numbers from your assumptions, section highlights, and calculations. In one place, you can add up CFO, EPS at different levels, and EBITDA margins under both base case and worst-case scenarios to give a complete range for each assumption.

The key to a successful business plan is being able to clearly communicate your financial assumptions. Be sure to include your assumptions in the narrative of your plan so you can clearly explain why you are making them. If you are using the business plan for financing or other purposes, it may also be helpful to include a separate “financials” section so people unfamiliar with your industry can quickly find and understand key information. A business plan generator can help you in creating your financial projections.

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If you just need a financial model for your business plan, learn more about our financial modeling services .  

Other Resources for Writing Your Business Plan

• How to Write an Executive Summary
• How to Expertly Write the Company Description in Your Business Plan
• How to Write the Market Analysis Section of a Business Plan
• The Customer Analysis Section of Your Business Plan
• Completing the Competitive Analysis Section of Your Business Plan
• How to Write the Management Team Section of a Business Plan + Examples
• How to Create Financial Projections for Your Business Plan
• Everything You Need to Know about the Business Plan Appendix
• Business Plan Conclusion: Summary & Recap

Other Helpful Business Plan Articles & Templates

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Financial Planning

To meet short- and long-term financial goals, it is important to plan ahead. These resources will walk you through all aspects of financial planning, teaching you to control your income, expenses, and investments in a way that best works for you.

• Saving Money
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Your Guide to Financial Planning

Financial plans help people live within their means, identify financial goals, and increase savings to help you reach those goals. To make a financial plan, you have to gather all relevant financial information, prioritize financial goals, and put a plan into action. Create a budget, and when writing down your financial goals, make sure they are reachable and realistic. To make sure your plan is effective, you need to commit to following it.

The very first step in the financial planning process is to take a deep dive into your finances. This includes reviewing your monthly income, outstanding debts, bank account balances, and monthly fixed expenses. In the case of a certified financial planner (CFP) , they would ask the client questions about the client’s health, values, earnings potential, risk tolerance, needs, and more. By addressing all aspects of your financial lifestyle, you’ll be better equipped to determine what needs to change, and how to improve your financial situation.

The seven steps of financial planning typically refer to financial planners; however, an individual can follow them too. The first three steps are to understand and establish financial goals, determine your net worth, and estimate your income and expenses. Next, the steps include: reviewing your personal debt situation, allocating savings goals to reach, implementing the financial plan, and lastly, monitoring progress and continuing to update the financial plan.

It’s important to consider taxes when creating a financial plan. Depending on your individual circumstances, such as age and income, taxes can have an impact. Say saving for retirement is a main goal for you, and your place of employment offers a 401(k) plan . By choosing to enroll in the plan you will have a pathway to meet your goal, and tax advantages may be able to get you there even quicker. Also, when considering your net worth as part of the financial plan, a liability to factor in may be income taxes or taxes due on the profits of your investments.

 A financial planner helps individuals reach their financial goals. It is someone who takes a comprehensive approach to their client’s finances, offering in-depth assistance with things like retirement savings, investing, taxes, estate planning, and college financing. In most cases, financial planners are certified in the practice and called Certified Financial Planners, or CFPs. CFPs have completed extensive training in financial planning and are held to strict ethical standards.

Financial health is a state of being in which a person, business, or financial institution measures their well-being by the condition of monetary assets and liabilities, such as debt and savings.

Your tax liability is any amount you owe a taxing authority, such as the Internal Revenue Service. Having liability means you’re responsible for something. There can be several components to your total tax liability with an agency, including unpaid taxes from prior years.

Discretionary income is the income you have left over to spend, save, or invest after you pay taxes and for other essentials such as rent or mortgage, utilities, food, and credit card bills. Discretionary income is less than both total income and disposable income because it's income you can use at your discretion.

Your net worth is essentially a grand total of all your assets minus your liabilities. In other words, your net worth is the figure you get when you add up everything you own from the value of your home to the cash in your bank account and then subtract from that the value of all of your debts which may include a mortgage, car or student loans, or even credit card balances.

Estate planning is the systematic approach to organizing your personal and financial affairs to deal with the possibility of mental incapacity or death. Depending on your current family and financial situations, your foundational estate plan will include four or five essential legal estate planning documents.

Risk tolerance relates to the amount of market risk an investor can tolerate. In simple terms, it is how much you are willing to be unsure about (and how much money you're willing to spend on this unknown), in the face of possible gains. Risk itself comes in many forms, such as the volatility of a certain stock, or full market ups and downs. Financial planners often use a person's risk tolerance to get a feel for what to expect from them as a new client, and vice versa.

Adjusted gross income (AGI) is a tax term for your gross income minus tax deductions that are allowable whether or not you itemize deductions when you file your tax return. It is the determiner for many of the deductions and credits you will receive, as well as any taxes you will owe when you file your tax return.

A financial advisor is anyone who advises clients on money issues. It’s a broad term that could include any number of people who might help you with money. Duties include: offering advice on how much money to save, making investment suggestions, offering tax advice, and buying and selling investments on behalf of a client.

A 401(k) is an employer-sponsored retirement savings plan that lets employees set aside a portion of their wages for the future. It also allows them to reap tax benefits in the process.

A personal or household budget is a summary that compares and tracks your income and expenses for a defined period, typically one month. A budget will show you how much money you expect to bring in, then compare that to your required expenses—such as rent and insurance—and your discretionary spending , such as entertainment or eating out. It is a tool for achieving financial goals.

Social Security is a federal program that issues benefits to retirees who paid into the program during their working years, people unable to work due to a physical or mental condition, spouses and children of beneficiaries, and surviving family members of beneficiaries. Social Security benefits are administered by the Social Security Administration.

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Plan Projections

ideas to numbers .. simple financial projections

Business Plan Financial Projections

Plan Projections provides a template you can use to create simple 5 year business plan financial projections for a start-up or established business. The Plan Projections template is free, easy to set up and customize, and loaded with great features.

We have built the core template using Excel, and when you’re ready for more there are lots of industry specific templates and calculators available to help build your financial projections from the bottom up for any business or industry sector.

Ready to build your financial projections?

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Financial Projection Calculators

Our calculators, are available to help you calculate revenue, weighted average gross margin, and activity ratios such as accounts receivable, inventory and accounts payable days, for use in the financial projections template.

Select Calculators from the menu above or choose one of the popular calculators below.

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Notes and major health warnings Users use this business plan financial projection template at their own risk when deciding how to make financial projections. Consequently we make no warranty or representation as to financial modelling template accuracy. Additionally we are covered by our Terms and Conditions , which you are deemed to have read. This is an example of a five year financial projection template format that you might use when considering how to do a financial business plan and carry out a startup financial analysis. It is purely illustrative. Furthermore this is not intended to reflect general standards or targets for any particular company or sector. If you do spot a mistake in the startup business model template, please let us know and we will try to fix it.

About the Author

Chartered accountant Michael Brown is the founder and CEO of Plan Projections. He has worked as an accountant and consultant for more than 25 years and has built financial models for all types of industries. Furthermore he has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a degree from a UK University.

What is an income statement?

• Key components of an income statement 
• Why they matter
• How to read an income statement 

What is an Income Statement?

Paid non-client promotion: Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate investing products to write unbiased product reviews.

• An income statement is a financial document that details the revenue and expenses of a company.
• Some investors and analysts use income statements to make investing decisions.  
• The income statement, along with additional financial documents, is required to be filed with the Securities and Exchange Commission (SEC).

An income statement is one of three major financial statements used to evaluate the health of a company, along with the balance sheet and cash flow statement . There are several terms you'll need to understand in order to know how to read an income statement. 

An income statement is a financial statement that outlines a company's gains, losses, revenue, and expenses during a specific period. 

Also called a Profit and Loss (P&L) Statement or a statement of revenue and expense, the income statement is one of three major documents, along with the cash flow statement and the balance sheet , that provide information on a company's financial results during a specified time frame. 

Key components of an income statement  

There are several key components of an income statement, and knowing them can go a long way toward helping you interpret one of these documents effectively. 

Revenue 

Revenue is the amount of money the company brought in during the reporting period. With revenue, it may be important to note any trends to determine whether the company is making more money over time or if sales are slowing down. 

Expenses 

This section, crucial to analyzing an income statement, details how much the company has spent. Similar to revenue, it may be important to note trends to see if the company is spending more or if they're becoming more efficient over time. When looking at expenses, "We should consider whether the expenses grow in proportion to revenue and the drivers of these expenses," says Patrick Badolato, PhD, CPA, an associate professor in the accounting department at the McCombs School of Business at the University of Texas. 

Expenses can include many different line items, for example interest paid on debt, depreciation and amortization, rent and overhead, as well as money paid toward salaries and benefits. 

For the sake of clarity, depreciation is an accounting measure to account for the cost in the loss of value for tangible assets of the company, whereas amortization is an accounting technique to lower the book value of debt over time. 

Expenses also include cost of goods sold (COGS), which is the amount spent on the production of the products or services sold. For a company like Apple, it would include the glass to make the phone screen or the chips that go into the iPhone. 

Other costs that would be counted under expenses would be operating and non-operating expenses. Operating expenses are the cost to bring the product to the market. This could include things like marketing, payroll, and overhead expenses, such as insurance and rent. Non-operating expenses could include things that do not directly relate to core business functions. It may include things like contributions to pension plans or dividends to shareholders. 

Another major consideration is taxes, which of course cuts into any financial results a company generates. 

Net income 

Net income represents the total income left over after all deductions and expenses, including taxes, have been taken out. This is the last line on the income statement, frequently referred to as the bottom line, and it tells you what a company's profit or loss was during a specific time period. 

Why income statements matter

The income statement is important for a wide range of parties, including investors and people responsible for running a company (its executives and managers). 

"The income statement should be used by anyone trying to understand the business conducted as well as the profitability of a company," says Badolato. 

Assesses profitability

One simple way an income statement can come in handy is by providing a sense of just how profitable a company really is. Is the company in question making money? 

Income statements can help answer this question, along with providing some excellent insight into why, exactly, a company is experiencing its current financial performance. 

Informs business decisions 

By reviewing a company's income statement, you can quickly pinpoint areas that have room for improvement. For example, a company could cut costs in one area and put more money into others, such as sales and marketing, that could potentially fuel expansion. 

Attract investors 

Investors may use income statements, along with other financial statements, to make investing decisions and determine the financial health of a company. 

For example, an increasing amount of sales from year to year might be attractive for a potential investor and can be found in the first line of an income statement. Conversely, if costs are rising this can also be seen on the income statement and may lead an investor to ask more questions about the long-term profitability of the company. 

Investors and financial analysts also use the income statement to derive popular financial ratios like Earnings Per Share (EPS) .

Earnings per share is a measure that compares a company's net income compared to the outstanding shares. The price-to-earnings ratio, or P/E ratio , is another commonly used metric that factors in the company's stock price in relation to EPS. When comparing companies, EPS and the P/E ratio can help differentiate two companies in the same category and help an investor make a more sound investing decision, but both use information provided through the income statement. 

"The equation driving the Income Statement is: Revenues – Expenses + Gains – Losses = Net Income," says Badolato. 

Income statements are also important to regulators. All public companies are required to file a Form 10-K each year with the Securities and Exchange Commission (SEC) and Form 10-Q each quarter which include the income statement and other financial documents and disclosures. 

Income statement analysis

When analyzing income statements, there are two primary methods that are used: vertical analysis and horizontal analysis.

Vertical analysis shows each item on a financial statement as a percentage. An example of this would be the COGS expressed as 35% of the total revenue. This type of analysis can be useful when comparing with other companies in the industry. 

Horizontal analysis is used to review a company's performance over two or more periods by stacking each line item directly next to each other from the previous period. Instead of looking at one income statement at a time from different periods, horizontal analysis compares them side-by-side in one view. 

How to read an income statement 

Below is the 2021 quarterly income statement from Ford's Form 10-Q . One of the first things that you will notice is that the report is using horizontal analysis. This is because the report is comparing the second quarter of 2020 to the second quarter of 2021 as well as the first half of 2020 and the first half of 2021. 

In the first section under Revenues, you'll see each of Ford's major revenue streams, including car sales under Automotive, Ford Credit, and Mobility. In the notes section of the 10-Q, the Mobility line refers to Ford's autonomous vehicles and related business as well as its equity stake in Argo AI.

Next in the cost and expenses section, you'll notice where Ford is spending its cash. The bulk of those expenses fall under cost of sales, which is another name for the cost of goods sold. You can also see that costs have increased from the second quarter of 2020 to the second quarter of 2021 resulting in a net income of $561 million during the second quarter and $3.8B during the first half of 2021 in the final column on the right. 

Income statement vs. balance sheet 

Both income statements and balance sheets provide important details about how a company uses its cash and other assets, but there are a few key differences between the two.

Think of an income statement like a financial timeline, whereas a balance sheet is a snapshot at one point in time. This is because income statements provide details on the amount of money made and spent during a period. The income statement essentially answers the following questions: How much money did the company make? How was that money spent? Did the company make a profit? 

The balance sheet, on the other hand, tells you how much the company has in assets, liabilities and shareholder's equity. The balance sheet follows a simple formula:

Asset = Liabilities + Shareholder's equity

Like the name mentions, the figures on the balance sheet must match as any increases or decreases must be offset. Unlike the income statement, it does not provide information on how much money the company has made or lost, it only provides the amount of debt, cash and other assets that the company owns at that point in time. 

While these financial statements are different, both the income statement and balance sheet along with the cash flow statement are still linked and should be used together to determine a more holistic financial picture of a company. 

Income statements: Conclusion

The income statement is a good entry point to understand and evaluate a company's revenue and costs, but it's important to keep in mind that it's not a document that can tell the full story. 

"Financial statements are designed to work as a system and not as stand-alone statements," adds Badolato. "The Income Statement is only one piece in understanding the financial performance of a business. Using one financial statement without the others and other publicly available information — such as the footnotes in a financial filing — would be similar to betting before looking at one's cards."

The frequency can vary, but usually, companies prepare income statements either quarterly or annually. 

An income statement shows a company's financial performance during a specific time frame, whereas a balance sheet shows a company's assets and liabilities at one point. 

Companies release income statements in their financial reports, and you can also find them on the investor relations sections of corporate websites. 

An income statement can display a negative net income, which indicates that a company suffered a loss during a specific period. 

You can use the information on an income statement to calculate key ratios like gross margin, operating margin and earnings per share. 

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Hochul Halts Congestion Pricing in a Stunning 11th-Hour Shift

Weeks before New York was to charge motorists to enter Manhattan’s business district, Gov. Kathy Hochul postponed the program, citing economic concerns.

By Grace Ashford

Reporting from the State Capitol in Albany, N.Y.

Gov. Kathy Hochul of New York announced on Wednesday that she was shelving the long-awaited tolling plan known as congestion pricing, just weeks before it was to go into effect.

“After careful consideration I have come to the difficult decision that implementing the planned congestion pricing system risks too many unintended consequences,” Ms. Hochul said, adding: “I have directed the M.T.A. to indefinitely pause the program.”

The move angered environmentalists, transit advocates and economists , with some accusing the governor of abandoning a plan that was decades in the making for political reasons in a critical election year.

The decision, Ms. Hochul acknowledged, was not an easy one, but she said it was nonetheless crucial in light of the lingering effects of the coronavirus pandemic on working families and New York City’s economy.

The congestion pricing plan , the first of its kind in the nation, was slated to start June 30 . Drivers using E-ZPass would have paid as much as $15 to enter Manhattan south of 60th Street.

The governor said she feared that instituting a toll to drive into the borough would “create another obstacle to our economic recovery.”

“Let’s be real: A $15 charge may not seem like a lot to someone who has the means, but it can break the budget of a hard-working middle-class household,” Ms. Hochul said.

In the days before her announcement, the governor notified the White House and the top House Democrat, Hakeem Jeffries, of her plans, according to two people familiar with the conversations.

They disputed reports that Mr. Jeffries had directed Ms. Hochul to delay the plan, saying that he had remained neutral on the issue.

“To the extent immediate implementation of congestion pricing is being reconsidered, Leader Jeffries supports a temporary pause of limited duration to better understand the financial impact on working-class New Yorkers,” said Andy Eichar, a spokesman for Mr. Jeffries.

Word of the governor’s last-minute misgivings began to circulate in Albany on Tuesday night, and quickly sent shock waves through the New York State Capitol by Wednesday morning, the penultimate day of the legislative session.

Few lawmakers could say they loved congestion pricing and the optics of taxing constituents. But the proposal was championed by economists and environmentalists alike as the solution not only to the financial woes of the Metropolitan Transportation Authority, the state agency that runs New York’s subways and buses, but also the city’s infamous gridlock.

The program was also being contested in court by eight separate lawsuits, with plaintiffs including the Trucking Association of New York and Gov. Philip D. Murphy of New Jersey .

Mr. Murphy’s case in particular, which is being argued in Federal District Court in Newark, was regarded as the most serious challenge to congestion pricing. State officials are seeking a more comprehensive environmental study of the program.

But in New York, most Democrats had made a grudging peace with the plan after decades of debate, hearings, studies and planning — none more publicly than Ms. Hochul, who had defended it as a necessary step toward rebuilding New York’s economy.

Just two weeks ago, the governor told attendees at the Global Economic Summit in Ireland that implementing congestion pricing was critical to “making cities more livable.”

Many key players in New York politics, from Albany to New York City, expressed dismay at the reversal, which cast the transportation authority’s finances into uncertainty.

“I’m very upset that suddenly, out of the blue, this would pop up,” State Senator Liz Krueger, a Manhattan Democrat, said on Wednesday, adding: “If we stop congestion pricing now we’re never going to get it.”

Kate Slevin of the Regional Plan Association, a nonprofit urban research and advocacy group that has championed the tolling program, called the move “a total betrayal of New Yorkers and our climate.”

The president of the Partnership for New York City, Kathryn Wylde, said the governor’s decision was a disappointment and that she hoped the pause would be temporary.

Yet an undercurrent of support for Ms. Hochul’s move was also evident among lawmakers, particularly those representing swing districts.

“Many see it as welcome news,” said James Skoufis, a Democrat who represents Orange County in the State Senate, adding that despite the plan’s approval five years earlier, opposition had been growing in the Legislature. “Some of it is outspoken, some of it is quieter, but it is widespread.”

Shortly after Ms. Hochul’s announcement, U.S. Representative Pat Ryan, a Democrat facing a tough re-election race in the northern exurbs of New York City, sent out a statement taking partial credit for defeating the plan.

“Since Day 1, I’ve fought alongside countless Hudson Valley families against this unfair, uninformed and unacceptable congestion pricing plan,” Mr. Ryan said. “Today, I’m proud to say we’ve stopped congestion pricing in its tracks.”

Indeed, the plan has been largely unpopular in suburban areas of the Hudson Valley and Long Island where Democrats are desperate to make gains this cycle.

A Siena poll from April found that 72 percent of New York suburbs opposed congestion pricing. Statewide, the number is lower, but still a majority — including 54 percent of Democrats.

Transit experts say that such opposition is common among communities acclimating to tolling plans, but not always lasting.

“We know from the experiences of other cities that have implemented congestion pricing that public support is at its nadir right before implementation,” said Nicholas Klein, an assistant professor of city and regional planning at Cornell University. “That is when the public, media and politicians panic. But time and again, we see that the sky does not fall.”

In her address, Ms. Hochul stressed her commitment to public transit, and ensuring that the transportation authority had the funding it needed to complete long overdue capital projects. But she said that the city’s outlook had changed since the plan was approved in 2019.

“Workers were in the office five days a week, crime was at record lows and tourism was at record highs,” she said. “Circumstances have changed and we must respond to the facts on the ground.”

The decision has the awkward effect of bringing Ms. Hochul, a centrist Democrat who has at times served as a surrogate for President Biden, into alignment with former President Donald J. Trump, who has derided the plan , as well as her predecessor, Andrew M. Cuomo, who championed the concept as governor but now questions its timing.

To halt implementation of the plan, Ms. Hochul needs only the approval of the authority’s board, which she controls. But without the projected $1 billion a year for the city’s buses and subways, the transit system could quickly fall into crisis.

Ms. Hochul could fill that gap, at least temporarily, with money from the state’s reserves. But she is also said to be looking at a more durable revenue source, possibly in the form of a tax on city businesses, which would require the approval of the State Legislature.

The transportation agency has already invested heavily in infrastructure to implement the pricing plan, including $507 million it paid to a Nashville company.

In New York City, Mayor Eric Adams endorsed Ms. Hochul’s move. “I think that if she’s looking at analyzing what other ways we can do it and how we do it correctly, I’m all for it,” Mr. Adams said Wednesday at an unrelated news conference on Staten Island.

Mr. Adams, who has not been a strong proponent of congestion pricing, said he was worried that charging vehicles to enter Lower Manhattan would be an undue burden for “everyday New Yorkers” and potentially affect the city’s economic recovery from the pandemic.

“We have to get it right,” the mayor said, noting that he had been communicating with the governor over the last few days. “This is a major shift in our city and it must be done correctly.”

Reporting was contributed by Nicholas Fandos , Jeffery C. Mays and Claire Fahy .

Grace Ashford covers New York government and politics for The Times. More about Grace Ashford

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Starting a Business – Entity Types

Once you decide to establish a business, a primary consideration is the type of business entity to form. Tax and liability issues, director and ownership concerns, as well as state and federal obligations pertaining to the type of entity should be considered when making your determination. Personal and personnel needs and the needs of your particular type of business should also be considered.

The following is a brief overview of various business structures. The information is intended to provide a basic understanding of the different business structures and is not intended to provide legal advice.

Corporation

• Limited Liability Company
• Limited Partnership
• General Partnership
• Limited Liability Partnership

Sole Proprietorship

Frequently asked questions.

Before you establish a business in the State of California, you should consult with a private attorney or tax advisor for advice about what type of business entity will meet your business needs, and what your legal obligations will be.

A California corporation generally is a legal entity which exists separately from its owners. While normally limiting the owners from personal liability, taxes are levied on the corporation as well as on the shareholders. The sale of stocks or bonds can generate additional capital and the longevity of the corporation can continue past the death of the owners. Legal Counsel should be consulted regarding the variety of options available.

To form a corporation in California, Articles of Incorporation must be filed with the California Secretary of State’s office. Forms for the most common types of Articles of Incorporation are available on our Forms, Samples and Fees webpage. You may use the form or prepare your own statutorily compliant document.

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Limited Liability Company (LLC)

A California LLC generally offers liability protection similar to that of a corporation but is taxed differently. Domestic LLCs may be managed by one or more managers or one or more members. In addition to filing the applicable documents with the Secretary of State, an operating agreement among the members as to the affairs of the LLC and the conduct of its business is required. The LLC does not file the operating agreement with the Secretary of State but maintains it at the office where the LLC’s records are kept.

To form an LLC in California, go to bizfileOnline.sos.ca.gov , log in, select Register a Business under the Business Entities Tile, Articles of Organization - CA LLC and follow the prompts to complete and submit. 

Limited Partnership (LP)

A California LP may provide limited liability for some partners. There must be at least one general partner that acts as the controlling partner and one limited partner whose liability is normally limited to the amount of control or participation of the limited partner. General partners of an LP have unlimited personal liability for the LP’s debts and obligation.

To form an LP in California, go to bizfileOnline.sos.ca.gov , log in, select Register a Business under the Business Entities Tile, Certificate of Limited Partnership - CA LP and follow the prompts to complete and submit.  

General Partnership (GP)

A California GP must have two or more persons engaged in a business for profit. Except as otherwise provided by law, all partners are liable jointly and severally for all obligations of the partnership unless agreed by the claimant. Profits are taxed as personal income for the partners.

To register a GP at the state level, a Statement of Partnership Authority (Form GP–1) must be filed with the California Secretary of State’s office. Note: Registering a GP at the state level is optional.

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Limited Liability Partnership (LLP)

An LLP is a partnership that engages in the practice of public accountancy, the practice of law, the practice of architecture, the practice of engineering or the practice of land surveying, or provides services or facilities to a California registered LLP that practices public accountancy or law, or to a foreign LLP. An LLP is required to maintain certain levels of insurance as required by law.

To register an LLP in California, an Application to Register a Limited Liability Partnership (Form LLP–1) must be filed with the California Secretary of State’s office.

A sole proprietorship is set up to allow an individual to own and operate a business. A sole proprietor has total control, receives all profits from and is responsible for taxes and liabilities of the business. If a sole proprietorship is formed with a name other than the individual’s name (example: John Smiths Fishing Shop), a Fictitious Business Name Statement must be filed with the county where the principal place of business is located.

No formation documents are filed with the California Secretary of State’s office. Other state filings may be required depending on the type of business.

Please see our Frequently Asked Questions webpage for answers to the most frequently asked business entity questions.

Related Links

• Legislation
• California Codes
• California Regulations
• Private Service Companies

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Car Wash Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Automotive Industry » Car Wash

Do you want to start a car wash company and need to write a business plan? If YES, here is a sample car wash business plan template & feasibility report.

Okay, so we have considered all the requirements for starting a car wash business . We also took it further by analyzing and drafting a sample car wash marketing plan template backed up by actionable guerrilla marketing ideas for car wash businesses. So let’s proceed to the business planning section.

Why Start a Car Wash Business?

It is true there will always be the need for people to go out and make ends meet. This may however cause them not to have the luxury of time to attend to washing the cars (interior and exterior). This is why most car wash companies have positioned themselves in areas where they can get clients who have no time at all to see to the maintenance of their automobiles.

Starting a car wash business is one of the ways to hit good money really fast. This is because of the way people use them. However, care has got to be taken so that one sets up something quite unique and different form the conventional car wash centers.

This is because everybody gets attracted to something pretty unique. That is why anyone who is looking to start a car wash business must be ready to invest a lot in it, as well as promote the business to all and sundry with the right strategies. Here below is a sample car wash business plan that can readily help you deal with yours.

A Sample Car Wash Business Plan Template

1. industry overview.

In the united states of America and even all over the world, the car wash industry is regarded as one of the industries that accommodate more of unskilled workers than skilled workers. Simply put, some of the basic services offered by car wash companies revolve around cleaning, washing, and waxing services for automobiles (cars, trucks, vans, and trailers et al).

In the car wash industry, you will also find customized services such as full- and self-service car wash services, as well as truck and bus washes and vehicle detailing services. The industry is open to both small entrepreneurs ( neighborhood car wash ) and big time investors ( Mr. Clean Car Wash owned by Procter & Gamble )

In the United States, the car wash industry is indeed a big industry, so much so that the annual revenue from the industry is in excess of 6 Billion US Dollars annually.

There are about 15,000 registered car wash companies scattered all over the United States of America and the industry is still in the position to accommodate more car wash businesses. The car wash industry is project to grow to about 7.7 Billion US Dollars in annual revenue by the year 2018.

The market for car wash is driven by the purchase of cars and the increase in consumers’ spending – in essence, as the general economy of a country grows, more people will buy cars and more people will patronize the services of car wash on a regular basis especially if their driving habits encourages them to do so.

The trend in the car wash industry is that most car wash companies in the bid to survive the recent global economic meltdown, have included additional services to their core service offerings. Some car wash companies include washing of rugs, selling of car accessories, running a bar, barbing saloon and even restaurant within the same premises if they have enough space.

It is much easier for car wash companies to increase their revenues by diversifying as against increasing the scope of their market. Over and above, car wash businesses all over the world are still enjoying good patronage particularly if they are well positioned and if they know how to reach out to their target market (business, government and household et al).

2. Executive Summary

Spotless Car wash Company is car wash Company that will be located in the heart of Las Vegas less than 20 minute drive from McCarran International Airport in Las Vegas, and few minute drive from Mandalay Bay Event Center. We are strategically positioned in the world’s headquarter for casinos and games; a commercial center and we are set to services the whole of the community as well as visitors and travelers

Spotless Car wash Company will be providing our esteemed customers with three basic services and they are exterior car washing, interior cleaning, and waxing services. Although our intention of starting a car wash business is to offer only the above stated services, but we will not close our doors to diversification (additional services), as long as it does not affect our core services.

In the bid to maximize our position as the number one car wash company in Las Vegas, we will offer our esteem customers the opportunity to buy quality car care products in our reception area.

Our car wash company is located in a full-service car wash facility which has the following features: a seventy foot fully automatic tunnel; 3 high pressure wand self-service bays; and 5 vacuum stations complete with fragrance and carpet shampoo dispensing machines.

Our customers will have the options of choosing from our different packages – we have the plans to serve both big customers and small customers as well which is why we designed various packages. Will offer car wash services that ranges from $7.00 to $15.00 per wash.

At Spotless Car  wash Company we are passionate in the pursuit of excellence and financial success with uncompromising services and integrity which is why we have decided to start our own carwash business; we are in the industry to make a positive mark.

We are quite optimistic that our values and quality of service offering will help us drive our car wash business to enviable heights and also help us attract the numbers of clients that will make the business highly profitable. We are a company that will be dedicated to establishing and maintaining the best car wash business in the Las Vegas.

We are quite aware that in order to become the number one choice in our city, we must continue to deliver quality services and that is exactly what we will do. We are open to the use of latest technology in the industry. No doubt our excellent customer service and the range of services we offer will position us to always welcome repeated customers.

Spotless Car wash Company is owned by Roy McQueen and Family. Roy McQueen is a notable figure in the automobile industry in Las Vegas. Aside from this new car wash business (Spotless Car wash Company), the family owns an automobile dealership business and also auto repair workshop all in Las Vegas.

3. Our Products and Services

Spotless Car wash Company is a complete car wash company that offers a wide range of services that revolves around car wash and other complementary services. We intend giving our customers every reason to always come back, which is why we have customized our services.

Our customers will definitely maximize their time when they visit our car wash. These are the services and amenities that will be made available to our guests;

• Exterior car washing
• Interior cleaning
• Waxing services
• Vehicle detailing
• Sale of automobile accessories
• Self – Service
• Home service
• Washing of rugs
• Snooker board
• Cigar Lounge
• Barbing saloon

4. Our Mission and Vision Statement

• Our Vision is to become the number carwash company in Las Vegas, Nevada.
• Our mission is to develop a highly successful, profitable all round car wash business which provides quality services in our community and to become a standard for an ideal carwash business.

Our Business Structure

Car wash business generally is seen to be a small scale business venture, but that does not stop Spotless Carwash Company to put standard structures in place that will help us achieve all our business goals and objectives.

As a matter of fact, we have set out to build a car wash business that will be a standard for the car wash industry. We want to build a business of dedicated workforce who will go all the war to ensure that our customers are satisfied and they get value for their money.

In order to achieve this, we aware that it takes a business with the right employees and structure to achieve all what we have set to achieve, which is why will be putting structures and processes in place that will help us deliver excellent services and run the business on autopilot. The success of our car wash business will be anchored on the team not on any individual.

With the wide range of our service offerings, we are only expected to employ more than it is required to run a conventional car wash business. Definitely, we will have various employees to man the various services of Spotless Car wash Company. Spotless Car wash Company will employ professionals and skilled people to occupy the following position;

• Manager (Owner)
• Accountant / Cashier
• Marketing Officer
• Car Washer men / women (5)
• Bar Manager

5. Job Roles and Responsibilities

Manager (Owner):

• Responsible for providing direction for the business
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for recruitment
• Responsible for payment of salaries
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Responsible for managing the daily activities in the hotel
• Ensures that the facility is in tip top shape and conducive enough to welcome customers
• Interfaces with vendors
• Prepares budget and reports for the organization
• Responsible for Training and Development in the organization
• Handles procurement
• Defines job positions for recruitment and managing interviewing process
• Carries out staff induction for new team members

Marketing Officer (2)

• Develops, executes and evaluates new plans for expanding increase sales
• Documents all customer contact and information.
• Represents the company in strategic meetings
• Helps increase sales and growth for the company
• Manages the company’s CRM system
• Identifies, prioritizes, and reaches out to new partners, and business opportunities et al

Bar Manager:

• Interacts with customers, takes orders for drinks, food and snacks.
• Plans and presents bar menu.
• Checks identification of the guest to make sure they meet age requirements for purchase of alcohol and tobacco products.
• Mixes ingredients to prepare cocktails and other drinks.
• Mixes drinks, cocktails and other bar beverages as ordered and in compliance with hotel standard drink recipes.
• Prepares alcohol or non-alcohol beverages.
• Services Wine and Beer to guests.
• Arranges bottles and glasses to make attractive displays .
• Assesses customers’ needs and preferences and make recommendations
• Makes lists of supplies in conjunction with the management
• Prepares inventory or purchase requisitions as needed to replenish supplies.
• Ensures that the assigned bar area is fully equipped with tools and products needed for Mixing beverages and serving guests.

Accountant / Cashier:

• Collects payment for drinks served and balance all receipts.
• Prepares financial report at the end of every working week
• Handles all financial transaction on behalf of the company
• Interfaces with our bankers
• Responsible for payment of tax, levies and utility bills
• Handles any other duty as assigned by the manager
• Manages the barbing saloon

Car Washer men / women / Cleaners (6):

• Washes and thoroughly clean cars (exterior car washing, interior cleaning, and waxing services), trucks and bikes et al
• Handles and moves objects, such as glasses, dish and bottles, using hands and arms.
• Cleans up after customers and clean work area.
• Clears ashtrays as and when required.
• Washes glassware and utensils after each use.
• Maintains a clean working area by sweeping, vacuuming, dusting, cleaning of glass doors and windows, etc. if required.
• Ensures that toiletries and supplies don’t run out of stock
• Handles any other duty as assigned by the restaurant manager

6. SWOT Analysis

Car wash business is one of the businesses that can easily generate sales with little stress, as long as they are well positioned. We are building a standard car wash business with variety of services which is why we have decided to subject our business idea (company) to SWOT Analysis.

Ordinarily we can successfully run a normal car wash business without the stress of going through the required protocol of setting up a new business including writing a detailed business plan, but because of the nature of carwash business we want to establish, we don’t have any option other than to follow due process.

We hired the services of Mr. Coleman Carrington, an HR and Business consultant to help us conduct SWOT analysis for our company and he did a pretty job for us. Here is a of the result we got from the SWOT analysis that was conducted on behalf of Spotless Car wash Company Las Vegas, Nevada;

Spotless Car wash is centrally located in a densely populated area in Las Vegas; our location is in fact one of our major strength.

We are also a car wash company that offers variety of services. For instance, if a client visits our cash wash to wash his car, he has the options of barbing his hair within our facility, he also has the option of patronizing our bar and our mini mart where he can buy car accessories et al.

Spotless Car wash is a new business which is owned by an individual (family), and we may not have the financial muscle to sustain the kind of publicity we want to give our business.

• Opportunities:

We are centrally located in one of the busiest area in Las Vegas and we are open to all the available opportunities that the city has to offer. Our business concept also positioned us to be a one stop shop in the car wash industry.

The truth is that there are no car wash facilities within the area where our car wash is going to be located; the closest car wash facility to our proposed location is about 6 miles away. In a nutshell, we do not have any direct competition within our target market area.

Some of the threats that are likely going to confront Spotless Car wash Company is unfavorable government policies , seasonal fluctuations, demographic / social factors, downturn in the economy which is likely going to affect consumers spending and of course emergence of new competitors within the same location where our car wash is located.

7. MARKET ANALYSIS

• Market Trends

The car wash market is a market that is solely dependent on loads of factors; at least for people to patronize car wash, they must first of all own a car. From the recent statistics or car purchase in our target market, it is obvious that there is steady increase which indeed is a positive for the carwash market.

Car wash business responds to the increase in household spending and also increase in the volume of cars in a particular area or city.

The trend of the market can be predicted without stress. Another obvious trend in the car wash industry is that most car wash companies in the bid to survive the recent global economic meltdown included additional services to their core service offerings.

Some car wash companies includes washing of rugs, selling of car accessories, running a bar, barbing saloon and even restaurant within the same premises if they have enough space. It is much easier for car wash companies to increase their revenues by diversifying as against increasing the scope of their market.

8. Our Target Market

Before choosing a location for our carwash business , we conducted our feasibility studies and market survey and we were able to identify those who will benefit greatly from our service offerings. Basically those who will benefit from our service offering are car owners and they cut across various different sectors of the economy.

Our target customers can be classified into three major groups (household, business owner / corporate clients and government). We are set to market our services in our neighborhood, talk to haulage companies, car dealership shops, taxi and car rental companies’ et al. These are the category of people that we intend marketing our hotel to;

• Corporate Executives
• Business People
• Car Dealership Shops
• Taxi and car rental company
• Transport Companies
• Haulage Companies

Our Competitive Advantage

Car wash business is an easy to set up business that does not require formal training to achieve; anybody can set a car wash business if they have the required startup capital.

It means that the possibility of car wash businesses springing up in the location where our car wash company is located in high. We aware of this which is why we decided to come up with a business concept that will position us to become the leader in Las Vegas.

Our competitive edge is that we are a standard car wash business that has loads of complimentary business offerings that can easily assist us in attracting car owners (customers) within the radius of our car wash business. We can confidently say that the location of our carwash will definitely count as a positive for us amongst any competitor that might start a car wash business in same location where ours is located.

For the time being, Spotless Car wash Company has no real competitors that can match and compete with the quality of services we offer and our business offerings et al. Our customer service will be customized to meet the needs of all our customers.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Spotless Car wash Company will generate income from the following service offerings;

10. Sales Forecast

It is important to state that our sales forecast is based on the data gathered during our feasibility studies and also some of the assumptions readily available on the field. We expect to wash 70,000 cars in the full-service operation and 30,000 cars in the self-service operation during our first year of operation.

We will definitely attract clients that will patronize our bar, cigar lounge, mini mart, was their rugs et al meaning that we will generate additional income from these sources. Below is the sales projection for Spotless Carwash, it is based on the location of our car wash and the services and products that we will be offering;

• First Year-: $75,000
• Second Year-: $105,000
• Third Year-: $160,000

N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any carwash company offering same additional services within 4.5 miles radius from our carwash.

• Marketing Strategy and Sales Strategy

The marketing strategy for Spotless Car wash Company is going to be driven basically by excellent customers service and quality service delivery. This is why we invested time to create our killer car wash marketing plan. We will ensure that we build a loyal customer base.

We want to drive sales via the output of our jobs and via referral from our satisfied customers. We are quite aware of how satisfied customers drive business growth especially businesses like car wash et al.

We are a carwash business that is strategically located and we are going to maximize the opportunities that are available, which is why we spend more to locate the business in a location that will be visible and accessible to car owners in our area of business.

We will adopt the following means to attract the kind of people that we want in our hotel per – time. Our unique selling proposition is that we have various complementary service offerings such as barbing saloon, bar, cigar lounge and sale of car accessories which will endear our customers to us.

In view of that, we are going to adopt the following strategies to ensure that we do not only attract customers but generate repeated sales and loyalty from them. Part of the marketing and sales strategies that we will adopt is;

• Open our car wash business with a party.
• Advertise our carwash business on national dailies, local TV stations and local radio station
• Promote our business online via our official website and all available social media platforms
• Continuously Improve the performance of our brands
• Hire the services of experts to make our brands the first choice for car owners in Las Vegas
• Deliver consistent customer experiences to all our guest; making our first impression count positively
• Make use of attractive hand bills to create awareness and also to give direction to our bar
• Adopt direct mailing coupon marketing approach
• Position our signage / flexi banners at strategic places
• Create a loyalty plan that will enable us reward our regular customers
• Engage on roadshows within our neighborhood to create awareness for our carwash business.

11. Publicity and Advertising Strategy

Spotless Car wash Company is set to create a standard for car wash business in Las Vegas and through the United States which is why we will go all the way to adopt best practices to promote our business. Good enough there is not hard and fast rule on how to advertise or promote a car wash business. .

The challenge is that most car wash companies do not have the required money to pump into publicity and advertising. The cash they have will be reserved to take care of overhead and operational cost .

We will ensure that we leverage on all conventional and non – conventional publicity and advertising technique to promote our car was business. Here are the platforms we intend leveraging on to promote and advertise Sean and Sharon Hotel, Las Vegas;

• Encourage our loyal customers to help us use Word of Mouth mode of advertisement (referrals)
• Advertise our car wash business in automobile magazines, local newspaper, local TV stations and local radio station
• Promote our business online via our official website
• List our business on local directories (yellow pages)
• Sponsor relevant community programs
• Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, et al to promote our brand
• Install our BillBoards on strategic locations
• Direct coupon mailing approach
• Engage in roadshow from time to time
• Distribute our fliers and handbills in target areas

12. Our Pricing Strategy

Our pricing system is going to be based on what is obtainable in the industry, we don’t intend to charge more (except for premium and customized services) and we don’t intend to charge less than our competitors are offering in Las Vegas.

Be that as it may, we have put plans in place to offer discount services once in a while and also to reward our loyal customers especially when they refer clients to us. The prices of our products will be same as what is obtainable in the open market. On the average, our car wash services will cost between $7.00 per wash to $12.00 per wash.

• Payment Options

Our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our pub;

• Payment by cash
• Payment via Point of Sale (POS) Machine
• Payment via online bank transfer (online payment portal)
• Payment via Mobile money

In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any difficulty.

13. Startup Expenditure (Budget)

This is the key areas where we will spend our start – up capital on;

• The Total Fee for Registering the Business in Las Vegas, Nevada: $750.
• Legal expenses for obtaining licenses and permits: $1,500.
• Marketing promotion expenses (2,000 flyers at $0.04 per copy) for the total amount of $3,580 .
• Cost for hiring Consultant – $2,000.
• Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $30,800 .
• Cost of accounting software, CRM software and Payroll Software – $3,000
• Cost for leasing facility for the car wash: $70,000.
• Cost for facility remodeling – $50,000.
• Other start-up expenses including stationery – $1000)
• Phone and utility deposits ( $3,500 ).
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $40,000
• The cost for Start-up inventory – $15,000
• Storage hardware (bins, utensil rack, shelves, glasses case) – $2,720
• The cost for counter area equipment (counter top, sink, ice machine, etc.) – $7,500
• Cost for serving area equipment ( glasses, flatware) – $5,000
• Cost for store equipment (cash register, security, ventilation, signage) – $13,750
• Office equipment (vacuum cleaner et al)- $3,600
• The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, snooker board, clippers, tables and chairs et al): $4,000.
• The cost of Launching a Website: $600
• The cost for our grand opening party: $1,500
• Miscellaneous: $2,000

We would need an estimate of $1.2 million to successfully launch our all-round car wash business in Las Vegas Nevada. Please note that the startup cost is higher than the average startup cost for a carwash business simply because we intend starting a small bar, barbing saloon and mini mart.

Generating Funding / Startup Capital for Our Car Wash

Spotless Car wash Company is a family business and it will be financed by the owner who is also the car wash manager. These are the areas where we intend sourcing for fund for Spotless Carwash Company;

• Generate part of the start – up capital from personal savings and sale of his stocks
• Generate part of the start – up capital from family members and friends ( soft loans)
• Generate a larger chunk of the startup capital from the bank.

14. Sustainability and Expansion Strategy

Part of the plans we have in place to sustain Spotless Car wash Company is to ensure that we continue to deliver quality services, improvise on how to do things faster and cheaper. We are not going to relent in providing conducive environment for our workers and also the required trainings that will help them deliver excellent services at all times.

From our findings, another factor that kills new businesses is financial leakages. In order to plug financial leakages, the management of Spotless Car wash Company adopts the use of payment machine and accounting software to run the business.

We are quite aware that our customers are a key component to the growth and survival of our business, hence we are going to continuously engage them to give us ideas on how to serve them better. We will not waste time in diversifying our services; expand our product and service offerings once the need arises.

Check List / Milestone

• Business Name Availability Check:>Completed
• Business Registration: Completed
• Opening of Corporate Bank Accounts: Completed
• Securing Point of Sales (POS) Machines: Completed
• Opening Mobile Money Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Acquiring facility and remodeling the facility: In Progress
• Conducting Feasibility Studies: Completed
• Generating capital from family members: Completed
• Applications for Loan from the bank: In Progress
• writing of business plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
• Recruitment of employees: In Progress
• Purchase of the Needed car wash equipment , electronic appliances, office appliances and bar accessories: In progress
• Creating Official Website for the Company: Completed
• Creating Awareness for the business both online and in the neighborhood: In Progress
• Health and Safety and Fire Safety Arrangement (License): Secured
• Opening party / launching party planning: In Progress
• Establishing business relationship with vendors – suppliers of all our needed car wash accessories, drinks, and tobacco et al: In Progress

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Lingerie Retail Clothing Store Business Plan

Start your own lingerie retail clothing store business plan

Bra~vo Intimates

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

Introduction

This plan outlines the financial and promotional plans of Bra~vo Intimates, to be located in downtown Royal Oak, Michigan. This exciting endeavor will bring a needed women’s intimate apparel store to the metro area, expanding the second year to include mastectomy products. There is no major mastectomy store in the metro area to service this special customer. We envision Bra~vo Intimates will be able to achieve the greatest portion of market share in the region through active support of women’s and community organizations, connecting events to in-store promotions. Our ultimate goal is to be the premier intimate apparel and swimwear store in Michigan, fitting every customer in a fashionable bra or swimsuit, giving her incredible support and shape, therefore enhancing her entire silhouette!

A portion of all profits will be placed in an account to fund purchase our own building, tentatively scheduled for year four.

The Company

Bra~vo has a very strong, experienced and professional management team, with over 35 years of combined experience. With each member working in their area of specialization we have every aspect of the business covered.

Rebecca Autumn will be: Owner/Operator with 55% ownership and will be responsible for buying, customer sales and fittings.

Lucille Winters will be: Co-owner with 26% ownership and will act as merchandising consultant, employee training and part-time sales.

Deborah Summers will be: Co-owner with 19% ownership and will act as Operation Manager responsible for payable and receivables, inventory control, in store promotions, billing and sales.

The store will be located in the downtown shopping district of Royal Oak, Michigan. Situated on South Washington street, the main upscale avenue in town. The space is 2,000 (10 x 200) square feet.

The Products

Our shop will sell only those brands that we have found that meet our fit and quality requirements. We will be introducing new brands to our customers.

Bra~vo will carry quality European and American products, such as Rigby & Peller, Prima Donna, Wacoal, OnGossomer, Lise Charmel, and Feline and Ratratti, purchased through reputable U.S. distributors in a variety of sizes, colors and styles. Our expertise and concentration is in bra fitting full-busted and full-figured women. The initial percentage of our merchandise will be in bras/intimate apparel followed by swimwear, nightwear/At Home-wear and hosiery.

As Bra~vo achieves its sales and profitability goals, upon our first year anniversary, we will expand in the following categories; bra/intimate apparel, swimwear and accessories, nightwear and at home-wear, and hosiery.

During the last three years the total women’s intimate apparel, or innerwear, market grew by 10%, to $11.8 billion. All product categories saw robust growth during this period, with the highest growth occurring in Bras (17%) and Bottoms (12%). Consumer awareness of proper bra fitting has been on the increase for the last eight years. Many independent stores across the country have been experiencing double digit sales increases for the last five years. This has been due to two factors,the clothing industry has featured more skin exposing fashions that require speciality foundation garments, and fashion column writers have been stressing the importance of bra fitting along with mentioning the speciality stores in the area and their services.

Non-Chain Speciality stores such as Bra~vo Intimates captured $304 million of the total $10,702 million market in and $341 million of $11,797 million of the intimate apparel market over the previous two years. Direct mail merchants gained the largest portion of market share in the past two years, at $914 million last year. Most of the increase was due to Internet sales.

We have estimated the number of prospective customers in the Royal Oak area as 94,201, and, knowing the missed opportunities of our competitors, this strongly indicates that there is a large void in the market. Therefore we see an underserved market niche opportunity for an intimate apparel store that can serve all the needs of the Tri-county woman.

Financial Projections

Bra~vo Intimates’ financial goals are the following:

• to achieve a net profit margin of over 7% the second year of operation and 15% the third.
• To achieve a net profit of $41,000 the second year and over $100,000 the third year

In order to achieve such figures, we have start-up requirements of approximately $196,000, including $80,000 in initial inventory.

We will seek a five year loan, working with National City Bank in Royal Oak, to make the first year’s payments as flexible as possible.

1.1 Objectives

• To achieve a net profit of $41,000 the second year and over $100,000 the third year.

1.2 Mission

To be the premier intimate apparel and swimwear store in Michigan, fitting every customer in a fashionable bra or swimsuit, giving her incredible support and shape, therefore enhancing her entire silhouette!

1.3 Keys to Success

To succeed in the intimate apparel business we know we must:

• Have a variety of price points, knowing that women come in all shapes, sizes and economic levels, with the average price point in a middle range.

Company Summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">

Our corporation is organized as a Limited Liability Corporation, and will be doing business as Bra~vo, located in the downtown shopping district of Royal Oak. Rapid growth, retail development and easy access from all freeways made this the prime location. The merchandise will be purchased according to our area of focus/expertise with the remaining stock in sizes that fall on the fringe. The product lines have been selected on the following criteria: reputation, quality and extensive size range offered.

2.1 Company Ownership

A family owned and operated business, each member working in their area of expertise, having over 20 years of experience their field.

Corporate ownership is as follows:

2.2 Start-up Summary

Start-up costs will be financed as follows:

• Short-term revolving line of credit $35,000, for inventory replenishment and new purchases, during months of high receipts.

2.3 Company Locations and Facilities

The store will be located in the downtown shopping district of Royal Oak, Michigan. Situated on South Washington street, the main upscale avenue in town. The space is 2,000 (10 x 200) square feet. All business, deliveries and shipments will be handled through the store, with the exception of in-home appointments and outside promotional events.

Royal Oak is located in the Southeastern section of Oakland county, bordering on Wayne and Macomb counties, (see 4.1 Target Marketing Analysis for county details) one mile off the 6-96 and I-75 intersection, and four blocks east of Woodward Avenue. In addition we are only five miles from the Lodge (10) Freeway and the Southfield Expressway.

Bra~vo will carry quality European and American products, such as Rigby & Peller, Prima Donna, Wacoal, OnGossomer, Lise Charmel, and Feline and Ratratti, purchased through reputable U.S. distributors in a variety of sizes, colors and styles. Our expertise and concentration is in bra fitting full-busted and full-figured women. The greatest percentage of our merchandise will be in bras/intimate apparel followed by swimwear, nightwear/At Home-wear and hosiery. Rebecca will do the initial buying, with reorders performed according to sell thru and open to buy programs utilizing the Retail Pro software.

3.1 Product Description

Bra/intimate apparel (coordinate bottoms)

• Bras are the main focus, comprising 45% of our merchandise.
• We will stock AA-JJ cups, 30-48 band sizes, special ordering other sizes.
• Knowing that the most popular sizes for speciality fitting shops are 34D, 36D, 34DD, 36DD respectively, we will have the largest variety of colors, styles and price points in these sizes.
• Prices will range from $35 to $125, with the average being between $45-$65.
• The customer that purchases from this category may do so for one or a combination of the following reasons: difficult to fit, large cup and/or band size, seeking current fashion not seen in other shops or seeking a better fitting service and comfortable shopping atmosphere not found in the competition.
• For the next three years we expect an average growth of 22.5% from this category, primarily from developing our business and taking a larger share of the market with the addition of mastectomy products in the second year.
• Shapewear will be 12% of the inventory.
• Sizes ranging from Small to 5XL, with a price range from $25 to $85, with the concentration in the Large to 5XL, and price at $45-$65.

We expect to see a great deal of growth, with the increase of our African American customer base, the following year planned at a 40.6% increase.

Swimwear and swim accessories

• Swimwear will comprise 20% of the merchandise.
• Sizes will range from a 6 to an 18, with bra-sized swimwear from a C to G cup.
• Prices will range from $85-$180.
• The customer that purchases from this category may do so for one or a combination of the following reasons: the full-busted/figured customer who has a difficult time finding a selection of fashionable swimsuits, requires a salesperson who knows the fit of each brand, to shop in a comfortable intimate shop, purchased other items at the store.
• We expect to see an average of 38% growth of this category, through high word-of-mouth and loyal customer referrals, as well as our expansion of assortment in the second year.

Nightwear/At Home-wear

• Nightwear/At Home-wear will comprise 24% of our store’s merchandise.
• Carrying a size range to appeal to all sizes, carrying sizes Small to 4X.
• Price points range from $60 to $250. A wide price range is due to the seasonal aspect of nightwear and a higher price point for bridal and holiday merchandise.
• The At Home-wear merchandise is less seasonal and more of a middle to low price point.
• The customer that purchases from this category may do so for any one or combination of the following reasons: needs a bridal shower gift, wants a more fashionable assortment than she is currently finding, a local and/or walk thru holiday gift shopper, and the impulse buyer.
• We expect approximately a 16% increase in this category mainly due to word-of-mouth recommendations and updated merchandise, following trends.
• Will make up less than 2% of the store’s inventory.
• The assortment here is lace top stockings and basic panty hose.
• The size range offered will be Small to 3XL.
• Prices will range from $10-$35.
• The customer that purchases from this category may do so for any one or combination of the following reasons: a bride who wants an enhanced lace top stocking for her special day, the local customer who needs a pair of panty hose, walk thru customers.
• We plan a 21% increase in this category for the first year based on: continuously developing a unique assortment, building a reputation as “the store in the metro area” for the greatest assortment of European lace top stockings. This will also build the bridal customer base. She will shop with us for undergarments, nightwear as well as hosiery.
• This category will comprise 1% of our inventory and include accessories, such as lingerie wash, swim wash, and comfy straps (bra accessories).
• The assortment here is small and includes those items that have a successful performance.
• The price range will be $5 to $15.
• The customer that will purchases from this category may do so for any one or combination of the following reasons: is recommended the product by salesperson when being fitted, has been using the product, or is a walk thru shopper that makes an small (impulse) purchase-reacting to the store.
• This category is planned at an increase of $13,550 the second year due to the add on items needed for the mastectomy product line.

Note: Category percentages were determined using industry standards.

3.2 Competitive Edge

Bra~vo has major advantages over its competition.

• The owner has excellent computer skills, a strong background in inventory management and customer service

3.3 Sourcing

• The International Intimate Apparel & Swimwear Show (September in Lyon, France): the largest show featuring the newest collections of European swimwear and Spring intimate apparel. Place annual swimwear and major intimate apparel orders.

3.4 Technology

In this type of retail establishment, one with a high number of SKUs, it is imperative that an advanced inventory and point of sales program be utilized to maintain stock levels and track sales. We will utilize the Retail Pro software system, which is currently the best available in managing the number of SKUs we will carry. This company is known for keeping their products current, adding new features when applicable. Retail Pro is a well known program throughout the industry.

3.5 Future Products

As Bra~vo achieves its sales and profitability goals, upon our first year anniversary, we will expand in the following categories.

Bra/Intimate Apparel:

• We will launch a mastectomy department, currently there is only one shop in the metro area, offering a conservative selection of U.S. products.
• The Tri-county area is home to 41% of the state’s population, this fact demonstrates the strong need for a shop that will carry and be certified in fitting products of this nature. This has been a major concern and need for this market for some time.
• We will offer an extensive mastectomy assortment of U.S. and European products.
• There are an increasing number of mastectomy customers yearly. We know that creating an outreach program in partnership with the hospitals will make this a success.
• We will become certified fitters in the mastectomy products.
• During first year market trips we will explore European mastectomy suppliers, and educate our staff on this customer’s needs. Deborah Summers, with 20 years experience, will set up and manage the insurance billing department.

Swimwear and accessories:

• Add mastectomy swimwear.
• Add three to four new brands that have been repeatedly requested by customers.
• Swimwear is a higher risk category, due to weather and fashion trend predictions. As swimwear buying takes place six to eight months prior to the selling season we will be conservative our first and second years.

Nightwear and At Home-wear :

This category will require continuous fine tuning more than product additions, keeping the assortment small and concentrated, reordering successful styles/brands/colors. Keeping higher stock levels in those items/sizes that have proven to be successful will be a key focus.

This category will expand, based on customer feedback and stock turn, increasing inventory levels in steady performers.

This category will be expanded due to the accessories needed for the mastectomy product line in bras and swimwear.

Market Analysis Summary how to do a market analysis for your business plan.">

Consumer awareness of proper bra fitting has been on the increase for the last eight years. Many independent stores across the country have been experiencing double digit sales increases for the last five years. This has been due to two factors,the clothing industry has featured more skin exposing fashions that require speciality foundation garments, and fashion column writers, who for the most part, yearly feature the importance of bra fitting, mentioning the speciality stores in the area and their services. ( The Detroit News , February, 2001)

Results from The Detroit News February column, regarding bra fitting, proved to be a motivator for the metro Detroit customer to seek out a local store to get fitted. Stores in the area reported a 20% increase in sales the two weeks following the article.

The full-busted/full-figured customer, when happily served, historically has developed into a loyal customer, telling those that share the same body traits, about her experience and will tend to make a shopping trip with her friend for her next store visit.

4.1 Market Segmentation

Our concentration and expertise is in fitting the full-busted and full-figured woman who seeks a better fit in intimate apparel. The table and chart below summarize the population analysis of the Tri-county (Oakland, Wayne, and Macomb counties) area.

4.1.1 Market Needs

We have estimated the number of prospective customers as 94,201, and, knowing the missed opportunities of our competitors, this strongly indicates that there is a large void in the market. Therefore we see an underserved market niche opportunity for an intimate apparel store that can serve all the needs of the Tri-county woman.

Her needs are listed below:

• A store that has a friendly atmosphere and decor that gives the customer a pleasant shopping experience.

4.1.2 Market Trends

Market growth/trends:

Market trends are favorable for the continued growth and development of the Detroit metro area. Growing an average of 10.25% each year, this trend shows there is a definite need for an intimate apparel store. Current plans for the metro Detroit area include: development of the river walk, expansion of convention facilities, casino development and a future sports stadium. Planned development for Royal Oak includes: hotel/condos, upscale retail shops, a well known chain book store and the beautification of the business district.

Retail news/trends:

According to a recent report by The Michigan Retailers Association, many Michigan retailers are projecting that sales will rise over the next three months, but most don’t expect the current economic slump to be over soon.

4.1.3 Main Competitors

Competitor #1

Approximately 10 miles from Royal Oak. Competitor #1 has been in business for 45 years and located in Birmingham for the last 20. Due to her age, approximately 83 years old, she has not kept current with new brands and technology. She has a reputation of being difficult to deal with, as a customer or an employee. Her approximate yearly sales volume at one time was up to approximately 1,200,000 units with a decline in store traffic and high turnover in staff the volume is now closer to 875,000. All inventory and product ordering is done manually. This store has a following from these groups: the upscale Birmingham customer, the local tourist and the local full-figured customer. With the last segment declining more than the other two. The store is merchandised by size with most product behind the counter and only sleepwear available for the customer to browse through. Since this owner has not attended an industry market show in the last 10 years, she has very few of the new European brands now distributed in the U.S. Most of the store’s advertising is placed in immediate local papers and does no in-store promotions or yearly sale. Her current staff has been with her less than seven months, which is unexperienced compared to competitors. With her age she takes one to two weeks per quarter off and does not have a manager that is able to make decisions while she is absent.

Competitor #2

Competitor #2 is 33 miles from Royal Oak, and has been passed down from mother to daughter. Competitor #2 purchased the store six years ago, and has excellent buying skills. Most of her staff has been with her on the average of 2 years. This store’s approximate yearly sales volume is 1,100,000 units and until last year has been on a steady increase. Competitor #2 gave birth to her third child in December 1999 and has not returned to work except on a limited basis. All inventory and product ordering is done manually. The majority of her customers are middle income, conservative suburban women with the average age being 50. The merchandise is displayed by brand and the store is in need of redecoration and updating of fixtures. The merchandise is moderate with some brands also carried at Kohl’s and Hudson’s. The buyer has not attended a Midwest industry market in the last five years and has never attended a major market, therefore not learning about new brands, products or technology. Advertising is placed in local Plymouth papers with no in-store promotional activity. This store is situated in a small one-story mall on a side street of the downtown shopping area, with no signage or windows on the street front. Therefore, capturing any walk-in traffic is difficult.

Competitor #3

Competitor #3 is 57 miles from Royal Oak and has been open two years. Competitor #3 has developed her assortment well for her local clientele, with the majority of her customers coming from Downriver (a price point sensitive customer), Grosse Isle, and some from Detroit. XXX has been in the lingerie industry for seven years. This store was in the black at the beginning of the second year. I estimate her sales as being approximately $300,000. She carries mostly a moderate product line and is merchandised according to brand. She carries more stock than she needs, and like her competitors, she performs all inventory checks and reorders manually. She does attend major industry markets, however is very hesitant to try new styles or brands. Her customer is a conservative, suburban middle income woman between the ages of 35 to 55. She does little advertising and no in-store promotion. She has one part-time employee that has been with her since she opened and is in the process of hiring another.

4.2 Industry Analysis

Information on the industry was supplied by the Intimate Apparel Advertising Manager at Women’s Wear Daily . WWD conducts the largest portion of fashion industry (retail and wholesale) statistics and investigative reports. The paper has recently reported that the innerwear or intimate apparel industry from 1997 to 1999 grew by 10% or $11.8 billion. The topics in this section will go into further detail using the recent WWD report on the industry.

4.2.1 Industry Participants

Information below is from Women’s Wear Daily’s U.S. Market Innerwear Strategic Market Report 2000 (based on 1999 reported numbers).

“Women tend to purchase intimate apparel (meaning foundations), from specialists.”

Non-Chain Speciality stores in 1997 captured $304 million of the total $10,702 million market and in 1999, $341 million of $11,797 million intimate apparel market. Direct mail merchants gained the largest portion of market share in the past two years, at $914 million in 1999. Most of the increase was due to Internet sales.

Below features the latest market share percentages.

Distribution Channel % of market

Innerwear Channel Sales Statistics 1997 and 1999

4.2.2 Distribution Patterns

According to the WWD , U.S. Market Innerwear 2000 strategic market report.

From 1997 to 1999 the total women’s intimate apparel, or innerwear, market grew by 10%, to $11.8 billion. All product categories saw robust growth during this period, with the highest growth occurring in Bras (17%) and Bottoms (12%).

Bras/Intimate Apparel represent the largest percent of total women’s intimate apparel sales for 1999 at 39%, followed by sleepwear at 24%.

We will continue to see growth in this category with an increase in the number of consumers as well as the proliferation of novelty fabrics and fashions. Growth will slow to about 10% from 2000 to 2002, still respectable, but less than it has been.

Bottoms also had substantial growth increasing 12% from 1997 to 1999. There will be a strong surge in growth of comfort control briefs in newer fabrics. Baby boomers who need some smoothing in the bottom will wear these lightweight alternatives to shapers.

Loungewear/At Home-wear continues to build momentum. Robes, a mainstay of older consumers’ lifestyles will see sales increase by over 10% over the next two years. As At Home-wear and home inspired themes continue to be key consumer interests, this category will continue to grow. Draw string pants and bottoms in general will also continue to grow.

Sleepwear , the second largest product category in innerwear, continues to gain momentum increasing 7% from 1997 to 1999. At nearly a quarter of the total innerwear volume, sleepwear will continue to be a key category. Sleepwear will increase by 20% from 2000 to 20002 driven mostly by young styles and brands.

Shapewear continues to build momentum and volume increasing 10% from 1997 to 1999. Shapewear will continue to increase in conjunction with consumers’ waistlines and rates of obesity. Shapewear will grow by 20% from 2000 to 2002, with one-piece shapers and minimizers the big beneficiaries of this increase.

According to a study reported in USA Today “Growth in bra sales has outpaced most other categories of women’s apparel the past five years.”

Annual increase:

Source: The NPD Group

The volume of the bra business has continued to have a steady increase each year. This is due to two main factors: 1) the aging of the baby boomers, 2) intimate apparel is one of the only fashion businesses that does not experience the “seasonal” markdown period. Bras can stay at full price all year long, giving a better profit margin than other fashion products such as ready-to-wear.

4.2.3 Competition and Buying Patterns

Future trends for industry participants are reported as follows, again from WWD ‘s, U.S. Market Innerwear 2000 Strategic Market Report.

Key strategic issues facing retailers in the different channels, and opportunities.

• Direct Mail- These merchants love being hot again. However, being in apparel they are still finding it difficult, as the costs of doing business continue to rise.

This report does not offer information regarding non-chain speciality stores and this channel has been left out of this paper in the last five years. It is unfortunate since this is the channel that is known for excellent fitting services, as well as high customer and employee retention. Those women who need an expert fitting service are still visiting a local fitting shop. If WWD did a little more investigative reporting on this channel it may show more insight as to why the department stores and chain speciality stores are losing market share.

Strategy and Implementation Summary

Bra~vo’s strategy to gain the largest portion of market share.

• Employees that are well trained, compensated and appreciated, taking part in fashion merchandising and window decor. We will hold monthly meetings recognizing their contributions and creativity in an applauded way.

5.1 Milestones

The milestones table below outlines our plan with specific dates along with who will enact that step and an assigned budget.

5.2 Sales Strategy

• Our knowledgeable sales staff will offer the highest level of customer service. This type of service during an intimate fitting experience develops a strong bond between the customer and her fitter, which in turn develops a devoted customer.

5.3 Sales Forecast

In this section we outline the first three months of our sales plan in detail, giving pertinent information that will affect sales performance. After which we show the peak selling times for each category. The following table will show our sales plan for the next three years, with the first year in a monthly category plan. We plan an aggressive second year for the intimate apparel category due to the launch of the mastectomy department.

September $19,350, approximately 269 units

This is our opening month and therefore we have estimated sales on the conservative side. If we open according to plan, September 6, 2001, we will have 25 selling days with an average daily goal of $774. We will have a grand opening party the night before opening for business, inviting the press, local retailers, city officials, family and friends. We will serve wine & cheese while professional models feature key items and the staff explains our expertise and answers any questions. We will send out press kits to all the major media and organizations.

• The final portion of the sales plan is in the “other” category, $100 (approx. 0.5%, eight units), primarily in lingerie wash.

October $23,350, approx. 324 units

In the month of October there are 31 selling days, an average daily goal of $753.

• Other category same as above, at $100 (0.4%, approx. eight units).

November $30,000, approx. 417 units

In the month of November there are 29 selling days, an average daily goal of $1,035.

• The Other category will increase with the receipt of swimwear wash, planned at $200 (0.7%, approx. 16 units).

5.4 Advertising Campaign

In talking with prospective customers, and Sales Reps for the Tri-county papers, we have determined our customer reads/listens/watches the following mass media and have devised our advertising program accordingly. Outlined below is our first three months of advertising.

Newspaper/Magazine

• Detroit Free Press
• The Detroit News
• The Oakland Press
• The Macomb Daily
• The Daily Herald

Hour Magazine

• The Royal Oak Mirror
• The Metro Times
• The Observer & Eccentric papers
• Weddingpages
• BET- Black Entertainment
• WE- Women’s Entertainment

Advertising Schedule (Print Ads/section/audience/cost:)

September Budget $2,721

Cable Advertising

• A commercial featuring the store and services.
• To be played on BET, Lifetime, H&G, The Weather Channel, and WE
• Approx. $1,300

Gazette- Troy/Somerset

• 1/4 pg. Weekly paper- Sat.
• Above the fold, front 5 pages.
• 4×5 ad. wealthy Oakland county area 1/2 business, 1/2 families
• 1/4 page Ad.
• Weekly paper- Oakland County
• $50,000 household income

October Budget $2,885

• 1/6 pg. 4 color Oversized magazine gives a large ad.
• Fall Fashion issue comes out the last week of September
• Over 110,000 subscriptions. Stays on newsstand until end of month.
• Only Detroit monthly magazine.
• To be played on BET, Lifetime, H&G , The Weather Channel, and WE

November Budget $3,233

• Michigan Weddingpages & The Knot website
• Published twice a year, December & June
• Distribution of 60,0000, at over 200 locations
• The Knot website has 12,234 area brides as members and 1,020 additional joining each month. A Profile on their website entitles us to a 75 word description of products, price range, services, hours, photo, logo, map-directions, contact information. They will fax all email replies.
• The Weddingpages Ad 1/3 $1,887
• The Knot site $46 per month

5.5 Promotional Plan

Opening Party for the press, friends and family.

Press Release kit sent to all major media and organizations 2-3 weeks prior to opening.

Kit will include: press release, glossy picture of store and interior, postcards of some of the brands carried, our business card and an invitation to the opening party.

Give a short presentation at the meeting of the Plastic Surgeons Assoc., to explain how we can care and fit their patients. Distribute a folder of information to offer their patients, containing: brands carried, services and a glossy of the store. (This is aimed toward enhancement and reduction surgeries.)

The start of “Have a fit during lunch”

The third Thursday of each month we will provide tea sandwiches and beverages while our customers get fitted or shop during their lunch hour. No need to sacrifice lunch for shopping. This will be mentioned in our cable advertising for the month.

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

Bra~vo has a very strong, experienced and professional management team, with over 35 years of combined experience. With each member working in their area of specialization we have every aspect of the business covered. Each member has their area of expertise and percentage of ownership, creating a unified and synergistic team.

6.1 Management Team

Rebecca Autumn will be: Owner/Operator and will be responsible for buying, customer sales and fittings.

Rebecca has spent 18 years in the women’s apparel industry, with five years in the Intimate Apparel industry, three years as a Sales Manager and two years as a sales representative. Calling on stores across the country, working with them to develop their business through inventory management, sales analysis and store promotions. Being based in the Detroit area during her time as a Sales Rep., she is very familiar with all the Intimate Apparel accounts in the state, as well as many across the country. Rebecca is single, 40 years old, and home owner in Royal Oak.

Lucille Winters will be: Co-owner and will act as merchandising consultant, employee training and part-time sales.

Lucille has an extensive background in retail including, Store Owner, Department Store Manager, Speciality Store Manager and Store Merchandiser. Areas of special skills- in-store promotions, store merchandising, customer service and employee development.

Deborah Summers will be: Co-owner and will act as Operation Manager responsible for payable and receivables, inventory control, in store promotions, billing and sales. Deborah has over 20 years experience in operations management, with comprehensive skills in accounts payable/receivable, payroll, office set-up and insurance billing.

6.2 Personnel Plan

Our store will be open seven days a week during the summer when people are shopping the downtown Royal Oak area. Through the winter season we will close on Sundays as do most of the downtown retailers. For the Holiday season we will extend our hours to two nights a week to accommodate those after work shoppers. We will be located next to a well known upscale seafood restaurant, throughout the summer customers line up to wait for a table. We will be able to capture that traffic. As long as there is a customer in the store we will stay open and serve her.

Below are the hours for each season and a yearly employee plan with average weekly hours and pay. We will contact the head of Wayne State University’s Fashion Merchandising Program to arrange an internship for an outstanding Junior or Senior year student who would like to work and earn credit as she learns about the operations of a fashion store from the ground up.

Financial Plan investor-ready personnel plan .">

• Due to the soft economy we plan on a better interest rate than offered in the past five years.

7.1 Important Assumptions

Our sales paid for by credit card will be deposited in our business checking account within 48 hours. Since most of our personnel are part-time, the first year only the Owner/Manager Rebecca Autumn will receive benefits. Our business checking account will be with National City, in Royal Oak. They have reported the approximate current interest rates as those below.

7.2 Key Financial Indicators

The following chart shows the Benchmark figures for Bra~vo.

7.3 Break-even Analysis

The following table and chart show our Break-even Analysis. Fixed costs are based on operating expenses in the first year.

7.4 Projected Profit and Loss

The following table will indicate projected Profit and Loss.

7.5 Projected Cash Flow

The following chart and table will indicate projected cash flow.

7.6 Projected Balance Sheet

Deborah Summers will keep our financial reports current, Chris Hamill our accountant will make a quarterly visit to review the reports and offer suggestions on business development.

7.7 Business Ratios

Business ratios for the years of this plan are shown below. Industry profile ratios based on the Standard Industrial Classification (SIC) code 5632, Women’s Accessory and Specialty Stores, are shown for comparison.

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What was Trump found guilty of? See the 34 business records the jury decided he falsified

Donald Trump was found guilty of 34 felony counts of falsifying business records after prosecutors successfully convinced a jury he disguised hush money reimbursement as legal expenses. He is the first former president to be convicted of a crime.

Each count is tied to a different business record that prosecutors demonstrated Trump is responsible for changing to conceal or commit another crime .

Those records include 11 checks paid to former lawyer Michael Cohen , 11 invoices from Michael Cohen and 12 entries in Trump's ledgers.

The jury found that Trump authorized a plan to reimburse Cohen for the $130,000 hush money payment issued to Stormy Daniels and spread the payments across 12 months disguised as legal expenses.

Live updates: Former President Donald Trump found guilty on all counts in hush money case

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Breakdown of 34 counts of falsifying business records

Here are the 34 business records Trump was found guilty of falsifying, as described in Judge Juan Merchan 's jury instructions :

• Count 1: Michael Cohen's invoice dated Feb. 14, 2017
• Count 2: Entry in the Detail General Ledger for the Donald J. Trump Revocable Trust dated Feb. 14, 2017
• Count 3: Entry in the Detail General Ledger for the Donald J. Trump Revocable Trust dated Feb. 14, 2017
• Count 4: A Donald J. Trump Revocable Trust Account check and check stub dated Feb. 14, 2017
• Count 5: Michael Cohen's invoice dated March 16, 2017
• Count 6: Entry in the Detail General Ledger for the Donald J. Trump Revocable Trust dated March 17, 2017
• Count 7: A Donald J. Trump Revocable Trust Account check and check stub dated March 17, 2017
• Count 8: Michael Cohen's invoice dated April 13, 2017
• Count 9: Entry in the Detail General Ledger for Donald J. Trump dated June 19, 2017
• Count 10: A Donald J. Trump account check and check stub dated June 19, 2017
• Count 11: Michael Cohen's invoice dated May 22, 2017
• Count 12: Entry in the Detail General Ledger for Donald J. Trump dated May 22, 2017
• Count 13: A Donald J. Trump account check and check stub May 23, 2017
• Count 14: Michael Cohen's invoice dated June 16, 2017
• Count 15: Entry in the Detail General Ledger for Donald J. Trump dated June 19, 2017
• Count 16: A Donald J. Trump account check and check stub dated June 19, 2017
• Count 17: Michael Cohen's invoice dated July 11, 2017
• Count 18: Entry in the Detail General Ledger for Donald J. Trump dated July 11, 2017
• Count 19: A Donald J. Trump account check and check stub dated July 11, 2017
• Count 20: Michael Cohen's invoice dated Aug. 1, 2017
• Count 21: Entry in the Detail General Ledger for Donald J. Trump dated Aug. 1, 2017
• Count 22: A Donald J. Trump account check and check stub dated Aug. 1, 2017
• Count 23: Michael Cohen's invoice dated Sept. 11, 2017
• Count 24: Entry in the Detail General Ledger for Donald J. Trump dated Sept. 11, 2017
• Count 25: A Donald J. Trump account check and check stub dated Sept. 12, 2017
• Count 26: Michael Cohen's invoice dated Oct. 18, 2017
• Count 27: Entry in the Detail General Ledger for Donald J. Trump dated Oct. 18, 2017
• Count 28: A Donald J. Trump account check and check stub dated Oct. 18, 2017
• Count 29: Michael Cohen's invoice dated Nov. 20, 2017
• Count 30: Entry in the Detail General Ledger for Donald J. Trump dated Nov. 20, 2017
• Count 31: A Donald J. Trump account check and check stub dated Nov. 21, 2017
• Count 32: Michael Cohen's invoice dated Dec. 1, 2017
• Count 33: Entry in the Detail General Ledger for Donald J. Trump dated Dec. 1, 2017
• Count 34: A check and check stub dated Dec. 5 2017

Jurors saw copies of these records entered as evidence. Evidence from the entire trial is available on the New York Courts website .

Contributing: Aysha Bagchi