invest youth business class - downtown wytheville, va · blue ridge crossroads sbdc 1117 e. stuart...
TRANSCRIPT
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Invest Youth Business Class
Presented by: Mandy Archer
Blue Ridge Crossroads Small Business Development Center
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The Virginia SBDC Network is
a partnership between
U.S. Small Business Administration,
George Mason University,
and
premier institutions throughout
Virginia.
What is the SBDC?
-
a network with 29 offices
serving every jurisdiction in Virginia
The SBDC is . . .an economic development program
that assists firms in job creation, job retention, access to capital, marketing,
start-up, expansion and survival
an economic development programthat assists firms with access to capital,
marketing, job creation and retention,launch and growth
a network with local offices
serving every jurisdiction in Virginia
a statewide infrastructurethat is a resource to
deploy job creation initiatives
a statewide infrastructurethat is a resource to
deploy technical assistance
feet-on-the-street providing direct,
individual, ongoing assistance
to small businesses
feet-on-the-street providing direct,
individual and ongoing assistance
to small businesses
PresenterPresentation NotesOffer free and confidential counseling to businesses of all stages. We are here to help you start and/or grow your business.
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AREAS OF ASSISTANCE
Business Planning
Industry Research
Access to Capital
Marketing
Social Media / Web Marketing
Government Contracting
SPECIALITY PROGRAMS Commercialization Assistance
International Trade
Small Town & Merchant Program
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Blue Ridge Crossroads SBDC1117 E. Stuart DriveGalax, VA 24333276.601.7727www.brceda.org
Mountain Empire SBDC3441 Mountain Empire RoadBig Stone Gap, VA 24219-4634276.523.6529http://www.mecc.edu/sbdc/
Roanoke Regional SBDC210 S. Jefferson StreetRoanoke, VA 24011-1702540.983.0717www.rrsbdc.org
Southwest Virginia SBDCP.O. Box SVCCRichlands, VA 24641-1101276.964.7345https://sw.edu/workforce/
Virginia Highlands SBDC100 VHCC DriveVA Highlands Community CollegeAbingdon, VA 24210276.739.2474www.vhcc.edu/sbdc
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What is entrepreneurship?
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AdventureUnpredictable
Time Money
ExperienceCreativity
Most importantlyACTION!
PresenterPresentation NotesWhat are some words to describe entrepreneurship?
The business will not run itself. You must always take ACTION for the next step.
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“
”
Entrepreneurship is passion, persistence, and doing what you love.
It is a way of thinking. It is a mindset.
PresenterPresentation NotesWhat types of personality traits do you think you need?Risk takerOk with uncertaintyManaging timeIndependentAchievement oriented
Combination of personality traits and way of thinking.It can be learned.
Create new ways to solve old problems.
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Activity
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Supply & Demand
High Demand for product/service
Lower the supply
Higher the prices
Low Demand for product/service
Higher the supply
Lower the prices
PresenterPresentation NotesDo you enter an already saturated market?What can you provide or do differently?
SOLVE THE PROBLEM?
If not past 1:20pm go to Tell me About You.If past 1:20pm go into Drafting a BP
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Tell me about you.Name
School
Grade
Business Idea
Do you know anyone that owns a business? Who?
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How to Draft a Business PlanWhat is a business plan?
-
“
”A business plan is informed action.
• Brainstorming
• Researching
• Planning
• Helps you identify challenges
• Does this business help fit my goals?
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Limited Time! Limited Resources! I need a plan!
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Two major sections of a complete business plan.
Written Part Executive Summary
Business Description
Target Customer
Competition
Advertising Plan
Acquisitions
Facility Information
SWOT
Organization & Management
Pricing
Financing of business
Financial Part Start-up cost estimate
Sources & Uses
Income Statement
**An income statement estimates your revenue and expenses.
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Executive Summary
Written last
Summary of information given throughout the business plan
Only include highlights
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Business Description
Describe in your own words what you would like to do.
Why do you feel this is an idea that will work for you?
Describe the overall concept.
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Examples
Example 1 I want to open an arcade and
entertainment center.
Example 2 Archers Games will be a family
friendly entertainment establishment located in Wythe County. Archers Games will include old and new arcade games, virtual reality, pool tables, mini-bowling, glow in dark mini-golf and a snack bar.
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Management Team
What experience do you have in this industry?
What certifications and/or licenses do you already possess?
Have you worked in this industry before?
What about other “key” employees? What is there background and how will they contribute to the success of your business?
Mini-Resume
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Target Customer
Describe your ideal customer for your business.
Include demographic and geographic information.
Age
Where they live?
How far is your customer reach? (5 miles, 10 miles, 100 miles)
Income
Free time
Average expenditures
Who are other potential customers?
PresenterPresentation NotesMy target customer is families and independent teens/young adults. Families with 9-14 yr olds. Independent teens / young adults 15-35 yrs old.
Other potential customers: Company outings, team building
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Competition
Sometimes competition is not DIRECT.
Who or What is the competition for Archers Games?
Movies
Outdoor activities
Skating Rink
Concerts
Apex Center Events
High school sporting events
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Advertising Plan
How do you plan to let other people know about your business?
#1 Tool is Word of Mouth
Social Media has changed the way word of mouth is used
More information in your session later this afternoon.
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Acquisitions Purchase of equipment, inventory, furniture, fixtures, etc.
Do you already own any of the above items?
What is the cost of these items?
Building
Tools
Large and small equipment
Desks
Filing cabinets
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Facility Information
Where do you plan to conduct business?
Online or Brick and Mortar Location?
How much square footage will your business need? (Approximate)
Will you need kitchen facilities?
Are there any special considerations for utilities?
Will you work from home?
Does your locality allow this type of business to operate from a residence?
Check with Wythe County or Town of Wytheville for Zoning restrictions.
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INTERNAL
EXTERNAL
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Organization & Governmental Regulations
Business Legal Organization
More information in your next session
Governmental Regulations
Satisfy Federal, State and Local requirements
Restaurants: VDH
Barbers/Cosmetologists: DPOR
Truck Drivers: NHTSA, Taxes, etc
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Pricing
How do you plan to price your goods or services?
Will you charge hourly?
Will you “keystone” all goods?
How will you reach that price for service/good?
How does it compare to your competition?
Is it affordable?
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Financing
Where do you plan to obtain the money for all acquisitions, start-up costs and operating capital?
Personal Cash
Loan
Savings
Investor
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Attachments
Resume or background experience of all key employees
Copies of certificates
Lease agreements
Guarantee of funds
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Financials & Cash Flow
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Cash is King Start-up Costs / Capital Requests
Profit & Loss Statements / Income Statement
Revenue Assumptions
Cash Flow
Balance Sheet
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What are you going to prepare for this challenge?
Start-up Needs
Loan Assumptions
Projected income statement
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Start-up needs
Sources Where do you plan to get
the money?
Loans
Investment
Equity
Other
Uses What are you going to use
the money for?
Deposits
Licenses
Advertising
Equipment
Tools
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Business Name
Owners Equity (Cash)Land ` Land Rent DepositVehicle Inventory Run #1 Insurance 1st paymentBuilding Building Utility Deposits Loan 1 Construction Research & DevelopmentOther Other Logo DesignOther Website Design
Business NameLicenses/PermitsLease PaymentsMerchant Account Setup FeeCash for RegisterConsulting
Equipment Initial Ads/PromotionsCleaning ServicesProfessional FeesOffice SuppliesMiscellaneousPatents and Trademaks
Total Assets -$ Total Startup 0.00
Total of Assets & Startup -$
Working Capital (cash left over)* - Total Sources $0 Total Uses $0
*Cash Available to Start the business operations after Asset and Operational Startup costs
Uses Sources
=
Assets Start Up Costs
Start Up Expenses
Business Name
SourcesUses
Owners Equity (Cash)AssetsStart Up Costs
Land`LandRent Deposit
VehicleInventory Run #1Insurance 1st payment
BuildingBuildingUtility Deposits
Loan 1 ConstructionResearch & Development
Other OtherLogo Design
OtherWebsite Design
Business Name
Licenses/Permits
Lease Payments
Merchant Account Setup Fee
Cash for Register
Consulting
EquipmentInitial Ads/Promotions
Cleaning Services
Professional Fees
Office Supplies
Miscellaneous
Patents and Trademaks
Total Assets$ - 0Total Startup 0.00
Total of Assets & Startup$ - 0
Working Capital (cash left over)*-
Total Sources$0=Total Uses$0
*Cash Available to Start the business operations after Asset and Operational Startup costs
Loan 1
Client Name
Loan Amortization Schedule
Loan Description:
Interest1.00%
Loan Amt.
Term20
Payment$0.00
PaymentInterestPrincipalBalancePaymentInterestPrincipalBalance
--------------------------------------------------------------------------------------------------------
1$0.00$0.00$0.0037$0.00$0.00$0.00
2$0.00$0.00$0.0038$0.00$0.00$0.00
3$0.00$0.00$0.0039$0.00$0.00$0.00
4$0.00$0.00$0.0040$0.00$0.00$0.00
5$0.00$0.00$0.0041$0.00$0.00$0.00
6$0.00$0.00$0.0042$0.00$0.00$0.00
7$0.00$0.00$0.0043$0.00$0.00$0.00
8$0.00$0.00$0.0044$0.00$0.00$0.00
9$0.00$0.00$0.0045$0.00$0.00$0.00
10$0.00$0.00$0.0046$0.00$0.00$0.00
11$0.00$0.00$0.0047$0.00$0.00$0.00
12$0.00$0.00$0.0048$0.00$0.00$0.00
13$0.00$0.00$0.0049$0.00$0.00$0.00
14$0.00$0.00$0.0050$0.00$0.00$0.00
15$0.00$0.00$0.0051$0.00$0.00$0.00
16$0.00$0.00$0.0052$0.00$0.00$0.00
17$0.00$0.00$0.0053$0.00$0.00$0.00
18$0.00$0.00$0.0054$0.00$0.00$0.00
19$0.00$0.00$0.0055$0.00$0.00$0.00
20$0.00$0.00$0.0056$0.00$0.00$0.00
21$0.00$0.00$0.0057$0.00$0.00$0.00
22$0.00$0.00$0.0058$0.00$0.00$0.00
23$0.00$0.00$0.0059$0.00$0.00$0.00
24$0.00$0.00$0.0060$0.00$0.00$0.00
25$0.00$0.00$0.00
26$0.00$0.00$0.00
27$0.00$0.00$0.00
28$0.00$0.00$0.00
29$0.00$0.00$0.00
30$0.00$0.00$0.00
31$0.00$0.00$0.00
32$0.00$0.00$0.00
33$0.00$0.00$0.00
34$0.00$0.00$0.00
35$0.00$0.00$0.00
36$0.00$0.00$0.00
YearInterestPrincipal
---------------------------------------------
1$0.00$0.00$0.00
2$0.00$0.00
3$0.00$0.00
4$0.00$0.00
5$0.00$0.00
--
Total$0.00$0.00
=====================
Note…..
The Small Business Development Center (SBDC) has prepared this financial statement as of 11/23/2014 based on
information and assumptions provided by management. Neither the SBDC nor its personnel are licensed by the State
of Minnesota to practice public accounting and therefore express no opinion or any other form of assurance on
the statement or underlying assumptions.
&8Template material is licensed under the Creative Commons License.&8http://creativecommons.org/licenses/by-nc-sa/3.0/legalcode&8Templates created by UMD Center for Economic Development, Jennifer Pontinen, Jenny Herman and Richard Braun.
Loan 2
Client Name
Loan Amortization Schedule
Loan Description:
Interest1.00%Prime Rate3.25%
Loan Amt.
Term20
Payment$0.00
PaymentInterestPrincipalBalancePaymentInterestPrincipalBalance
--------------------------------------------------------------------------------------------------------
1$0.00$0.00$0.0037$0.00$0.00$0.00
2$0.00$0.00$0.0038$0.00$0.00$0.00
3$0.00$0.00$0.0039$0.00$0.00$0.00
4$0.00$0.00$0.0040$0.00$0.00$0.00
5$0.00$0.00$0.0041$0.00$0.00$0.00
6$0.00$0.00$0.0042$0.00$0.00$0.00
7$0.00$0.00$0.0043$0.00$0.00$0.00
8$0.00$0.00$0.0044$0.00$0.00$0.00
9$0.00$0.00$0.0045$0.00$0.00$0.00
10$0.00$0.00$0.0046$0.00$0.00$0.00
11$0.00$0.00$0.0047$0.00$0.00$0.00
12$0.00$0.00$0.0048$0.00$0.00$0.00
13$0.00$0.00$0.0049$0.00$0.00$0.00
14$0.00$0.00$0.0050$0.00$0.00$0.00
15$0.00$0.00$0.0051$0.00$0.00$0.00
16$0.00$0.00$0.0052$0.00$0.00$0.00
17$0.00$0.00$0.0053$0.00$0.00$0.00
18$0.00$0.00$0.0054$0.00$0.00$0.00
19$0.00$0.00$0.0055$0.00$0.00$0.00
20$0.00$0.00$0.0056$0.00$0.00$0.00
21$0.00$0.00$0.0057$0.00$0.00$0.00
22$0.00$0.00$0.0058$0.00$0.00$0.00
23$0.00$0.00$0.0059$0.00$0.00$0.00
24$0.00$0.00$0.0060$0.00$0.00$0.00
25$0.00$0.00$0.00
26$0.00$0.00$0.00
27$0.00$0.00$0.00
28$0.00$0.00$0.00
29$0.00$0.00$0.00
30$0.00$0.00$0.00
31$0.00$0.00$0.00
32$0.00$0.00$0.00
33$0.00$0.00$0.00
34$0.00$0.00$0.00
35$0.00$0.00$0.00
36$0.00$0.00$0.00
YearInterestPrincipal
---------------------------------------------
1$0.00$0.00$0.00
2$0.00$0.00
3$0.00$0.00
4$0.00$0.00
5$0.00$0.00
--
Total$0.00$0.00
=====================
Note…..
The Small Business Development Center (SBDC) has prepared this financial statement as of 11/23/2014 based on
information and assumptions provided by management. Neither the SBDC nor its personnel are licensed by the State
of Minnesota to practice public accounting and therefore express no opinion or any other form of assurance on
the statement or underlying assumptions.
&8Template material is licensed under the Creative Commons License.&8http://creativecommons.org/licenses/by-nc-sa/3.0/legalcode&8Templates created by UMD Center for Economic Development, Jennifer Pontinen, Jenny Herman and Richard Braun.
Year 1
Cash Flow Projections-Year 1Beginning CashJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYear Total
1. Cash on Hand (beginning of month) -$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Cash Income:
Income 1$ - 0
Income 2$ - 0
Income 3$ - 0
Total Cash Available000000000000$ - 0
Cash Paid Out
Advertising$ - 0
Accounting$ - 0
Bad Debts$ - 0
Bank Charges$ - 0
Car Rental$ - 0
Cell Phone and/or Land Line$ - 0
Cleaning$ - 0
Commissions$ - 0
Consulting$ - 0
Contract Labor Models$ - 0
Credit Card Fees 3%$ - 0
Donations$ - 0
Dues & Subscriptions$ - 0
Education$ - 0
Employee Benefits$ - 0
Freight$ - 0
Garbage$ - 0
Gas (Vehicle)$ - 0
Insurance$ - 0
Internet$ - 0
Inventory Purchases$ - 0
Liability Insurance $ - 0
Loan Payments (P&I)$ - 0
Office Supplies$ - 0
Outside Services$ - 0
Payroll Hourly$ - 0
Payroll Salary$ - 0
Payroll Taxes (12% of payroll)000000000000$ - 0
Parking$ - 0
Postage$ - 0
Printing$ - 0
Property Insurance$ - 0
Real Estate Taxes$ - 0
Refunds$ - 0
Rent/Lease$ - 0
Repairs/Maintenance$ - 0
Research & Development$ - 0
Security System$ - 0
Shop Supplies $ - 0
Snow Plowing$ - 0
Tools$ - 0
Travel$ - 0
Utilities$ - 0
Vehicle Insurance $ - 0
Water,Garbage,other Utilities$ - 0
Other $ - 0
Other $ - 0
Other $ - 0
Subtotal$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Capital Purchases/Inventory$ - 0
Owner Draw$ - 0
$ - 0
Total Cash Paid Out$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Cash on Hand (end of month)$ -$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Year 1 Net Income$ - 0
Year 2
Cash Flow Projections-Year 2JANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYear Total
1. Cash on Hand (beginning of month) $ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Cash Income:
Income 1$ - 0
Income 2$ - 0
Income 3$ - 0
Total Cash Available000000000000$ - 0
Cash Paid Out
Advertising$ - 0
Accounting$ - 0
Bad Debts$ - 0
Bank Charges$ - 0
Car Rental$ - 0
Cell Phone and/or Land Line$ - 0
Cleaning$ - 0
Commissions$ - 0
Consulting$ - 0
Contract Labor$ - 0
Credit Card Fees 3%$ - 0
Donations$ - 0
Dues & Subscriptions$ - 0
Education$ - 0
Employee Benefits$ - 0
Freight$ - 0
Garbage$ - 0
Gas (Vehicle)$ - 0
Insurance$ - 0
Internet$ - 0
Inventory Purchases$ - 0
Liability Insurance $ - 0
Loan Payments (P&I)$ - 0
Office Supplies$ - 0
Outside Services$ - 0
Payroll Hourly$ - 0
Payroll Salary$ - 0
Payroll Taxes 12% of payroll000000000000$ - 0
Parking$ - 0
Postage$ - 0
Printing$ - 0
Property Insurance$ - 0
Real Estate Taxes$ - 0
Refunds$ - 0
Rent/Lease$ - 0
Repairs/Maintenance$ - 0
Research & Development$ - 0
Security System$ - 0
Shop Supplies $ - 0
Snow Plowing$ - 0
Tools$ - 0
Travel$ - 0
Utilities$ - 0
Vehicle Insurance $ - 0
Water,Garbage,other Utilities$ - 0
Website$ - 0
Other $ - 0
Other $ - 0
Subtotal$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Capital Purchases/Inventory$ - 0
Owner Draw$ - 0
Total Cash Paid Out$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Cash on Hand $ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Year 2 Net Income$ - 0
Year 3
Cash Flow Projection-Year 3JANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYear Total
1. Cash on Hand (beginning of month) $ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Cash Income:
Income 1$ - 0
Income 2$ - 0
Income 3$ - 0
Total Cash Available000000000000$ - 0
Cash Paid Out
Advertising$ - 0
Accounting$ - 0
Bad Debts$ - 0
Bank Charges$ - 0
Car Rental$ - 0
Cell Phone and/or Land Line$ - 0
Cleaning$ - 0
Commissions$ - 0
Consulting$ - 0
Contract Labor$ - 0
Credit Card Fees 3%$ - 0
Donations$ - 0
Dues & Subscriptions$ - 0
Education$ - 0
Employee Benefits$ - 0
Freight$ - 0
Garbage$ - 0
Gas (Vehicle)$ - 0
Insurance$ - 0
Internet$ - 0
Inventory Purchases$ - 0
Liability Insurance $ - 0
Loan Payments$ - 0
Office Supplies$ - 0
Outside Services$ - 0
Payroll Hourly$ - 0
Payroll Salary$ - 0
Payroll Taxes 12% of payroll000000000000$ - 0
Parking$ - 0
Postage$ - 0
Printing$ - 0
Property Insurance$ - 0
Real Estate Taxes$ - 0
Refunds$ - 0
Rent/Lease$ - 0
Repairs/Maintenance$ - 0
Research & Development$ - 0
Security System$ - 0
Shop Supplies $ - 0
Snow Plowing$ - 0
Tools$ - 0
Travel$ - 0
Utilities$ - 0
Vehicle Insurance $ - 0
Water,Garbage,other Utilities$ - 0
Other $ - 0
Other $ - 0
Other $ - 0
Subtotal$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Capital Purchases/Inventory$ - 0
Owner Draw$ - 0
Total Cash Paid Out$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Cash on Hand (end of month)$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Year 3 Net Income$ - 0
-
Business Name
Owners Equity (Cash) 7,500.00 Land ` Land Rent Deposit 2,000.00Vehicle Inventory 1,000.00 Insurance 1st payment 500.00Building Building Utility Deposits 500.00Loan 1 10,000.00 Construction Research & DevelopmentOther Other Logo Design 75.00Other Website Design 300.00
Business NameLicenses/Permits 150.00Lease PaymentsMerchant Account Setup FeeCash for RegisterConsulting
Equipment Initial Ads/PromotionsGames 8,000.00 Cleaning ServicesFF&E 3,000.00 Professional Fees
Office SuppliesMiscellaneousPatents and Trademaks
Total Assets 12,000.00$ Total Startup 3,525.00
Total of Assets & Startup 15,525.00$
Working Capital (cash left over)* 1,975 Total Sources $17,500 Total Uses $17,500
*Cash Available to Start the business operations after Asset and Operational Startup costs
Uses Sources
=
Archers Games
Assets Start Up Costs
Start Up Expenses
Business NameArchers Games
SourcesUses
Owners Equity (Cash)7,500.00AssetsStart Up Costs
Land`LandRent Deposit2,000.00
VehicleInventory1,000.00Insurance 1st payment500.00
BuildingBuildingUtility Deposits500.00
Loan 110,000.00 ConstructionResearch & Development
Other OtherLogo Design75.00
OtherWebsite Design300.00
Business Name
Licenses/Permits150.00
Lease Payments
Merchant Account Setup Fee
Cash for Register
Consulting
EquipmentInitial Ads/Promotions
Games8,000.00Cleaning Services
FF&E3,000.00Professional Fees
Office Supplies
Miscellaneous
Patents and Trademaks
Total Assets$ 12,000.00Total Startup 3,525.00
Total of Assets & Startup$ 15,525.00
Working Capital (cash left over)*1,975
Total Sources$17,500=Total Uses$17,500
*Cash Available to Start the business operations after Asset and Operational Startup costs
Loan 1
Archers Games
Loan Amortization Schedule
Loan Description:Equipment, FF&E
Interest5.00%
Loan Amt.10,000
Term5
Payment$188.71
PaymentInterestPrincipalBalancePaymentInterestPrincipalBalance
--------------------------------------------------------------------------------------------------------
1$41.67$147.05$9,852.9537$17.92$170.79$4,130.70
2$41.05$147.66$9,705.3038$17.21$171.50$3,959.20
3$40.44$148.27$9,557.0239$16.50$172.22$3,786.98
4$39.82$148.89$9,408.1340$15.78$172.93$3,614.05
5$39.20$149.51$9,258.6241$15.06$173.65$3,440.40
6$38.58$150.13$9,108.4842$14.33$174.38$3,266.02
7$37.95$150.76$8,957.7243$13.61$175.10$3,090.92
8$37.32$151.39$8,806.3444$12.88$175.83$2,915.08
9$36.69$152.02$8,654.3245$12.15$176.57$2,738.52
10$36.06$152.65$8,501.6646$11.41$177.30$2,561.21
11$35.42$153.29$8,348.3747$10.67$178.04$2,383.17
12$34.78$153.93$8,194.4548$9.93$178.78$2,204.39
13$34.14$154.57$8,039.8849$9.18$179.53$2,024.86
14$33.50$155.21$7,884.6750$8.44$180.28$1,844.59
15$32.85$155.86$7,728.8151$7.69$181.03$1,663.56
16$32.20$156.51$7,572.3052$6.93$181.78$1,481.78
17$31.55$157.16$7,415.1453$6.17$182.54$1,299.24
18$30.90$157.82$7,257.3254$5.41$183.30$1,115.94
19$30.24$158.47$7,098.8555$4.65$184.06$931.88
20$29.58$159.13$6,939.7156$3.88$184.83$747.05
21$28.92$159.80$6,779.9257$3.11$185.60$561.45
22$28.25$160.46$6,619.4558$2.34$186.37$375.08
23$27.58$161.13$6,458.3259$1.56$187.15$187.93
24$26.91$161.80$6,296.5260$0.78$187.93($0.00)
25$26.24$162.48$6,134.04
26$25.56$163.15$5,970.89
27$24.88$163.83$5,807.06
28$24.20$164.52$5,642.54
29$23.51$165.20$5,477.34
30$22.82$165.89$5,311.45
31$22.13$166.58$5,144.87
32$21.44$167.28$4,977.59
33$20.74$167.97$4,809.62
34$20.04$168.67$4,640.95
35$19.34$169.38$4,471.57
36$18.63$170.08$4,301.49
YearInterestPrincipal
---------------------------------------------
1$459.00$1,805.55$2,264.55
2$366.62$1,897.93
3$269.52$1,995.03
4$167.45$2,097.10
5$60.16$2,204.39
--
Total$1,095.13$5,698.51
=====================
Note…..
The Small Business Development Center (SBDC) has prepared this financial statement as of 11/23/2014 based on
information and assumptions provided by management. Neither the SBDC nor its personnel are licensed by the State
of Minnesota to practice public accounting and therefore express no opinion or any other form of assurance on
the statement or underlying assumptions.
&8Template material is licensed under the Creative Commons License.&8http://creativecommons.org/licenses/by-nc-sa/3.0/legalcode&8Templates created by UMD Center for Economic Development, Jennifer Pontinen, Jenny Herman and Richard Braun.
Loan 2
Client Name
Loan Amortization Schedule
Loan Description:
Interest1.00%Prime Rate3.25%
Loan Amt.
Term20
Payment$0.00
PaymentInterestPrincipalBalancePaymentInterestPrincipalBalance
--------------------------------------------------------------------------------------------------------
1$0.00$0.00$0.0037$0.00$0.00$0.00
2$0.00$0.00$0.0038$0.00$0.00$0.00
3$0.00$0.00$0.0039$0.00$0.00$0.00
4$0.00$0.00$0.0040$0.00$0.00$0.00
5$0.00$0.00$0.0041$0.00$0.00$0.00
6$0.00$0.00$0.0042$0.00$0.00$0.00
7$0.00$0.00$0.0043$0.00$0.00$0.00
8$0.00$0.00$0.0044$0.00$0.00$0.00
9$0.00$0.00$0.0045$0.00$0.00$0.00
10$0.00$0.00$0.0046$0.00$0.00$0.00
11$0.00$0.00$0.0047$0.00$0.00$0.00
12$0.00$0.00$0.0048$0.00$0.00$0.00
13$0.00$0.00$0.0049$0.00$0.00$0.00
14$0.00$0.00$0.0050$0.00$0.00$0.00
15$0.00$0.00$0.0051$0.00$0.00$0.00
16$0.00$0.00$0.0052$0.00$0.00$0.00
17$0.00$0.00$0.0053$0.00$0.00$0.00
18$0.00$0.00$0.0054$0.00$0.00$0.00
19$0.00$0.00$0.0055$0.00$0.00$0.00
20$0.00$0.00$0.0056$0.00$0.00$0.00
21$0.00$0.00$0.0057$0.00$0.00$0.00
22$0.00$0.00$0.0058$0.00$0.00$0.00
23$0.00$0.00$0.0059$0.00$0.00$0.00
24$0.00$0.00$0.0060$0.00$0.00$0.00
25$0.00$0.00$0.00
26$0.00$0.00$0.00
27$0.00$0.00$0.00
28$0.00$0.00$0.00
29$0.00$0.00$0.00
30$0.00$0.00$0.00
31$0.00$0.00$0.00
32$0.00$0.00$0.00
33$0.00$0.00$0.00
34$0.00$0.00$0.00
35$0.00$0.00$0.00
36$0.00$0.00$0.00
YearInterestPrincipal
---------------------------------------------
1$0.00$0.00$0.00
2$0.00$0.00
3$0.00$0.00
4$0.00$0.00
5$0.00$0.00
--
Total$0.00$0.00
=====================
Note…..
The Small Business Development Center (SBDC) has prepared this financial statement as of 11/23/2014 based on
information and assumptions provided by management. Neither the SBDC nor its personnel are licensed by the State
of Minnesota to practice public accounting and therefore express no opinion or any other form of assurance on
the statement or underlying assumptions.
&8Template material is licensed under the Creative Commons License.&8http://creativecommons.org/licenses/by-nc-sa/3.0/legalcode&8Templates created by UMD Center for Economic Development, Jennifer Pontinen, Jenny Herman and Richard Braun.
Year 1
Cash Flow Projections-Year 1Beginning CashJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYear Total
1. Cash on Hand (beginning of month) 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975
Cash Income:
Income 1$ - 0
Income 2$ - 0
Income 3$ - 0
Total Cash Available1,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,975$ - 0
Cash Paid Out
Advertising$ - 0
Accounting$ - 0
Bad Debts$ - 0
Bank Charges$ - 0
Car Rental$ - 0
Cell Phone and/or Land Line$ - 0
Cleaning$ - 0
Commissions$ - 0
Consulting$ - 0
Contract Labor Models$ - 0
Credit Card Fees 3%$ - 0
Donations$ - 0
Dues & Subscriptions$ - 0
Education$ - 0
Employee Benefits$ - 0
Freight$ - 0
Garbage$ - 0
Gas (Vehicle)$ - 0
Insurance$ - 0
Internet$ - 0
Inventory Purchases$ - 0
Liability Insurance $ - 0
Loan Payments (P&I)$ - 0
Office Supplies$ - 0
Outside Services$ - 0
Payroll Hourly$ - 0
Payroll Salary$ - 0
Payroll Taxes (12% of payroll)000000000000$ - 0
Parking$ - 0
Postage$ - 0
Printing$ - 0
Property Insurance$ - 0
Real Estate Taxes$ - 0
Refunds$ - 0
Rent/Lease$ - 0
Repairs/Maintenance$ - 0
Research & Development$ - 0
Security System$ - 0
Shop Supplies $ - 0
Snow Plowing$ - 0
Tools$ - 0
Travel$ - 0
Utilities$ - 0
Vehicle Insurance $ - 0
Water,Garbage,other Utilities$ - 0
Other $ - 0
Other $ - 0
Other $ - 0
Subtotal$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Capital Purchases/Inventory$ - 0
Owner Draw$ - 0
$ - 0
Total Cash Paid Out$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Cash on Hand (end of month)$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975
Year 1 Net Income$ - 0
Year 2
Cash Flow Projections-Year 2JANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYear Total
1. Cash on Hand (beginning of month) $ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975
Cash Income:
Income 1$ - 0
Income 2$ - 0
Income 3$ - 0
Total Cash Available1,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,975$ - 0
Cash Paid Out
Advertising$ - 0
Accounting$ - 0
Bad Debts$ - 0
Bank Charges$ - 0
Car Rental$ - 0
Cell Phone and/or Land Line$ - 0
Cleaning$ - 0
Commissions$ - 0
Consulting$ - 0
Contract Labor$ - 0
Credit Card Fees 3%$ - 0
Donations$ - 0
Dues & Subscriptions$ - 0
Education$ - 0
Employee Benefits$ - 0
Freight$ - 0
Garbage$ - 0
Gas (Vehicle)$ - 0
Insurance$ - 0
Internet$ - 0
Inventory Purchases$ - 0
Liability Insurance $ - 0
Loan Payments (P&I)$ - 0
Office Supplies$ - 0
Outside Services$ - 0
Payroll Hourly$ - 0
Payroll Salary$ - 0
Payroll Taxes 12% of payroll000000000000$ - 0
Parking$ - 0
Postage$ - 0
Printing$ - 0
Property Insurance$ - 0
Real Estate Taxes$ - 0
Refunds$ - 0
Rent/Lease$ - 0
Repairs/Maintenance$ - 0
Research & Development$ - 0
Security System$ - 0
Shop Supplies $ - 0
Snow Plowing$ - 0
Tools$ - 0
Travel$ - 0
Utilities$ - 0
Vehicle Insurance $ - 0
Water,Garbage,other Utilities$ - 0
Website$ - 0
Other $ - 0
Other $ - 0
Subtotal$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Capital Purchases/Inventory$ - 0
Owner Draw$ - 0
Total Cash Paid Out$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Cash on Hand $ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975
Year 2 Net Income$ - 0
Year 3
Cash Flow Projection-Year 3JANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYear Total
1. Cash on Hand (beginning of month) $ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975
Cash Income:
Income 1$ - 0
Income 2$ - 0
Income 3$ - 0
Total Cash Available1,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,975$ - 0
Cash Paid Out
Advertising$ - 0
Accounting$ - 0
Bad Debts$ - 0
Bank Charges$ - 0
Car Rental$ - 0
Cell Phone and/or Land Line$ - 0
Cleaning$ - 0
Commissions$ - 0
Consulting$ - 0
Contract Labor$ - 0
Credit Card Fees 3%$ - 0
Donations$ - 0
Dues & Subscriptions$ - 0
Education$ - 0
Employee Benefits$ - 0
Freight$ - 0
Garbage$ - 0
Gas (Vehicle)$ - 0
Insurance$ - 0
Internet$ - 0
Inventory Purchases$ - 0
Liability Insurance $ - 0
Loan Payments$ - 0
Office Supplies$ - 0
Outside Services$ - 0
Payroll Hourly$ - 0
Payroll Salary$ - 0
Payroll Taxes 12% of payroll000000000000$ - 0
Parking$ - 0
Postage$ - 0
Printing$ - 0
Property Insurance$ - 0
Real Estate Taxes$ - 0
Refunds$ - 0
Rent/Lease$ - 0
Repairs/Maintenance$ - 0
Research & Development$ - 0
Security System$ - 0
Shop Supplies $ - 0
Snow Plowing$ - 0
Tools$ - 0
Travel$ - 0
Utilities$ - 0
Vehicle Insurance $ - 0
Water,Garbage,other Utilities$ - 0
Other $ - 0
Other $ - 0
Other $ - 0
Subtotal$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Capital Purchases/Inventory$ - 0
Owner Draw$ - 0
Total Cash Paid Out$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Cash on Hand (end of month)$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975$ 1,975
Year 3 Net Income$ - 0
-
Loan AssumptionsUse a loan calculator to determine loan payment (interest and principal)
Client NameLoan Amortization Schedule
Loan Description:
Interest 1.00%Loan Amt.Term 20Payment $0.00
Payment Interest Principal Balance------------- ------------- ------------- -------------
1 $0.00 $0.00 $0.002 $0.00 $0.00 $0.003 $0.00 $0.00 $0.00
Archers GamesLoan Amortization Schedule
Loan Description: Equipment, FF&E
Interest 5.00%Loan Amt. 10,000 Term 5Payment $188.71
Payment Interest Principal Balance------------- ------------- ------------- -------------
1 $41.67 $147.05 $9,852.952 $41.05 $147.66 $9,705.303 $40.44 $148.27 $9,557.024 $39.82 $148.89 $9,408.13
Start Up Expenses
Business Name
SourcesUses
Owners Equity (Cash)AssetsStart Up Costs
Land`LandRent Deposit
VehicleInventory Run #1Insurance 1st payment
BuildingBuildingUtility Deposits
Loan 1 ConstructionResearch & Development
Other OtherLogo Design
OtherWebsite Design
Business Name
Licenses/Permits
Lease Payments
Merchant Account Setup Fee
Cash for Register
Consulting
EquipmentInitial Ads/Promotions
Cleaning Services
Professional Fees
Office Supplies
Miscellaneous
Patents and Trademaks
Total Assets$ - 0Total Startup 0.00
Total of Assets & Startup$ - 0
Working Capital (cash left over)*-
Total Sources$0=Total Uses$0
*Cash Available to Start the business operations after Asset and Operational Startup costs
Loan 1
Client Name
Loan Amortization Schedule
Loan Description:
Interest1.00%
Loan Amt.
Term20
Payment$0.00
PaymentInterestPrincipalBalancePaymentInterestPrincipalBalance
--------------------------------------------------------------------------------------------------------
1$0.00$0.00$0.0037$0.00$0.00$0.00
2$0.00$0.00$0.0038$0.00$0.00$0.00
3$0.00$0.00$0.0039$0.00$0.00$0.00
4$0.00$0.00$0.0040$0.00$0.00$0.00
5$0.00$0.00$0.0041$0.00$0.00$0.00
6$0.00$0.00$0.0042$0.00$0.00$0.00
7$0.00$0.00$0.0043$0.00$0.00$0.00
8$0.00$0.00$0.0044$0.00$0.00$0.00
9$0.00$0.00$0.0045$0.00$0.00$0.00
10$0.00$0.00$0.0046$0.00$0.00$0.00
11$0.00$0.00$0.0047$0.00$0.00$0.00
12$0.00$0.00$0.0048$0.00$0.00$0.00
13$0.00$0.00$0.0049$0.00$0.00$0.00
14$0.00$0.00$0.0050$0.00$0.00$0.00
15$0.00$0.00$0.0051$0.00$0.00$0.00
16$0.00$0.00$0.0052$0.00$0.00$0.00
17$0.00$0.00$0.0053$0.00$0.00$0.00
18$0.00$0.00$0.0054$0.00$0.00$0.00
19$0.00$0.00$0.0055$0.00$0.00$0.00
20$0.00$0.00$0.0056$0.00$0.00$0.00
21$0.00$0.00$0.0057$0.00$0.00$0.00
22$0.00$0.00$0.0058$0.00$0.00$0.00
23$0.00$0.00$0.0059$0.00$0.00$0.00
24$0.00$0.00$0.0060$0.00$0.00$0.00
25$0.00$0.00$0.00
26$0.00$0.00$0.00
27$0.00$0.00$0.00
28$0.00$0.00$0.00
29$0.00$0.00$0.00
30$0.00$0.00$0.00
31$0.00$0.00$0.00
32$0.00$0.00$0.00
33$0.00$0.00$0.00
34$0.00$0.00$0.00
35$0.00$0.00$0.00
36$0.00$0.00$0.00
YearInterestPrincipal
---------------------------------------------
1$0.00$0.00$0.00
2$0.00$0.00
3$0.00$0.00
4$0.00$0.00
5$0.00$0.00
--
Total$0.00$0.00
=====================
Note…..
The Small Business Development Center (SBDC) has prepared this financial statement as of 11/23/2014 based on
information and assumptions provided by management. Neither the SBDC nor its personnel are licensed by the State
of Minnesota to practice public accounting and therefore express no opinion or any other form of assurance on
the statement or underlying assumptions.
&8Template material is licensed under the Creative Commons License.&8http://creativecommons.org/licenses/by-nc-sa/3.0/legalcode&8Templates created by UMD Center for Economic Development, Jennifer Pontinen, Jenny Herman and Richard Braun.
Loan 2
Client Name
Loan Amortization Schedule
Loan Description:
Interest1.00%Prime Rate3.25%
Loan Amt.
Term20
Payment$0.00
PaymentInterestPrincipalBalancePaymentInterestPrincipalBalance
--------------------------------------------------------------------------------------------------------
1$0.00$0.00$0.0037$0.00$0.00$0.00
2$0.00$0.00$0.0038$0.00$0.00$0.00
3$0.00$0.00$0.0039$0.00$0.00$0.00
4$0.00$0.00$0.0040$0.00$0.00$0.00
5$0.00$0.00$0.0041$0.00$0.00$0.00
6$0.00$0.00$0.0042$0.00$0.00$0.00
7$0.00$0.00$0.0043$0.00$0.00$0.00
8$0.00$0.00$0.0044$0.00$0.00$0.00
9$0.00$0.00$0.0045$0.00$0.00$0.00
10$0.00$0.00$0.0046$0.00$0.00$0.00
11$0.00$0.00$0.0047$0.00$0.00$0.00
12$0.00$0.00$0.0048$0.00$0.00$0.00
13$0.00$0.00$0.0049$0.00$0.00$0.00
14$0.00$0.00$0.0050$0.00$0.00$0.00
15$0.00$0.00$0.0051$0.00$0.00$0.00
16$0.00$0.00$0.0052$0.00$0.00$0.00
17$0.00$0.00$0.0053$0.00$0.00$0.00
18$0.00$0.00$0.0054$0.00$0.00$0.00
19$0.00$0.00$0.0055$0.00$0.00$0.00
20$0.00$0.00$0.0056$0.00$0.00$0.00
21$0.00$0.00$0.0057$0.00$0.00$0.00
22$0.00$0.00$0.0058$0.00$0.00$0.00
23$0.00$0.00$0.0059$0.00$0.00$0.00
24$0.00$0.00$0.0060$0.00$0.00$0.00
25$0.00$0.00$0.00
26$0.00$0.00$0.00
27$0.00$0.00$0.00
28$0.00$0.00$0.00
29$0.00$0.00$0.00
30$0.00$0.00$0.00
31$0.00$0.00$0.00
32$0.00$0.00$0.00
33$0.00$0.00$0.00
34$0.00$0.00$0.00
35$0.00$0.00$0.00
36$0.00$0.00$0.00
YearInterestPrincipal
---------------------------------------------
1$0.00$0.00$0.00
2$0.00$0.00
3$0.00$0.00
4$0.00$0.00
5$0.00$0.00
--
Total$0.00$0.00
=====================
Note…..
The Small Business Development Center (SBDC) has prepared this financial statement as of 11/23/2014 based on
information and assumptions provided by management. Neither the SBDC nor its personnel are licensed by the State
of Minnesota to practice public accounting and therefore express no opinion or any other form of assurance on
the statement or underlying assumptions.
&8Template material is licensed under the Creative Commons License.&8http://creativecommons.org/licenses/by-nc-sa/3.0/legalcode&8Templates created by UMD Center for Economic Development, Jennifer Pontinen, Jenny Herman and Richard Braun.
Year 1
Cash Flow Projections-Year 1Beginning CashJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYear Total
1. Cash on Hand (beginning of month) -$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Cash Income:
Income 1$ - 0
Income 2$ - 0
Income 3$ - 0
Total Cash Available000000000000$ - 0
Cash Paid Out
Advertising$ - 0
Accounting$ - 0
Bad Debts$ - 0
Bank Charges$ - 0
Car Rental$ - 0
Cell Phone and/or Land Line$ - 0
Cleaning$ - 0
Commissions$ - 0
Consulting$ - 0
Contract Labor Models$ - 0
Credit Card Fees 3%$ - 0
Donations$ - 0
Dues & Subscriptions$ - 0
Education$ - 0
Employee Benefits$ - 0
Freight$ - 0
Garbage$ - 0
Gas (Vehicle)$ - 0
Insurance$ - 0
Internet$ - 0
Inventory Purchases$ - 0
Liability Insurance $ - 0
Loan Payments (P&I)$ - 0
Office Supplies$ - 0
Outside Services$ - 0
Payroll Hourly$ - 0
Payroll Salary$ - 0
Payroll Taxes (12% of payroll)000000000000$ - 0
Parking$ - 0
Postage$ - 0
Printing$ - 0
Property Insurance$ - 0
Real Estate Taxes$ - 0
Refunds$ - 0
Rent/Lease$ - 0
Repairs/Maintenance$ - 0
Research & Development$ - 0
Security System$ - 0
Shop Supplies $ - 0
Snow Plowing$ - 0
Tools$ - 0
Travel$ - 0
Utilities$ - 0
Vehicle Insurance $ - 0
Water,Garbage,other Utilities$ - 0
Other $ - 0
Other $ - 0
Other $ - 0
Subtotal$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Capital Purchases/Inventory$ - 0
Owner Draw$ - 0
$ - 0
Total Cash Paid Out$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Cash on Hand (end of month)$ -$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Year 1 Net Income$ - 0
Year 2
Cash Flow Projections-Year 2JANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYear Total
1. Cash on Hand (beginning of month) $ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Cash Income:
Income 1$ - 0
Income 2$ - 0
Income 3$ - 0
Total Cash Available000000000000$ - 0
Cash Paid Out
Advertising$ - 0
Accounting$ - 0
Bad Debts$ - 0
Bank Charges$ - 0
Car Rental$ - 0
Cell Phone and/or Land Line$ - 0
Cleaning$ - 0
Commissions$ - 0
Consulting$ - 0
Contract Labor$ - 0
Credit Card Fees 3%$ - 0
Donations$ - 0
Dues & Subscriptions$ - 0
Education$ - 0
Employee Benefits$ - 0
Freight$ - 0
Garbage$ - 0
Gas (Vehicle)$ - 0
Insurance$ - 0
Internet$ - 0
Inventory Purchases$ - 0
Liability Insurance $ - 0
Loan Payments (P&I)$ - 0
Office Supplies$ - 0
Outside Services$ - 0
Payroll Hourly$ - 0
Payroll Salary$ - 0
Payroll Taxes 12% of payroll000000000000$ - 0
Parking$ - 0
Postage$ - 0
Printing$ - 0
Property Insurance$ - 0
Real Estate Taxes$ - 0
Refunds$ - 0
Rent/Lease$ - 0
Repairs/Maintenance$ - 0
Research & Development$ - 0
Security System$ - 0
Shop Supplies $ - 0
Snow Plowing$ - 0
Tools$ - 0
Travel$ - 0
Utilities$ - 0
Vehicle Insurance $ - 0
Water,Garbage,other Utilities$ - 0
Website$ - 0
Other $ - 0
Other $ - 0
Subtotal$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Capital Purchases/Inventory$ - 0
Owner Draw$ - 0
Total Cash Paid Out$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Cash on Hand $ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Year 2 Net Income$ - 0
Year 3
Cash Flow Projection-Year 3JANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYear Total
1. Cash on Hand (beginning of month) $ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Cash Income:
Income 1$ - 0
Income 2$ - 0
Income 3$ - 0
Total Cash Available000000000000$ - 0
Cash Paid Out
Advertising$ - 0
Accounting$ - 0
Bad Debts$ - 0
Bank Charges$ - 0
Car Rental$ - 0
Cell Phone and/or Land Line$ - 0
Cleaning$ - 0
Commissions$ - 0
Consulting$ - 0
Contract Labor$ - 0
Credit Card Fees 3%$ - 0
Donations$ - 0
Dues & Subscriptions$ - 0
Education$ - 0
Employee Benefits$ - 0
Freight$ - 0
Garbage$ - 0
Gas (Vehicle)$ - 0
Insurance$ - 0
Internet$ - 0
Inventory Purchases$ - 0
Liability Insurance $ - 0
Loan Payments$ - 0
Office Supplies$ - 0
Outside Services$ - 0
Payroll Hourly$ - 0
Payroll Salary$ - 0
Payroll Taxes 12% of payroll000000000000$ - 0
Parking$ - 0
Postage$ - 0
Printing$ - 0
Property Insurance$ - 0
Real Estate Taxes$ - 0
Refunds$ - 0
Rent/Lease$ - 0
Repairs/Maintenance$ - 0
Research & Development$ - 0
Security System$ - 0
Shop Supplies $ - 0
Snow Plowing$ - 0
Tools$ - 0
Travel$ - 0
Utilities$ - 0
Vehicle Insurance $ - 0
Water,Garbage,other Utilities$ - 0
Other $ - 0
Other $ - 0
Other $ - 0
Subtotal$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Capital Purchases/Inventory$ - 0
Owner Draw$ - 0
Total Cash Paid Out$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Cash on Hand (end of month)$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Year 3 Net Income$ - 0
Start Up Expenses
Business NameArchers Games
SourcesUses
Owners Equity (Cash)5,000.00AssetsStart Up Costs
Land`LandRent Deposit2,000.00
VehicleInventory Run #1Insurance 1st payment500.00
BuildingBuildingUtility Deposits500.00
Loan 110,000.00 ConstructionResearch & Development
Other OtherLogo Design75.00
OtherWebsite Design300.00
Business Name
Licenses/Permits150.00
Lease Payments
Merchant Account Setup Fee
Cash for Register
Consulting
EquipmentInitial Ads/Promotions
Games8,000.00Cleaning Services
FF&E3,000.00Professional Fees
Office Supplies
Miscellaneous
Patents and Trademaks
Total Assets$ 11,000.00Total Startup 3,525.00
Total of Assets & Startup$ 14,525.00
Working Capital (cash left over)*475
Total Sources$15,000=Total Uses$15,000
*Cash Available to Start the business operations after Asset and Operational Startup costs
Loan 1
Archers Games
Loan Amortization Schedule
Loan Description:Equipment, FF&E
Interest5.00%
Loan Amt.10,000
Term5
Payment$188.71
PaymentInterestPrincipalBalancePaymentInterestPrincipalBalance
--------------------------------------------------------------------------------------------------------
1$41.67$147.05$9,852.9537$17.92$170.79$4,130.70
2$41.05$147.66$9,705.3038$17.21$171.50$3,959.20
3$40.44$148.27$9,557.0239$16.50$172.22$3,786.98
4$39.82$148.89$9,408.1340$15.78$172.93$3,614.05
5$39.20$149.51$9,258.6241$15.06$173.65$3,440.40
6$38.58$150.13$9,108.4842$14.33$174.38$3,266.02
7$37.95$150.76$8,957.7243$13.61$175.10$3,090.92
8$37.32$151.39$8,806.3444$12.88$175.83$2,915.08
9$36.69$152.02$8,654.3245$12.15$176.57$2,738.52
10$36.06$152.65$8,501.6646$11.41$177.30$2,561.21
11$35.42$153.29$8,348.3747$10.67$178.04$2,383.17
12$34.78$153.93$8,194.4548$9.93$178.78$2,204.39
13$34.14$154.57$8,039.8849$9.18$179.53$2,024.86
14$33.50$155.21$7,884.6750$8.44$180.28$1,844.59
15$32.85$155.86$7,728.8151$7.69$181.03$1,663.56
16$32.20$156.51$7,572.3052$6.93$181.78$1,481.78
17$31.55$157.16$7,415.1453$6.17$182.54$1,299.24
18$30.90$157.82$7,257.3254$5.41$183.30$1,115.94
19$30.24$158.47$7,098.8555$4.65$184.06$931.88
20$29.58$159.13$6,939.7156$3.88$184.83$747.05
21$28.92$159.80$6,779.9257$3.11$185.60$561.45
22$28.25$160.46$6,619.4558$2.34$186.37$375.08
23$27.58$161.13$6,458.3259$1.56$187.15$187.93
24$26.91$161.80$6,296.5260$0.78$187.93($0.00)
25$26.24$162.48$6,134.04
26$25.56$163.15$5,970.89
27$24.88$163.83$5,807.06
28$24.20$164.52$5,642.54
29$23.51$165.20$5,477.34
30$22.82$165.89$5,311.45
31$22.13$166.58$5,144.87
32$21.44$167.28$4,977.59
33$20.74$167.97$4,809.62
34$20.04$168.67$4,640.95
35$19.34$169.38$4,471.57
36$18.63$170.08$4,301.49
YearInterestPrincipal
---------------------------------------------
1$459.00$1,805.55$2,264.55
2$366.62$1,897.93
3$269.52$1,995.03
4$167.45$2,097.10
5$60.16$2,204.39
--
Total$1,095.13$5,698.51
=====================
Note…..
The Small Business Development Center (SBDC) has prepared this financial statement as of 11/23/2014 based on
information and assumptions provided by management. Neither the SBDC nor its personnel are licensed by the State
of Minnesota to practice public accounting and therefore express no opinion or any other form of assurance on
the statement or underlying assumptions.
&8Template material is licensed under the Creative Commons License.&8http://creativecommons.org/licenses/by-nc-sa/3.0/legalcode&8Templates created by UMD Center for Economic Development, Jennifer Pontinen, Jenny Herman and Richard Braun.
Loan 2
Client Name
Loan Amortization Schedule
Loan Description:
Interest1.00%Prime Rate3.25%
Loan Amt.
Term20
Payment$0.00
PaymentInterestPrincipalBalancePaymentInterestPrincipalBalance
--------------------------------------------------------------------------------------------------------
1$0.00$0.00$0.0037$0.00$0.00$0.00
2$0.00$0.00$0.0038$0.00$0.00$0.00
3$0.00$0.00$0.0039$0.00$0.00$0.00
4$0.00$0.00$0.0040$0.00$0.00$0.00
5$0.00$0.00$0.0041$0.00$0.00$0.00
6$0.00$0.00$0.0042$0.00$0.00$0.00
7$0.00$0.00$0.0043$0.00$0.00$0.00
8$0.00$0.00$0.0044$0.00$0.00$0.00
9$0.00$0.00$0.0045$0.00$0.00$0.00
10$0.00$0.00$0.0046$0.00$0.00$0.00
11$0.00$0.00$0.0047$0.00$0.00$0.00
12$0.00$0.00$0.0048$0.00$0.00$0.00
13$0.00$0.00$0.0049$0.00$0.00$0.00
14$0.00$0.00$0.0050$0.00$0.00$0.00
15$0.00$0.00$0.0051$0.00$0.00$0.00
16$0.00$0.00$0.0052$0.00$0.00$0.00
17$0.00$0.00$0.0053$0.00$0.00$0.00
18$0.00$0.00$0.0054$0.00$0.00$0.00
19$0.00$0.00$0.0055$0.00$0.00$0.00
20$0.00$0.00$0.0056$0.00$0.00$0.00
21$0.00$0.00$0.0057$0.00$0.00$0.00
22$0.00$0.00$0.0058$0.00$0.00$0.00
23$0.00$0.00$0.0059$0.00$0.00$0.00
24$0.00$0.00$0.0060$0.00$0.00$0.00
25$0.00$0.00$0.00
26$0.00$0.00$0.00
27$0.00$0.00$0.00
28$0.00$0.00$0.00
29$0.00$0.00$0.00
30$0.00$0.00$0.00
31$0.00$0.00$0.00
32$0.00$0.00$0.00
33$0.00$0.00$0.00
34$0.00$0.00$0.00
35$0.00$0.00$0.00
36$0.00$0.00$0.00
YearInterestPrincipal
---------------------------------------------
1$0.00$0.00$0.00
2$0.00$0.00
3$0.00$0.00
4$0.00$0.00
5$0.00$0.00
--
Total$0.00$0.00
=====================
Note…..
The Small Business Development Center (SBDC) has prepared this financial statement as of 11/23/2014 based on
information and assumptions provided by management. Neither the SBDC nor its personnel are licensed by the State
of Minnesota to practice public accounting and therefore express no opinion or any other form of assurance on
the statement or underlying assumptions.
&8Template material is licensed under the Creative Commons License.&8http://creativecommons.org/licenses/by-nc-sa/3.0/legalcode&8Templates created by UMD Center for Economic Development, Jennifer Pontinen, Jenny Herman and Richard Braun.
Year 1
Cash Flow Projections-Year 1Beginning CashJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYear Total
1. Cash on Hand (beginning of month) 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475
Cash Income:
Income 1$ - 0
Income 2$ - 0
Income 3$ - 0
Total Cash Available475475475475475475475475475475475475$ - 0
Cash Paid Out
Advertising$ - 0
Accounting$ - 0
Bad Debts$ - 0
Bank Charges$ - 0
Car Rental$ - 0
Cell Phone and/or Land Line$ - 0
Cleaning$ - 0
Commissions$ - 0
Consulting$ - 0
Contract Labor Models$ - 0
Credit Card Fees 3%$ - 0
Donations$ - 0
Dues & Subscriptions$ - 0
Education$ - 0
Employee Benefits$ - 0
Freight$ - 0
Garbage$ - 0
Gas (Vehicle)$ - 0
Insurance$ - 0
Internet$ - 0
Inventory Purchases$ - 0
Liability Insurance $ - 0
Loan Payments (P&I)$ - 0
Office Supplies$ - 0
Outside Services$ - 0
Payroll Hourly$ - 0
Payroll Salary$ - 0
Payroll Taxes (12% of payroll)000000000000$ - 0
Parking$ - 0
Postage$ - 0
Printing$ - 0
Property Insurance$ - 0
Real Estate Taxes$ - 0
Refunds$ - 0
Rent/Lease$ - 0
Repairs/Maintenance$ - 0
Research & Development$ - 0
Security System$ - 0
Shop Supplies $ - 0
Snow Plowing$ - 0
Tools$ - 0
Travel$ - 0
Utilities$ - 0
Vehicle Insurance $ - 0
Water,Garbage,other Utilities$ - 0
Other $ - 0
Other $ - 0
Other $ - 0
Subtotal$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Capital Purchases/Inventory$ - 0
Owner Draw$ - 0
$ - 0
Total Cash Paid Out$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Cash on Hand (end of month)$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475
Year 1 Net Income$ - 0
Year 2
Cash Flow Projections-Year 2JANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYear Total
1. Cash on Hand (beginning of month) $ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475
Cash Income:
Income 1$ - 0
Income 2$ - 0
Income 3$ - 0
Total Cash Available475475475475475475475475475475475475$ - 0
Cash Paid Out
Advertising$ - 0
Accounting$ - 0
Bad Debts$ - 0
Bank Charges$ - 0
Car Rental$ - 0
Cell Phone and/or Land Line$ - 0
Cleaning$ - 0
Commissions$ - 0
Consulting$ - 0
Contract Labor$ - 0
Credit Card Fees 3%$ - 0
Donations$ - 0
Dues & Subscriptions$ - 0
Education$ - 0
Employee Benefits$ - 0
Freight$ - 0
Garbage$ - 0
Gas (Vehicle)$ - 0
Insurance$ - 0
Internet$ - 0
Inventory Purchases$ - 0
Liability Insurance $ - 0
Loan Payments (P&I)$ - 0
Office Supplies$ - 0
Outside Services$ - 0
Payroll Hourly$ - 0
Payroll Salary$ - 0
Payroll Taxes 12% of payroll000000000000$ - 0
Parking$ - 0
Postage$ - 0
Printing$ - 0
Property Insurance$ - 0
Real Estate Taxes$ - 0
Refunds$ - 0
Rent/Lease$ - 0
Repairs/Maintenance$ - 0
Research & Development$ - 0
Security System$ - 0
Shop Supplies $ - 0
Snow Plowing$ - 0
Tools$ - 0
Travel$ - 0
Utilities$ - 0
Vehicle Insurance $ - 0
Water,Garbage,other Utilities$ - 0
Website$ - 0
Other $ - 0
Other $ - 0
Subtotal$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Capital Purchases/Inventory$ - 0
Owner Draw$ - 0
Total Cash Paid Out$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Cash on Hand $ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475
Year 2 Net Income$ - 0
Year 3
Cash Flow Projection-Year 3JANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYear Total
1. Cash on Hand (beginning of month) $ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475
Cash Income:
Income 1$ - 0
Income 2$ - 0
Income 3$ - 0
Total Cash Available475475475475475475475475475475475475$ - 0
Cash Paid Out
Advertising$ - 0
Accounting$ - 0
Bad Debts$ - 0
Bank Charges$ - 0
Car Rental$ - 0
Cell Phone and/or Land Line$ - 0
Cleaning$ - 0
Commissions$ - 0
Consulting$ - 0
Contract Labor$ - 0
Credit Card Fees 3%$ - 0
Donations$ - 0
Dues & Subscriptions$ - 0
Education$ - 0
Employee Benefits$ - 0
Freight$ - 0
Garbage$ - 0
Gas (Vehicle)$ - 0
Insurance$ - 0
Internet$ - 0
Inventory Purchases$ - 0
Liability Insurance $ - 0
Loan Payments$ - 0
Office Supplies$ - 0
Outside Services$ - 0
Payroll Hourly$ - 0
Payroll Salary$ - 0
Payroll Taxes 12% of payroll000000000000$ - 0
Parking$ - 0
Postage$ - 0
Printing$ - 0
Property Insurance$ - 0
Real Estate Taxes$ - 0
Refunds$ - 0
Rent/Lease$ - 0
Repairs/Maintenance$ - 0
Research & Development$ - 0
Security System$ - 0
Shop Supplies $ - 0
Snow Plowing$ - 0
Tools$ - 0
Travel$ - 0
Utilities$ - 0
Vehicle Insurance $ - 0
Water,Garbage,other Utilities$ - 0
Other $ - 0
Other $ - 0
Other $ - 0
Subtotal$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Capital Purchases/Inventory$ - 0
Owner Draw$ - 0
Total Cash Paid Out$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Cash on Hand (end of month)$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475$ 475
Year 3 Net Income$ - 0
-
Revenue Assumptions
This is not included as a separate page but should be part of your final business plan.
How much will you make? Why do you think you will make that amount?
Will it be the same every month?
-
Archers Games I plan to charge $5 per person for 1 hour of play.
I will be open 4 hours per day for 7 days per week.
I can accommodate up to 30 people at one time.
Assume full occupancy and serve 120 people per day.
Max revenue:
$5 x 30 people = $150
$150 x 4 hours per day = $600
$600 per day x 7 days per week = $4,200 per week max revenue
$16,800 monthly revenue
Will I be maxed out every day all week long?
-
Service Hourly Fees Example: Website Developer
I want to earn $25,000 per year as take home salary
I have $500 per month expenses for rent, utilities, office supplies, software fees
Estimate taxes at 50% of the take home salary: $12,500
Total Yearly Expenses: $25,000 + $12,500 + $6,000 = $43,500
I do not want to work more than 40 hours per week and I want 2 weeks off per year with no work
2,000 hours per year
$43,500 / 2,000 = $21.75 per hour
-
Expenses
Research and/or best guesses
Don’t forgot Costs of Goods if it is a product
Industry standards can be very helpful
Example: What is the average advertising budget for a bowling alley?
1.12% of gross profit
If I gross $16,800 per month I should probably spend $200 per month on advertising.
Should that be more in the beginning?
-
Customer Service & Operations
-
4 Principles of Great Customer Service
AttitudeService
ConsistencyTeamwork
-
ATTITUDE
How you THINKabout the customer is how you will TREATthe customer?
-
SERVICE
I’ve learned that people will forget what you said, people will forget what you did, but people will
never forget how you made them feel.
~ Maya Angelou
-
External• Those who buy your
goods and/or services
Internal• Those with whom
you work every day – your teammates
Know your customer
-
3 Faces of Customers(External and Internal)
• 1. *Advocate ---
• 2. *Apathetic --------------
• 3. *Assassin -----
*Satisfaction
Chris Denove and James D. Power IV
PresenterPresentation NotesADVOCATE:These are our best customers – the ones who return to our business time again, because they LIKE doing business with us. We have proven to them that we are their advocate – we are there to help, especially when things go wrong. In return, this customer will come more often than others, he will spend more money than others, he will tell his friends and family why they, too, should do business with us – AND, he will forgive us when something goes wrong – Because we are his Advocate, he is our advocate.
APATHETIC:This customer may have only visited our business once. During this visit, nothing went wrong. He received the goods or services that he paid for. But, there was no human connection – this was a transaction, not a relationship. So, when he goes home he does NOT recommend us to his friends and family, he would switch to our competitor in a minute for a $5 coupon and when something goes wrong, he will demand restitution – we have not done anything to show him that our number one concern is for his satisfaction – we have not demonstrated that we want to be his advocate – therefore, he will not be ours.
ASSASSIN:This is the customer who feels that he has been treated poorly and will not rest until he has told everyone he knows that they should not patronize our business. He feels unappreciated and wants the world to know it.
These are also the faces of your INTERNAL CUSTOMER – these are YOUR faces.
-
7 out of 10 complaining customers WILL do business with you again IF you resolve the complaint in their favor.
_______________________
If you resolve it on the spot, 95% will do business with you again.
PresenterPresentation NotesQuick resolutions to problems is the BEST way to guarantee that customers will continue to do business with us.
-
CONSISTENCY
We are what we repeatedly do. Excellence then is not an act, buthabit.
Aristotle
PresenterPresentation NotesWe must continually strive EVERY DAY to live our lives to the fullest.
Learn to CONSISTENTLY take time for yourself, so that you can be there to take care of others. If you make this one commitment, you will be amazed at the energy and desire you have to serve your family, your friends, your teammates and your customers.
-
Consistency Customers come back because they liked the way they were
treated during their last visit.
Set high standards and stick to them!
Train your employees to stick to those standards every time to make sure every experience is a positive one.
PresenterPresentation NotesDo we say an aisle number we think or do we walk the customer to the item?
-
TEAMWORK
What you do impacts each
team member and impacts the
customer
TEAMWORK
-
More about Customer Service
-
Can You Hear Me Now?
-
The Variations of Body Language
PresenterPresentation NotesWAYS OF TALKING: Tone of voice is body language. “Thank you for shopping with us. Have a nice day.” The meaning is lost when these words are spoken in an insincere tone.
POSTURE: Don’t slouch. Stand tall. It makes you look confident – it makes you look smart.
APPEARANCE; Comb your hair, brush your teeth, don’t wear to work the clothes you slept in – iron that shirt! And, don’t forget about the appearance of your building… The physical appearance of your building is an extension of body language. Be sure your space is clean and orderly.
EYE MOVEMENT: “Young lady, don’t you roll your eyes at me!”
Facial Expressions: SMILE – sometimes it requires practice
Body Contact: A good handshake is one of your greatest customer service tools.Be aware of another’s personal space. Tell Luray Caverns story.
Laughing: Always WITH our customers, not AT them (External and Internal)
-
How to deal with Challenging Customers
Stay calm yourself
Let the customer vent
Deal with the emotion first
Avoid emotional trigger words
Gently confront abusive customers
Delay action or consult a second opinion
-
Avoid Emotional Triggers
Triggers• That’s not our policy
• Can’t
• I’m sorry you feel that way
• I don’t know
• You should have…
Calmers• Here’s what we can do
• Can
• Thank you for telling us
• I’ll find out
• I understand why…
-
I’m Sorry No Excuses
Solution Thank You
An Effective Apology
-
Sustainable & Planned Futures
-
PL
AN
FO
R
PresenterPresentation NotesSo who goes into business to fail? NOBODY! You want to succeed.
Who owns a magic 8 ball or can tell the future?
Is success guaranteed? NO
What makes for a sustainable future?
Who is ultimately responsible for helping your business succeed? YOU ARE. MANAGEMENT of COMPANY.
-
Just like you wouldn’t build a house without blueprints, you shouldn’t build a business without business plan blueprints
PresenterPresentation NotesWould you build a house without some type of blueprints? Why not?The floor might not be strong enough or the walls could buckle under pressure.
Same with a business idea. You need to work on a blueprint for the business.
Imagine you are at dinner with a friend and you decide you are tired of working for someone else. You decide it is time to venture into a business on your own. You begin jotting notes down in your head or even on that bar napkin. (SHOW NAPKIN) You have done the first step of a “Napkin Plan”
-
Core 1: Success Planning
(the “Foundation” of a good business plan)
CharacterCommitment
Contingency“What If?”
PresenterPresentation NotesAs you start to gather more information, figure out resources and how much financing you need of the business these are first steps to a business plan.
-
Just like you wouldn’t build a house without blueprints, you shouldn’t build a business without business plan blueprints
PresenterPresentation Notes
What do I need to make this happen? Resources Planning What resources do I need to produce my product or service? How will I manage a healthy business? CREATE AN ACTION PLAN. An action plan as attainable goals. What if you want to expand your business by offering a new product or service? Do you “Just do It?” Start at the beginning with a napkin plan and end up making a continuous circle.
-
Due Diligence(verifying and validating the business plan)
Every step of the way – ask yourself:• Is my plan Feasible?• Is my plan Viable?• Is my plan Desirable?
If the sun stops shining, the business cannot grow…
PresenterPresentation NotesFeasible: Is there a market for your product or service? Resources available for doing my business?Viability: opportunities to grow?Desirability: business should produce the income you are seeking? After consideration of all things, you are prepared and comfortable with the responsibilities, duties, etc. the business will need to be successful.
SO the question is….HOW DO OU PLAN FOR THE FUTURE?
-
CONTINGENCY PLANNING
The test is not what happens, but how you
respond!
How Will Your Life Change?
PresenterPresentation NotesBe prepared!
Things happen. Some you can control and some you cannot.
Business Issues (technology, recession, etc.)
LifestyleSchedulePersonal/Business FinancesFriends/ Family
-
CONTINGENCY PLANNING“When” instead of “if”
Be prepared!
Business Issues (Internal & External)
Lifestyle
Schedule
Personal/Business Finances
Friends/ Family
The test is not what happens, but how you respond!
PresenterPresentation NotesCreate a Risk Management Plan for the business during your business planning phase
-
INTERNAL
EXTERNAL
PresenterPresentation NotesThere are both INTERNAL and EXTERNAL factors that create obstacles in the business.
What are internal risks?Human Risks (death or illness of owner or employee / theft or fraud / low morale or dissatisfaction in job)Death or illness of owner or employeeTheft or fraud (inventory, time, accounting and cash)Low morale or dissatisfaction in job (failure to perform, sabotage systems or equipment
Equipment & Information TechnologyEquipment breakdownNew equipment integrationLack of backup or recovery systemCybersecurity
Other Internal RisksNot taking care of the routine maintenance on equipmentWork related injuriesProperty damageUnexpected costs
What are external risks?Competition or Loss of Market?Loss of customersVendor costs increaseOil or gasoline increasesFixed expenses increase
Business EnvironmentLawsWeatherNatural Disaster
Personal conflicts (time, money, etc)
What can help you identify all of these risks and potential solutions?
-
Business Problems
Problem
Crisis? Opportunity?
PresenterPresentation NotesAvoiding problems usually results in a crisis, while confronting problems creates opportunities for success.
Let’s talk about an example of a potentially missed opportunity
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Talking Pictures will never amount to
anything.Singin’ in the Rain
PresenterPresentation Notes20
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Change is going to happen! Will you be ready?
PresenterPresentation NotesHand out the sheet about the Cheese?
To summarize.. CHANGE IS GOING TO HAPPEN.
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Success to me is growing my business.
PresenterPresentation NotesWhat if your measure of success is growing your business? You need some tools to prepare for that.
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Just some stuff to think about……
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Cash and Profits are NOT the Same
•Cash is Cash
•Profit is a formula used to determine income tax liability
If the business is so profitable…..Where’s my money?
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Think, Research, analyze, calculate, DECIDE…
ASK YOURSELF: What if cash from sales is not sufficient to operate the business? What is the first line of
defense?
Does my business require that I have a white Cadillac in order to sell insurance?
Does my business really need to pay cousin Phil $20 per hour?
Does my business really need a 5,000 square foot showroom for dried flower arrangements?
Will my business really produce eight million dollars in cash from sales in the first six months?
When is enough, enough?
What are the outside influences?
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Records
•KNOW what must be done.
•KNOW how to get it done.
•DO IT, or get it done.
•KNOW what the information means to you.
•UNDERSTAND the systems and procedures you have in place.
•MONITOR the work of others.
•If you pay for professional services they CHARGE by the hour.
•If your books are a mess or non-existent, YOU WILL PAY!
PresenterPresentation NotesAccountants are probably the only people I know that like this part of the business.
Recordkeeping is often the last thing on an entrepreneur’s mind, but is necessary to having a legal, legitimate business and managing the business.
Inventory managementBreak event pointCOGS�Understanding what your different reports tell youTax planning
Hire people to help you…Accountant LawyerBookkeeper
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Insurance
•General Liability•Product Liability•Property Damage•Cybersecurity •Worker’s Compensation•Health and Medical•Disability or Long-Term Income Continuance•Key Person or Life Insurance•Business Interruption
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• Establish separate bank account• Do not mix personal & business funds or debts• Sign all contracts & leases in entity name• Sign everything properly (owner/president etc.)• Proper Insurance in company name• If corporation have annual meeting and maintain minute
book
• Maintain CURRENT and ACCURATE records• Establish, enforce and follow policies and procedures• ENSURE AWESOME CUSTOMER SERVICE!
Maintaining the Entity Integrity & Managing Risk
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Customer Service
•It is far easier and less expensive to keep a current customer than to find a new one
•No customers = no business
•Remember, the customer wants you to care about them and show it (this includes your employees as well)
•Superior customer service is a very low cost way to have a competitive advantage
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Mandy Archer, DirectorGinny Plant, Administrative Assistant
276-601-7727
[email protected]@brceda.org
www.VirginiaSBDC.org
Invest Youth �Business ClassSlide Number 2The SBDC is . . .AREAS OF ASSISTANCESlide Number 5What is entrepreneurship?Slide Number 7Entrepreneurship is passion, persistence, and doing what you love.ActivitySupply & DemandTell me about you.How to Draft a Business PlanA business plan is informed action.Slide Number 14Two major sections of a complete business plan.Executive SummaryBusiness DescriptionExamplesManagement TeamTarget CustomerCompetitionAdvertising Plan�Acquisitions�Facility InformationSlide Number 25Organization & Governmental RegulationsPricingFinancingAttachmentsFinancials & Cash FlowCash is KingWhat are you going to prepare for this challenge?Start-up needsSlide Number 34Slide Number 35Loan Assumptions�Use a loan calculator to determine loan payment (interest and principal)�Revenue AssumptionsArchers GamesService Hourly FeesExpensesCustomer Service & Operations4 Principles of Great Customer ServiceATTITUDESERVICESlide Number 453 Faces of Customers�(External and Internal)��7 out of 10 complaining customers WILL do business with you again IF you resolve the complaint in their favor.��_______________________�CONSISTENCYConsistencyTEAMWORKMore about Customer ServiceCan You Hear Me Now?The Variations of Body LanguageHow to deal with Challenging CustomersAvoid Emotional TriggersSlide Number 56Sustainable & Planned FuturesSlide Number 58Slide Number 59Slide Number 60Slide Number 61Slide Number 62CONTINGENCY PLANNING�“When” instead of “if”CONTINGENCY PLANNING�“When” instead of “if”Slide Number 65 Business ProblemsTalking Pictures will never amount to anything.Change is going to happen! Will you be ready?Slide Number 69Slide Number 70Success to me is growing my business.Just some stuff to think about……Slide Number 73Slide Number 74 Records InsuranceSlide Number 77 Customer ServiceSlide Number 79