Finical statement making

I have done the project, you just need to help me to do the finial statements part. The example and my project is attached. The requirement of finical statement:Only present 12 months (by month) of proforma income statements, balance sheet, and cash flow analysis. This begins on the first month of opening the business. Note, cash flow must not be negative; you must have sales or funding each month.Start up costs and funding analysis is presented before the business is started,Break even analysis and 11 key ratios are created as of the 12 month
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Business Plan
Click & Wash
May 2017
Charline Richard
Table of content
Executive Summary ………………………………………………………………………………………………………………………………………………………………. 3
I.
Company Description ………………………………………………………………………………………………………………………………………. 4
a.
b.
c.
Mission statement …………………………………………………………………………………………………………………………………………………………… 4
Vision statement: …………………………………………………………………………………………………………………………………………………………….. 5
Objectives……………………………………………………………………………………………………………………………………………………………………….. 5
II.
Industry analysis……………………………………………………………………………………………………………………………………………… 5
III.
Market analysis and competition ………………………………………………………………………………………………………………………. 7
a.
b.
c.
Pembroke ……………………………………………………………………………………………………………………………………………………………………….. 7
Fairmont …………………………………………………………………………………………………………………………………………………………………………. 8
Lumberton………………………………………………………………………………………………………………………………………………………………………. 8
IV.
Marketing plan …………………………………………………………………………………………………………………………………………… 9
a.
b.
c.
d.
Service ……………………………………………………………………………………………………………………………………………………………………………. 9
Place …………………………………………………………………………………………………………………………………………………………………………….. 11
Promotion …………………………………………………………………………………………………………………………………………………………………….. 11
Prices ……………………………………………………………………………………………………………………………………………………………………………. 13
V.
Operations …………………………………………………………………………………………………………………………………………………… 13
a.
b.
c.
d.
Business facilities …………………………………………………………………………………………………………………………………………………………… 13
Policies …………………………………………………………………………………………………………………………………………………………………………. 14
Workforce plan defined and analyzed ………………………………………………………………………………………………………………………………. 15
Organizational chart ……………………………………………………………………………………………………………………………………………………….. 15
VI.
Management and Organization …………………………………………………………………………………………………………………… 16
a.
b.
c.
d.
e.
Owner ………………………………………………………………………………………………………………………………………………………………………….. 16
Cleaner/Delivery people …………………………………………………………………………………………………………………………………………………. 17
Assistant ……………………………………………………………………………………………………………………………………………………………………….. 17
Web master …………………………………………………………………………………………………………………………………………………………………… 17
Compensation ……………………………………………………………………………………………………………………………………………………………….. 18
VII.
Long term development …………………………………………………………………………………………………………………………….. 18
VIII.
Financial statement …………………………………………………………………………………………………………………………………… 18
a.
b.
c.
d.
e.
f.
g.
Introduction ………………………………………………………………………………………………………………………………………………………………….. 18
Start-up costs ………………………………………………………………………………………………………………………………………………………………… 19
Monthly expenses ………………………………………………………………………………………………………………………………………………………….. 19
Sales forecast ………………………………………………………………………………………………………………………………………………………………… 20
Income statement ………………………………………………………………………………………………………………………………………………………….. 20
Cash Flow ……………………………………………………………………………………………………………………………………………………………………… 21
Balance Sheet ………………………………………………………………………………………………………………………………………………………………… 21
Appendix 1: Investments and depreciation …………………………………………………………………………………………………………………………….. 22
Appendix 2: Sales Forecast …………………………………………………………………………………………………………………………………………………… 23
Appendix 3: Loan amortization……………………………………………………………………………………………………………………………………………… 24
Appendix 4: Income Statement Year 1……………………………………………………………………………………………………………………………………. 25
Appendix 5: Income Statement Year 2……………………………………………………………………………………………………………………………………. 25
Appendix 6: Income Statement Year 3……………………………………………………………………………………………………………………………………. 26
Appendix 7: Cash Flow …………………………………………………………………………………………………………………………………………………………. 26
Appendix 8: Opening Balance Sheet ………………………………………………………………………………………………………………………………………. 27
Appendix 9: Ending Balance Sheet…………………………………………………………………………………………………………………………………………. 27
Appendix 10: Ratios …………………………………………………………………………………………………………………………………………………………….. 28
Appendix 11: Breakeven analysis ………………………………………………………………………………………………………………………………………….. 28
References …………………………………………………………………………………………………………………………………………………………………………. 28
2
Executive Summary
Business Description
Click&Wash is a North Carolina based dry cleaning company focused on on-line services.
It offers a high-standard dry-cleaning service to consumers through an online ordering system
and delivery lockers. The company based the business on eco-friendly activities, using energy
and water saving machines and natural solvent. Click&Wash expects to become the reference
in the green high-quality connected cleaning in the area.
The industry and competiton
The dry-cleaning activity as most of the services activities depends a lot on the economic
situation. However, the industry succeeded to overcome the difficulties and reached a $51 billion
revenue in 2015, showing the strong fidelity of the customers. Because in this industry, the
service and the customer satisfaction are the key to succeed.
In this industry, most of the current business are focus on traditional dry-cleaning and implement
their activity by following trends: online services and deliveries or green-services. But none of
them did combined both of those trends in their business which provides Click&Wash with a
strong competitive advantage.
Moreover, in the Robeson County, the competition is not numerous and most them are oldfashion businesses without a high advancement in the technology area or green practices. In
fact, most of them doesn’t even have a web-site which once again provides a competitive
advantage for the company.
Operations
The company will have one laundry facility located in Lumberton, NC and will spread
delivery lockers on Fairmont, Pembroke, and Lumberton in partners locations such as Walmart,
the University of North Carolina at Pembroke, or in restaurants. Any high-traffic or close to
common walking areas.
Obstacles for development
Click&Wash hopes expand its activity through new lockers facilities and new laundries all
over the county. This expansion will require some years since the two first year the company
will have a loss and will start making profit the third year with a net income of $24,740.26.
Finance
The company will start with the owner equity of $40,000 and a loan of the same amount.
Those two allowing to cover the initial investment of $56,135 for the equipment and covering the
losses of the first two years.
3
I. Company Description
You have delicate clothes you do not know how to take care of? You have no time to go on
laundries during the operating hours? Tired of driving far away just to get well-dressed? Or you
simply cannot do your own laundry? Look no further!
Click&Wash is there for you!
Click & Wash is the state of the art of the laundry for delicate clothes. Equipped with water
and energy saving machines and armed with a French cleaning know-how the company will take
care of customers’ clothes by using natural solvents, high quality dry-cleaning, professional
hand-made ironing, and quality clothes’ adjustments. But beyond the high-quality cleaning, the
company is offering a quality service, abolishing the constraint of the operating hours. Indeed,
customers will not need to come during specific hours. The concept is that in addition to the
laundry facility, lockers will be spread all over the city and will be used as 24/7 deposit box.
Customers just need to order a deposit on the web-site that allows him/her to choose the service
needed, the place and date of deposit, the place of pick-up, and give specific requests.
The laundry will be settled in Lumberton, NC and will be 3,200 square foot. The facility
will host the machines and the administration office, and will be open on traditional operating
hours (9am-6pm) for direct deposit. But the laundry will also have deposit lockers available at
any time. The other deposit lockers will be dispatched in Lumberton, Pembroke and Fairmont.
The locations of those lockers will be strategic high-traffic sites where customers go regularly in
order to be practical and time-saving. No detour are needed, it’s the laundry that goes on your
way!
The company will be created on July 2017 as a limited liability company owned and run
by on person. The activity will start on February 2018. The six month will be used to make
renovation or to build the facility, acquire the equipment and install the lockers.
a. Mission statement
Click&Wash is designed to provide the best laundry service to busy people by offering a
high-quality cleaning, by using ecological-friendly equipment, and by bringing the service to the
consumer.
4
b. Vision statement:
Click&Wash expects to become the reference in the green high-quality connected
cleaning in the area.
c. Objectives
Short to medium objectives:
•
Finance the business durably
•
Set up efficient processes
•
Build a productive and friendly team
Medium to long term objectives:
•
To become the reference of high-quality dry-cleaning
•
To reinforce the environmentally-friendly position
•
To extend the service to further towns
Click&Wash will become the most renowned dry-cleaning laundry of the Robeson county,
thanks to its effectiveness, professionalism, accessibility, flexibility, quality, and exceptional
know-how.
II. Industry analysis
The laundry market is part of the cleaning industry market that takes into account residential
cleaning, commercial janitorial services, specialty cleaning and laundry/dry cleaning services.
Companies may also provide drop-off and pick-up sites for customers and specialty cleaning
services for garments and textiles such as fur, leather, suede, wedding gowns, draperies and
pillows. This market represented 875,000 businesses in 2015.
The industry suffered from the crisis, from the declining demand for professional dry
cleaning services and from the increased competition from coin-operated laundromats and
household washing machines. But it succeeded to overcome it and reached a $51 billion revenue
in 2015. Establishments close to high-traffic, business-related places, and work places that
require dry-cleaning have a better opportunity to grow and make profit. In this industry,
5
customers’ perception has a big influence on the activity. The more important element is to find
and exploit a competitive advantage because the entry barriers are low. There are about 33,000
business in this industry and they suffered because of the new “easy-to-care” clothes.
Dry cleaning is the process of cleaning textiles using an organic solvent rather than water.
The solvent often is perchloroethylene (“perce”). This process allow to clean clothes that would
have been damaged by other techniques.
The best opportunity to revive the companies is the “green” trend. Indeed, the consumers
have become more sensible of their impact on the world and especially in developed countries
where people are aware of the good or bad effect of their daily consumption. They try more and
more to reduce their energy and water consumption, use more responsible products and so on.
That trend is thus a great opportunity for the company that is responding both to an existing need
(laundry) and a growing concerns (more natural products).
Another trend that is profitable for the company is the need for convenience. People expect
services to fit their schedule and not to schedule their day according to laundry issues. They
need to have a proximity service, flexible that fit their planning. Since ordering anything online
became the trend, they should be able to order their laundry anytime, anywhere, without time
restriction.
Consumers will come for the quality, the innovation, and the service provided and since in
this sector, the word of mouth has a big influence, having a competitive advantage is the only
way to have a lasting business.
But following the trends and anticipate the needs of consumers may not be useful if the
company itself does not respond to regulations. Indeed, as a new business and as a laundry
business, Click&Wash needs to get registered and buy licenses allowing it to do business legally.
This business depends on The Dry-cleaning Solvent Cleanup Act of 1997 (DSCA) and its
amendments. It is ‘a fund to assess and cleanup dry-cleaning solvent contamination at drycleaning and wholesale distribution facilities’. The state of North Carolina also requires facilities
to manage hazardous waste in accordance with the N.C. Hazardous Waste Management Rules.
6
III. Market analysis and competition
This high efficiency, natural, and convenient laundry service is available for everyone but
will focus on the 18-54 years old who are more comfortable with technologies and online
ordering. Indeed, the all online ordering trend is especially used by younger people, who need
everything to be fast and simple. In Lumberton, Pembroke and Fairmont, NC the median resident
ages are respectively 34.4, 24,6, and 44,5 which matches perfectly target market. Indeed, the
company is focusing on people using technologies in a daily basis and who need a laundry
service for delicate clothes or wash and fold. Moreover, it is the same target that is involved in
the ‘green trend’. In addition to the matched age structure, the advantage of being implanted on
those 3 cities is the presence of the University of North Carolina at Pembroke which provides a
wide number of prospects.
a. Pembroke
Pembroke is a town of 3,000 residents driven by the educational services and
administrative and support and waste management services that represent 37% of the activity
in Pembroke. The target (18-54 years) represents 44% of the population. The median household
income is $15,934. The town has a young population of students, about 6,000 students (see
distribution below) and since the drop of clothes can be done anytime, even the non-resident
students are potential targets. Each time they need to clean coats or professional clothes, they
will be able to drop them at the University and take them back a few days later without changing
their routine. The same pattern runs for the staff of the University, about 900 people (see
distribution above), which dresses professionally on a daily basis and are more likely to use a
laundry service. The University also has a Business department that represents 10,3% of the
degrees awarded, with students that must get used to wear suits or any professional clothes. All
of them are the perfect target.
The town of Pembroke only has one laundry facility, Margaret’s Drycleaning, situated on
the main street of Pembroke (404 W 3rd St, Pembroke, NC 28372). This location is a strength
since it is a high traffic road in the town. But the location is not enough for a total …
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