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Financial Plan Lifestyle Fitness Bus 402

1440 words - 6 pages

Financial Plan

Lifestyle Fitness

LF
LF

John Smith, Owner
Week 8 Assignment 2
Bus 402
Professor William Hatchett
August 24, 2014

Table of Contents
Guerilla Marketing Plan 3
Guerilla Marketing Introduction 3
Strategies 3
Execution 4
Location 4
Layout 4
Financing 5
FINANCIAL PROJECTIONS 6
6.1 Profit & Loss 6
6.2 Cash Flow (06/24/2014 to 06/24/2017) 7
6.3 Balance Sheet 9
Liabilities & Equity 10
6.4 Break-Even Analysis 11
References 12

Guerilla Marketing Plan

Guerilla Marketing Introduction
The goal of Lifestyle Fitness Guerilla marketing strategy is to grow membership in a low cost effective way.
Strategies
Market to area businesses: ...view middle of the document...

Marketing events to area business will occur weekly or as often as possible. Area college drive events will occur during each semester, and also during orientation. Bar promotions will occur monthly, and will work with many different bars in the area. All other strategies will remain in effect throughout the year.

Location
The location I chose for Lifestyle Fitness is Chesapeake Square Place at 2400 Chesapeake Square Rd., Chesapeake, VA 23321. It is 2,600 Sf space with a price of $38 per sqft. This is a very busy are of Chesapeake, with many businesses and shopping centers close by. The shopping center is a Starbucks center with high traffic flow. There are two gyms, nearby, one being a Curves for women and the other a One Life Fitness that would be directly competing. There are no 24 hours gyms in the direct area. Neither would compete in the price range of Lifestyle Fitness.
Layout

Financing
For sources of capital I would start with my own investment of $20,000. Then I would seek a loan for fixed capital. The source of the loan I would use would be a conventional bank loan that is backed by the SBA. This would be a general small business loan 7(a). According to the sba.gov they offer backing to help secure the loans for your business by backing the loan. The SBA assumes the risk so the bank is freer to loan the needed capital. The loan would be for the $40,000 needed for equipment and construction.
FINANCIAL PROJECTIONS
6.1 Profit & Loss
| Year 1 | Year 2 | Year 3 |
Sales | $655,200 | $675,000 | $695,550 |
Costs/Goods Sold | $65,500 | $71,400 | $77,800 |
GROSS PROFIT
OPERATING EXPENSES | $589,700 | $603,600 | $617,750 |
Salary (Office & Overhead) | $243,000 | $250,100 | $273,200 |
Payroll (taxes, etc.) | $36,450 | $37,544 | $41,057 |
Outside Services | $2,000 | $2,000 | $2,500 |
Supplies (office & operation) | $7,000 | $7,500 | $7,800 |
Repairs & Maintenance | $3,000 | $3,000 | $3,000 |
Advertising | $12,000 | $13,000 | $15,000 |
Car, delivery & travel | $3,000 | $3,000 | $3,600 |
Accounting & legal | $25,000 | $25,000 | $25,000 |
Rent | $14,000 | $14,000 | $14,000 |
Telephone | $250 | $250 | $250 |
Utilities | $2,700 | $3,000 | $3,200 |
Insurance | $7,500 | $7,600 | $7,700 |
Taxes (real estate, etc.) | $70,000 | $75,000 | $79,000 |
Interest | $13,000 | $12,000 | $11,000 |
Depreciation | $5,500 | $5,500 | $5,500 |
Other expenses | $1,000 | $1,000 | $1,200 |
TOTAL EXPENSES
| $445,400 | $459,494 | $493,007 |
| | | |

NET PROFIT AFTER TAX | $144,300 | $144,106 | $207,193 |
Owner Draw/Dividends | | | |
ADJUSTED TO RETAINED | $144,300 | $144,106 | $124,743 |

6.2 Cash Flow (06/24/2014 to 06/24/2017)

| Year 1 | Year 2 | Year 3 | Total ItemEST |
Cash on hand | $0 | $238,750 | $450,300 | $689,050 |
CASH RECEIPTS | | | | |
Cash Sales | $655,200 | $675,000 | $695,550 | $2,025,750 |
Collections from CR Accounts | | | | $0 |
...

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