Mater Academy Charter High School Florida

Business Financial Plan 2015-2016 Hector Bibilonia

Cesar Sierra

Description of Business, Assumptions and Strategies to Obtain Loan

There has been a rise in public awareness about the importance of exercise for one’s health and

physical state. People wish to exercise and they prefer to do so in a luxurious environment with

high-end equipment and the best quality trainers. Providing such commodities and luxury allows

for a world class fitness experience. One’s mind and body must be kept at a healthy; however,

accomplishing such goals, requires assistance, and Evolve Fitness Center will assist each

member in reaching his or her personal goals.

Both owners grew up together and have a serious passion for the fitness world; in fact, they are

gym partners. Hector Bibilonia holds a Bachelor and Master’s degree in Health and Physical

Fitness, granting him extensive knowledge in the health and fitness industry. Cesar Sierra has a

Bachelor in Finance and a Master’s in Business Administration, having a greater comprehension

of the financial aspect of the business. Together, these two

owners have great potential to launch Evolve Fitness Center

into success.

Cesar Sierra and Hector Bibilonia will open this prime fitness

center in the City of Miami. The location will contain office

space, locker rooms, bathrooms, nutrition bar, group training

room and main workout area. The main workout area will be

subdivided according to muscle groups and type of weights.

Evolve Fitness Center’s primary target market will include young professionals and health

workers who reside in the Miami area. The gym aims to attract health professionals because

there is a major hospital within a close proximity of the gym. Hospitals are open for 24 hours and

Evolve Fitness Center will accommodate to the working hours of the health professionals. The

facility will be open 24 hours a day, 7 days a week; therefore; appealing to those individuals who

have conflicting schedules.

To successfully execute their dream of opening Evolve Fitness Center, the owners must secure

$560,000 in funding. The funding will be used primarily on capital expenditures, gym

equipment, mirrors and furniture. The owners will not be able to contribute to the capital, since

they are recent university graduates and are in debt. For this reason, they will be reaching out to

angel investors for the loan. The owners of Evolve Fitness Center will only be contributing sweat

equity and would like to keep 100% ownership. Angel investors have a higher financial risk

tolerance; therefore, they expect a higher rate of return.

Terms of the loan will include one third voting right during the life of the loan, rate of return to

the investor (projected at 15% interest on a loan payable semi-annually), principal paid annually

and collateral pledged to the angel investor.

Table of Contents

Company Description ................................................................................................................................... 2

Legal Form of Business .............................................................................................................................. 2

Mission Statement ................................................................................................................................ 2

Company Vision .................................................................................................................................... 2

Company Governance ............................................................................................................................... 2

Company Location .................................................................................................................................... 3

Operations and Management ...................................................................................................................... 4

Business Facilities Described ..................................................................................................................... 4

Office Space .......................................................................................................................................... 4

Nutrition Bar ......................................................................................................................................... 4

Locker Rooms/Bathrooms .................................................................................................................... 4

Group Training Room ............................................................................................................................ 4

Main Workout Area .............................................................................................................................. 4

Management Personnel Identified ........................................................................................................... 6

Workforce Described ................................................................................................................................ 6

Target Market ............................................................................................................................................... 8

Target Market Defined .............................................................................................................................. 8

Size ........................................................................................................................................................ 9

Growth Potential ................................................................................................................................... 9

Needs .................................................................................................................................................... 9

Risks and Potential Adverse Results Identified and Planned for ........................................................ 10

Financial Institution .................................................................................................................................... 11

Name and Type of Financial Institution .................................................................................................. 11

Loan Request .............................................................................................................................................. 12

Purpose of Loan and Amount Requested ............................................................................................... 12

Itemized Planned Expenditures .............................................................................................................. 13

Projections for Future Stability of Company ........................................................................................... 14

Supporting Documents ............................................................................................................................... 15

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Company Description

Legal Form of Business Evolve Fitness Center, a 24/7 Fitness Center and Spa, will be established by Cesar Sierra and

Hector Bibilonia and set up as a Limited Liability Company. This form of business was chosen

because it is the most potent structure based on the needs of the owners and has several features

combining a corporation and a partnership such as:

● Flexible profit sharing

● Limited liability

● Double taxation avoidance

To dictate the internal affairs and management, an operating agreement will be drafted and will

include the following:

● Member capital contribution

● Profit-sharing

● Decision-making protocols

● Procedures for handling the departure and addition of members

The full legal name of the business will be Evolve Fitness Center LLC. The owners have

retained Ana Ruiz; P.A., for legal advice. She will serve as the registered agent and, as such, will

file the Articles of Organization with the Florida Secretary of State. Evolve Fitness Center and its

owners will comply with all federal, state and local tax laws and regulations. Management will

file annual reports with the Florida Secretary of State to maintain active status as required by

law.

Evolve Fitness Center’s philosophy is to provide a high-end fitness center that members can visit

at their convenience. Fitness enthusiasts view their body as their ultimate investment and we

believe we can inspire them to meet the rate of return they require.

Mission Statement

“Evolve Fitness Center wants to help you evolve your body and state of mind to the next level.”

Company Vision

To enhance Evolve Fitness Center members’ lives by providing personal attention in a high-end

fitness environment

Company Governance An organization’s structure has a profound influence on its stakeholders. This influence affects

their thoughts and perception of the company. Governance needs to start at the top, and is a core

element of the company culture. It will encourage that all company activities strive to realize the

mission statement and company vision.

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Hector Bibilonia holds a Bachelor and Master’s degree in Health and Physical Fitness from the

University of Florida. Hector played as the starting power forward for the basketball team and

the wide receiver for the football team at the University of Florida. This experience has provided

him with a deeper insight to fulfill the position of Operations Manager. His responsibilities will

include employee training, class organization and planning.

Cesar Sierra has a Bachelor in Finance and a Master’s in Business Administration from Florida

International University. His experience comes from job shadowing and internships with the

Ernst & Young accounting firm. His responsibilities will consist of finances, and marketing.

Company Location The location for Evolve Fitness Center will be 8200 N Kendall Dr,

Miami, FL 33176. The owners will lease a stand-alone location that

consists of a workout area, spa and office space. This location is

conveniently located between major highways with easy access to

the fitness center. In addition, there are major hospitals within close

proximity to this location. This appeals to our target market

considerably, as we will target medical professionals who work

throughout a 24-hour day.

Long and Short-Term Goals

Short-term

Increase workforce

Create website

Obtain name recognition

Long-term

Pay off loan

Increase membership

Provide ROE of at least 8%

• Financial Reporting

• Cash Management

• Annual Budget

• Brand Marketing

Financial Manager

• Human Resource

• Employee Training

• Inventory Control

• Customer Service

Operations Manager

Kendall, Florida

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Operations and Management

Business Facilities Described Evolve Fitness Center will be located in a 15,000 sq. ft. facility consisting of office space for

management, locker rooms, bathrooms, nutrition bar, treatment rooms, group training room and

main workout area. The fitness center will be equipped with state-of-the-art equipment and will

be open 24 hours a day, 7 days a week for the members’ convenience. The company will be

closed on Thanksgiving, Christmas and New Year’s Day and the owners will do their best to

accommodate their employees with their religious holidays.

Office Space

This area consisting of 750 sq. ft. will house two executive offices for

management and the sales representative cubicles.

Nutrition Bar The 150 sq. ft. nutrition bar will provide shakes, juices and healthy

snacks that members can purchase to increase the effectiveness of

their workout.

Locker Rooms/Bathrooms

The 1,000 sq. ft. locker room area will be divided by male/female

sections. These sections will include lockers, restroom, showers and

treatment room.

Group Training Room

The 1,500 sq. ft. group training room will be utilized to conduct

innovative conscious movement classes. The group training room

will contain yoga equipment as well as low weight dumbbells for

the weighted aerobic classes.

Main Workout Area

The 11,600 sq. ft. main gym will be organized into different areas

in accordance with the different muscle groups and types of

equipment. The sections of the main gym will include cardio

equipment, leg equipment, strength training, free weights and

flexibility section. These different areas will provide the members

with the needed equipment at a very close proximity. It will also

create more comfort within the gym because it will evenly

distribute the members’ space throughout the main gym floor.

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Artist renderings of gym areas

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Management Personnel Identified The management personnel of Evolve Fitness Center will consist of two majority owners; Hector

Bibilonia and Cesar Sierra. Managers are responsible for providing a safe, professional and well-

organized working environment. The managers will also reinforce strong employee performance.

In order to keep improving the quality of the business, the managers have specific duties. Current

managers and any future manager will be required to have experience in the health and fitness

industry.

Hector Bibilonia, Operations Manager

● Oversees the supervision of the corporate fitness center’s operations and programs ● Manages program supplies, inventory, deposit and credit card procedures

● Oversees staff training and development ● Develops and maintain team goals and initiatives ● Provides monthly, quarterly and annual report information for site ● Presents reports monthly on all financial and participation operations

Cesar Sierra, Financial/Sales Manager

● Manages the sales team ● Develops and implements sales policies and procedures for department ● Leads the corporate membership program ● Develop and implement policies and procedures to ensure adequate cash flows,

increased revenues and lower operating costs ● Analyzes and report statistical and quantitative information on the programs

Workforce Described The management of Evolve Fitness Center will ensure that the organization has the human capital

it needs to accomplish its goals. The owners are committed to fostering an environment where

associates are encouraged to grow, learn and evolve their potential while meeting our clients’

needs.

Evolve Fitness Center will not unlawfully discriminate against employees or applicants for

employment on the basis of an individual’s race, color, religion, creed, sex, national origin, age,

disability, marital status, veteran status or any other status protected by applicable law.

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Front Desk Attendant

Current: 6 Projected:10

Greets and checks in all members and guests

Sells all produtcs and services

Schedules Spa treatments

Answers and directs all incoming phone calls

Performs opening and closing proceduresfor the club if assigned those shifts

Group Excercise Instructor

Current: 4 Projected: 6

Instructs specific class

Begins and ends class on time

Substitutes other fitness classes when needed

Covers front desk when needed

Has current CPR, First Aid, and AED certifications (must be provided within 60 days of hire)

Maintenance

Current: 2 Projected: 4

Maintains and repairs equipment

Cleans, dusts, mops, and perform other related duties

Clean/spruce up areas worked in and equipment usedPerforms other duties as assignedHas current CPR, First Aid, and AED certifications (must be provided within 60 days of hire)

Massage Therapist

Current: 3 Projected: 4

Schedules and manages massage appointments

Arrives 15 minutes prior to the start of a massage therapy session

Maintains cleanliness and organization of massage room

Ensures a safe enviornment for all participants

Has current CPR, First Aid, and AED certifications (must be obtained within 60 days of hire)

Sales

Current: 4 Projected: 6

Creates new business internally through member promotions, referrals and the dissemination of guest passes

Creates new business externally through outside promotions

Reaches out to potential members by phone and sets appointments for potential new business

Completes agreements and manages daily leads

Tours potential members through the center

Has current CPR, First Aid, and AED certifications (must be provided within 60 days of hire)

Personal Trainer

Current: 5 Projected: 6

Maintains a personal commitment to meeting the needs of members

Demonstrates correct use of all weight and cardiovascular equipment

Recommends to members exercise based on fitness evaluations as well as their needs and goals

Encourages members to reach their fitness and wellness goals, and handles member’s concerns and complaints

Actively markets and promotes personal training to acquire new members and retain existing members

Has current CPR, First Aid, and AED certifications (must be provided within 60 days of hire)

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Target Market

Target Market Defined Customers want more from their local fitness centers. They want a personalized experience and

expect the trainers to meet their needs. Members will discover a Miami-area fitness experience

designed to pamper the body and mind. Evolve Fitness Center is a custom-designed fitness

facility created for those who are determined to take their body to the next level. Evolve Fitness

Center’s goal is to provide a personalized and intensive fitness experience, while offering world-

class innovative group classes.

According to the International Health, Racquet & Sports Club Association (IHRSA), the primary

defender and promoter of the health club industry in Washington, DC, health club industry

revenue increased from 2014 by 5% and gym memberships grew by 2.4%. After growing from

26,830 in 2012 to 29,890 in 2013, the health club industry saw a marginal increase to 29,960 in

2014.

Evolve Fitness Center will primarily target the young professionals working and residing in the

area, especially those working in the medical field. Focusing on a specific clientele will allow

Evolve Fitness Center to provide the best personal training experience. This company will be

targeting medical professionals with an average household income of at least $50,000. This niche

represents the surrounding hospitals and medical centers that are open 24 hours. These

professionals will have a fitness center they can attend at their convenience.

Household Income

Zip code of residence: 33176

38.5%

16.6%6.6%

13.4%

11.5%

13.4%

Less than $49,999 $50,000 - $74,999 $75,000 - $99,999

$100,000 - $149,999 $150,000 - $249,999 $250,000 or more

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Size

Evolve Fitness Center will be established in Kendall, a suburb of Miami, Florida as their

company location due to the high population of professionals residing in the area. South Florida

has experienced high amounts of economic growth since the rebuild of the city due to the

destruction caused by hurricane Andrew in 1992. As of the census of 2010, the City of Miami

has a population of 75,371. The average household income of Miami is $56,952 while the

average household income of Miami-Dade County is $46,000

Growth Potential

Evolve Fitness Center`s growth potential will come from the growth of the surrounding cities

such as Coral Gables that has an expected population growth of 5% from the years 2014 - 2019.

The main source of income depends on the high percentage of professionals in the area, which

have an average household income of at least $50,000. Evolve Fitness Center’s challenge will be

to sell new memberships every month. However, this may be accomplished by incorporating

regular package deals for memberships. The line graph shows the increase of gym and health

club membership from the years 2005 to 2014. The gym and health club membership in the

United States has grown from 41.3 million in 2005 to 53 million in 2015.

Needs

Evolve Fitness Center’s competition includes the small gyms, CrossFit and day spas in the area.

With the exception of CrossFit, most small gyms and day spas go out of business. Today’s

individuals want to be able to relax and transform their bodies without having the need to go to

multiple locations. Evolve Fitness Center will strive to make the process of improving one’s

body and health enjoyable and with positive results. Gym members will no longer be agonizing

over the rough atmosphere of typical gyms and the lack of progress that they have made. By

offering an upscale gym atmosphere along with a personal and intensive fitness experience,

Evolve Fitness Center will set itself apart from its competitors.

40

42

44

46

48

50

52

54

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Mill

ion

s

Health Club Membership

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Risks and Potential Adverse Results Identified and Planned for Periodically, management will perform both SWOT and PEST analyses in order to point out the

internal strengths and weakness along with external opportunities and threats. Although a SWOT

analysis is the most widely used method to analyze potential risks; a PEST analysis is an

essential tool that helps a business determine how political, economic, social and technological

factors will affect the performance and activities of a business in the long term. In addition, the

“digital community” has made the core elements of PEST analysis central to their mission of

social change. These analyses will be used to enable the managers to make crucial changes in

order to maintain a successful business by taking advantage of each opportunity and developing

tactics to reduce the threats. Identifying potential risks and opportunities of a new business are

vital. The analysis will be critical for the business in recognizing the strengths and potential

downfalls.

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Financial Institution

Name and Type of Financial Institution The owners of Evolve Fitness Center have accumulated an extensive amount of debt just having

graduated from the university and have not had the opportunity to establish a credit history.

Applying for a traditional bank loan would not be feasible at this time. Alternatives are to turn to

Angel Investors or Venture Capitalist.

Angel investors fill an important gap in the funding of a business. This particular type of investor

can bring skills, knowledge, advice and contacts in addition to funding. Usually, an angel

investor is a successful entrepreneur, who understands the particular industry and is willing to

invest in high-risk startup companies in exchange for equity and/or a greater return on their

investment.

Venture capitalists invest in startup companies that offer the possibility of profit but with no

guarantee the company will make one. They tend to make higher volume investments than do

angel investors, and may likely take a larger consulting and management role as well. Venture

capitalists expect a big rate of return on their investment, sometimes as high as 50% annually.

They will ask for equity in the company.

The owners of Evolve Fitness Center will not be contributing any cash equity, but rather sweat

equity and would like to keep 100% ownership. Based on this, they will seek funding from

angel investors in the sport, fitness and healthy lifestyle industries. Terms and conditions of the

loan will be as follows:

Terms

• 15% interest rate

• No grace period

• Principal paid annually

• Interest paid semi annually

Condition

• New borrowings will be subordinate to this loan

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Loan Request

Purpose of Loan and Amount Requested The purpose of this request is to finance the startup cost of opening a fitness center as detailed in

the list below. Evolve Fitness Center will be requesting $560,000.00

Start Up Cost Price

Cubicles $ 4,000.00

Initial Inventory 5,000.00

Office Equipment 7,000.00

Office Furniture 10,000.00

Computers & Software 20,000.00

Dressing Area 25,000.00

Construction 50,000.00

Security Deposit 50,000.00

Working Capital 60,000.00

Gym Mirrors 95,000.00

Gym Equipment 234,000.00

Funds Required $ 560,000.00

Below is an amortization schedule:

Amortization

Loan Amount $ 560,000.00 Interest Rate 15%

Principal Repayment 112,000.00 Year Interest Principal Balance

1 84,000.00 112,000.00 448,000.00 2 67,200.00 112,000.00 336,000.00 3 50,400.00 112,000.00 224,000.00 4 33,600.00 112,000.00 112,000.00 5 16,800.00 112,000.00 -

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Itemized Planned Expenditures The income statement for the first year of operations has been projected by month. Evolve

Fitness Center is projected to generate sales of $1 million in its first year of operations and to

become profitable by the last quarter of its first fiscal year.

Projected Income Statement

Per Month

1 2 3 4 5 6 7 8 9 10 11 12 YTD

Revenues:

Memberships 35,400 38,940 42,834 47,117 51,829 55,975 60,454 65,290 70,513 76,154 82,246 88,826 715,579

Spa 6,900 8,177 8,995 9,895 10,884 11,755 12,695 13,711 14,808 15,992 17,272 18,653 149,738

Nutritional items 8,850 9,293 9,757 10,245 10,757 11,295 11,860 12,453 13,075 13,729 14,416 15,137 140,867

Total Revenue 51,150 56,410 61,586 67,257 73,470 79,025 85,009 91,453 98,396 105,876 113,934 122,616 1,006,183

Cost of Goods Sold 3,540 3,717 3,903 4,098 4,303 4,518 4,744 4,981 5,230 5,492 5,766 6,055 56,347

Gross Profit 47,610 52,693 57,683 63,159 69,168 74,507 80,265 86,472 93,166 100,384 108,167 116,561 949,836

Expenses:

Salary 23,612 27,077 27,714 30,266 33,062 35,561 38,254 41,154 44,278 47,644 51,270 55,177 455,069

Rent 12,706 12,706 12,706 12,706 12,706 12,706 12,706 12,706 12,706 12,706 12,706 12,706 152,475

Insurance 900 900 900 900 900 900 900 900 900 900 900 900 10,800

Utilites 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000

Office Supplies 1,500 900 900 900 900 900 900 900 900 900 900 900 11,400

Miscellaneous 3,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 31,000

Advertising & Mktg 5,000 4,000 4,000 4,000 4,000 4,000 5,000 4,000 4,000 4,000 4,000 4,000 50,000

Travel 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000

Communication 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000

Total Expenses 50,718 51,583 52,220 54,772 57,568 60,068 63,760 65,660 68,785 72,150 75,776 79,683 752,744

Operating Income (3,108) 1,110 5,463 8,387 11,600 14,440 16,505 20,812 24,381 28,234 32,391 36,878 197,092

Interest 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 84,000

Depreciation 7,417 7,417 7,417 7,417 7,417 7,417 7,417 7,417 7,417 7,417 7,417 7,417 89,000

Net Income (Loss) (17,525) (13,307) (8,953) (6,030) (2,817) 23 2,088 6,395 9,965 13,817 17,974 22,461 24,092

YTD (17,525) (30,832) (39,785) (45,815) (48,632) (48,609) (46,521) (40,125) (30,161) (16,344) 1,631 24,092

60%20%

1%2%

2%

4%

7% 2% 2%

Operating Expenses

Salary

Rent

Insurance

Utilites

Office Supplies

Miscellaneous

Advertising & Mktg

Travel

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Projections for Future Stability of Company The projected financial statements indicate the company will be adequately funded to service its

customers as well as its creditors

Five Year Projected Income Statement

Year 1 Year 2 Year 3 Year 4 Year 5

Revenues:

Memberships 715,579$ 765,669$ 842,236$ 926,460$ 1,019,106$

Spa 149,738$ 160,219$ 176,241$ 193,865$ 213,252$

Nutritional items 140,867$ 150,727$ 165,800$ 182,380$ 200,618$

Total Revenue 1,006,183$ 1,076,616$ 1,184,277$ 1,302,705$ 1,432,975$

Cost of Goods Sold 56,347 60,291 66,320 72,952 80,247

Gross Profit 949,836$ 1,016,325$ 1,117,957$ 1,229,753$ 1,352,728$

Expenses:

Salary 455,069$ 477,823$ 501,714$ 526,799$ 553,139$

Rent 152,475 157,049 161,761 166,614 171,612

Insurance 10,800 11,124 11,458 11,801 12,155

Utilites 18,000 18,540 19,096 19,669 20,259

Office Supplies 11,400 11,742 12,094 12,457 12,831

Miscellaneous 31,000 31,930 32,888 33,875 34,891

Advertising 50,000 51,500 53,045 54,636 56,275

Travel 12,000 12,360 12,731 13,113 13,506

Communication 12,000 12,360 12,731 13,113 13,506

Total Expenses 752,744$ 784,428$ 817,517$ 852,077$ 888,175$

Operating Exp/Gross Profit 79% 77% 73% 69% 66%

Operating Income 197,092$ 231,897$ 300,440$ 377,676$ 464,553$

Interest 84,000 67,200 50,400 33,600 16,800

Depreciation 89,000 89,890 90,789 91,697 92,614

Net Income (Loss) 24,092$ 74,807$ 159,251$ 252,379$ 355,139$

Cash Flow

Year 1 Year 2 Year 3 Year 4 Year 5

Beginning Cash -$ 1,092$ 52,697$ 138,040$ 232,076$

Sources of Funds:

Capital Investment -$ - - - -

Loan 560,000 - - - -

Net Income 24,092 74,807 159,251 252,379 355,139

Non Cash Items 89,000 89,890 90,789 91,697 92,614

Total Sources of Funds 673,092$ 164,697$ 250,040$ 344,076$ 447,753$

Uses of Funds:

Start Up Cost (560,000)$ -$ -$ -$ -$

Loan Payment (112,000) (112,000) (112,000) (112,000) (112,000)

Total Uses of Funds (672,000) (112,000) (112,000) (112,000) (112,000)

Ending Cash 1,092$ 52,697$ 138,040$ 232,076$ 335,753$

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“Zip Code 33176 Demographic | PrimeLingo” Software. Prime Lingo. 30 Nov. 2015

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