Sample Craft Business Plan

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SAMPLE BUSINESS PLAN

Victorian Dolls

Business Plan

Prepared by: Jean SmithDate: December 1, 2006

Victorian Dolls100 Victorian StreetDoll City, ST. 12345

1-800-VIC-DOLL



CONFIDENTIALITY AGREEMENT

The undersigned acknowledges that the information provided by Jean Smith in this

business plan is confidential; therefore, reader agrees not to disclose it without theexpress written permission of Jean Smith.

It is acknowledged that information to be furnished in this business plan is in allrespects confidential in nature, other than information which is in the publicdomain through other means and that any disclosure or use of same by reader, maycause serious harm or damage to Jean Smith

Upon execution, this document is to be immediately returned to _______________.

___________________ Signature

___________________ Name (typed or printed)

___________________ Date

This is a business plan. It does not imply an offering of securities.

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I. LOAN REQUEST

Loan (investment) request ..............................................$ 0

Total start-up requirements ...........................................$ 3,300

General Use of Funds

This is a start-up business. The funds will be used to cover the costs of equipment,inventory, and start-up expenses. Start-up expenses include purchasing inventory,inventory displays, and computer equipment. The balance of the funding beyondthis loan request will come from personal savings.

Funding Sources

Bank loan ..........................................................................$ 0

Business owner .................................................................$ 3,300

Total funding required.....................................................$ 3,300

Collateral Package

Inventory...........................................................................$ 500

Equipment, furniture, and fixtures (wholesale value). .$ 500

Savings accounts ..............................................................$ 5,000Stock, bonds and other securities ...................................$ 20,000

Collateral package value .................................................$ 30,000

Guarantors

Jean Smith ........................................................................100 percent

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II. EXECUTIVE SUMMARY

A. Goals and Objectives

1. Achieve first year gross sales of $33,400.

2. Generate $2,672 in net profit. This is 8 percent of gross sales.

3. Develop wholesale relationships with at least 10 gift shops.

B. Mission

It is the mission of Victorian Dolls to provide quality handcrafted Victorian Dolls

to customers throughout the state of Massachusetts. This will be accomplished byoffering a broad selection of Victorian dolls of the highest possible quality. We

believe that by providing our customers with top-quality handcrafted items, wewill help beautify their lives and make their homes more comfortable.

C. Keys to Success

1. Provide VIP “million dollar” service, treating each customer as if she or hewas spending a million dollars with us, regardless the actual size of the sale.

2. Offer the highest materials in each and every item we craft.

3. Develop a marketing strategy that clearly communicates to customers and potential customers how Victorian Dolls offers top-quality dolls.

4. Identify local gift shops and other retail establishments and let them knowabout the wholesale pricing of our Victorian dolls.

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III. COMPANY SUMMARY

A. Company Ownership

Victorian Dolls is a sole proprietership owned by Jean Smith. An Employer Identification Number has been applied for and received from the Internal RevenueService. That number is 37-XXXXXXXX

The company was started on December 1, 2006. The company serves the localcraft market in three distinct areas.

1. Victorian Dolls sells handcrafted Victorian dolls via local and regional craftfairs and shows.

2. Through relationships with local gift shops, Victorian dolls will be sold on awholesale basis.

3. Dollmaking classes will be taught at local community centers and instudent’s homes.

Victorian Dolls will be operated from Jean Smith’s home at 100 Victorian Street inDoll City. Since sales do not occur at the house, no special permits are required.

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B. Start-up Summary

Start-up Expenses

Item Cost

Advertising for business opening $500

Building construction/remodeling $0

Beginning cash $300

Computer expenses (Internet, e-mail, DSL, ISP expenses) $100

Initial inventory $500

Insurance (business liability insurance, etc.) $0

Installation $0

Lease or rent $0

Licenses and permits (business licenses) $100

Professional feels (legal, CPA, engineering fees, etc.) $300

Salaries and payroll $0

Other $0

Total Start-up Expenses $1,800

Start-up Assets

Cash required $1,500

Other current assets $0

Long term assets

Computer, furniture & fixtures $0

Total Start-up Assets $1,500

Total Start-up Funding Requirements $3,300

Advertising. Advertising dollars will be spent for the following items. a) Local

community magazine b) Yellow Pages c) Business cards.

Computer expenses. Internet and e-mail service through the local ISP, and for website building.

Installation. Equipment installation and set up.

Insurance. Initial business liability insurance premium.

Licenses. Annual business license fee owed to the county.

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IV. PRODUCTS AND SERVICES

Products. The primary product of Victorian Dolls will be high quality, handcrafteditems, centered around the theme of stuffed dolls with a Victorian flair. These

stuffed dolls will be priced at the high end of the market, and will stress the qualityof materials in workmanship in the finished products. In addition to the stuffeddolls, some smaller stuffed items will be available at a more modest price.

Services. Victorian Dolls will provide commissioned doll services to allowcustomers to customize their purchases. The customization will include fabrics andfeatures on the dolls to match their needs (i.e. color schemes in their households).In addition, I will offer dollmaking classes.

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V. MARKET ANALYSIS SUMMARY

Victorian Dolls will serve the metropolitan Anywhere, USA market area. This is a

geographic area taking in two counties and covering 200 square miles. The population in this area is 175,000 people. There are 58,000 households in this areaaccording to the 2000 Census. The population is 48 percent male and 52 percentfemale. The age of the adult population (>18 years), comprised of 115,000 is asfollows: 18 - 34 = 25,000; 35 - 54 = 43,000; 55 - 74 = 38,000; 75 years and over =9,000.

Initially, most of the sales of Victorian Dolls will be through craft fairs on a localand regional basis. Over 30 craft fairs have been identified as potential eventswhere My Craft Business will exhibit and sell crafted items. The total expected

attendance at these 40 craft fairs is approximately 20,000 people. Projected salesvia craft fairs and shows the first year is $30,400.

In addition, as confidence grows and production costs have been determined, therewill be an effort to promote wholesale sales to craft shops and gift storesthroughout the area. With more than 30 potential retail outlets, wholesale sales of approximately $3,000 are expected in the first year of operation, with an average of $300 in sales at approximately 10 retail outlets.

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A. Market Segmentation

With Victorian Dolls, the market for dolls is made up of three distinct groups.These groups are: a) consumers at craft fairs and shows (or online), b) gift and

craft shop buyers and c) retail agents. Each of these groups has distinct buying patterns.

Consumers tend to be impulse purchasers. They will make a decision to purchaseat craft fairs or online by feel, instead of using logic to make a purchase. To appealto this group, there must be a “story” around all of the dolls, discussing quality of materials and labor.

Gift Shop Owners are more concerned with the bottom line. They will carry products based on perceived profitability, and must be sold on the features and

benefits of the dolls in relation to why they will sell quickly.

Retail Agents represent multiple products to a group of retail outlets on acommissioned sale basis. They have ongoing relationships with the shops theyservice, and are in a unique position to get crafted products in front of a lot of retailshops.

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B. Target Market Segment Strategy

Victorian Dolls will focus its efforts on the higher-end of the craft business market.Since the Victorian dolls created are unique and made with the highest quality

materials from patterns that are original, all of the Victorian dolls will be viewed asa unique, handcrafted work of art. Marketing will be focused on creating a storyaround the quality of material and craftsmanship, as well as the certificates of authenticity assigned to each doll. A limited amount of production each year willhelp promote scarcity. The typical customer has a middle to upper class income,and they are able and willing to part with their money on unique items.

C. Quilting Industry Analysis

Crafting encompasses a number of different types of handcrafted items. Theseinclude (but are not limited to) jewelry, beading, soapmaking, dolls and stuffedanimals, quilting, clothing, scrapbooking, embroidery, woodworking,metalworking, glass, pottery, and more. Basically, any kind of item that is made

by hand.

Over the years, the popularity of handcrafted items has grown as people have cometo appreciate the beauty and uniqueness of handmade items over mass produced

products.

The following craft business statistics are from the Craft Organization DirectorsAssociation (CODA) Survey from 2001. One of the first things you should do isvisit this web address to view the results of the entire report:www.craftsreport.com/may01/codasurveyresults.html

• As of 2001, the fine crafts market is a $13.8 billion industry, which is abouthalf the size of the $29.9 billion toy industry and three times the size of the$4 billion organic foods industry.

•

The most popular method of marketing or distributing crafts is throughdirect retail, accounting for 53 percent of annual craft sales. Wholesalingaccounts for 27 percent of annual craft sales. Consignment is 11.2 percent,or the third most common method.

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http://www.craftsreport.com/may01/codasurveyresults.html

http://www.craftsreport.com/may01/codasurveyresults.html



• Direct retail sales take place in a variety of venues. Craft fairs are the largestsource of retail sales, at 51.8 percent of total sales. Studio retail salesaccount for 27 percent, and commission sales for 14.8 percent.

•

Wholesale distribution within the United States provides an average of $73,373 of sales/revenue per year, and retail distribution provides $35,126.The average annual sales/revenue produced per typical craftsperson is$76,025.

• The median household income for families who derive part of their incomefrom craft is $50,000, which is significantly higher than the median nationalhousehold income for 1999 ($40,800) reported by the U.S. Census Bureau.

The market for a craft business is excellent at this time, and the demand for

handcrafted items does not seem to be slowing. And the strategy of starting outwith a direct sales model, followed by attacking wholesale sales, seems to be asound strategy based on the industry statistics.

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D. Competitive Analysis

Competitor Analysis. Jane Doe offers handmade dolls similar to the craft products I am going to offer. Jane has operated her doll business for more than 20

years, and may be nearing retirement age. She has an established clientele of long-time customers who are very loyal to her work, and have purchased multiple dollsfrom Jane. She apparently provides excellent quality and service. However, Ms.Doe can be quite abrupt in her manner, especially to younger customers. She doesnot advertise, claiming she has plenty of “word of mouth” advertising. She does

provide the occassional dollmaking class, and she is generally well-liked. Her business has matured and is in an apparent holding pattern.

Strengths:

1. Established business with established clientele.2. Well-liked and well known within the community.3. Offers quality products and service.

Weaknesses:1. Does not advertise or seek new business.2. Does not offer a lot of dollmaking classes on a regular basis.3. Offers only a limited number of choices and styles.4. Has not kept current with recent trends.

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W's Discount Store. This large chain department store has low quality “designer”dolls that compete with Victorian dolls on a marginal basis. Service quality. This store's service quality is poor. The clerks are not generally

knowledgeable about sewing and quilting.

Advertising. The store does only a small amount of advertising of its dolls andother “craft” items

Staff . The staff members are part-time sales clerks who also work in other departments. For the most part, they are not knowledgeable about needs of customers for products in this department.

Strengths

1. W's offers discount store pricing that is far below what Victorian dollscan offer their dolls for.

Weaknesses

1. The store is regarded as a last resort for low quality merchandise.

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VI. STRATEGY AND IMPLEMENTATION SUMMARY

A. Competitive Edge

The competitive edge for Victorian Dolls is a unique flair for my dolls centeredaround traditional Victorian designs. All of my dolls are reproductions of Victoriandolls from patterns passed down in my family for over 150 years. Each doll isunique, and will be authenticated with a certificate of authenticity. Only top-quality materials are used, and I will provide details on my materials and skills inall of my marketing materials. My dolls will command a premium price becausethey have a unique selling proposition.

B. Marketing Strategy

The marketing strategy of Victorian Dolls is summarized as follows.

Product – The business will deliver high quality, handcrafted Victorian era dollsthat use only the best materials and original patterns.

Price – The business will be priced competitively near the high end of the market.The company chooses not to be a low-end provider.

Promotion – The business will promote itself through its website, localcommunity magazines, and Yellow Pages. It will also exhibit at local and regionalcraft shows.

Place of business – Victorian Dolls will be located at the home residence of JeanSmith, since sales will occur at craft shows and through retail outlets.

The marketing strategy of Victorian Dolls is to provide high quality products withan air of exclusivity.

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B. Sales Strategy and Forecast

Sales strategy. The sales strategy of Victorian Dolls is outlined as follows.

Craft Fairs and Shows – The primary sales venue for Victorian Dolls the firstyear will be craft fairs and shows. Exhibiting at 40 local and regional craft showswill help drive sales of at least $30,000 in year one.

Website – The website will be used to make sales, while also serving as an online brochure and communication vehicle for existing customers and prospects.

Gift Shops and Other Retail Outlets – Victorian Dolls will look to developwholesale agreements with at least 10 retail outlets the first year.

Projected Sales Forecast.

Unit Sales Year 1 Year 2 Year 3

Craft Item 1 72 79 87

Craft Item 2 120 132 145

Craft Item 3 144 158 174

Craft Item 4 20 60 100

Wholesale Craft Items 100 110 121

Crafting Classes 12 13 15

Other 0 0 0

Unit Prices

Craft Item 1 $100 $110 $121

Craft Item 2 $80 $88 $97

Craft Item 3 $50 $55 $61

Craft Item 4 $200 $220 $242Wholesale Craft Items (50% markup) $30 $33 $36

Crafting Classes $200 $220 $242

Other $0 $0 $0

Sales

Craft Item 1 $7,200 $8,712 $10,542

Craft Item 2 $9,600 $11,616 $14,055

Craft Item 3 $7,200 $8,712 $10,542

Craft Item 4 $4,000 $13,200 $24,200

Wholesale Craft Items $3,000 $3,630 $4,392

Crafting Classes $2,400 $2,904 $3,514

Machine Quilting Services $0 $0 $0

Total Sales $33,400 $48,774 $67,245

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VII. WEBSITE PLAN SUMMARY

The purpose of the website, http://www.VictorianDolls.com is to serve as an

electronic brochure for my products and services, as well as an online outlet for purchasing my dolls. There will be an online catalog of all the dolls currentlyavailable for sale, as well as listings of the commissioned doll services I provide.There will also be announcements of special promotions. There will be a calendar of craft fairs and other events I will be exhibiting at. Visitors to the website will beable to sign up to an email notification list, where I will be discussing tips, events,and special promotions.

A. Website Marketing Strategy

The target market for www.VictorianDolls.com is women looking for thesehandcrafted dolls online, as well as past customers and prospects who have learnedof my website address. As such, the website will be designed in a way thatnavigation is easy and obvious, and the style reflects the style of my business, withVictorian design accents and a simplicity that evokes an older time. It will be veryobvious that I would like them to sign up for my email notification list. And I will

be promoting my calendar of events and dollmaking classes very prominently onthe front page. This website is designed to produce sales and customers.

B. Website Development

Victorian Dolls will work with a local high school student on the design of theVictorian Dolls website. The website will be hosted by a local ISP, which willalso provide our e-mail service. PayPal will be the mechanism for accepting

payment for items purchased online.

The front page of the website will be divided into three columns, or sections. Theleft column will have a selection of navigation buttons linking to other pages.These buttons will include links to the online store, a photo gallery of dolls sold

(with happy customers), and to the calendar of craft shows and events. There willalso be a button linking to a contact page so people may contact us via e-mail.

The center section, or main section, will feature news and special promotions. Thiswill often include a photo of a recently completed doll and links to special

promotions.

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The right hand section will have a list of doll resources and other links of interest.

The website will be promoted via Google Adwords to drive local traffic searchingfor “Victorian dolls” or “dolls” or “local crafts”. In addition, the website will be

promoted on appropriate websites themed around Victorian era crafts or dolls.

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VIII. MANAGEMENT SUMMARY

Owners/managers. Jean Smith is the owner of Victorian Dolls and will be solelyresponsible for management of the business. All aspects of the busines, including

sales activities, teaching classes, bookkeeping, website maintenance, etc. will beJean’s responsibility.

A. Personnel Plan

Part-time help may be required as the business matures and our dolls gain a wider recognition and more sales. This part-time help will be centered around doll

production, and Jean will put the time saved towards marketing the business tocustomers and potential retail outlets.

Accounting, payroll, and tax preparation will be performed by a local accountingservice.

It is anticipated that additional production help will be needed as the businessgrows into its second and third years.

Personnel Plan Year 1 Year 2 Year 3

Owner $15,000 $16,500 $18,150

Spouse $0 $0 $0

Sales Person 1 $0 $0 $0

Part-time crafters $0 $0 $0

Part-time crafters $0 $0 $3,000

Total Payroll $15,000 $16,500 $21,150

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IX. FINANCIAL PLAN

Jean Smith will provide the money to start this business.

Start-up Expenses

Item CostAdvertising for business opening $500

Building construction/remodeling $0

Beginning cash $300

Computer expenses (Internet, e-mail, DSL, ISP expenses) $100

Initial inventory $500

Insurance (business liability insurance, etc.) $0

Installation $0

Lease or rent $0

Licenses and permits (business licenses) $100

Professional feels (legal, CPA, engineering fees, etc.) $300

Salaries and payroll $0

Other $0

Total Start-up Expenses $1,800

Start-up Assets

Cash required $1,500Other current assets $0

Long term assets

Computer, furniture & fixtures $0

Total Start-up Assets $1,500

Total Start-up Funding Requirements $3,300

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B. Important Assumptions

The national economy is projected to continue its course of steady growth.The local economy remains strong with a low level of unemployment and a strong

real estate market. The target market consists primarily of people who haveestablished incomes and are in their peak income years. Temporary economicfluctuations will have little effect on their buying patterns.

The target market is generally regarded as middle class to upper middle class people, and is sufficiently affluent that they can pursue handcrafted items such asVictorian dolls without considering the costs. C. Projected Profit and Loss

Pro Forma Profit and Loss Year 1 Year 2 Year 3

Sales $33,400 $48,774 $67,245Gross Margin $25,050 $36,581 $50,433

Gross Margin % 75.00% 75.00% 75.00%

Expenses

Payroll $15,000 $16,500 $21,150

Loan Payment $0 $0 $0

Advertising/Promotion $3,340 $4,877 $6,724

Depreciation $0 $0 $0

Rent (1500 sq. ft. @ $16 per) $0 $0 $0

Utilities $50 $55 $61

Insurance $0 $0 $0

Payroll Taxes $1,500 $1,650 $2,115

Computer Expenses $0 $75 $100

Classroom Expenses $0 $0 $0

Website Expenses $150 $165 $182

Total Operating Expenses $20,040 $23,322 $30,331

Profit Before Interest and Taxes $5,010 $13,258 $20,102

Interest Expense $0 $0 $0

Sales Taxes* $2,338 $3,414 $4,707

Net Profit $2,672 $9,844 $15,395

Net Profit/Sales 8.00% 20.18% 22.89%

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E. Projected Cash Flow

Pro Forma Cash Flow Year 1 Year 2 Year 3

Beginning Cash $1,000 $4,710 $5,775

Cash Received

Cash from Operations

Cash Sales $33,400 $48,774 $67,245

Subtotal Cash from Operations $33,400 $48,774 $67,245

Additional Cash Received

Sales Tax, VAT, HST/GST Received $2,338 $3,414 $4,707

New Current Borrowing $0 $0 $0

New Other Liabilities (interest-free) $0 $0 $0

New Long-term Liabilities $0 $0 $0

Sales of Other Current Assets $0 $0 $0

Sales of Long-term Assets $0 $0 $0

New Investment Received $0 $0 $0

Subtotal Additional Cash Received $2,338 $3,414 $4,707

Subtotal Cash Received $35,738 $52,188 $71,952

Expenditures Year 1 Year 2 Year 3

Expenditures from Operations

Cash spending for inventory $8,350 $24,387 $33,622

Cash spending for operations $20,040 $23,322 $30,331

Subtotal Spent on Operations $28,390 $47,709 $63,954

Additional Cash Spent

Start-up Cash $1,300 $0 $0

Sales Tax, VAT, HST/GST Paid Out $2,338 $3,414 $4,707

Long-term Liabilities Principal Repayment $0 $0 $0

Purchase Other Current Assets $0 $0 $0

Purchase Long-term Assets $0 $0 $0

Dividends $0 $0 $0

Subtotal Additional Cash Spent $3,638 $3,414 $4,707

Subtotal Cash Spent $32,028 $51,124 $68,661

Net Cash Flow $3,710 $1,065 $3,291

Cash Balance $4,710 $5,775 $9,065

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Pro Forma Profit & Loss Statement by Month

Pro Forma Profit and Loss Jan Feb Mar April May June July Aug Sept Oct Nov Dec

Sales $2,783 $2,783 $2,783 $2,783 $2,783 $2,783 $2,783 $2,783 $2,783 $2,783 $2,783 $2,783

Gross Margin $2,088 $2,088 $2,088 $2,088 $2,088 $2,088 $2,088 $2,088 $2,088 $2,088 $2,088 $2,088

Gross Margin % 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00%

Expenses

Payroll $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250

Loan Payment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Advertising/Promotion $278 $278 $278 $278 $278 $278 $278 $278 $278 $278 $278 $278

Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Rent (1500 sq. ft. @ $16 per) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Utilities $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4

Insurance $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Payroll Taxes $125 $125 $125 $125 $125 $125 $125 $125 $125 $125 $125 $125

Computer Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Classroom Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Website Expenses $13 $13 $13 $13 $13 $13 $13 $13 $13 $13 $13 $13

Total Operating Expenses $1,670 $1,670 $1,670 $1,670 $1,670 $1,670 $1,670 $1,670 $1,670 $1,670 $1,670 $1,670

Profit Before Interest and Taxes $418 $418 $418 $418 $418 $418 $418 $418 $418 $418 $418 $418

Interest Expense $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Sales Taxes (7%) $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195

Net Profit $223 $223 $223 $223 $223 $223 $223 $223 $223 $223 $223 $223

Net Profit/Sales 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00%

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Pro Forma Cash Flow Statement

Pro Forma Cash Flow Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec

Beginning Cash $1,500 $618 $1,035 $1,453 $1,870 $2,288 $2,705 $3,123 $3,540 $3,958 $4,375 $4,793

Cash Received

Cash from Operations

Cas h Sales $2,783 $ 2,783 $ 2,783 $ 2,783 $ 2,783 $ 2,783 $ 2,783 $ 2,783 $ 2,783 $ 2,783 $ 2,783 $ 2,783

Subtotal Cash fromOperations $2,783 $2,783 $2,783 $2,783 $2,783 $2,783 $2,783 $2,783 $2,783 $2,783 $2,783 $2,783

Additional Cash Received

Sales Tax, VAT, HST/GST Received $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195

New Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

New Other Liabilities (interest-free) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

New Long-termLiabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Sales of Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Sales of Long-termAssets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

New Investment Received $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Subtotal Additional Cash Received $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195

Subtotal Cash Received $2,978 $2,978 $2,978 $2,978 $2,978 $2,978 $2,978 $2,978 $2,978 $2,978 $2,978 $2,978

Expenditures

Expenditures from Operations

Cash spending for inventory $696 $696 $696 $696 $696 $696 $696 $696 $696 $696 $696 $696

Cash spending for operations $1,670 $1,670 $1,670 $1,670 $1,670 $1,670 $1,670 $1,670 $1,670 $1,670 $1,670 $1,670

Subtotal Spent on Operations $2,366 $2,366 $2,366 $2,366 $2,366 $2,366 $2,366 $2,366 $2,366 $2,366 $2,366 $2,366

Additional Cash Spent

Start-up Cash $1,300 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Sales Tax, VAT, HST/GST Paid Out $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195

Long-termLiabilities Principal Repay $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Purchase Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Purchase Long-termAssets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Subtotal Additional Cash Spent $1,495 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195

Subtotal Cash Spent $3,861 $2,561 $2,561 $2,561 $2,561 $2,561 $2,561 $2,561 $2,561 $2,561 $2,561 $2,561

Net Cash Flow ($883) $418 $418 $418 $418 $418 $418 $418 $418 $418 $418 $418

Cas h Balance $618 $1,035 $ 1,453 $ 1,870 $ 2,288 $ 2,705 $ 3,123 $ 3,540 $ 3,958 $ 4,375 $ 4,793 $ 5,210

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All rights reserved.

No part of this publicationmay be reproduced or duplicated

without the express written permission of the publisher.

©2006Gruntled Enterprises2 Fox Lane

Pepperell, MA 01463

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