Physical Fitness Gym Business Plan

Ladies Only Fitness

Executive Summary
Ladies Only Fitness is a women-only health club that creates a personalized environment for women to
pursue their fitness goals. We have the best equipment and the best training program in this arena. We
prepare our clients for success! We have the best weight-management program. Positive Lifestyle Systems
is a truly responsible, effective, weight-management program. We offer this program with confidence. It is
unbeatable.

Ladies Only Fitness' focus is the urban professional woman who has a very active life and very little time to
spend on fitness. We also focus on young mothers who are looking for a fitness environment that is focused
on their unique needs.

Ladies Only Fitness is located in the Southtowne Center in southwest Mapleton. The area is upscale and
affluent and has a number of health clubs, but none that serve women only. Currently, there are 80,000
residents living in southwest Mapleton. The Southtowne Center is the central shopping facility in the area
and is conveniently located, with plenty of parking.

Joan Sullivan, co-owner of Ladies Only Fitness, has worked in the area's clubs for the past fifteen years.
She has created Ladies Only Fitness in order to fill a need she has seen in fitness services provided to
women over the years.

From the selection of workout machines to the organization of the child care center, Ladies Only Fitness will
create a supportive experience that will bring in new members by word of mouth.

1.1 Mission
The mission of Ladies Only Fitness is the following:

• Create a woman-focused workout environment that promotes confidence in our clients.

• Promote the success of our clients in meeting their fitness goals.
• Celebrate their successes and help them set new fitness goals.

1.2 Objectives
The objectives of Ladies Only Fitness are the following:

• Exceed 60% class capacity by the end of the first year of operation.
• Acquire 200+ memberships by the end of the first year of operation.
• Increase membership by 20% by the end of the second year of operation.
Company Summary
Ladies Only Fitness is a women only fitness club that offers fitness classes, exercise equipment, a weight
reduction program, and a childcare center. The program will operate as a general partnership. Joan Sullivan
will manage the daily operation of Ladies Only Fitness. Marge Williamson will have accounting oversight
responsibilities.

2.1 Company Ownership

Ladies Only Fitness is co-owned by Joan Sullivan and Marge Williamson.

2.2 Start-up Summary

The start-up expenses for the Ladies Only Fitness is focused primarily on equipment and exercise surfaces
for the classes. Joan Sullivan will invest $30,000. Marge Williamson will invest $70,000. In addition, club
will secure a $60,000 long-term loan.

Start-up Funding
Start-up Expenses to Fund $94,200

Start-up Assets to Fund $65,800

Total Funding Required $160,000

Assets

Non-cash Assets from Start-up $0

Cash Requirements from Start-up $65,800

Additional Cash Raised $0

Cash Balance on Starting Date $65,800

Total Assets $65,800

Liabilities and Capital

Liabilities

Current Borrowing $0

Long-term Liabilities $60,000

Accounts Payable (Outstanding Bills) $0

Other Current Liabilities (interest-free) $0

Total Liabilities $60,000

Capital

Planned Investment

Joan Sullivan $30,000

Marge Williamson $70,000

Additional Investment Requirement $0

Total Planned Investment $100,000

Loss at Start-up (Start-up Expenses) ($94,200)

Total Capital $5,800

Total Capital and Liabilities $65,800

Total Funding $160,000

Start-up
Requirements

Start-up Expenses

Legal $500

Stationery etc. $200

Brochures $1,000

Insurance $500

Rent $2,000

Child Care Setup $10,000

Leased Equipment $80,000

Total Start-up Expenses $94,200

Start-up Assets

Cash Required $65,800

Other Current Assets $0

Long-term Assets $0

Total Assets $65,800

Total Requirements $160,000

2.3 Company Locations and Facilities

Ladies Only Fitness is located in the Southtowne Center in southwest Mapleton. The club occupies a 5,500
square foot storefront. The facility has one primary equipment room adjacent to the child care center. The
club also has three exercise rooms. The facility can accommodate 110 people.

Services
Ladies Only Fitness' membership services are the following:

Ladies Only Fitness has a professional personal training staff. Our personal trainers provide the knowledge
and expertise in designing and implementing a fitness program. Each trainer is AFLCA certified and has
standard first aid and CPR.

Beyond that each trainer has specific qualifications and training that enables them to provide each client with
an individually designed program.

Ladies Only Fitness offers a large selection of sophisticated equipment bio-mechanically designed for a
woman's body.

• Treadmills (10);
• Stepmills;
• Steppers;
• Upright and recumbent bikes;
• Elliptical trainers;
• Stairmaster;
• Rower;
• Bodytrek;
• Gravitron;
• Cross aerobic trainers.

Ladies Only Fitness provides a floating foam floor for a variety of aerobic, step, muscle conditioning and
yoga classes.

The club also has a child care center to serve clients that would otherwise be unable to workout if they
cannot find a babysitter, or be able to workout without the stress of watching over children.

The membership fee is $150 a month and the personal trainer fee is $25/hr.

Market Analysis Summary

Mapleton is a city on the move. The population has grown by 10% each year for the past three years. The
current population of Mapleton is 600,000.

Most importantly, the growth has been fueled by the increased employment in the city's high-tech
companies. This has attracted a type of professional that is the target customer for the Ladies Only Fitness.
The women we are targeting are looking for a different type of fitness club experience. At Ladies Only
Fitness, they will be the total focus of our staff.
Another target group is young mothers who are looking for a club that will fit their needs and keep their
children close. Ladies Only Fitness has designed the facility so that the child care center can be seen by
anyone working in the main exercise room. We believe that changes like that will be seen as welcome
extras that will bring new members.

4.1 Market Segmentation

Ladies Only Fitness will focus on two customer groups:

• Young urban professional women;

• Young mothers with children (ages new born to three years of age).

Market Analysis

Year 1 Year 2 Year 3 Year 4 Year 5

Potential Customers Growth CAGR

Young Urban Professional

10% 12,000 13,200 14,520 15,972 17,569 10.00%
Women

Young Mothers 10% 5,000 5,500 6,050 6,655 7,321 10.00%

Total 10.00% 17,000 18,700 20,570 22,627 24,890 10.00%

Strategy and Implementation Summary

Ladies Only Fitness will market through the numerous beauty salons, tanning salons and women's
boutiques located in southwest Mapleton. The club will market to young mothers through clothing shops
catering to young children. Ladies Only Fitness will offer the first membership month free.

5.1 Competitive Edge

The competitive advantage of Ladies Only Fitness is the environment that is created in the facility. Women
feel more relaxed and comfortable in a program that is focused solely on them. In addition, we have
designed the childcare center to be visible from the main workout floor. A young mother can watch her child
play in the center while working out.

5.2 Sales Forecast

Ladies Only Fitness anticipates that sales will be slow for the first and second month of operation, due to our
"first month free" promotion. After that point, sales will increase as new members pay for their membership
fees.

The following is the sales forecast for three years.

Sales Forecast

Year 1 Year 2 Year 3

Sales

Memberships $124,000 $150,000 $190,000

Personal Trainers $120,000 $150,000 $190,000

Total Sales $244,000 $300,000 $380,000

Direct Cost of Sales Year 1 Year 2 Year 3

Memberships $0 $0 $0

Personal Trainers $0 $0 $0

Subtotal Direct Cost of Sales $0 $0 $0

Management Summary
Joan Sullivan will be the operations manager and lead trainer for Ladies Only Fitness. Joan has been a
fixture in the Mapleton fitness community for the past fifteen years. She has been the manager of both the
Mapleton Athletic Club (three years) and the Maximum Fitness Club (four years).

Her reputation as an effective staff supervisor is excellent. At both the Athletic Club and Maximum,
membership increased by 15% each year under Joan's supervision.

Marge Williamson is a CPA with the firm of Smith, Jones, and Lawrence. Her primary responsibility will be
to oversee accounts receivable and operational costs.

6.1 Personnel Plan

The following is the personnel plan for Ladies Only Fitness:

• Operations manager/lead trainer;

• Personal trainers (2);
• Childcare staff (2);
 • Receptionist/clerk (1);

During the sixth month of operations, one additional personnel trainer will be hired.

Personnel Plan

Year 1 Year 2 Year 3

Operations Manager/Lead Trainer $36,000 $36,000 $38,000

Personal Trainers $90,000 $108,000 $116,000

Childcare Staff $36,000 $36,000 $39,000

Receptionist/Clerk $19,200 $19,200 $21,000

Total People 9 9 9

Total Payroll $181,200 $199,200 $214,000

Financial Plan
The following is the financial plan for Ladies Only Fitness.

7.1 Break-even Analysis

The monthly break-even point is shown below.
Break-even Analysis

Monthly Revenue Break-even $20,465

Assumptions:

Average Percent Variable Cost 0%

Estimated Monthly Fixed Cost $20,465

7.2 Projected Profit and Loss

The following table and charts highlight the projected profit and loss for three years.
Pro Forma Profit and Loss

Year 1 Year 2 Year 3

Sales $244,000 $300,000 $380,000

Direct Cost of Sales $0 $0 $0

Other Production Expenses $0 $0 $0

Total Cost of Sales $0 $0 $0

Gross Margin $244,000 $300,000 $380,000

Gross Margin % 100.00% 100.00% 100.00%

Expenses

Payroll $181,200 $199,200 $214,000

Sales and Marketing and Other Expenses $6,000 $8,000 $10,000

Depreciation $0 $0 $0

Leased Equipment $0 $0 $0

Utilities $4,800 $4,800 $4,800

Insurance $2,400 $2,400 $2,400

Rent $24,000 $24,000 $24,000

Payroll Taxes $27,180 $29,880 $32,100

Other $0 $0 $0

Total Operating Expenses $245,580 $268,280 $287,300

Profit Before Interest and Taxes ($1,580) $31,720 $92,700

EBITDA ($1,580) $31,720 $92,700

Interest Expense $5,578 $4,830 $4,050

Taxes Incurred $0 $8,067 $26,595

Net Profit ($7,158) $18,823 $62,055

Net Profit/Sales -2.93% 6.27% 16.33%

7.3 Projected Cash Flow

The following table and chart highlights the projected cash flow for three years.

Pro Forma Cash Flow

Year 1 Year 2 Year 3

Cash Received

Cash from Operations

Cash Sales $244,000 $300,000 $380,000

Subtotal Cash from Operations $244,000 $300,000 $380,000

Additional Cash Received

Sales Tax, VAT, HST/GST Received $0 $0 $0

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 Cash Received $244,000 $300,000 $380,000

Expenditures Year 1 Year 2 Year 3

Expenditures from Operations

Cash Spending $181,200 $199,200 $214,000

Bill Payments $64,133 $81,063 $102,139

Subtotal Spent on Operations $245,333 $280,263 $316,139

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out $0 $0 $0

Principal Repayment of Current Borrowing $0 $0 $0

Other Liabilities Principal Repayment $0 $0 $0

Long-term Liabilities Principal Repayment $7,800 $7,800 $7,800

Purchase Other Current Assets $0 $0 $0

Purchase Long-term Assets $0 $0 $0

Dividends $0 $0 $0

Subtotal Cash Spent $253,133 $288,063 $323,939

Net Cash Flow ($9,133) $11,937 $56,061

Cash Balance $56,667 $68,603 $124,664

7.4 Projected Balance Sheet

The following table highlights the projected balance sheet for three years.

Pro Forma Balance Sheet

Year 1 Year 2 Year 3

Assets

Current Assets

Cash $56,667 $68,603 $124,664

Other Current Assets $0 $0 $0

Total Current Assets $56,667 $68,603 $124,664

Long-term Assets

Long-term Assets $0 $0 $0

Accumulated Depreciation $0 $0 $0

Total Long-term Assets $0 $0 $0

Total Assets $56,667 $68,603 $124,664

Liabilities and Capital Year 1 Year 2 Year 3

Current Liabilities

Accounts Payable $5,824 $6,738 $8,543

Current Borrowing $0 $0 $0

Other Current Liabilities $0 $0 $0

Subtotal Current Liabilities $5,824 $6,738 $8,543

Long-term Liabilities $52,200 $44,400 $36,600

Total Liabilities $58,024 $51,138 $45,143

Paid-in Capital $100,000 $100,000 $100,000

Retained Earnings ($94,200) ($101,358) ($82,535)

Earnings ($7,158) $18,823 $62,055

Total Capital ($1,358) $17,466 $79,521

Total Liabilities and Capital $56,667 $68,603 $124,664

Net Worth ($1,357) $17,466 $79,521

7.5 Business Ratios

Business ratios for the years of this plan are shown below. Industry profile ratios based on the Standard
Industrial Classification (SIC) code 7991, Physical Fitness Facilities, are shown for comparison.

Ratio Analysis

Year 1 Year 2 Year 3 Industry Profile

Sales Growth 0.00% 22.95% 26.67% 15.90%

Percent of Total Assets

Other Current Assets 0.00% 0.00% 0.00% 31.10%

Total Current Assets 100.00% 100.00% 100.00% 39.00%

Long-term Assets 0.00% 0.00% 0.00% 61.00%

Total Assets 100.00% 100.00% 100.00% 100.00%

Current Liabilities 10.28% 9.82% 6.85% 34.80%

Long-term Liabilities 92.12% 64.72% 29.36% 27.60%

Total Liabilities 102.40% 74.54% 36.21% 62.40%

Net Worth -2.40% 25.46% 63.79% 37.60%

Percent of Sales

Sales 100.00% 100.00% 100.00% 100.00%

Gross Margin 100.00% 100.00% 100.00% 0.00%

Selling, General & Administrative Expenses 102.93% 93.73% 83.67% 73.20%

Advertising Expenses 2.46% 2.67% 2.63% 2.40%

Profit Before Interest and Taxes -0.65% 10.57% 24.39% 2.70%

Main Ratios

Current 9.73 10.18 14.59 1.10

Quick 9.73 10.18 14.59 0.73

Total Debt to Total Assets 102.40% 74.54% 36.21% 62.40%

Pre-tax Return on Net Worth 527.26% 153.96% 111.48% 3.00%

Pre-tax Return on Assets -12.63% 39.20% 71.11% 7.90%

Additional Ratios Year 1 Year 2 Year 3

Net Profit Margin -2.93% 6.27% 16.33% n.a

Return on Equity 0.00% 107.77% 78.04% n.a

Activity Ratios

Accounts Payable Turnover 12.01 12.17 12.17 n.a

Payment Days 27 28 27 n.a

Total Asset Turnover 4.31 4.37 3.05 n.a

Debt Ratios

Debt to Net Worth 0.00 2.93 0.57 n.a

Current Liab. to Liab. 0.10 0.13 0.19 n.a

 Liquidity Ratios

Net Working Capital $50,843 $61,866 $116,121 n.a

Interest Coverage -0.28 6.57 22.89 n.a

Additional Ratios

Assets to Sales 0.23 0.23 0.33 n.a

Current Debt/Total Assets 10% 10% 7% n.a

Acid Test 9.73 10.18 14.59 n.a

Sales/Net Worth 0.00 17.18 4.78 n.a

Dividend Payout 0.00 0.00 0.00 n.a

Sales Forecast
Month Month Month Month
Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 12
1 2 10 11
Sales
Memberships 0% $0 $5,000 $6,000 $10,000 $11,000 $12,000 $12,000 $13,000 $14,000 $14,000 $14,000 $13,000
Personal
0% $0 $4,000 $7,000 $10,000 $10,000 $12,000 $12,000 $12,000 $12,000 $13,000 $14,000 $14,000
Trainers
Total Sales $0 $9,000 $13,000 $20,000 $21,000 $24,000 $24,000 $25,000 $26,000 $27,000 $28,000 $27,000

Direct Cost of Month Month Month Month

Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 12
Sales 1 2 10 11
Memberships $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Personal
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Trainers
Subtotal Direct
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Cost of Sales
Personnel Plan
Month Month Month
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9
10 11 12
Operations
Manager/Lead 0% $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
Trainer
Personal Trainers 0% $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $9,000 $9,000 $9,000 $9,000 $9,000 $9,000
Childcare Staff 0% $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
Receptionist/Clerk 0% $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600
Total People 6 6 6 6 6 6 9 9 9 9 9 9

Total Payroll $13,600 $13,600 $13,600 $13,600 $13,600 $13,600 $16,600 $16,600 $16,600 $16,600 $16,600 $16,600

General Assumptions
Month Month Month Month Month Month Month Month Month Month Month Month
1 2 3 4 5 6 7 8 9 10 11 12
Plan
1 2 3 4 5 6 7 8 9 10 11 12
Month
Current
Interest 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Rate
Long-
term
10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Interest
Rate
Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
Other 0 0 0 0 0 0 0 0 0 0 0 0

Pro Forma Profit and Loss

Month Month Month Month Month Month Month Month Month Month
Month 1 Month 2
3 4 5 6 7 8 9 10 11 12
$13,00 $20,00 $21,00 $24,00 $24,00 $25,00 $26,00 $27,00 $28,00 $27,00
Sales $0 $9,000
0 0 0 0 0 0 0 0 0 0
Direct
Cost of $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sales
Other
Production $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Expenses
Total Cost
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
of Sales

Gross $13,00 $20,00 $21,00 $24,00 $24,00 $25,00 $26,00 $27,00 $28,00 $27,00
$0 $9,000
Margin 0 0 0 0 0 0 0 0 0 0
Gross 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00%
Margin % % % % % % % % % % % %

Expenses
$13,60 $13,60 $13,60 $13,60 $16,60 $16,60 $16,60 $16,60 $16,60 $16,60
Payroll $13,600 $13,600
0 0 0 0 0 0 0 0 0 0
Sales and
Marketing
$500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500
and Other
Expenses
Depreciati
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
on
Leased
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Equipment
Utilities $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400
Insurance $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Rent $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Payroll 15
$2,040 $2,040 $2,040 $2,040 $2,040 $2,040 $2,490 $2,490 $2,490 $2,490 $2,490 $2,490
Taxes %
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Total
$18,74 $18,74 $18,74 $18,74 $22,19 $22,19 $22,19 $22,19 $22,19 $22,19
Operating $18,740 $18,740
0 0 0 0 0 0 0 0 0 0
Expenses

Profit
Before ($18,74 ($5,740
($9,740) $1,260 $2,260 $5,260 $1,810 $2,810 $3,810 $4,810 $5,810 $4,810
Interest 0) )
and Taxes
($18,74 ($5,740
EBITDA ($9,740) $1,260 $2,260 $5,260 $1,810 $2,810 $3,810 $4,810 $5,810 $4,810
0) )
Interest
$495 $489 $484 $478 $473 $468 $462 $457 $451 $446 $440 $435
Expense
Taxes
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Incurred

($19,23 ($10,22 ($6,224

Net Profit $782 $1,787 $4,793 $1,348 $2,353 $3,359 $4,364 $5,370 $4,375
5) 9) )
Net
-113.66 -47.88
Profit/Sale 0.00% 3.91% 8.51% 19.97% 5.62% 9.41% 12.92% 16.16% 19.18% 16.20%
% %
s

Pro Forma Cash Flow

Month Month Month

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

Cash
Receive

Cash from
Operations

Cash Sales $0 $9,000 $13,000 $20,000 $21,000 $24,000 $24,000 $25,000 $26,000 $27,000 $28,000 $27,000

Subtotal
Cash from $0 $9,000 $13,000 $20,000 $21,000 $24,000 $24,000 $25,000 $26,000 $27,000 $28,000 $27,000
Operations
Additional
Cash
Received

Sales Tax,
VAT,
0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
HST/GST
Received

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

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

New Long-
term $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Liabilities

Sales of
Other Current $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Assets

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

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

Subtotal
Cash $0 $9,000 $13,000 $20,000 $21,000 $24,000 $24,000 $25,000 $26,000 $27,000 $28,000 $27,000
Received

Month Month Month

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

Expenditures
from
Operations

Cash $13,600 $13,600 $13,600 $13,600 $13,600 $13,600 $16,600 $16,600 $16,600 $16,600 $16,600 $16,600
Spending

Bill Payments $188 $5,634 $5,629 $5,624 $5,618 $5,613 $5,622 $6,052 $6,046 $6,041 $6,036 $6,030

Subtotal
Spent on $13,788 $19,234 $19,229 $19,224 $19,218 $19,213 $22,222 $22,652 $22,646 $22,641 $22,636 $22,630
Operations

Additional
Cash Spent

Sales Tax,
VAT,
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
HST/GST
Paid Out

Principal
Repayment
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
of Current
Borrowing

Other
Liabilities
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Principal
Repayment

Long-term
Liabilities
$650 $650 $650 $650 $650 $650 $650 $650 $650 $650 $650 $650
Principal
Repayment

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

Purchase
Long-term $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Assets

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

Subtotal
$14,438 $19,884 $19,879 $19,874 $19,868 $19,863 $22,872 $23,302 $23,296 $23,291 $23,286 $23,280
Cash Spent
Net Cash
($14,438) ($10,884) ($6,879) $126 $1,132 $4,137 $1,128 $1,698 $2,704 $3,709 $4,714 $3,720
Flow

Cash
$51,362 $40,478 $33,599 $33,725 $34,857 $38,994 $40,122 $41,820 $44,524 $48,233 $52,947 $56,667
Balance

Pro Forma Balance Sheet

Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month

Starting
Assets
Balances

Current
Assets

Cash $65,800 $51,362 $40,478 $33,599 $33,725 $34,857 $38,994 $40,122 $41,820 $44,524 $48,233 $52,947 $56,66

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

Total Current
$65,800 $51,362 $40,478 $33,599 $33,725 $34,857 $38,994 $40,122 $41,820 $44,524 $48,233 $52,947 $56,66
Assets

Long-term
Assets

Long-term
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $
Assets

Accumulated
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $
Depreciation

Total Long-
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $
term Assets

Total Assets $65,800 $51,362 $40,478 $33,599 $33,725 $34,857 $38,994 $40,122 $41,820 $44,524 $48,233 $52,947 $56,66
Liabilities and
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month
Capital

Current
Liabilities

Accounts
$0 $5,447 $5,442 $5,436 $5,431 $5,426 $5,421 $5,850 $5,845 $5,840 $5,835 $5,829 $5,82
Payable

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

Other
Current $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $
Liabilities

Subtotal
Current $0 $5,447 $5,442 $5,436 $5,431 $5,426 $5,421 $5,850 $5,845 $5,840 $5,835 $5,829 $5,82
Liabilities

Long-term
$60,000 $59,350 $58,700 $58,050 $57,400 $56,750 $56,100 $55,450 $54,800 $54,150 $53,500 $52,850 $52,20
Liabilities

Total
$60,000 $64,797 $64,142 $63,486 $62,831 $62,176 $61,521 $61,300 $60,645 $59,990 $59,335 $58,679 $58,02
Liabilities

Paid-in
$100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,00
Capital

Retained
($94,200) ($94,200) ($94,200) ($94,200) ($94,200) ($94,200) ($94,200) ($94,200) ($94,200) ($94,200) ($94,200) ($94,200) ($94,20
Earnings

Earnings $0 ($19,235) ($29,464) ($35,688) ($34,906) ($33,119) ($28,326) ($26,978) ($24,625) ($21,266) ($16,902) ($11,533) ($7,15

Total Capital $5,800 ($13,435) ($23,664) ($29,888) ($29,106) ($27,319) ($22,526) ($21,178) ($18,825) ($15,466) ($11,102) ($5,733) ($1,35
Total
Liabilities and $65,800 $51,362 $40,478 $33,599 $33,725 $34,857 $38,994 $40,122 $41,820 $44,524 $48,233 $52,947 $56,66
Capital

Net Worth $5,800 ($13,435) ($23,664) ($29,887) ($29,106) ($27,319) ($22,526) ($21,178) ($18,825) ($15,466) ($11,102) ($5,732) ($1,35