Friends MN 1
Friends MN 1
Friends MN 1
weddings, anniversaries, social events & office parties etc. Our consultants are experienced and dedicated professionals with many years of event planning experience. TLC is unique in that we give our clients our undivided attention. We listen to their needs and work with them to create the event of their dreams. Our clients' wishes become our commands. So whether our client wants a Western, Tropical, Las Vegas or more traditional wedding, we can help. Our services include weddings, honeymoons, receptions, anniversary consultations, budget planning, answers to etiquette questions, as well as full-service referrals to florists, hair stylists, entertainers, musicians, etc.
1.1 Mission
TLC Wedding Consultants is a full service company that provides complete consulting services for weddings, holy unions and anniversaries. Our consultants are experienced and dedicated professionals with many years of event planning experience. TLC is unique in that we give our clients our undivided attention. We listen to their needs and work with them to create the event of their dreams. Our clients' wishes become our commands. So whether our client wants a Western, Tropical, Las Vegas or more traditional wedding or anniversary party, we can help. Our services include weddings, honeymoons, receptions, anniversary consultations, budget planning, answers to etiquette questions, as well as fullservice referrals to florists, hair stylists, entertainers, musicians, etc.
1.2 Objectives
Whether this is our client's first wedding, a renewal of their vows or their anniversary, we want every detail of their event to be both a pleasurable and a memorable experience. Therefore we offer a host of packages and services specifically tailored to the needs of each couple. We are confident that this business venture will be a success and we estimate that our net income will increase modestly by the second year.
TLC Wedding Consultants is a start-up company that provides wedding, holy union, and anniversary consulting services to brides, grooms and other family members. We are a fullservice bridal consulting group and our goal is to put the "fun" back into planning a wedding, holy union or anniversary party. Too many people become overly stressed and frustrated when planning these wonderful events. We are experienced and professional consultants and will use our expertise to help create memorable and stress free events for our customers. By doing this, our clients can sit back and enjoy their event. The result? We create events suited to the couple's unique style--a true expression of their relationship and individuality as a couple.
Start-up Requirements
Start-up Expenses Legal Stationery etc. Brochures Insurance Research and development Expensed equipment Other Total Start-up Expenses Start-up Assets Cash Required Other Current Assets Long-term Assets Total Assets Total Requirements Start-up Funding Start-up Expenses to Fund Start-up Assets to Fund Total Funding Required
Assets Non-cash Assets from Start-up Cash Requirements from Start-up Additional Cash Raised Cash Balance on Starting Date Total Assets
Liabilities and Capital Liabilities Current Borrowing Long-term Liabilities Accounts Payable (Outstanding Bills) Other Current Liabilities (interest-free) Total Liabilities Capital Planned Investment Darla Johnson Micah Johnson Additional Investment Requirement Total Planned Investment Loss at Start-up (Start-up Expenses) Total Capital
$0 $0 $0 $0 $0
$5,000 $8,000
Services
We are a full-service wedding consultant group and provide the following services: etiquette advice, event scheduling, discounted invitations and products, vendor confirmation, rehearsal attendance, supervision of both ceremony and reception setup and budget planning. Read more: http://www.bplans.com/wedding_consultant_business_plan/services_fc.cfm#ixzz1IQyUY6 Vh
Another customer segment is represented by the numerous family members and guests attending weddings, anniversaries, and similar events. This segment requires event preparation services like gift ideas, etiquette tips, etc. Besides the wedding arrangements, which TLC Wedding Consultants believe to be their major client assignments, other events the company will provide services to include corporate retreats, etiquette training, etc. This customer segment is estimated to have the annual volume of 1,000 orders in the Eugene, OR area.
Market Analysis Potential Customers Brides & Grooms Family Members Other Total Year 1 Year 2 Year 3 Year 4 Year 5 Growth CAGR 5% 1,500 1,575 1,654 1,737 1,824 5.01% 5% 5,000 5,250 5,513 5,789 6,078 5.00% 5% 1,000 1,050 1,103 1,158 1,216 5.01% 5.00% 7,500 7,875 8,270 8,684 9,118 5.00%
customer segments, brides and grooms and family members, plan and budget for the wedding ceremony as far as a year or more in advance, they often realize that they cannot make all the necessary preparations by themselves in a cost effective manner. Strongly affected by the established social values, such customers seek professional advice to ensure that all the important aspects of the wedding ceremony meet or exceed perceived expectations.
Rent-An-Action offers ceremony preparation, rehearsing and execution services. Cross & Reeves provide flower and catering arrangements and wedding consulting services. Lafayette Wedding offers its clients entertaining, catering, floral design and hair styling services.
The market research has also shown that customers anticipate the complete wedding consulting services to be expensive and they budget accordingly. In fact, lower prices are very often associated with poor service quality. By aggregating a complete range of wedding services under one roof, TLC Wedding Consultants will offer its customers the ease of one-stop shopping. Read more: http://www.bplans.com/wedding_consultant_business_plan/market_analysis_summary_fc. cfm#ixzz1IQycDze7 ur strategy is simple: we intend to provide our customers with a wide range of services custom tailored to their individual needs. Therefore, whether they require a complete package, or simply consulting on a particular service, we can help.
By aggregating a complete range of wedding services under one roof, TLC Wedding Consultants will offer its customers the ease of one-stop shopping. The company will leverage its owners' expertise in planning such events to competitively position itself as a premier provider of wedding services. Both owners have very strong communication skills that will help develop the 'buzz' about the high quality of the services offered by TLC Wedding Consultants.
Advertising in the Yellow Pages - two inch by three inch ads describing the services will be placed in the local Yellow Pages. Placing advertisements in the local press, including The Register Guard, Eugene Weekly, The Oregon Daily Emerald. Developing affiliate relationships with other service providers (florists, hair stylists, caterers) that would receive a percentage of sales to the referred customers. Word of mouth referrals - generating sales leads in the local community through customer referrals.
Sales Forecast Year 1 Sales Brides & Grooms Family Members Other Total Sales Direct Cost of Sales Row 1 Row 1 Other Subtotal Direct Cost of Sales $54,200 $25,800 $15,300 $95,300 Year 1 $0 $0 $0 $0 $0 $0 $0 $0 Year 2 $65,040 $30,960 $18,360 $114,360 Year 2 $0 $0 $0 $0 Year 3 $71,544 $34,056 $20,196 $125,796 Year 3
Management Summary
Our wedding consultants are Darla and Micah Johnson. Collaboratively they have planned and serviced over 150 weddings and receptions. They are knowledgeable about all areas of planning, decorating, as well as budgeting. Darla has a BS in Communications and a minor in Interior Decorating. She has been a wedding consultant for five years and became interested in providing consultant services when she successfully planned her first five weddings for family and friends. Since then, Darla has received extensive training in wedding planning and her certification from the National Association of Wedding Consultants and Professional Wedding Planners. Micah has an Associates Degree in Fashion Design, and, like Darla, she became interested in becoming a consultant when she successfully planned her first three weddings. Micah received her certification from the National Association of Wedding Consultants and has been a wedding planner for three years. Micah enjoys all aspects of planning traditional and nontraditional weddings.
Initially, TLC Wedding Consultants' personnel will include only the two owners, both of whom will be working full time. As the personnel plan shows, we expect to hire an additional wedding consultant in the next year This person will work full time, but will not be included in the management decisions.
Personnel Plan Owner Other Total People Total Payroll Year 1 Year 2 Year 3 $53,100 $76,200 $85,800 $0 $0 $0 0 0 0 $53,100 $76,200 $85,800
Financial Plan
The following subtopics represent the financial plan of TLC Wedding Consultants.
Break-even Analysis
Pro Forma Profit and Loss Year 1 Sales Direct Cost of Sales Other Total Cost of Sales Gross Margin Gross Margin % $95,300 $0 $0 $0 $95,300 100.00% $114,360 $0 $0 $0 $114,360 100.00% Year 2 $125,796 $0 $0 $0 $125,796 100.00% Year 3
Expenses Payroll Sales and Marketing and Other Expenses Depreciation Leased Equipment Utilities Insurance Rent Payroll Taxes
$53,100 $4,550 $0 $0 $0 $0 $0 $0
$76,200 $1,000 $0 $0 $0 $0 $0 $0
$85,800 $2,000 $0 $0 $0 $0 $0 $0
Other Total Operating Expenses Profit Before Interest and Taxes EBITDA Interest Expense Taxes Incurred Net Profit Net Profit/Sales
Pro Forma Cash Flow Year 1 Cash Received Cash from Operations Cash Sales Cash from Receivables Subtotal Cash from Operations Additional Cash Received Sales Tax, VAT, HST/GST Received New Current Borrowing New Other Liabilities (interest-free) New Long-term Liabilities Sales of Other Current Assets Sales of Long-term Assets New Investment Received Subtotal Cash Received Expenditures Year 2 Year 3
$0 $0 $0 $0 $0 $0 $0 $83,614 Year 1
$0 $0 $0 $0 $0 $0 $0 $112,023 Year 2
$0 $0 $0 $0 $0 $0 $0 $124,394 Year 3
Expenditures from Operations Cash Spending Bill Payments Subtotal Spent on Operations Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out Principal Repayment of Current Borrowing Other Liabilities Principal Repayment Long-term Liabilities Principal Repayment Purchase Other Current Assets Purchase Long-term Assets Dividends Subtotal Cash Spent Net Cash Flow Cash Balance General Assumptions Plan Month Current Interest Rate Long-term Interest Rate Tax Rate Other
Year 1 Year 2 Year 3 1 2 3 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 25.42% 25.00% 25.42% 0 0 0
$0 $0 $0 $34,452 Year 1
$0 $0 $0 $61,923 Year 2
$0 $0 $0 $90,374 Year 3
$1,245 $0 $0 $1,245
$846 $0 $0 $846
$958 $0 $0 $958
Long-term Liabilities Total Liabilities Paid-in Capital Retained Earnings Earnings Total Capital Total Liabilities and Capital Net Worth
n.a n.a
4.89
4.89
4.89
n.a
Collection Days Accounts Payable Turnover Payment Days Total Asset Turnover Debt Ratios Debt to Net Worth Current Liab. to Liab. Liquidity Ratios Net Working Capital Interest Coverage Additional Ratios Assets to Sales Current Debt/Total Assets Acid Test Sales/Net Worth Dividend Payout
57 11.24 27 2.77
68 12.17 37 1.85
71 12.17 28 1.39
0.04 1.00
0.01 1.00
0.01 1.00
n.a n.a
$33,207 0.00
$61,078 0.00
$89,416 0.00
n.a n.a
Month 9 Month 10 Month 11 Month 12 $5,200 $2,400 $1,300 $8,900 $5,500 $2,500 $1,300 $9,300 $5,700 $2,600 $1,400 $9,700 $6,000 $2,700 $1,400 $10,100
0% 0% 0%
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
0% 0%
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $5,700 $5,700 $5,700 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 0 0 0 0 0 0 0 0 0 0 0 0 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $5,700 $5,700 $5,700
Month 12 9 10 11 12 10.00% 10.00% 10.00% Month 10 Month 11 10.00% 25.00% 0 10.00% 25.00% 0 10.00% 25.00% 0
Expenses Payroll
$4,000
$4,000
$4,000
$4,000
$4,000
$4,000
$4,000
$4,000
$4,000
$5,700
$5,700
$5,700
Sales and Marketing and Other Expenses Depreciation Leased Equipment Utilities Insurance Rent Payroll Taxes Other Total Operating Expenses Profit Before Interest and Taxes EBITDA Interest Expense Taxes Incurred Net Profit Net Profit/Sales Pro Forma Cash Flow
15%
Month 1 Cash Received Cash from Operations Cash Sales Cash from Receivables Subtotal Cash from Operations Additional Cash Received Sales Tax, VAT, HST/GST Received New Current Borrowing New Other Liabilities (interestfree) New Long-term Liabilities Sales of Other Current Assets Sales of Long-term Assets New Investment Received Subtotal Cash Received Expenditures Expenditures from Operations Cash Spending Bill Payments Subtotal Spent on Operations Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out Principal Repayment of Current Borrowing Other Liabilities Principal Repayment Long-term Liabilities Principal Repayment Purchase Other Current Assets Purchase Long-term Assets Dividends Subtotal Cash Spent Net Cash Flow Cash Balance Pro Forma Balance Sheet Month 1 Assets Current Assets Cash Accounts Receivable Other Current Assets Total Current Assets Long-term Assets Long-term Assets Accumulated Depreciation Total Long-term Assets Total Assets Starting Balances
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$2,280 $0 $2,280
0.00%
$0 $0 $0 $0 $0 $0 $0 $2,280 Month 1
$0 $0 $0 $0 $0 $0 $0 $2,514 Month 2
$0 $0 $0 $0 $0 $0 $0 $5,946 Month 3
$0 $0 $0 $0 $0 $0 $0 $6,246 Month 4
$0 $0 $0 $0 $0 $0 $0 $6,666 Month 5
$0 $0 $0 $0 $0 $0 $0 $7,492 Month 6
$0 $0 $0 $0 $0 $0 $0 $7,592 Month 7
$0 $0 $0 $0 $0 $0 $0 $8,706 Month 8
$0 $0 $0 $0 $0 $0 $0 $8,430 Month 9
$0 $0 $0 $0 $0 $0 $0 $8,886 Month 10
$0 $0 $0 $0 $0 $0 $0 $9,228 Month 11
$0 $0 $0 $0 $0 $0 $0 $9,628 Month 12
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$5,000 $0 $0 $5,000
$0 $0 $0 $5,000
$0 $0 $0 $6,657
$0 $0 $0 $7,397
$0 $0 $0 $9,007
$0 $0 $0 $10,842
$0 $0 $0 $13,191
$0 $0 $0 $16,736
$0 $0 $0 $19,455
$0 $0 $0 $22,838
$0 $0 $0 $26,389
$0 $0 $0 $28,334
$0 $0 $0 $31,243
$0 $0 $0 $34,452
Liabilities and Capital Current Liabilities Accounts Payable Current Borrowing Other Current Liabilities Subtotal Current Liabilities Long-term Liabilities Total Liabilities Paid-in Capital Retained Earnings Earnings Total Capital Total Liabilities and Capital Net Worth
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12