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Karma Klothing - Casual Wear and Contemporary Apparel - Case Study Example

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This paper 'Karma Klothing - Casual Wear and Contemporary Apparel" focuses on the fact that the over-40 market is expected to bring significant revenues to the firm, with our promotional appeal to this market through age-related and beauty enhancement tactics. …
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Karma Klothing - Casual Wear and Contemporary Apparel
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Karma Klothing - Casual Wear and Contemporary Apparel   1. Executive Summary KARMA Klothing - Louisville and Lexington, Kentucky - Owner: Bahaa Omran, Sole Proprietor KARMA Klothing will carry a vast variety of casual wear, contemporary apparel, semi-formal business attire, and fashion-forward, upscale clothing and merchandise geared toward the 14-25 year old market segments. In addition, the over-40 market is expected to bring significant revenues to the firm, with our promotional appeal to this market through age-related and beauty enhancement tactics. The business intends to remain localized during the first 12-18 months of operation, with subsequent expansion into domestic and international territory within two years of establishing the firm. The company's aggressive sales and marketing campaigns creates solid projections for a strong balance sheet, positive cash flow, and a cash balance that is above industry norms. This campaign will be compounded with the management experience brought to the business by Bahaa Omran. Business Overview 1.1. Business Profile and Objectives KARMA Klothing strives to become the nation's premier manufacturer and supplier of youthful, contemporary clothing appealing to the fashion-forward young adult. The unprecedented blend of luxurious fabrics, modern accessories, and upscale casual wear will provide us a sustainable competitive edge in this industry. KARMA Klothing maintains four specific objectives: To increase total profitability by 20% by year end 2008. Establish three remote retail KARMA Klothing facilities by year end 2007. Expand into international territory by year end 2008. Image is key to sustained growth: Establish a customer survey network via Internet channels to measure real-time consumer data. KARMA Klothing intends to provide community sustenance as part of our commitment to corporate social responsibility. KARMA Klothing intends to establish community relations with youth-oriented groups in the Kentucky region, providing sponsorship for local sports teams. Our impending agreement with several public school systems in Louisville, Kentucky includes the production of school-specific jerseys and various athletic wear. This upcoming agreement is expected to increase KARMA Klothing's operating income by 5% at year end 2007. The business' mission is to provide excellence in customer service at its retail facilities, as well as offering unprecedented fashion lines geared toward the 14-25 year old consumer. KARMA aims to delight our employees through above-average compensation and performance-related remuneration, as well as satisfying the stakeholder community through community-minded service.We will actively pursue fulfillment of this mission through: Customer Relationship Management Programs Everyday low prices The establishment of community outreach programs headed by our sales and marketing division KARMA Klothing believes the key to success in the industry lies in effective sales and marketing techniques. Print advertisements and public relations are expected to generate the majority of interest in our fashion-forward product lines, which will be reflected in the allotment of a higher advertising budget after the start-up year. Additional keys to success include: Establishing working relationships with domestic and foreign clothing and fabric manufacturers in order to minimize the costs of our supply chain. The implementation of customer service task teams designed to facilitate the operations of our retail facilities and provide senior-level management with real-time consumer data which will assist in our purchasing efforts and in-store sales processes. The most up-to-date internal technologies designed to improve production and distribution, including Systems Applications Product (SAP) and Electronic Resource Planning (ERP) systems. Each software implementation will offer KARMA Klothing the ability to regulate inventory levels and view the physical movement of materials at a glance.   2. Company Summary KARMA Klothing is a start-up company offering fashion-forward clothing and accessories for today's socially-active young consumer. The business will initially be established in Louisville, Kentucky, with objectives for relative expansion into the Lexington, Kentucky market and the surrounding region. KARMA Klothing will be established as a sole proprietorship, with long-term objectives of public trading and the adoption of shareholders by 2009. KARMA Klothing will provide a vast assortment of casual wear, upscale fashion accessories, and semi-formal clothing, including business attire for young men and women. Our production requirements will be minimal, as the majority of our fashion-forward apparel will be purchased from overseas manufacturers, providing KARMA with less purchasing costs. Our overseas purchasing objectives will satisfy our intention to provide everyday low prices, while under-cutting our competition product-for-product. 2.1. Company Ownership KARMA Klothing will be established by Bahaa Omran, who will be bringing his expertise in human resource development and strategic business activities during the start-up year. As a sole proprietorship, Bahaa Omran will maintain total control over the business functions of the company, including payroll, purchasing, accounting, and senior-level management decision-making. 2.2 Start-up Needs KARMA Klothing requires $99,000 in funding in order to launch the business successfully. A listing and brief explanation of start-up requirements is offered: Attorney/Legal Fees – Bahaa Omran does not have adequate knowledge of the complex start-up environment in terms of legalities regarding various permits and licenses for the start-up business. A $2,500 start-up requirement is mandated by the need for expert advice and counsel in these matters. Stationary - A $1,000 allowance for basic office set-up is required, including computer paper, pens, and miscellaneous requirements in order to sustain the business activities during the start-up period. Insurance - $4,500 is required to insure the small manufacturing facility, as well as secure KARMA's position in regards to liability in our two remote retail facilities. Rent - $22,000 includes $9,000 rent for a small retail space in Lexington, KY and $13,000 rental for the 2700 square foot manufacturing facility in Louisville, KY. Computer - Five computers will be required to sustain the business short-term, with each system dedicated to a specific business function. One computer will be allocated to purchasing and payroll, with another focusing on gathering and correlating consumer survey data. The additional computers will be allocated as support tools for existing employees in the office. Credit Card Machinery - Various rental fees and paper replenishment are included in the initial $500 requirements. Utility Costs - The business will require four distinct business telephone lines, each allocated to individual support staff. Cash Requirements - The business requires $10,000 in start-up cash to ensure adequate re-supply of our retail facilities (i.e. register replenishment and petty cash). Start-up Inventory - $18,000 is required in order to adequately stock both the start-up retail space and as raw fabrics for our small manufacturing facility. (This number is likely to increase after six months of operation). Long-Term Assets - $30,000 is required for the purchase of the sewing and assembly operations, as well as providing adequate racks and palletization for our inventory requirements. This total also includes the professional installation of "non-slip" flooring for the manufacturing environment, as well as various clothing racks and storage mechanisms which will move the inventories from our manufacturing floor to our finished goods warehouse.   Start-up     Requirements       Start-up Expenses   Attorney/Legal Fees $2,500 Stationery etc. $1,000 Insurance $4,500 Rent $22,000 Computer $5,500 Credit Card Machinery $500 Utility Costs - Including multiple telephone lines $1,500 Total Start-up Expenses $37,500     Start-up Assets   Cash Required $10,000 Start-up Inventory $18,000 Other Current Assets $3,500 Long-term Assets $30,000 Total Assets $61,500     Total Requirements $99,000 Start-up 3. Products KARMA Klothing is proud to offer its initial product line, geared toward today's younger consumer: Casual Wear - Shirts, designer jeans, tank tops, leather skirts, and casual slacks, all as coordinated attire with a "mix and match" methodology. Luxurious Fabrics - Silk shirts, cashmere sweaters, and various upscale clothing will be offered as our purchasing efforts require. Accessories - Contemporary hats, scarves, and designer-inspired purses will be offered, also with a modern appeal. 4. Market Analysis Summary The youth-oriented clothing industry has seen a rapid explosion in sales and profitability, due to the availability of local jobs for the 14-25 year old market segment. This available, disposable income also builds increased youth interest in upscale clothing and accessories. KARMA Klothing believes that the key to our success in the Louisville and Lexington areas is based upon the demographic information about these regions of the state: In Lexington, 35.9% of all residents are between the ages of 14-25 (lfucg.com, 2007). This represents a significant portion of the entire city demographics as potential customers for our business. In Louisville, a similar 33.2% of the population is between 14-25, which represents our target consumers. Louisville maintains a median family income demographic of $49,161 (slightly above the national average), representing an opportunity for KARMA Klothing to capitalize on per-family incomes in the higher bracket. Our fashion-forward product line is designed to appeal to the 14-25 year old, with our expectations for profit to include 25% stemming from parental contributions to product purchases. Lexington maintains a median family income demographic slightly higher at $58,677, allowing KARMA an opportunity for continued profitability based on above-average per-family income levels. The young adult clothing market is currently saturated with mass-produced items, selling at lower end retailers in the local region. KARMA Klothing recognizes this limitation in providing young adults with upscale merchandise, thus we view a fantastic opportunity for growth and expansion in the Louisville and Lexington markets. 4.1. Market Segmentation Market segmentation is defined as the division of a total market into smaller, relatively homogenous groups (Boone & Kurtz, 2007). In Lexington, Kentucky, the total population was 635,547 as of 2005 (lfucg.com, 2007). Our target market is the 14-25 year old consumer, as the majority of our fashion-forward retail apparel is designed to satisfy this growing market. Louisville, Kentucky maintains an estimated population of 699,827 (louisvilleky.gov, 2007). Our target audience makes up over 30% of the total population, representing another significant market opportunity for growth, profitability, and expansionary efforts. It is reported that today's teenagers are a rapidly growing market, with their spending totaling $159 billion on food, clothing, and electronics (Boone & Kurtz, 2007). Similarly, this group is cited as influencing billions of dollars in purchases made on their behalf by parental figures (Boone & Kurtz, 2006). This represents an enormous untapped market in Louisville and Lexington, as no other retailers provide upscale merchandise for the low costs we intend to provide. Market Analysis     2007 2008 2009 2010 2011   Potential Customers Growth           CAGR 14-18 5% 150,000 157,500 165,375 173,644 182,326 5.00% 19-25 5% 93,000 97,650 102,533 107,660 113,043 5.00% Adult Spending 3% 100,000 103,000 106,090 109,273 112,551 3.00% Total 4.43% 343,000 358,150 373,998 390,577 407,920 4.43% Market Analysis (Pie) 4.2. Target Market Segment Strategy As previously reported, KARMA Klothing anticipates the majority of all revenues for the sale of our fashion-forward clothing line to be generated by the 14-25 group: Generation Y. However, an additional market segment which we will focus (and increase focus if appropriate) is the more mature adult female. The youngest segment of the Baby Boomer generation, those born around 1946, is anticipated to generate approximately 10% of the business' total revenues. Baby boomers are cited as lucrative market opportunities, as more and more women in their 40's through 60's tend to spend a great deal of their disposable income to look and feel 'healthy and vibrant' (Boone & Kurtz, 2007). Karma Klothing anticipates that the over-40 female will be attracted to our youth-oriented merchandise and accessories in their attempts to recapture their perceptions of youth. With this in mind, KARMA Klothing will focus a small portion of our advertising utilizing older females in our print advertisements. It is also reported that most youths between the ages of 15 and 17 have access to mobile technology. KARMA Klothing believes that positive word-of-mouth advertising is crucial to generating continued business by this segment. With this in mind, we will use promotional strategies to make our marketing efforts more interactive by appealing to the socially-conscious, teen and young adult mobile users. 4.3. The Market: Strengths & Weaknesses A significant strength in our market segmentation strategy is the recognition of higher levels of consumer spending in the 14-25 year old demographic category. In relation to upscale, fashion-forward products, KARMA Klothing intends to corner the competitive market on these products. Retailers in the local vicinity, such as Wal-Mart and "discount" retail facilities provide low cost, yet undifferentiated clothing products designed to satisfy the 14-25 segments. Our vast assortment of upscale merchandise and luxurious fabrics cannot be matched, currently, by any notable competitors in the Louisville and Lexington areas. KARMA expects clothing sales to grow exponentially, especially with the advent of Internet and e-commerce technology. Our expansion plans for regional and international growth will utilize the Internet as a viable method for securing higher profitability and increased total product-related revenues. Constructing the business' web pages and maintaining appropriate content which illustrates various promotional activities will draw a higher volume of customers based on convenience and the quality of our web design. 4.3.1. Competition and Buying Patterns Establishing a brand name and subsequently building loyalty and brand equity is another key to our success in the clothing and fashion industry. Our unique logo will be used on all of our advertising literature, both print and broadcast, in order to build brand recognition with our target segments. KARMA Klothing believes that brand awareness and brand recall are important elements of our marketing strategy, which will serve to remove some of our competitive influences in relation to total product sales. 4.4. Marketing Strategy KARMA Klothing's marketing strategy will focus on the elements of the marketing mix, in terms of price, product, place (distribution), and promotion: Price - Our pre-existing agreements with overseas clothing and fabric manufacturers considerably reduces the cost of goods sold on approximately 75% of our total product offer. Therefore, we are able to establish competitive prices for the majority of our clothing line. All of our designer merchandise will be purchased from China, therefore KARMA is currently working on an agreement with Beijing Fabric and Design to implement a mutually-beneficial purchasing agreement. In terms of pricing objectives, KARMA Klothing's focus will be to heavily promote our everyday low pricing policies in primarily print advertisements. Product - From casual wear, to low cost accessory items, to high-end merchandise, KARMA Klothing has everything a teen or young adult requires to stock a wardrobe based on personal success and a lust for life. From the low income to high income, KARMA provides something to fit any young adult budget. Place - Initially, our two start-up retail facilities under the KARMA Klothing name will be housed locally in Louisville and Lexington, Kentucky. All of our advertising and promotional literature will be, initially, targeted within this geographic vicinity. KARMA's distribution strategy minimizes costs to the business in relation to the physical movement of our goods from our small warehousing facility to our local retail outlets. Products purchased from overseas will be eligible for bulk product discounts (as cited by Beijing Fabric and Design), with the utilization of sea-faring vessels to minimize the costs associated with airline delivery and distribution. Promotion - Our logo and our brand slogan, "There's a whole lot of KARMA on each of us", is designed to appeal to the psychographic profiles of the teen and young adult markets, with an emphasis on the user (the consumer) and the tangible products we provide. Heavy emphasis on the logo and slogan will be incorporated as part of our marketing strategy, in our strategic attempts to build short-term regional brand awareness and long-term international loyalty. Promoting the brand will be accomplished most heavily through television advertisements, which are currently being coordinated through various discount pricing structures offered by local public broadcasting companies and local network channels. Print advertising mediums, including newspaper promotions, will be a low cost method to build local consumer loyalty and also to distribute our incentive coupons (10% off your entire purchase). Public relations will be a tool to build a quality reputation in the local community, thus KARMA Klothing is considering setting up a retail booth at local festivals, summer events, and fashion shows in the Lexington/Louisville area during the start-up year. These promotions will bring value to our brand and build community awareness of our existence in the local marketplace. 4.4.1. Sales Forecast and Strategy KARMA Klothing's aggressive advertising and promotional campaigns will be our primary objective to build our brand in 2007 and 2008. KARMA Klothing maintains a primary goal of expansion, with increasing growth rates being reflected in the sales forecast, which our business believes to be attainable and sustainable outcomes of our marketing efforts. Our sales forecast consists of "unit-values", rather than a listing of all merchandise by its individual function and product design, which would be too many items to list separately. As such, KARMA proposes an "average ticket" price per merchandise category when explaining forecasted revenues for 2007-2012. Our sales growth shows an explosive rate of over 50% in the long-term plan, taking into consideration our business' projections for international and regional expansion efforts. The sales forecast, based on per-unit estimated revenues, reflects a $100,000 potential deviation from forecasted numbers based on the price associated with various (produced and purchased) merchandise for retail sale. As our purchasing habits will vary based upon consumer feedback and market research, KARMA believes these forecasted sales dollars to be within industry standards for a small, start-up clothing industry. Shifts in sales revenue can occur based on market behaviors, however, the 14-25 demographic group maintains the highest majority of disposable income in the total, homogenous market. With this in mind, KARMA Klothing anticipates no sales decreases. Sales Forecast   FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Unit Sales           Casual Wear 4,000 4,200 8,000 8,500 9,000 Semi-Formal & Office Attire 1,200 1,300 2,000 2,500 3,500 Upscale Merchandise 1,200 1,300 2,000 2,500 3,500 Accessories 4,000 4,500 5,000 6,000 6,500 Swim Wear & Outdoor Apparel 400 500 600 650 800 Total Unit Sales 10,800 11,800 17,600 20,150 23,300             Unit Prices FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Casual Wear $40.00 $50.00 $55.00 $60.00 $65.00 Semi-Formal & Office Attire $90.00 $100.00 $110.00 $120.00 $130.00 Upscale Merchandise $150.00 $155.00 $160.00 $165.00 $170.00 Accessories $40.00 $45.00 $50.00 $55.00 $60.00 Swim Wear & Outdoor Apparel $35.00 $40.00 $45.00 $50.00 $55.00             Sales           Casual Wear $160,000 $210,000 $440,000 $510,000 $585,000 Semi-Formal & Office Attire $108,000 $130,000 $220,000 $300,000 $455,000 Upscale Merchandise $180,000 $201,500 $320,000 $412,500 $595,000 Accessories $160,000 $202,500 $250,000 $330,000 $390,000 Swim Wear & Outdoor Apparel $14,000 $22,500 $27,000 $32,500 $44,000 Total Sales $622,000 $775,500 $1,257,000 $1,585,000 $2,069,000             Direct Unit Costs FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Casual Wear $8.00 $9.00 $9.50 $10.00 $10.50 Semi-Formal & Office Attire $22.50 $23.00 $23.50 $24.50 $25.00 Upscale Merchandise $15.00 $16.00 $17.00 $18.00 $19.00 Accessories $4.00 $4.50 $5.00 $5.50 $6.00 Swim Wear & Outdoor Apparel $5.25 $5.50 $6.00 $6.50 $6.75             Direct Cost of Sales       FY 2011 FY 2012 Casual Wear $32,000 $33,600 $64,000 $68,000 $72,000 Semi-Formal & Office Attire $27,000 $29,250 $45,000 $56,250 $78,750 Upscale Merchandise $18,000 $20,800 $34,000 $45,000 $66,500 Accessories $16,000 $18,000 $20,000 $24,000 $26,000 Swim Wear & Outdoor Apparel $2,100 $2,625 $3,150 $3,413 $4,200 Subtotal Direct Cost of Sales $95,100 $104,275 $166,150 $196,663 $244,450 Sales Monthly Sales by Year 5. Web Plan Summary A major factor in the success of our marketing efforts is the utilization of web-based technology. A competent search through domain listings has provided the business with an opportunity for a website domain of www.karmaklothing.com, which we will establish prior to our start-up activities. Agreements with YouTube.com, mySpace.com, and Facebook.com will provide KARMA Klothing with low cost banner advertisements in exchange for a link to their websites on our homepage. This will maximize our reach to the younger consumer, who are the heaviest users of YouTube, MySpace, and Facebook while minimizing our overall advertising costs. Karmaklothing.com will be highly visible on all of our print and broadcast advertisements, inviting the younger, and Internet consumer to browse our product selection and make purchases from the convenience of their personal computer. In early 2008, KARMA Klothing intends to use an interactive "dressing room" where our target 14-25 year old markets can review our merchandise selection by fitting it to virtual models matching the consumers' generic body profile. We believe that interactive marketing experiences, such as the virtual dressing room, will build more brand loyalty long-term and satisfy our expectations for enhanced customer service. 5.1. Development Requirements Our website construction requirements, initially, are relatively simple, with a need to construct html codes and associated web page construction. This will be accomplished at minimal cost by ABC Web Starters, Inc., who will handle the development requirements at a cost of no more than $600. The website will be hosted by GoDaddy.com free for the first year as part of our multi-domain strategy. To avoid infringement on our image, brand and reputation, the company will establish domain names at karmaklothing.net and karmaklothing.mobi. This relatively new Internet service, .mobi, is an exciting opportunity for potential customers to download interactive materials from our website via mobile technology. As another forward-thinking method in KARMA's total marketing package, this interactive feature is designed to appeal to the socially-active younger consumer with a strong mobile user profile. KARMA Klothing believes that secure purchasing requirements are a significant pressure exerted on today's firms by concerned consumers; therefore all of our purchasing web pages will be signed by Verisign, indicating that all transactions will be backed by secure technologies to avoid identity theft and credit fraud. 6. Management and Staffing Structure The majority of business management functions will be undertaken by Bahaa Omran during the start-up year. It has been determined that the business will require the following in terms of total business staffing: 1 Full-Time Office Manager 1 Full-Time Office Associate 4 Full-Time Sales Associates 2 Part-Time Sales Associates 2 Manufacturing Personnel 1 Shipping and Receiving Clerk (Full-Time) As the business expands into regional and international territory, these totals are sure to increase exponentially. Future staffing requirements will be considered when appropriate. 6.1. Personnel Plan Excluding Bahaa Omran, total payroll costs are estimated the first year at $134,000, which reflects an above-industry-average compensation rate of $6.50 per hour for manufacturing and generic in-house associates. The full-time and part-time sales staff, totaling six employees, will be utilized at the same rate of pay for our remote retail facilities, which will maintain hours of Monday-Saturday, 10am to 8pm and Sunday 11am to 6pm. Associates will be paid above minimum wage, with each associate receiving a rate of pay at $6.75 per hour; which is open to fluctuation based on market conditions and performance analyses. As the business increases total profitability through product sales and expansion efforts, KARMA Klothing will require additional labor and sales staff, which is reflected in the increased growth rates over the long-term. These totals will be adjusted as future trends in consumer behavior manifest. Personnel Plan   FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Full Time Office Manager $25,000 $30,000 $40,000 $45,000 $45,000 Full Time Sales Associates $54,000 $60,000 $70,000 $80,000 $90,000 Manufacturing Personnel $27,000 $28,000 $30,000 $35,000 $38,000 Full Time Office Associate $14,000 $18,000 $25,000 $30,000 $35,000 Part Time Sales Associates $14,000 $15,000 $18,000 $19,000 $25,000 Total People 11 11 11 11 11             Total Payroll $134,000 $151,000 $183,000 $209,000 $233,000 Start-up Funding Start-up Expenses to Fund $37,500 Start-up Assets to Fund $61,500 Total Funding Required $99,000     Assets   Non-cash Assets from Start-up $51,500 Cash Requirements from Start-up $10,000 Additional Cash Raised $1,000 Cash Balance on Starting Date $11,000 Total Assets $62,500         Liabilities and Capital       Liabilities   Current Borrowing $0 Long-term Liabilities $100,000 Accounts Payable (Outstanding Bills) $0 Other Current Liabilities $0 Total Liabilities $100,000     Capital       Planned Investment   Owner $0 Investor $0 Additional Investment Requirement $0 Total Planned Investment $0     Loss at Start-up (Start-up Expenses) ($37,500) Total Capital ($37,500)         Total Capital and Liabilities $62,500     Total Funding $100,000 6.2. Break-even Analysis In order to break-even, it is estimated that a total of 635 units of merchandise must be sold, per month, at a value of $36,585. This reflects the cost of operating the business compared to the generation of revenues. The break-even point will rise in proportion to our objectives for domestic and international expansion. Break-even Analysis     Monthly Units Break-even 635 Monthly Revenue Break-even $36,585     Assumptions:   Average Per-Unit Revenue $57.59 Average Per-Unit Variable Cost $8.81 Estimated Monthly Fixed Cost $30,992 Break-even Analysis 6.3. Projected Profit and Loss Due to the start-up nature of KARMA Klothing, net profit in year one (2007-2008) is anticipated at only 16.32% or $101,500. This is taking into consideration that we will have not, yet, fulfilled our long-term expectations for brand loyalty and brand recognition. As our business increases in size and complexity, these totals are projected to increase exponentially. Cost of rental properties, including our initial manufacturing facility and the retail outlets, make up the majority of our uncontrollable expenses. As the   Profit and Loss   FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Sales $622,000 $775,500 $1,257,000 $1,585,000 $2,069,000 Direct Costs of Goods $95,100 $104,275 $166,150 $196,663 $244,450 Other Costs of Goods $0 $0 $0 $0 $0   ------------ ------------ ------------ ------------ ------------ Cost of Goods Sold $95,100 $104,275 $166,150 $196,663 $244,450             Gross Margin $526,900 $671,225 $858,850 $1,388,337 $1,824,550 Gross Margin % 84.71% 84.80% 84.12% 84.27% 84.31%                         Expenses           Payroll $134,000 $151,000 $183,000 $209,000 $233,000 Marketing/Promotion $15,000 $18,000 $19,000 $20,000 $22,000 Depreciation $800 $1,000 $1,000 $2,000 $3,000 Rent $200,000 $200,000 $220,000 $240,000 $280,000 Utilities $5,000 $5,500 $5,800 $6,500 $8,000 Insurance $4,500 $5,000 $5,500 $6,000 $6,500 Payroll Taxes $20,100 $22,650 $25,950 $27,600 $32,700 Other $2,500 $2,800 $3,000 $3,000 $4,500   ------------ ------------ ------------ ------------ ------------ Total Operating Expenses $371,900 $405,950 $463,250 $514,100 $589,700             Profit Before Interest and Taxes $155,000 $168,575 $395,600 $499,488 $664,850 Interest Expense $10,000 $12,500 $17,500 $22,500 $25,000 Taxes Incurred $43,500 $50,573 $120,330 $153,596 $195,555             Net Profit $101,500 $105,502 $257,770 $323,392 $444,295 Net Profit/Sales 16.32% 17.42% 27.50% 29.80% 30.66% Profit Yearly 6.4. Projected Cash Flow KARMA Klothing projects a strong cash balance, with totals exceeding $140,000 at the end of year one of operations. The business will experience a positive cash flow for all months of start-up year operations, which is reflected by increasing revenues and minimized total expenses. Cash Cash Flow   FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Cash Received                       Cash from Operations           Cash Sales $622,000 $775,500 $1,257,000 $1,585,000 $2,069,000 Cash from Receivables $0 $0 $0 $0 $0 Subtotal Cash from Operations $622,000 $775,500 $1,257,000 $1,585,000 $2,069,000             Additional Cash Received           Sales Tax, VAT, HST/GST Received $37,320 $40,650 $61,260 $72,165 $89,280 New Current Borrowing $0 $0 $0 $0 $0 New Other Liabilities (interest-free) $0 $0 $0 $0 $0 New Long-term Liabilities $0 $50,000 $50,000 $50,000 $0 Sales of Other Current Assets $0 $0 $0 $0 $0 Sales of Long-term Assets $0 $0 $0 $0 $0 New Investment Received $0 $0 $0 $0 $0 Subtotal Cash Received $659,320 $866,150 $1,368,260 $1,707,165 $2,158,280             Expenditures FY 2008 FY 2009 FY 2010 FY 2011 FY 2012             Expenditures from Operations           Cash spending $134,000 $151,000 $173,000 $184,000 $218,000 Bill Payments $352,480 $406,764 $562,541 $656,116 $805,692 Subtotal Spent on Operations $486,480 $557,764 $735,541 $840,116 $1,023,692             Additional Cash Spent           Sales Tax, VAT, HST/GST Paid Out $30,000 $30,000 $35,000 $40,000 $45,000 Principal Repayment of Current Borrowing $0 $0 $0 $0 $0 Other Liabilities Principal Repayment $6,600 $6,600 $8,000 $8,000 $8,000 Long-term Liabilities Principal Repayment $0 $0 $0 $0 $0 Purchase Other Current Assets $0 $0 $0 $0 $0 Purchase Long-term Assets $0 $2,500 $15,000 $20,000 $30,000 Dividends $0 $0 $0 $0 $0 Subtotal Cash Spent $523,080 $596,864 $793,541 $908,116 $1,106,692             Net Cash Flow $136,240 $171,286 $338,719 $416,799 $470,588 Cash Balance $147,240 $318,526 $657,245 $1,074,044 $1,544,632 6.5. Projected Balance Sheet KARMA Klothing will maintain a strong balance sheet, with net worth estimated at $64,000 at the end of the start-up year; with subsequent increases each year with expanded revenues earned through higher volumes of sales. As with most industries, our long-term liabilities make up a significant portion of our uncontrollable, fixed, monthly expenses (i.e. start-up financing loans). Our cash balance is strong, with increases nearing 50% each year of operations. Balance Sheet   FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Assets                       Current Assets           Cash $147,240 $318,526 $657,245 $1,074,044 $1,544,632 Accounts Receivable $0 $0 $0 $0 $0 Inventory $15,850 $17,163 $27,025 $31,836 $39,386 Other Current Assets $3,500 $3,500 $3,500 $3,500 $3,500 Total Current Assets $166,590 $339,189 $687,770 $1,109,380 $1,587,518             Long-term Assets           Long-term Assets $30,000 $32,500 $47,500 $67,500 $97,500 Accumulated Depreciation $800 $1,800 $2,800 $4,800 $7,800 Total Long-term Assets $29,200 $30,700 $44,700 $62,700 $89,700 Total Assets $195,790 $369,889 $732,470 $1,172,080 $1,677,218             Liabilities and Capital FY 2008 FY 2009 FY 2010 FY 2011 FY 2012             Current Liabilities           Accounts Payable $31,070 $33,116 $46,668 $53,721 $66,284 Current Borrowing $0 $0 $0 $0 $0 Other Current Liabilities $720 $4,770 $23,030 $47,195 $83,475 Subtotal Current Liabilities $31,790 $37,886 $69,698 $100,916 $149,759             Long-term Liabilities $100,000 $150,000 $200,000 $250,000 $250,000 Total Liabilities $131,790 $187,886 $269,698 $350,916 $399,759             Paid-in Capital $0 $0 $0 $0 $0 Retained Earnings ($37,500) $64,000 $182,002 $462,772 $821,164 Earnings $101,500 $118,003 $280,770 $358,391 $456,295 Total Capital $64,000 $182,002 $462,772 $821,164 $1,277,459 Total Liabilities and Capital $195,790 $369,889 $732,470 $1,172,080 $1,677,218             Net Worth $64,000 $182,002 $462,772 $821,164 $1,277,459 7. Timeline for Completion The initial start-up year will run from June 2007 through May 2008, which will be our fiscal year. This business plan projects a five year financial summary: Sales Forecast     Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Unit Sales                           Casual Wear 0% 333 333 333 333 333 333 333 333 333 333 333 333 Semi-Formal & Office Attire 0% 100 100 100 100 100 100 100 100 100 100 100 100 Upscale Merchandise 0% 100 100 100 100 100 100 100 100 100 100 100 100 Accessories 0% 333 333 333 333 333 333 333 333 333 333 333 333 Swim Wear & Outdoor Apparel 0% 33 33 33 33 33 33 33 33 33 33 33 33 Total Unit Sales   900 900 900 900 900 900 900 900 900 900 900 900                             Unit Prices   Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Casual Wear   $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 Semi-Formal & Office Attire   $90.00 $90.00 $90.00 $90.00 $90.00 $90.00 $90.00 $90.00 $90.00 $90.00 $90.00 $90.00 Upscale Merchandise   $150.00 $150.00 $150.00 $150.00 $150.00 $150.00 $150.00 $150.00 $150.00 $150.00 $150.00 $150.00 Accessories   $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 Swim Wear & Outdoor Apparel   $35.00 $35.00 $35.00 $35.00 $35.00 $35.00 $35.00 $35.00 $35.00 $35.00 $35.00 $35.00                             Sales                           Casual Wear   $13,333 $13,333 $13,333 $13,333 $13,333 $13,333 $13,333 $13,333 $13,333 $13,333 $13,333 $13,333 Semi-Formal & Office Attire   $9,000 $9,000 $9,000 $9,000 $9,000 $9,000 $9,000 $9,000 $9,000 $9,000 $9,000 $9,000 Upscale Merchandise   $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 Accessories   $13,333 $13,333 $13,333 $13,333 $13,333 $13,333 $13,333 $13,333 $13,333 $13,333 $13,333 $13,333 Swim Wear & Outdoor Apparel   $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 Total Sales   $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833                             Direct Unit Costs   Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Casual Wear 20.00% $8.00 $8.00 $8.00 $8.00 $8.00 $8.00 $8.00 $8.00 $8.00 $8.00 $8.00 $8.00 Semi-Formal & Office Attire 25.00% $22.50 $22.50 $22.50 $22.50 $22.50 $22.50 $22.50 $22.50 $22.50 $22.50 $22.50 $22.50 Upscale Merchandise 10.00% $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 Accessories 10.00% $4.00 $4.00 $4.00 $4.00 $4.00 $4.00 $4.00 $4.00 $4.00 $4.00 $4.00 $4.00 Swim Wear & Outdoor Apparel 15.00% $5.25 $5.25 $5.25 $5.25 $5.25 $5.25 $5.25 $5.25 $5.25 $5.25 $5.25 $5.25                             Direct Cost of Sales                           Casual Wear   $2,667 $2,667 $2,667 $2,667 $2,667 $2,667 $2,667 $2,667 $2,667 $2,667 $2,667 $2,667 Semi-Formal & Office Attire   $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 Upscale Merchandise   $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 Accessories   $1,333 $1,333 $1,333 $1,333 $1,333 $1,333 $1,333 $1,333 $1,333 $1,333 $1,333 $1,333 Swim Wear & Outdoor Apparel   $175 $175 $175 $175 $175 $175 $175 $175 $175 $175 $175 $175 Subtotal Direct Cost of Sales   $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 Personnel Plan     Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Full Time Office Manager 0% $2,083 $2,083 $2,083 $2,083 $2,083 $2,083 $2,083 $2,083 $2,083 $2,083 $2,083 $2,083 Full Time Sales Associates 0% $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 Manufacturing Personnel 0% $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 Full Time Office Associate 0% $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 Part Time Sales Associates 0% $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 $1,167 Total People   11 11 11 11 11 11 11 11 11 11 11 11                             Total Payroll   $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 Profit and Loss     Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Sales   $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 Direct Costs of Goods   $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 Other Costs of Goods   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0     ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ Cost of Goods Sold   $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 $7,925 $7,925                             Gross Margin   $43,908 $43,908 $43,908 $43,908 $43,908 $43,908 $43,908 $43,908 $43,908 $43,908 $43,908 $43,908 Gross Margin %   84.71% 84.71% 84.71% 84.71% 84.71% 84.71% 84.71% 84.71% 84.71% 84.71% 84.71% 84.71%                                                         Expenses                           Payroll   $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 Marketing/Promotion   $417 $417 $417 $417 $417 $417 $417 $417 $417 $417 $417 $417 Depreciation   $67 $67 $67 $67 $67 $67 $67 $67 $67 $67 $67 $67 Rent   $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 Utilities   $417 $417 $417 $417 $417 $417 $417 $417 $417 $417 $417 $417 Insurance   $375 $375 $375 $375 $375 $375 $375 $375 $375 $375 $375 $375 Payroll Taxes 15% $1,675 $1,675 $1,675 $1,675 $1,675 $1,675 $1,675 $1,675 $1,675 $1,675 $1,675 $1,675 Other   $208 $208 $208 $208 $208 $208 $208 $208 $208 $208 $208 $208     ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ Total Operating Expenses   $30,992 $30,992 $30,992 $30,992 $30,992 $30,992 $30,992 $30,992 $30,992 $30,992 $30,992 $30,992                             Profit Before Interest and Taxes   $12,916 $12,917 $12,917 $12,917 $12,917 $12,917 $12,917 $12,917 $12,917 $12,917 $12,917 $12,917 Interest Expense   $833 $833 $833 $833 $833 $833 $833 $833 $833 $833 $833 $833 Taxes Incurred   $3,625 $3,625 $3,625 $3,625 $3,625 $3,625 $3,625 $3,625 $3,625 $3,625 $3,625 $3,625                             Net Profit   $8,458 $8,458 $8,458 $8,458 $8,458 $8,458 $8,458 $8,458 $8,458 $8,458 $8,458 $8,458 Net Profit/Sales   16.32% 16.32% 16.32% 16.32% 16.32% 16.32% 16.32% 16.32% 16.32% 16.32% 16.32% 16.32% Cash Flow     Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Cash Received                                                       Cash from Operations                           Cash Sales   $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 Cash from Receivables   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Subtotal Cash from Operations   $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833 $51,833                             Additional Cash Received                           Sales Tax, VAT, HST/GST Received 6.00% $3,110 $3,110 $3,110 $3,110 $3,110 $3,110 $3,110 $3,110 $3,110 $3,110 $3,110 $3,110 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-term Liabilities   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Sales of Other Current Assets   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Sales of Long-term Assets   $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 Cash Received   $54,943 $54,943 $54,943 $54,943 $54,943 $54,943 $54,943 $54,943 $54,943 $54,943 $54,943 $54,943                             Expenditures   Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May                             Expenditures from Operations                           Cash spending   $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 $11,167 Bill Payments   $1,007 $30,274 $31,924 $32,142 $32,142 $32,142 $32,142 $32,142 $32,142 $32,142 $32,142 $32,142 Subtotal Spent on Operations   $12,174 $41,440 $43,091 $43,308 $43,308 $43,308 $43,308 $43,308 $43,308 $43,308 $43,308 $43,308                             Additional Cash Spent                           Sales Tax, VAT, HST/GST Paid Out   $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 Principal Repayment of Current Borrowing   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Liabilities Principal Repayment   $550 $550 $550 $550 $550 $550 $550 $550 $550 $550 $550 $550 Long-term Liabilities Principal Repayment   $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-term Assets   $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 Cash Spent   $15,224 $44,490 $46,141 $46,358 $46,358 $46,358 $46,358 $46,358 $46,358 $46,358 $46,358 $46,358                             Net Cash Flow   $39,719 $10,453 $8,802 $8,585 $8,585 $8,585 $8,585 $8,585 $8,585 $8,585 $8,585 $8,585 Cash Balance   $50,719 $61,173 $69,975 $78,560 $87,145 $95,730 $104,315 $112,900 $121,485 $130,070 $138,655 $147,240 Balance Sheet     Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Assets Starting Balances                                                     Current Assets                           Cash $11,000 $50,719 $61,173 $69,975 $78,560 $87,145 $95,730 $104,315 $112,900 $121,485 $130,070 $138,655 $147,240 Accounts Receivable $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Inventory $18,000 $16,075 $15,850 $15,850 $15,850 $15,850 $15,850 $15,850 $15,850 $15,850 $15,850 $15,850 $15,850 Other Current Assets $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 Total Current Assets $32,500 $70,294 $80,523 $89,325 $97,910 $106,495 $115,080 $123,665 $132,250 $140,835 $149,420 $158,005 $166,590                             Long-term Assets                           Long-term Assets $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 Accumulated Depreciation $0 $67 $133 $200 $267 $333 $400 $467 $533 $600 $667 $733 $800 Total Long-term Assets $30,000 $29,933 $29,867 $29,800 $29,733 $29,667 $29,600 $29,533 $29,467 $29,400 $29,333 $29,267 $29,200 Total Assets $62,500 $100,228 $110,389 $119,125 $127,643 $136,162 $144,680 $153,198 $161,717 $170,235 $178,753 $187,272 $195,790                             Liabilities and Capital   Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May                             Current Liabilities                           Accounts Payable $0 $29,210 $30,853 $31,070 $31,070 $31,070 $31,070 $31,070 $31,070 $31,070 $31,070 $31,070 $31,070 Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Current Liabilities $0 $60 $120 $180 $240 $300 $360 $420 $480 $540 $600 $660 $720 Subtotal Current Liabilities $0 $29,270 $30,973 $31,250 $31,310 $31,370 $31,430 $31,490 $31,550 $31,610 $31,670 $31,730 $31,790                             Long-term Liabilities $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 Total Liabilities $100,000 $129,270 $130,973 $131,250 $131,310 $131,370 $131,430 $131,490 $131,550 $131,610 $131,670 $131,730 $131,790                             Paid-in Capital $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Retained Earnings ($37,500) ($37,500) ($37,500) ($37,500) ($37,500) ($37,500) ($37,500) ($37,500) ($37,500) ($37,500) ($37,500) ($37,500) ($37,500) Earnings $0 $8,458 $16,916 $25,375 $33,833 $42,291 $50,750 $59,208 $67,666 $76,125 $84,583 $93,041 $101,500 Total Capital ($37,500) ($29,042) ($20,584) ($12,125) ($3,667) $4,791 $13,250 $21,708 $30,166 $38,625 $47,083 $55,541 $64,000 Total Liabilities and Capital $62,500 $100,228 $110,389 $119,125 $127,643 $136,162 $144,680 $153,198 $161,717 $170,235 $178,753 $187,272 $195,790                             Net Worth ($37,500) ($29,042) ($20,584) ($12,125) ($3,667) $4,791 $13,250 $21,708 $30,166 $38,625 $47,083 $55,541 $64,000 8. References Lexington-Fayette Urban County Government. (2007). 'Demographics – Lexington KY'. www.lfucg.com Boone, G. & Kurtz, D. (2007). Contemporary Marketing. 13th ed. Thomson South- Western: United States. Boone, G. & Kurtz, D. (2006). Contemporary Marketing. 12th ed. Thomson South- Western: United States. Louisvilleky.gov. (2007). 'Demographics: Louisville, Kentucky'. Read More
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