Business Plan June 04
2680 Bancroft Way
Berkeley, CA 94704
510.868.1016
[email protected]
Table of Contents
Executive Summary .............................................................................................. 3
1. Business Overview ........................................................................................... 4
1.1
Vision ...................................................................................................... 4
1.2 Value Proposition - Financial ....................................................................... 4
1.3 Value Proposition - Social ........................................................................... 5
1.4 Keys to Success .......................................................................................... 5
2. Current Status ................................................................................................... 6
2.1 Test Phase Results ..................................................................................... 6
2.2 Financial Status ........................................................................................... 7
2.3 Company Location ...................................................................................... 7
3. The Market Opportunity .................................................................................... 7
3.1 A Growing Untapped Market ....................................................................... 7
3.2 Target Product Market ................................................................................. 7
3.3 Target Consumers ....................................................................................... 8
3.4 Competitor Analysis .................................................................................... 8
3.4.1 Large Import Product Retailers ............................................................. 8
3.4.2 Socially Responsible Retailers .............................................................. 9
3.4.3 Socially Responsible Wholesalers ........................................................ 9
3.5 Competitive Comparison ............................................................................. 9
3.6 Sourcing Strategy ...................................................................................... 10
4. Sales Forecast ................................................................................................ 11
5. Management Structure ................................................................................... 11
5.1 Founders and Key Management ............................................................... 11
5.2 Company Advisors .................................................................................... 12
6. Financial Analysis ........................................................................................... 13
7. Appendix ......................................................................................................... 14
7A. Pro-Forma Balance Sheet......................................................................... 14
7B. Detailed Financial Projections 2004-057C. World of Good Yoga Studio
Kiosk ............................................................................................................... 15
7C. World of Good Yoga Studio Kiosk ............................................................ 17
v. 2.01
2
Executive Summary
World of Good has created an innovative gift and personal accessories product line for
the rapidly growing socially responsible product market. World of Good envisions
becoming the leading national brand for fair trade, handcrafted gifts and personal
accessories with a unique “store-within-a-store” kiosk concept for a wide range of retail
locations. World of Good also plans to generate additional sales through direct internet
retail and through fundraising kits of fair trade products. Through this broad and welldiversified system of sales channels World of Good envisions supporting thousands of
artisans and their non-profit organizations around the world to build sustainable
communities.
The fair trade market is experiencing rapid growth, almost doubling in size every two
years. Consumer interest in environmentally friendly, sustainable and socially
responsible products has greatly contributed to this growth. However the fair trade gift
market is also a very fragmented and is ripe for consolidation. There is still tremendous
potential for growing the sales of fair trade handicrafts. In 2002 total sales for fair trade
handicrafts were only $13.8 million in a North American gift market that generated $55
billion in sales.
World of Good, which incorporated in March 2004, has already initiated a successful test
phase, with products in 20 stores in two diverse test markets in California and Texas.
Sales per square foot are five to ten times the national average for comparative retail
markets and inventory turn is two to four times the national average.
World of Good plans to sell 101 retail locations by the end of 2004 with estimated
revenues of $628,500 growing to $3.6 million by 2006. The company has already
secured an initial seed investment of $100,000 from friends and family and the growth
strategy will not necessitate further financing until the first quarter of 2005.
World of Good: Projected Revenues and Net Profit
$7,000,000
$6,000,000
Total Revenues
Net Profit
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$0
2004
v. 2.01
2005
2006
2007
2008
3
1. Business Overview
World of Good is an innovative gift and personal accessories product line with a uniquely
branded retailing concept entering the rapidly growing sector of socially responsible
retailing.
 World of Good offers a unique in-store fully merchandised kiosk (see Appendix
7B) providing an attractive and educational experience for customers interested
in the origins of their products and motivated by the social impact of their
purchases.
 Product line includes a wide range of high-quality and well-designed items in the
gift and personal accessory categories.
 The hand-crafted products originate from artisan communities around the globe
and are sourced in ways designed to create sustainable livelihoods, provide a fair
wage to the artisans and respect the environment.
 There are custom kiosk packages for a range of retail environments, allowing
retailers to create a unique and lucrative addition to their store environment with
minimal effort. The range of retailers includes: bookstores, women’s stores, spas
and salons, gift stores, yoga studios, and progressive retail chain stores like
Whole Foods and Wild Oats. World of Good provides a high level of service to
the retailer including product selection support, merchandising materials, and
product rotation which make it easy for stores to try the World of Good line.
World of Good also developing two smaller accessory sales channels which will further
the brand development strategy and increase inventory turn for the company.
 Direct retail sales from the World of Good website and through e-tailers like
Amazon and eBay.
 Fair trade product kits which are used by university student groups for club
fundraising activities.
1.1 Vision
World of Good envisions becoming the leading national brand of fair trade handcrafted
gifts and personal accessory items through a broad and well-diversified system of sales
channels. By building these channels, World of Good envisions supporting thousands of
artisans and helping hundreds of non-profit organizations around the world to build
sustainable communities.
1.2 Value Proposition - Financial
With annual sales projected at $628,500 for 2004 and growing to $3.6 million1 by 2006,
World of Good aims to grow aggressively by mirroring the upward trending sales of
socially responsible product lines. World of Good will target the fair trade product market
within the consumer products gift and accessories segment, a segment which is
experiencing strong growth. This is based on increased consumer interest in products
with ethnic and global touches like those found in Pier One and Cost Plus World Market
stores. The company aims to increase sales through an innovative distribution strategy
which exploits new non-traditional point-of-sale opportunities in gift retail.
1
See Financial Projections – Section 6
v. 2.01
4
At present gross margins are relatively low at 30%. However due to the fragmented
nature of the market there are huge opportunities to realize economies of scale. As the
company increases its vertical integration through the supply chain these margins should
increase to 40%. Efficiencies of scale will also be realized in sales and inventory
management within the first two years that will increase net profits. Although direct retail
will account for a smaller share of revenues, these margins are significantly higher.
These direct sales will have the potential to grow significantly in years five through ten
after the brand is well established in retail channels and has credibility among the target
customer segments.
1.3 Value Proposition - Social
Artisan communities in developing countries usually provide a vital source of primary
and supplementary income for families in the poorest segments of society. As
industrialization and technological advances take hold in these economies, there is an
increasing pressure for uneducated populations to migrate into cities and join the factory
based workforce often with very poor working conditions resulting in a significant
reduction in quality of life. Maintaining artisan based economies helps sustain families
and communities while generating local economies and preserving traditional art forms.
Over the past 20 years significant funds have been invested by the UNDP, World Bank
and various foundations and micro-lending initiatives to help maintain these rural
economies and to fund the formation of cooperatives and NGO’s supporting their social
well-being. Now the primary challenges facing these producers is finding ways to
access a wider consumer base, increase sustainable sales and develop product
versions that are viable. Due to the fragmented nature of the market the artisans are
usually trapped in transactions involving many layers, reducing their bargaining powers
and resulting in high margins for the middlemen and unfair compensation to the original
producer.
World of Good aims to build a new retail distribution channel for artisan products that will
allow these producer communities direct access to the US consumer base. World of
Good plans to work with 50 supplier communities within the first year and eventually
grow to assist 500 communities by the end of year five. The company and brand
identity will be built around the growing fair trade movement which connects low-income
producers with consumer markets and educates consumers about the importance of
purchasing fairly traded products which support living wages and safe and healthy
conditions for workers in the developing world. In the case of World of Good this will be
accomplished by limiting the number of middle-men in the transaction, purchasing
primarily from NGO’s and sources that support the socio-educational needs of artisans
and their families and through efficiencies of scale that are currently unrealized due to
the fragmented nature of the market.
1.4 Keys to Success
Keys to success for World of Good’s strategy are:
 Brand recognition and credibility as a socially responsible, high quality company
 Excellent service, well merchandised in-store kiosk for retailers carrying the line
 Wide range of international sources providing well designed, fair trade handcrafts
 Excellent infrastructure and logistics to coordinate relationships
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2. Current Status
World of Good was incorporated as a C-corporation in California in March 2003 and has
initial seed money from the founders and friends/family to finance its initial proof of
concept phase.
2.1 Test Phase Results
World of Good completed an intensive brand development process and a market study
to develop the retail merchandising concept using information from other wholesalers
and retailers within the industry. World of Good has developed its initial product line in
partnership with 15 suppliers supplying products from Asia, Latin America and Africa.
These suppliers are based in the US in order to avoid all the logistics of sourcing and
importing at this stage in the test phase. This also leaves strategic opportunity for
vertical integration which will increase margins in year two and three.
World of Good is currently testing its “store-within-a-store” kiosk concept (see Appendix
7B) in California and Texas with the goal of testing the brand and retailing strategy in 25
locations. The company plans to refine the strategy for a wider 100 store rollout for the
fall and holiday buying season. The current channel strategy for the test includes:
bookstores, salon/spa, women’s boutiques, and gift stores. All are small privately held
locations with independent owners and relatively modest traffic per day. Initial sales per
store (with a 4 sq. ft. kiosk space) indicate average annual sales per square foot (retail)
at $3600 with inventory turn at approximately 9 turns per year. There is very little public
data on kiosk sales but other retail data suggests that the company’s average is very
high. Things Remembered and Pier-One Imports averaged $400 and $1822 per gross
square foot for the fiscal year ending 3/1/03. The inventory turn rate of 9 was also
significantly higher than retail averages – 2.4 for Gift, Novelty and Souvenir Shops and
3.53 for apparel and accessories.
World of Good has entered into a strategic partnership with United Students for Fair
Trade (USFT) which has chapters on 150 campuses across the United States. World of
Good completed a fundraising kit test at five campuses with average sales at $400 per
event. Based on the success of these tests World of Good plans to expand to 50
campus clubs with month long campaigns in the fall to promote fair trade and increase
sales of the products in partnership with USFT. Based on the success of these locations
World of Good will enter into offering fundraising kits via the website to other social
causes and educational institutions.
The next stage of the test process will require refining the channel strategy and
increasing test locations in the store types which show high sales potential. Adding test
locations in larger stores like Whole Foods and Wild Oats which sell to the company’s
target customer base will also be critical, but these agreements can only be secured with
initial proof of concept. The company’s retail internet site is currently under construction
as is a complete Internet based wholesale catalog ordering system for larger clients.
World of Good also needs to refine the sales service model for the company in order to
balance a model that incorporates a very high level of service and merchandising but
2
3
US National Retail Averages: Sales per foot <http://www.bizstats.com/spf1.htm>
US National Retail Averages: Inventory Turn < http://www.bizstats.com/inventory.htm>
v. 2.01
6
also recognizes the practical considerations of scalability and national expansion using a
sales rep system.
2.2 Financial Status
World of Good has secured initial test phase capital commitments of $100,000 from the
founders and investments from friends and family. The test phase is also generating
monthly cash flows of approximately $10,000 per month which will fund all initial
inventory purchases and retail testing expenses. World of Good anticipates this amount
of funding adequate to carry the company through to its initial 100 store scale-up. Based
on the success of the model and the viability of a national expansion, an additional round
of fundraising will take place in the first quarter of 2005.
2.3 Company Location
The offices are located within the UC Berkeley Business Incubator at 2680 Bancroft
Way, Berkeley, CA 94708 with affiliation and technical assistance from the UC Berkeley
Business School. Administrative offices and current warehouse space are located on
site at this location. The company will move to a larger warehouse location in Q3 of
2004.
3. The Market Opportunity
3.1 A Growing Untapped Market
There are two key emerging trends in the US consumer market which have created an
unaddressed opportunity.
 Global Style Trend: Consumers are increasingly interested in products from
international markets with global style as seen in trends in home furnishing,
fashion and food. The emergence of stores like Pier One, Cost Plus World
Market, Trader Joe’s and many internationally inspired fashion clothing lines is
testament to this phenomenon.
 Socially Conscious Consumerism Trend: A new socially conscious consumer
group is emerging which is concerned about the origins and the
social/environmental impact of their purchases. Several new and powerful
brands have emerged to cater to this customer segment – Newman’s Own and
Stonyfield Farms in the food sector, Body Shop, Toms of Maine and Aveda in
personal beauty products and Patagonia in the outdoor sector. The organic and
sustainable food movement and growth in alternative health markets are key
indicators of this trend.
At the present there is no well identified national brand bringing products to
market which cater to these requirements within the gift and accessories product
space.
3.2 Target Product Market
The gifts industry's year end retail sales for 2001 were $54.6 billion according to Unity
Marketing's latest research report on the gifts industry, The Gifts and Decorative Accents
Report, 2002: The Market, The Competitors, The Trends. The retail market was heavily
v. 2.01
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impacted by the events of September 11 but has been seeing modest growth over the
last couple of years. The fair trade market on the other hand has seen explosive growth.
In 2000 fair trade sales in North America totaled $100 million. In just two years this figure
increased to $180m. In 2003 TransFair USA, the fair trade labeling organization for
North America saw its certifications increase 91%.4
3.3 Target Consumers
World of Good’s target consumers fall into a category known as LOHAS. LOHAS is an
acronym that stands for Lifestyles of Health and Sustainability and describes a $226.8
billion5 (2002) U.S. marketplace for goods and services that appeal to consumers who
value health, the environment, social justice, personal development and sustainable
living. According to Natural Business Communications, an estimated 636 million
Americans fall under the LOHAS umbrella. The impact of this growing market can be
seen everywhere, from the explosive growth of the organic food market to the increasing
interest in alternative health options. LOHAS consumers are the perfect target market for
fair trade products as they both value social justice, sustainable living and the
environment.
Although there is a huge demand for fair trade goods, the revenue for fair trade
handicrafts totaled only $13.8m in 2002. The majority of fair trade in North America is for
commodities like coffee, chocolate and fruits. Fair trade has made tremendous inroads
in these commodity markets because of significant marketing and business development
efforts by TransFair which currently only certifies coffee, chocolate and certain fruits. The
fair trade market for handicrafts is very fragmented and as a result enjoys almost no
marketing support in the US.
World of Good sees a tremendous opportunity to consolidate this fragmented market
and reach the growing number of socially conscious American consumers.
3.4 Competitor Analysis
There are currently no direct competitors in the fair trade kiosk market and the fair trade
market is very fragmented in general. There are however many players selling products
that could serve as potential substitutes.
3.4.1 Large Import Product Retailers
Large retailers like Cost-Plus World Market and Pier One compose the majority of hand
crafted items sold into the United States. They have realized significant efficiencies
through vertical integration and high-volume production processes. These retailers
make few representations about the sources of their products and do little to educate the
customers about the culture, history or other information about the artisans. Consumers
4
TransFair USA: http://www.socialfunds.com/news/release.cgi/2601.html
Natural Business Communications
6 Understanding the LOHAS Market: Identifying the LOHAS Consumer and Business and
Branding Opportunities
5
v. 2.01
8
purchase in these locations based on price and the aesthetic quality of the product but
receive little additional connection to the object itself.
3.4.2 Socially Responsible Retailers
Ten Thousand Villages, a national chain affiliated with the Mennonite Church, and
Global Exchange, with two stores on the West Coast, are examples of two retailers who
are focusing on fair trade international products. There are also numerous small
boutiques and one-shop retailers that do the same. The identity of these stories is very
closely tied to fair trade and they feature a wide range of home décor, gift items and
accessories sourced from fair trade sources. Motivated and educated consumers are
making the choice to shop at stores like these. Average store sales at these locations
are $300,000 to $400,000 per year. Ten Thousand Villages is currently in an aggressive
national expansion effort, adding approximately six stores per year in the United States.
3.4.3 Socially Responsible Wholesalers
There are lines of fair-trade and socially sourced products entering the US market on a
wholesale level. Some of these, like Aid Through Trade, are small private wholesalers
whose social commitment was initiated through a personal experience in the source
country. Others are organizations like SEVA or the Spiral Foundation, where non-profit
organizations have directly begun export activities to support their social aims. These
companies have been successful in selling products into a range of boutique stores as
well as medium sized retailers. Unfortunately, since each company is relatively
specialized either in terms of geography or product type, no single company has
established a successful consumer brand at the retail level. As a result, the end
customer is often unaware of the socially impact of their purchases or have little ability to
choose to purchase in the same way again.
3.5 Competitive Comparison
World of Good aims to enter the market as a wholesaler but create a strong brand
identity at the retail level to differentiate the company from other socially responsible
wholesalers.
World of Good’s unique “store-within-a-store” kiosk concept has many features that help
distinguish it from both fair trade and non fair trade competitors
 Global Feel: handcrafts from Asia, Africa and Latin America, traditional crafts in
current styles with exceptional quality
 Easy to Sell: lines fit into the gift, home decor and impulse buy categories,
average retail price of products (allowing for keystone margin) is in the $5 - $60
range. Specific product lines are created for different retail environments
 Full-service merchandising package: beautiful in-store kiosk display creates a
cohesive and engaging experience for the consumer. It includes informative
marketing materials and each product comes with an interesting story about the
artisans and the community of origin. Small retailers can conveniently, quickly
and economically launch a group of socially responsible products.
 A Story to Feel Good About: handmade in co-operatives and artisan families
(no sweatshops!), production is sustainable and environmentally friendly.
Retailers know they are using store space to do something good
v. 2.01
9
The fundraising kit concept is also unique as it provides students and other fundraising
groups with a socially responsible alternative.
The World of Good strategy also relies on growing the fair trade market rather than
competing with other fair trade retailers since the objective is to create fair trade
purchasing options in stores where the entire store is not necessarily fair trade.
Although World of Good will not likely threaten large retailers like Cost Plus World
Market, the World of Good objective is to raise consumer consciousness and shift
consumer behavior to be more conscious of the origins of their purchases in the buying
process. As a result of this shift, large retailers like Cost Plus will eventually be attracted
to more ethical purchasing practices.
3.6 Sourcing Strategy
To generate supply during the limited test phase World of Good purchases all products
from fair trade suppliers in the US. This is so the company can focus on the marketing
and branding strategy. Because most fair trade suppliers have a very small average
account size, World of Good is quickly becoming one of their largest customers. This
has already resulted in discounts and preferred customer status. As World of Good
scales its operations up significantly, it will integrate vertically along the supply chain,
significantly reducing inventory costs.
World of Good has already spent significant planning energy in building relationships for
direct sourcing activities. Key fair trade partners have been secured in India and Mexico
that have immediate ready capacity and export readiness. Vertical integration will begin
in two these countries and then will expand to a second tier where supply relationships
have already been identified including Nepal, Cambodia and Tanzania. World of Good
is also partnering with Aid to Artisans which is an organization designed to assist US
based companies in accessing products from international development projects in
developing countries.
Sourcing new and high-quality product in a timely manner will be the central challenge of
the World of Good expansion process. World of Good has developed a complementary
marketing and merchandising strategy which informs the retailer and the customer that
the products are hand-crafted and unique and that inventory will be constantly changing.
Thus, the company is able to rotate inventory between regions and without generating
expectations of thousands of the same item. The underlying sales message is
essentially “purchase it now if you think it is beautiful because it is unique and you may
not see it again.” This model has been well received in the test phase, and remains to
be assessed as the company scales.
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4. Sales Forecast
World of Good has received very positive feedback from its test phase and is poised to
grow aggressively in time for the holiday shopping season. The highlights of the financial
projections can be found below.
Channel
Wholesale Revenues (Kiosk)
Fundraising Revenues (Kit)
Direct Retail
Totals
2004 Revenues
101 stores
75 schools
$506,750
$92,750
$29,000
$628,500
2005 Revenues
237 stores
125 schools
$2,529,900
$263,000
$87,743
$2,880,643
5. Management Structure
World of Good currently has two full-time employees and will expand to 6 by the end of
2005.
5.1 Founders and Key Management
Priya Haji - President and Co-founder
Experienced social entrepreneur, Priya Haji started creating social enterprises in highschool. Her first endeavor was helping establish a free health clinic called Health for All
founded by her father in her Texas hometown. During her senior year at Stanford
University she co-founded Free at Last, a broad based substance abuse and social
services organization in East Palo Alto. As the Executive Director she grew the program
to become a national model program serving 3,000 people per year, with 10 facilities, an
annual budget of $2.5 million, and a staff of 60. Recognized in 1998 as one of America's
10 Most Outstanding Young Leaders (Brick Award) by the Do Something Foundation,
MTV and Mademoiselle Magazine.
After finishing her MBA at the Haas School of Business in May 2003, she traveled for six
months in Asia and Latin America to focus on source cultivation and understanding the
artisan communities. She is now the President of World of Good.
Siddharth Sanghvi - Co-founder and Marketing Director
With expertise in the field of technology and marketing Siddharth brings critical skills to
World of Good. Originally from India, Siddharth's family had businesses in artisan
products and textiles so he has experience in product design and merchandising. He
has diverse work experience, ranging from marketing for IBM to consulting for a
conservation non-profit in British Columbia. Siddharth leads the marketing and design
components of the company's development. His experience and interest in conservation
issues also augment the performance of the company in selecting environmentally
conscious products. Siddharth has an undergraduate degree in biology from The
Colorado College and completed his MBA from the Haas School of Business in May
2003.
Elena Tames
Elena is a native of Mexico City and has a Masters in Architecture from UC Berkeley.
v. 2.01
11
She leads the purchasing and product development for the first direct sourcing activities
of World of Good. Elena has a keen eye for design and has experience in product
development and design. She also has experience in working with low income
communities in Mexico from her extensive work in affordable housing development.
Elena is building and managing all sourcing relationships in Mexico.
5.2 Company Advisors
In order to complement the skills of the hands-on management team, World of Good has
aggressively garnered the mentorship of experienced members within the
merchandising and retail industries. Although the list of advisors is not fully public at this
time, they include individuals by the following profiles:





Two experienced VP of merchandising for leading import retailers
Professor of Marketing at UC Berkeley
Professor of Design and Branding at UC Berkeley
Owners of three large fair trade import companies who are supply partners
Board member of the Fair Trade Federation, and Senior Managers at Transfair
As the company moves forward solidifying this group into a more formal advisory board
will provide critical resources to the company. At the present all of these individuals are
available for consultation and advise as needed.
v. 2.01
12
6. Financial Analysis
WORLD OF GOOD
Financial Projections
2004
2005
2006
2007
2008
$506,750
$92,750
$20,250
$8,750
$628,500
$2,529,900
$263,000
$87,743
$0
$2,880,643
358%
$3,162,375
$328,750
$109,679
$0
$3,600,804
25%
$3,952,969
$410,938
$137,099
$0
$4,501,005
25%
$4,941,211
$513,672
$171,373
$0
$5,626,256
25%
$393,379
$8,419
$27,537
$429,335
$1,728,804
$17,288
$161,942
$1,908,035
$2,376,531
66%
$2,970,663
66%
$3,713,329
66%
$199,165
32%
$972,608
34%
$1,224,273
34%
$1,530,342
34%
$1,912,927
34%
Total Payroll
Payroll Taxes and Benefits (25%)
Total Personell
$77,210
$19,303
$96,513
$398,433
$99,608
$498,042
$478,120
$119,530
$597,650
$573,744
$143,436
$717,180
$688,493
$172,123
$860,616
Operational Costs
New Store Installation Costs
Rent including Warehouse Space
Travel local and long distance
Marketing, Advertising & Tradeshows
Total Operating Costs
$13,250
$4,500
$6,100
$2,000
$25,850
$23,350
$54,000
$26,000
$15,000
$118,350
$29,188
$56,700
$32,500
$22,500
$140,888
$36,484
$59,535
$40,625
$33,750
$170,394
$45,605
$62,512
$50,781
$50,625
$209,523
Administrative Overhead Costs
Hardware and Software Costs
Insurance
Total Administrative Overhead
$8,000
$4,500
$12,500
$14,000
$14,000
$28,000
$6,000
$15,400
$21,400
$20,000
$16,940
$36,940
$10,000
$18,634
$28,634
$564,197
$2,552,426
$3,136,468
$3,895,177
$4,812,102
$64,303
$328,217
$464,336
$605,828
$814,154
10%
11%
13%
13%
14%
Revenues
Total Wholesale Revenues
Total Fundraising Kit Revenues
Direct Internet Retail Sales
Direct Sales Through Events & Promotions
TOTAL REVENUE
% Growth
Expenses
COGS
Inventory
Product Packaging & Labeling (no labor)
Shipping & Delivery
Total COGS
% of sales
Gross Profit
Gross Margin
TOTAL EXPENSES
PROFIT/LOSS
Net Profit/Sales For the Year
7. Appendix
7A. Pro-Forma Balance Sheet
Current
Dec-04
Dec-05
Assets
Current Assets
Cash
Current Accounts Recievable
Inventory
Other Current Assets
Subtotal Current Assets
$25,000
$60,000
$25,000
$0
$110,000
$37,225
$151,188
$91,454
$204,473
$360,080
$216,101
$279,866
$780,654
Long-Term Assets
Long Term Assets
Accumulated Depreciation
Subtotal Long Term Assets
$0
$0
$0
$0
$0
$0
$0
$0
$0
Total Assets
$110,000
$279,866
$780,654
Liabilities and Capital
Current Liabilities
Accounts Payable
Working Capital Line of Credit
Other Current Liabilities
Subtotal Current Liabilities
$10,000
$0
$0
$10,000
$65,563
$50,000
$0
$115,563
$288,134
$0
$0
$288,134
Long Term Liabilities
Long term Debt
Subtotal Long-Term Liabilities
$0
$0
$0
$0
$0
$0
Total Liabilities
$10,000
$115,563
$288,134
Paid-In Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
$100,000
$0
$0
$100,000
$110,000
$100,000
$0
$64,303
$164,303
$279,866
$100,000
$64,303
$328,217
$492,520
$780,654
Net Worth
$100,000
$164,303
$492,520
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7B. Detailed Financial Projections 2004-05
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7C. World of Good Yoga Studio Kiosk
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