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RSVP
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Confidentiality Notice: This Business Plan is confidential and contains
proprietary information of RSVP. Neither this Business Plan nor any of the
information contained herein may be reproduced or disclosed under any
circumstances without the express written permission of Ms. Rudy Arone. This
Business Plan does not constitute an offer to sell or solicitation of an offer to buy
securities of RSVP.
© 2017 by RSVP; All Rights Reserved
“Chase the vision, not the money, the money will end up following you”
- Tony Hsieh
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Table of Contents
1 Executive Summary ......................................................................... 4
1.1 Mission Statement ................................................................................................. 4
1.2 Objectives ............................................................................................................... 4
1.3 Keys to Success ...................................................................................................... 5
2 Products & Services ......................................................................... 5
2.1 Main Meals ............................................................................................................ 5
2.2 Sides ....................................................................................................................... 6
2.3 Sauces ..................................................................................................................... 8
2.4 Drinks ..................................................................................................................... 8
3 Business Environment ..................................................................... 9
3.1 Geographical Location ........................................................................................... 9
3.2 Demographics ........................................................................................................ 9
3.3 Economic Factors ........................................... Error! Bookmark not defined.
3.4 Regulatory and Legal Requirements ................................................................... 10
4 Industry Analysis ........................................................................... 10
4.1 Restaurant Industry Sales ................................................................................... 10
5 Target Market ................................................................................. 11
5.1 Target Market Segments....................................................................................... 11
5.2 Target Market Size & Growth .............................................................................. 12
5.3 Market Opportunity ............................................................................................. 12
5.4 Competition ......................................................................................................... 12
6 Evaluation of Strategic Options ...................................................... 13
6.1 Competitive Position – Porter’s Five Forces ....................................................... 13
6.2 SWOT Analysis .................................................................................................... 14
6.3 Competitive Edge ................................................................................................. 15
7 Marketing Strategies ...................................................................... 16
7.1 Place & Distribution Strategy .............................................................................. 16
7.2 Pricing Strategy .................................................................................................... 16
7.3 Promotion Strategy ............................................................................................... 17
7.4 Sales Forecast ...................................................................................................... 18
8 Organization & Management ......................................................... 19
8.1 Company Ownership ........................................................................................... 19
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8.2 Staff Requirement ................................................................................................ 19
9 Implementation Schedule .............................................................. 20
10 Financial Plan ................................................................................ 20
10.1 Start-up Funds Requirement............................................................................... 20
10.2 Start-up Funding Sources .................................................................................... 21
10.3 Projected Profit and Loss ..................................................................................... 22
10.4 Projected Balance Sheet ...................................................................................... 23
10.5 Projected Cash Flow ............................................................................................ 24
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1 Executive Summary
RSVP is a startup Nigerian fast food restaurant to be setup in Gwinnett County, Georgia.
RSVP is a popular acronym among Nigerians around the world which stands for “Rice
Stew Very Plenty”. It is estimated that there are more than 250,000 African Americans
in Georgia out of which around 30,000 are Nigerian Americans. Although there are
some notable African restaurants in Georgia, there is no specialized Nigerian restaurant
in Georgia. Therefore there is a good opportunity for a specialized Nigerian restaurant in
Georgia. RSVP will primarily target the Nigerian Americans in Georgia while other
African Americans living in the Gwinnett County will be the secondary target market.
A 2,000 square-foot space will be rented or leased for this proposed restaurant which
will accommodate around 50 people at a time with 10-15 tables. A staff of 08 people
including the owner is proposed to be employed in the operation of the restaurant at the
beginning.
Sales are expected to reach $680,000 during the first year of operation which will make
the restaurant break even. The restaurant is expected to make significant profits from
the second year onwards with increasing margins derived through increased sales and
improved operational efficiencies.
1.1 Mission Statement
The mission is to enable the Nigerian & local community in Georgia to enjoy Nigerian
cuisine with an authentic menu of Nigerian fast foods at reasonable prices.
1.2 Objectives
The objectives in the first year of operation are as follows:
• Selling at least 30,000 main meals
• Achieving a sales target of US$680,000
• Keeping the prime cost ratio less than 60%
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1.3 Keys to Success
Keys to success or critical success factors (CSFs) are those elements that are necessary
for any organization to achieve its mission. RSVP’s keys for success can be identified as
follows:
2 Products & Services
RSVP menu will include main meals, sides, sauces and drinks. Single size or family
portions will be available with set menu combo special meals.
2.1 Main Meals
Main meals will consist of White Rice, Jollof Rice and Pasta.
White Rice
White Rice is a popular main meal in Nigeria because it lets you eat rice with any sides &
sauces. It is usually cooked plain with no added ingredients. Sometimes salt is added but
it is optional.
Image: Bowl of white rice
• Selection of a convenient location for the target market.
• Increasing the number of repeat / regular customers
• Designing effective marketing campaigns to reach the target market and to build a strong brand image
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Jollof Rice
Jollof rice is one of the most common dishes not only in Nigeria but also in most of
Western Africa including Senegal, Gambia, Sierra Leone, Liberia, Togo, Cameroon, Mali
and Ghana.
The dish consists of rice, tomatoes and tomato paste, onions, salt, spices and chili
peppers. Optional ingredients can be added such as vegetables, meats, or fish. Due to
the tomato paste and palm oil, the dish is mostly red in color.
Image: Bowl of Jollof Rice
Pasta
This means pasta loni with sauce and vegetables including red and green peppers.
Image: Dish of pasta with sauce & vegetables
2.2 Sides
RSVP will offer a number of side dishes including different meat stews, fried fish, yam &
beans as follows;
Fried Fish - fried fish will be served with carrot, green peppers, garnish etc.
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Image: Dish of fried fish
Peppered Beef Stew – a stew made up of beef and peppers.
Image: Dish of fried fish
Peppered Chicken Stew - a stew made up of chicken and peppers.
Image: Dish of Peppered Chicken Stew
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2.3 Sauces
Several popular sauces will be on the RSVP menu including the following:
Ata DinDin – it is a Nigerian sauce made out of fried pepper.
Image: Bowl of Ata DinDin
Agoyin Sauce – this is a spicy sauce used as a topping for Ewa Agoyin
Image: Agoyin Sauce used as a topping for Ewa Agoyin
2.4 Drinks
RSVP menu will include Coca-Cola products, malt drinks and bottled water in its drinks
range.
Image: Coca-Cola products
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3 Business Environment
3.1 Geographical Location
RSVP is to be located in Gwinnett, a County in the north central portion of the U.S. state
of Georgia. Its county seat is Lawrenceville. The county is named for Button Gwinnett,
one of the signers of the Declaration of Independence.
Image: Georgia's location in the U.S.
According to the U.S. Census Bureau, the county has a total area of 437 square miles
(1,130 km2), of which 430 square miles (1,100 km2) is land and 6.4 square miles (17
km2) (1.5%) is water.
3.2 Demographics1
As of the 2010 United States Census, there were 805,321 people, 268,519 households,
and 203,238 families residing in the Gwinnett County. The population density was
1,871.2 inhabitants per square mile (722.5/km2). There were 291,547 housing units at
an average density of 677.4 per square mile (261.5/km2). The racial makeup of the
county was 53.3% White, 23.6% black or African American, 10.6% Asian, 0.5%
American Indian, 0.1% Pacific Islander, 8.8% from other races, and 3.1% from two or
more races. Those of Hispanic or Latino origin made up 20.1% of the population. In
terms of ancestry, 8.3% were German, 7.8% were Irish, 7.7% were English, and 5.8%
were American.
1 https://en.wikipedia.org/wiki/Gwinnett_County,_Georgia
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Of the 268,519 households, 45.6% had children under the age of 18 living with them,
56.2% were married couples living together, 14.2% had a female householder with no
husband present, 24.3% were non-families, and 19.1% of all households were made up of
individuals. The average household size was 2.98 and the average family size was 3.40.
The median age was 33.7 years.
3.3 Regulatory and Legal Requirements
Incorporation
RSVP will be registered as an LLC which is a flexible business structure for an individual
startup. There are several advantages of an LLC:
Pass-through taxes - there's no need to file a corporate tax return. Owners
report their share of profit and loss on their individual tax returns, meaning you
avoid double taxation.
Legal protection - owners have limited liability for business debts and
obligations.
Enhanced credibility - partners, suppliers, and lenders may look more favorably
on your business when you've formed an LLC.
Facilities
There are basic facilities required, regardless of where (home, retail store, or shared
kitchen) you intend to operate. A three (3) compartment sink is required for cleaning. A
hand wash sink must be conveniently located to the processing areas and in the
restroom. A restroom must be available for employees to use. A mop sink is required to
dispose of mop water. Floors, walls, and ceilings must be smooth and easily cleanable,
and the facility should be free of pests and their possible points of entry. Water must be
from an approved source. Public water systems are sufficient, and the Department will
test private water sources prior to licensing.
4 Industry Analysis
4.1 Restaurant Industry Sales
As per the National Restaurant Association, restaurant industry sales are expected to
reach $783 billion in 2016. Although this will represent the seventh consecutive year of
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real growth in restaurant sales, the rate of growth remains moderate.
The restaurant industry will remain the nation’s second-largest private sector employer
with a workforce of 14 million.
5 Target Market
RSVP’s primary target market is Nigerian Americans living in the Georgia. Nigerian
Americans are those who are of Nigerian ancestry living in the USA.
Secondary target market of RSVP includes the other African Americans in the Gwinnett
County because some of the Nigerian cuisine is familiar to them.
5.1 Target Market Segments
RSVP’s target market is therefore segmented in terms of cultural and geographical
bases. Geographically it is the Georgia and culturally it is the Nigerians Americans as the
primary target and other African Americans in Gwinnett County as the secondary target.
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5.2 Target Market Size & Growth
As far as the primary target market is concerned, there were 299,310 Nigerian
Americans2 in the USA according to the 2013 US census, the top 05 US states with the
largest Nigerian populations were:
Texas - 43,969
New York - 30,056
Georgia - 29,505
Maryland - 23,005
California - 20,358
Growth of the target market segments is affected by two factors:
1. General population growth – US population growth rate currently stands at
0.77% 3 which is comparatively a very low rate in the world. Therefore the impact of
this factor for market growth is not very significant.
2. New African immigrations to US – Every year, around one million people
obtain permanent resident status in the US. Out of these immigrants approximately
10% comes from Africa4.
5.3 Market Opportunity
At the moment, there are no specialized Nigerian fast food restaurants in Georgia.
Therefore there is a good opportunity for a specialized Nigerian restaurant where
Nigerian Americans can taste the foods of their own culture.
5.4 Competition
Although there are no specialized Nigerian fast food restaurants in Georgia, there are
African restaurants which may offer menu items which can also be found in Nigerian
menus. Few notable African restaurants in Gwinnett County are as follows:
2 https://en.wikipedia.org/wiki/Nigerian_Americans 3 https://en.wikipedia.org/wiki/Demography_of_the_United_States#Birth.2C_growth.2C_and_death_rates 4 https://en.wikipedia.org/wiki/Immigration_to_the_United_States
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Prestige African Cuisine - 2055 Beaver Ruin Rd, Norcross, GA, United States
(https://www.facebook.com/Prestige-African-Cuisine-205410356212005)
Honest Star Tropical Restaurant - 140 Hurricane Shoals Rd, Lawrenceville, GA
30046 (www.honeststartropical.com)
Ike’s Cafe and Grill - 250 Tech Dr Norcross, GA 30093
6 Evaluation of Strategic Options
Following tools and techniques can be used to analyses RSVP’s internal and external
business environment and the potential strategies that will assist it to reach its
objectives.
6.1 Competitive Position – Porter’s Five Forces
Porter's Five Forces Analysis is a popular analysis tool for assessing the potential for
profitability in an industry based on the level of competition in an industry. It is also
useful as a method of assessing the balance of power in an industry. It works by looking
at the strength of five important forces that affect competition:
Threat of new entry to the market
Bargaining power of the customers
Threat of substitution
Bargaining power of the suppliers
Competitive Rivalry
RSVP’s competitive position can be analyzed with the use of this tool as follows.
Figure: Porter’s Five Forces
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It is apparent that RSVP is going to operate in a less competitive environment where
there are no strong competitors. However customers are to have some bargaining power
as the size of the primary target market is relatively small.
6.2 SWOT Analysis
A SWOT analysis is a tool used to evaluate the strengths, weaknesses, opportunities and
threats involved in a project or in a business venture. It can be carried out for a product,
place, organization or person. Objective of this analysis is to follow suitable strategies to
build on strengths (S), minimize weaknesses (W), seize opportunities (O) and
counteract threats (T).
• If this niche market is found to be profitable, a new competitor can enter the market as it does not require a huge capital investment.
Threat of New Entry - Medium
• Number of buyers are not very large and every single individual customer for the company is important. There is no cost for a buyers to switch from one seller to another.
Buyer Bargaining Power - Medium
• Other African restaurants can start offering Nigerian foods without much effort as there are common menu items in Nigerian & other African menus.
Threat of Substitution - High
• Food ingredients may be purchased from various sellers and dependance on a particular supplier will be low.
Supplier Bargaining Power - Low
• At the moment there are no specialized Nigerian fast food restaurant in Georgia.
Competitive Rivalry - Low
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Figure: SWOT Analysis
Helpful
to achieving the objective
Harmful
to achieving the objective
Inte
rn
al
or
igin
(att
rib
ute
s o
f th
e sy
stem
)
Strengths
Owner possesses 18 of experience
in preparing meals for catering
events.
Owner, being a Nigerian American,
is highly knowledgeable about
Nigerian cuisine.
Weaknesses
Owner has no much experience
in managing a full scale
restaurant.
Tapping a niche market which
is relatively small.
Ex
ter
na
l o
rig
in
(att
rib
ute
s o
f th
e e
nv
iro
nm
ent)
Opportunities
There is no Nigerian fast food
restaurant in Georgia.
Menu can be easily expanded to
include other African cuisine.
Business can be expanded
geographically.
Threats
African restaurant may turn
into direct competitors by
offering Nigerian menus.
This business can be started
with no major capital
investment.
6.3 Competitive Edge
RSVP’s competitive edge will be derived from the following:
Offering menu items which are not easily available in other restaurants
Use of locally sourced healthy food ingredients
Offering a quality customer service at affordable prices
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7 Marketing Strategies
The marketing mix of a company is the set of controllable, tactical marketing tools that a
company can use to create a desired response from its target market. It will include
everything that the company can do to influence demand for its product. It is also a tool
to help marketing planning and execution.
The marketing mix can be divided into four groups of variables commonly known as the
four Ps: Product, Price Place (or distribution) and Promotion.
7.1 Place & Distribution Strategy
Distribution strategy will be of two fold;
Through the restaurant outlet
Through a food truck to sell food at events such as sporting & church events
The restaurant will be located in the Gwinnett County. Suitable building with around
2000 square-foot will be leased or rented for this purpose. The building will need to
have a seating capacity of 50 people with 10-15 tables. Interior design will be based on a
theme color of green which is used to imply the Nigerian origins.
The restaurant layout including the dining area, kitchen and serving line, will be
designed for efficiency and flexibility to accommodate the fluctuation in customer traffic
and peak meal periods.
7.2 Pricing Strategy
Being a startup business introducing a new product in a new market, RSVP will need to
adopt a reasonable pricing strategy to gain the initial acceptance from the target market
segments.
Therefore RSVP will offer its customers affordable introductory rates that are set at a
lesser point what other established African fast food restaurants charge. Prices may
gradually be increased to some extent after it gains some popularity among the target
market.
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7.3 Promotion Strategy
It is important note the consumer behavior in this market identified earlier in designing
an effective promotion strategy. Following points will be given due importance in this
regard:
Woman’s opinion is very important in household matters in African-American
families.
African-American women are more concerned about healthy foods.
African-Americans’ are more inclined towards electronic media such as TV and
radio along with print media.
Social media can also play an important role in promotion as most African-
Americans tend to support companies and brand they like.
Positioning
RSVP will strive to position itself in the minds of target customers as a specialized
Nigerian fast food restaurant with a superior customer service and strong commitment
towards healthy foods.
RSVP’s promotion strategy will focus on achieving following objectives:
Getting the initial media hype on the launch of the Company
Building a strong brand-loyalty with special attention to women
Building a reputation for healthy meals and quality customer service
Attracting other African Americans for common menu items
Promoting Nigerian foods to Americans in general to attract them to have a
Nigerian meal for a change once in a time.
Advertising & Marketing Techniques
RSVP will focus on TV, Radio and print media advertising as they appear to be more
effective. In addition, the company will also make use of digital marketing techniques
especially in social media. A professional advertising firm will be hired as required to
make creative advertisements to achieve the objectives of the promotion strategy.
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7.4 Sales Forecast
Sales Volumes
Table: Sales Volumes
Sales
Table: Sales Forecast
Graph: Composition of Revenue (Units) in the First Year
Main Meals 31,025 34,128 35,834 37,626 39,507
Sides 54,750 60,225 63,236 66,398 69,718
Sauces 31,025 34,128 35,834 37,626 39,507
Combo Meals 14,600 16,060 16,863 17,706 18,591
Drinks 36,500 40,150 42,158 44,265 46,479
Grand Total 167,900 184,690 193,925 203,621 213,802
Product Category Year 1 Year 2 Year 3 Year 4 Year 5
USD
Main Meals 201,663 232,920 244,566 269,634 283,116
Sides 246,375 284,563 298,791 329,417 345,888
Sauces 46,538 53,751 56,438 62,223 65,334
Combo Meals 131,400 151,767 159,355 175,689 184,474
Drinks 54,750 63,236 66,398 73,204 76,864
Grand Total 680,725 786,237 825,549 910,168 955,676
Category Year 1 Year 2 Year 3 Year 4 Year 5
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8 Organization & Management
8.1 Company Ownership
Company will be owned and managed by Rudy Arone. Rudy Arone is a certified chef and
graduate of Le Cordon Bleu, the world's largest hospitality education institution. She
possesses around 18 years of experience in preparing meals for catering events and will
also function as the Head Chef of RSVP.
8.2 Staff Requirement
Following staff are planned to be recruited at the start of RSVP:
01 Sous-chef – second in command in the kitchen. Sous-chefs will plan and direct
how the food is presented on the plate, keep their kitchen staff in order, train new
chefs, create the work schedule, and make sure all the food that goes to customers is
of the best quality to make customers happy
01 Line cooks – usually responsible for prepping ingredients and assembling
dishes according to restaurant recipes and specifications.
02 Servers – servers will take orders and hand-deliver plates of food to customers
after accepting the money through the POS system.
01 Dishwasher – dishwasher will assist in cleaning dishes.
01 Bookkeeper (Part time) – this staff will look after all accounting and banking
stuff.
Table: No of staff at the end of each period
Head chef (Owner) Full-time 1 1 1 1 1
Sous-chef Full-time 1 1 1 1 1
Line cook Full-time 1 1 1 1 1
Servers Full-time 2 3 3 4 4
Dishwashers Full-time 1 1 1 1 1
Bookkeeper Part-time 1 1 1 1 1
Mobile sales assistant Part-time 1 1 1 1 1
Total 8 9 9 10 10
Year 3Position Basis Year 1 Year 2 Year 4 Year 5
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9 Implementation Schedule
Table: Key Milestones
10 Financial Plan
10.1 Start-up Funds Requirement
Table: start-up requirements
Mo
nth
1
Mo
nth
2
Mo
nth
3
Mo
nth
4
Mo
nth
5
Mo
nth
6
Mo
nth
7
Mo
nth
8
Mo
nth
9
Mo
nth
10
Mo
nth
11
Mo
nth
12
Company Registration 4,500 Owner
Renting a suitable building 24,000 Owner
Obtaining Food Sales License 2,500 Owner
Recruitment of staff 250,614 Owner
Interior design and furnishing 75,000 Owner
Selection of suppliers - Owner
Website design 2,500 Owner
TV Ads 60,000 Owner
Radio Ads 40,000 Owner
Paper Ads 12,000 Owner
Facebook Ads 7,500 Owner
Google Ads 4,500 Owner
SEO /Email 2,500 Owner
Advertising & promotion
TaskRelevant
Budget USD
Responsib
ility
Year 1
Initial setup
USD
Requirement Amount
Start-up expenses
Incorporation & legal fees 4,500
Licensing cost (Food Sales License) 2,500
Rent security deposit (01 month) 2,000
Sub total 9,000
Start-up assets
Interior design & furnishing 75,000
Kitchen equipment 60,000
POS & software 7,500
Website design 2,500
Office computer 1,500
Sub total 146,500
Total funds requirement 155,500
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10.2 Start-up Funding Sources
USD
Source Amount
Owner funds 5,500
Bank loan 150,000
Total funds raised 155,500
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10.3 Projected Profit and Loss
Table: Projected Profit and Loss
USD
Note Year 1 Year 2 Year 3 Year 4 Year 5
Revenue
Main Meals 201,663 232,920 244,566 269,634 283,116
Sides 246,375 284,563 298,791 329,417 345,888
Sauces 46,538 53,751 56,438 62,223 65,334
Combo Meals 131,400 151,767 159,355 175,689 184,474
Drinks 54,750 63,236 66,398 73,204 76,864
Total revenue 680,725 786,237 825,549 910,168 955,676
Direct Supplies 1 170,181 176,903 185,749 204,788 215,027
Direct Labor 223,587 256,879 263,301 298,989 306,464
Cost of Goods Sold 393,768 433,783 449,050 503,777 521,491
Gross profit 286,957 352,455 376,499 406,391 434,186
GP Margin % 42% 45% 46% 45% 45%
Expenses
Building Rent 24,000 25,200 26,460 27,783 29,172
Administrative Staff costs 27,027 27,703 28,395 29,105 29,833
Advertising & promotion 126,500 119,150 113,065 108,172 104,409
Food truck rent 12,000 12,600 13,230 13,892 14,586
Utilities 24,000 25,800 27,735 29,815 32,051
Depreciation 2 29,300 29,300 29,300 29,300 29,300
Building maintenance 12,000 12,900 13,868 14,908 16,026
Loan interest 4,528 3,588 2,617 1,613 575
Credit card fees 5,956 6,880 7,224 7,964 8,362
Legal & admin fees 7,000 3,500 3,675 3,859 4,052
Insurance 3,000 3,150 3,308 3,473 3,647
Website & systems maint. 5,000 5,250 5,513 5,788 6,078
Miscellaneous 6,000 6,300 6,615 6,946 7,293
Total expenses 286,312 281,320 281,003 282,616 285,382
Net profit before tax 645 71,134 95,496 123,775 148,803
Net profit margin % 0.1% 9.0% 11.6% 13.6% 15.6%
Note 1 - Assumed to be 25% of sales in the first year and 22.5% thereafter
Note 2 - Assumed to be 20% annually on cost
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10.4 Projected Balance Sheet
Table: Balance Sheet
USD
Note Year 1 Year 2 Year 3 Year 4 Year 5
Fixed Assets (NBV)
Interior design & furnishing 60,000 45,000 30,000 15,000 -
Kitchen equipment 48,000 36,000 24,000 12,000 -
Website design 2,000 1,500 1,000 500 -
POS & software 6,000 4,500 3,000 1,500 -
Office computer 1,200 900 600 300 -
Total fixed assets 117,200 87,900 58,600 29,300 -
Current Assets
Rent deposit 2,000 2,000 2,000 2,000 2,000
Inventories 1 7,091 7,371 7,740 8,533 8,959
Cash & bank balances 44,036 144,750 269,915 423,784 602,313
Total current assets 53,127 154,121 279,655 434,317 613,273
Total assets 170,327 242,021 338,255 463,617 613,273
Current Liabilities
Trade payables 14,182 14,742 15,479 17,066 17,919
Total Current Liabilities 14,182 14,742 15,479 17,066 17,919
Equity
Capital 155,500 155,500 155,500 155,500 155,500
Retained profits / (loss) 645 71,779 167,276 291,051 439,854
Total equity 156,145 227,279 322,776 446,551 595,354
Total liabilities 170,327 242,021 338,255 463,617 613,273 - - -
Note 1 - Assumed to be maintaining 02 weeks' sales requirement
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10.5 Projected Cash Flow
Table: Cash Flow Statements
USD
Year 1 Year 2 Year 3 Year 4 Year 5
Net profit / (loss) before tax 645 71,134 95,496 123,775 148,803
Add: Depreciation 29,300 29,300 29,300 29,300 29,300
Working capital changes
Receivables (9,091) (280) (369) (793) (427)
Payables 14,182 560 737 1,587 853
Net cash flow from operations 35,036 100,714 125,165 153,869 178,530
Capital expenditure (146,500) - - - -
Net cash flow from invest. (146,500) - - - -
Capital investments 155,500 - - - -
Net cash flow from financing 155,500 - - - -
Net cash flow 44,036 100,714 125,165 153,869 178,530
Cash opening balance - 44,036 144,750 269,915 423,784
Cash balance at the end 44,036 144,750 269,915 423,784 602,313
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