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Sample Business Plan Paper on Entrepreneur

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Sample Business Plan Paper on Entrepreneur

Executive Summary

Great African Wear is another clothing store that indulges the African-American cattle rustler group in Washington DC. As our name recommends our center is to give western wear clothing and embellishments, and situate ourselves as the leading retail store adjusting this specific business sector. Our company is the leading and final African-American possessed western attire shop in Washington. Our aims are to get 80% piece of the overall industry and turn into a focal center of shopping action for the nearby African-American cowhand populace too other people who appreciate wearing western attire. Great African Wear has brought together itself straightforwardly in place to the residential area and social exercises of our market. The company accepts that this is basic to our starting achievement and long haul-development.Objectivesi.            To make a shopping environment that indulges the clothing demands of the African-American rancher and cowgirl.ii.            To win 80% of the overall industry and turn into the most obvious ethnic western wear attire store in Washington DC and attain name distinguishment in the nearby cowpoke group.iii.            To accept a half-net revenue inside the first year.iv.            To have a client base of 1,000 before the conclusion of the initial working year.v.            To attain a net benefit of $60,000 within two years and $90,000 in three years.vi.            To be a dynamic and vocal part in the group supporting farming occasions, and equestrian associations working with kids.Keys to SuccessWith a specific end goal to succeed in the clothing industry, Great African Wear must:·         Carry a combination of attires to fit the sufficient casings of the target client base.·         Provide clients with first class customized client benefit in an air of southern cordiality.·         Advertise and advertise in regions that our target client base will look into our store.·         Continuously survey our stock and deals and alter our stock levels appropriately.Form of BusinessThe best initial choice of legal structure will be partnership. Partnership bodes well in a business where individual risk is not a huge stress, for instance, Pearl’s Elegant Hair & Nail Spa in which you are unlikely to be sued and for which you will not be getting much cash. Organizations are generally straightforward and modest to create and look after.A partnership is ordinarily formed when two or more individuals wish to come to together to start a business. Maybe they have a basic business thought that they wish to put under serious scrutiny or have understood that their abilities and competencies compliment each others in such a manner that they may make a great business group. Framing a partnership would appear to be the most legitimate choice and, in most cases, it is (Jairus, 2007). Running a little business with a sensibly low turnover, a partnership is frequently a great decision of legitimate structure for another business.Advantages of Partnerships

  • Capital – Due to the way of the business, the partners will support the business with start up capital. This implies that the more partners there are, the more cash they can put into the business, which will permit better adaptability and more potential for development.
  • Imparted Responsibility – Partners can impart the obligation of running the business. This will permit them to capitalize on their capabilities. As opposed to part of the administration and taking an equivalent offer of every business errand, they may well part the work as stated by their aptitudes (Jairus, 2007). Therefore, if one partner is great with figures, they may manage the accounting and records, while the other partner may have a flare for deals and hence be the fundamental businessperson for the business.

Accounting Standards Since Great African Wear is an exclusive business, we will embrace GAAP. Besides, the organization depend on term financing or have almost no presentation to worldwide markets, this truth be told may be the best choice (Trenerry, 1999). Similarly, as with any authoritative movement, the demon is in the subtle elements. These are best managed on an organization-by-organization premise. When getting into a line-by-line examination of the effect of GAAP, one ought to remember an overriding attention, the needs of our fiscal proclamation readers. Above all else, money related explanations are a specialized apparatus. That means the proclamations must be justifiable, pertinent, dependable and equivalent to be viable.Effect of GAAP and IFRS Convergence The joining and ensuing change of accounting and reporting models at the universal level will extraordinarily affect on our business in the accompanying ways. We will benefit from less complex, streamlined measures, decides and hones that apply to all nations and are emulated around the world (Stickney, 2010). The change will manage the cost of corporate administration the open door to raise capital through easier investment rates while bringing down danger and the expense of working together.Chart of Accounts

v   Start-up Money
·         Start-up Expenses $9,516
·         Start-up items to finance
$13,500
·         Full Funding Required
$22,900
v   Assets
 
·         Non-cash Assets $13,000
·         Cash Requirements $384
·         Additional Cash Received
$0
·         Cash Amount on opening Day $374
v   Total Assets $13,500
   
v   Liabilities
 
·         Current Loans $0
·         Long-term Liabilities $17,300
·         Other Current Liabilities
$3,500
·         Total Liabilities $18,700
v   Capital
 
·         Deliberate Investment  
·         Owners Investment in Cash
$6,100
·         Others $500
·         Total intended venture $6,600
·         Loss at Start ($8,500)
Total Capital ($14,600)
   
Total financial Needs $23,800
 
 
 
 
v   Start-up operating costs  
·         Rental fee $1,500
·         impressive Opening occasion $300
·         Phone & Utilities $1,600
·         Transport – Washington DC Market Business Trip $430
·         company Insurance $550
·         promotion & advertising $1,000
·         Store fittings/Decoration $1,350
·         PC/Cash record $950
·         Signatories (Including Permits) $350
·         managerial levy & subscription $155
·         company/Office Supplies $500
·         Others $500
·         Total Start-up operating costs $9,416
v   Start-up Assets
 
·         Cash necessary $384
·         Start-up account $14,000
·         Total Assets $14,384
Total supplies $23,800

 Financial PlanImportant AssumptionsGreat African Wear does not offer products using a credit card nor do we offer layaways at this point. We acknowledge money and checks, Visa, MasterCard, Discover, and American Express. All deals paid through charge cards will be kept in our business financial records in 48 hours. Our business financial records will be with Washington Mutual. They have reported the investment rate as those recorded beneath.

General Assumptions
  Year 1 Year 2 Year 3
Plan Month 1 2 3
Current Interest Rate 10.00% 10.00% 10.00%
Long-term Interest Rate 10.00% 10.00% 10.00%
Tax Rate 30.00% 30.00% 30.00%
Other 0 0 0

 Projected Balance SheetThe table below explains the predictable balance sheet.

Pro Forma Balance Sheet
  Year 1 Year 2 Year 3
Assets      
Current Assets      
Cash $62,715 $135,771 $243,806
Inventory $13,365 $17,375 $22,586
Other Current Assets $0 $0 $0
Total Current Assets $76,080 $153,146 $266,393
Long-term Assets      
Long-term Assets $0 $0 $0
Accumulated Depreciation $0 $0 $0
Total Long-term Assets $0 $0 $0
Total Assets $76,080 $153,146 $266,393
Liabilities and Capital Year 1 Year 2 Year 3
Current Liabilities      
Accounts Payable $15,762 $20,491 $26,426
Current Borrowing $0 $0 $0
Other Current Liabilities $2,000 $2,000 $2,000
Subtotal Current Liabilities $17,762 $22,491 $28,426
Long-term Liabilities $13,400 $10,100 $6,800
Total Liabilities $31,162 $32,591 $35,226
Paid-in Capital $5,100 $5,100 $5,100
Retained Earnings ($9,416) $39,818 $115,455
Earnings $49,234 $75,637 $110,612
Total Capital $44,918 $120,555 $231,167
Total Liabilities and Capital $76,080 $153,146 $266,393
Net Worth $44,918 $120,555 $231,167

Internal Controls to Protect the Company’s Assets Solid internal controls help minimize the first leg of the triangle: opportunities. The accompanying controls will be utilized as a part of the organization. Initially, we will ensure that our representatives do not have one-sided control over the majority of the preparation segments of a specific action. For instance, we might need to have distinctive staff included at each level of issuing a check. Second, we will need to guarantee that we take after all state and federal governs in checking a laborers particular FICO assessment as many people, if not all states, oblige approbation of the individual’s credit we are checking before really doing so. Likewise, the survey of a worker’s criminal record is a piece of the data that is promptly accessible to general society. Forethought ought to be conceded to think about where a singular shortly lives or has lived, as numerous criminal records are just accessible by area.Implementation of Internal Controls The primary step will be to assess the association’s risks. The principal venture in implementing an internal control framework is performing a risk evaluation on the business. The dangers of the business are characterized with a specific end goal to create arrangements and methodology the association will use to secure the business (Previts, 2006). The next thing is to monitor the nature. The control environment is a key part of inside controls and is utilized to situate the tone inside an association. The control environment helps specialists comprehend the essential qualities and honesty of the organization overall. This helps representatives comprehend the organization’s reasoning and strive to progress in the direction of its mission.Effect of Regulations on the Business Federal regulations influence nearly all that we do. A few regulations are important; others cause administrative loads on people, organizations, and State and nearby governments. The regulations are ever-changing signs of change (Nijsen, 2009). This will build the expense of working together and utmost business polishes, subsequently debilitating advancement, and restricting organizations from creating occupations. It is difficult to make any kind of long haul fiscal projection when a functionary in Washington might create an alternate regulation that could force significant expenses on the cost to work together at whatever time. Further, these regulations add up to a “shrouded duty,” in light of the fact that the expenses of accommodating with these regulations are passed on to the shopper as far as higher expenses. Notwithstanding this, we will attempt to follow all the essential regulations in our business area.
ReferencesNijsen, A. (2009). Business regulation and public policy: The costs and benefits of compliance.            New York: Springer.Previts, G. (2006). Research in Accounting Regulation. Burlington: Elsevier.Stickney, C. (2010). Financial accounting: An introduction to concepts, methods, and uses.            Mason, OH: South-Western/Cengage Learning.Trenerry, A. R. (1999). Principles of internal control. Sydney, N.S.W: UNSW Press.

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