January 2002

This sample business plan has been made available to users of Business Plan Pro, business planning software published by Palo Alto Software. Names, locations and numbers may have been changed, and substantial portions of text may have been omitted from the original plan to preserve confidentiality and proprietary information. You are welcome to use this plan as a starting point to create your own, but you do not have permission to reproduce, publish, distribute or even copy this plan as it exists here. Requests for reprints, academic use, and other dissemination of this sample plan should be emailed to the marketing department of Palo Alto Software at marketing@paloalto.com. For product information visit our Website: www.paloalto.com or call: 1-800-229-7526.

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Confidentiality Agreement

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Table of Contents
1.0 Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Keys to Success . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 2 2

2.0

Company Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2.1 Company Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2.2 Start-up Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Market Analysis Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1 Market Segmentation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 Target Market Segment Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3 Service Business Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3.1 Competition and Buying Patterns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Strategy and Implementation Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 Competitive Edge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2 Marketing Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3 Sales Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3.1 Sales Forecast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 Milestones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Web Plan Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1 Website Marketing Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2 Development Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 6 7 7 7 8 8 9 9 11 12 12 13

3.0 4.0

5.0

6.0

7.0 8.0

Management Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 7.1 Personnel Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Financial Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1 Important Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2 Break-even Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3 Projected Profit and Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.4 Projected Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5 Projected Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6 Business Ratios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 14 15 16 19 21 21

WorkChairs Business Plan

1.0 Executive Summary
WorkChairs is an ergonomic product business located in Studio City, California that focuses on selling hard-to-find ergonomic products to both the local community and through their website online. WorkChairs is owned by Jake and Lisa Wilson, and is a corporation with one other employee, Peter Wilson. WorkChairs will use two sales channels and focus on selling niche products that solve ergonomic health problems that have become more common as people use computers more and more in their daily work days. By using traditional local marketing and sales techniques, WorkChairs will establish a solid local customer base in the home office, small business, and large business communities. To supplement the business and take advantage of manufacturer relationships that include drop-shipping, WorkChairs will have a website that has both an online store and an educational section to teach people about ergonomic problems. WorkChairs has a conservative financial plan with low expenses, low payroll, and a conservative sales forecast. WorkChairs will always maintain a positive cash balance while slowly growing the total cash and company net worth.

Highlights

$250,000 $200,000 $150,000

Sales
$100,000 $50,000 $0 ($50,000) 2002 2003 2004

Gross Margin Net Profit

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1.1 Objectives
Becoming profitable after six months of operation. Be the market share leader of specialty ergonomic products in the local market. There is no official measurement, but it should be relatively easy to guess how our few competitors are doing. Have our website be one of the top five websites for specialty ergonomic products measured by both traffic and sales. Unfortunately, we can't get sales statistics for other competing sites, but we can judge by their traffic levels based on their search engine placement, pay per click advertising, links in to their site, and Google Pagerank. From there we can guess at how well their site converts visitors into sales. Have fun helping our customers work in a safer and more comfortable work environment.

1.2 Mission
WorkChairs is a specialty ergonomic product retailer in both the local market and in the online space. We aim to provide quality products to satisfy our customers desire to work in a healthy work environment that keeps them injury and pain-free. Keeping our customers happy and solving their problems by providing great products at an affordable price is our goal. We also take pride in educating our customers on ergonomic issues that they might not be aware of, to prevent them from experiencing pain and discomfort in the future as well. We find doing this is rewarding in a personal and business sense.

1.3 Keys to Success

Provide specialty products that can't be found at "large box" retailers such as Office Max, Office Depot, Staples, Costco, Ikea, and others. We want niche products that can't be found at these stores, because we can't compete with them on price. Provide excellent customer service. It's difficult to find customers who are aware enough of the health issues of standard office work to actually realize they need ergonomic products. So once we find these customers, we need to keep them happy and keep them coming back to us for future products they need. Keep our growth slow and organic so we can make sure we keep expenses low and operate efficiently. Build an easy to use website that educates our customers and potential customers while also selling our products effectively.

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2.0 Company Summary
WorkChairs is a small business based in Studio City, CA that sells specialty ergonomic products to local businesses and home office workers while also selling those products on their website online. The company is operated out of the home of owners Jake and Lisa Wilson. Their son Peter also is part of the company.

2.1 Company Ownership

Workchairs is a private C corporation owned by Jake and Lisa Wilson. They each own 50% of the company.

2.2 Start-up Summary

WorkChairs will require $3,825 in total start-up expenses. These expenses include $1,000 for legal fees in setting up the business, $250 in stationery, $1,000 for sales brochures and collateral, $500 in insurance, $1,000 in expensed computer equipment, and $75 for a domain name. Jake and Lisa Wilson will be investing $10,000 which will cover the start-up expenses while also leaving a cash reserve of $6,175. We have no start-up liabilities or other assets to be considered in our start-up phase.

Start-up

$10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Expenses Assets Investment Loans

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Table: Start-up Start-up Requirements Start-up Expenses Legal Stationery etc. Brochures Insurance Expensed Equipment Domain Name Total Start-up Expenses Start-up Assets Needed Cash Balance on Starting Date Other Current Assets Total Current Assets Long-term Assets Total Assets Total Requirements Funding Investment Jake and Lisa Wilson Other Total Investment Current Liabilities Accounts Payable Current Borrowing Other Current Liabilities Current Liabilities Long-term Liabilities Total Liabilities Loss at Start-up Total Capital Total Capital and Liabilities $10,000 $0 $10,000 $0 $0 $0 $0 $0 $0 ($3,825) $6,175 $6,175 $1,000 $250 $1,000 $500 $1,000 $75 $3,825 $6,175 $0 $6,175 $0 $6,175 $10,000

3.0 Products
WorkChairs sells niche ergonomic products that are hard to find at standard office furniture or office supply stores. Our primary products include: ChairsThere is a large number of specialty chairs that are built to solve various physical problems caused by sitting in an office chair all day. These chairs aim to solve back, hip, leg, neck, shoulder, arm, and wrist problems. WorkstationsComputer and regular workstations that are specially designed to be ergonomically correct. Computer AccessoriesSpecial mice, keyboards, glare screens, keyboard trays, wrist rests, monitor supports, and other computer accessories. Document HoldersCopy holders to allow the head to stay looking up at eye level. Foot RestsA proper foot rest complements an ergonomic chair for better posture alignment. LightingVarious types of lighting to make things easier on the eyes while working. Back/Arm/Wrist SupportsVarious supports for various reasons. Headsets/MicrophonesFor phone-related problems.

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4.0 Market Analysis Summary
As computer and office jobs get more and more common, the general working population will experience more health problems caused by improper office working environments. It may be it's their wrists aching from typing, their back hurting from their chair being bad, or their eyes damaged from staring at a computer screen. Ergonomic products focus on solving these problems. Unfortunately, these products are often hard to find at general furniture stores or office supply stores. WorkChairs aims to supply these products to both our local market and in the online space. Specifically, we'll target a few different types of worker: The home office user. The small business office manager. The large organization purchasing manager.

4.1 Market Segmentation

We have broken down our target market into the following categories: Home OfficeThis segment is the huge market of people running businesses from their home. We estimate there to be about 20,000,000 home office businesses in the United States, with about a 5% growth rate. Since we can reach the whole United States with our website, we can, potentially, reach the entire market. Small Office ManagersThe small office market is also quite large, with a 5% growth rate. Most of these businesses have office workers who would be in need of ergonomic products. Large Office Purchase ManagersThis market segment is much smaller in size, but has huge potential for sales as purchase managers usually make bulk buying decisions for multiple workers. It has a slower 2% growth rate due to fewer large businesses being created.
Table: Market Analysis Market Analysis Potential Customers Home Office Small Office Managers Large Business Purchase Managers Total Growth 5% 5% 2% 4.94% 2002 20,000,000 2,000,000 500,000 22,500,000 2003 21,000,000 2,100,000 510,000 23,610,000 2004 22,050,000 2,205,000 520,200 24,775,200 2005 23,152,500 2,315,250 530,604 25,998,354 2006 24,310,125 2,431,013 541,216 27,282,354 CAGR 5.00% 5.00% 2.00% 4.94%

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Market Analysis (Pie)

Home Office Small Office Managers Large Business Purchase Managers

4.2 Target Market Segment Strategy

The following are our market segments along with our reasoning for targeting each segment: Home OfficeThis segment is very large, and because most home offices now involve people spending long hours on a computer, these people are prime targets for needing ergonomic equipment. Since these offices are also in their home, they're more likely to spend some money on nicer furniture and equipment they can use for both home and work purposes. Small Business ManagersMost small businesses have a manager in charge of equipment purchasing decisions. At some point, most of these managers usually have an employee who suffers from a problem that can be solved with ergonomic equipment. Even if they haven't, these people can usually be educated on the benefits of an ergonomically-sound workplace. They are usually pretty careful with their money though, as most small businesses try to keep their costs low. It's a good market, especially locally, because these business often support other local small businesses. Large Business Purchase ManagersLarge businesses usually have a purchase manager who's sole job is making equipment and supply purchasers. It's usually harder to reach these managers, and there are fewer large businesses, but they make for very lucrative accounts. Once you can build a good relationship with a purchase manager, they can be responsible for a lot of sales. Most purchasers buy equipment in bulk, and they usually have budgets that allow them to buy good equipment.

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4.3 Service Business Analysis
The ergonomic industry is growing by leaps and bounds. As the use of computers increases in offices, people are experiencing lots of health problems from repetitious use of computers all day long. The ailments can really vary, but knowledge of ergonomic products is growing as people realize these problems exist. The ergonomic product manufacturing industry is also growing as more companies are putting out new products for cheaper prices. WorkChairs aims to sell locally to small and large businesses, while also serving those two markets and the home office market on the Web. We believe this combination of local and nationwide sales will provide a solid base for a business.

4.3.1 Competition and Buying Patterns

People shopping for ergonomic products choose their retailer based on the following criteria: Product selection: They want to work with a company that provides a number of ergonomic products to choose from, including competing brands. Price: Nobody wants to pay more than they have to, and generally ergonomic products are more expensive than people anticipate, so price is usually a big issue. Customer Service: People usually have questions before purchasing an ergonomic product because, for the most part, they have never seen or worked with the product before. This means that our website must explain things well and make it easy to contact us. We also must provide great customer service locally to keep our clients educated and happy.

5.0 Strategy and Implementation Summary

The primary strategies of WorkChairs are: Sell niche ergonomic products that are hard to find in normal sales channels and usually take some education to understand and use. Educate our customers and nurture relationships with them by providing superior customer service. Sell locally and online to maximize two different sales channels.

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5.1 Competitive Edge
The primary competitive edge of WorkChairs is our product selection and how we educate our customers. We carry hard-to-find products that solve specific ergonomic needs. These are products you can't find at local office furniture stores or superstores such as Office Depot, Staples, etc. These products are only carried by a few ergonomic specialty retailers both locally and online. In our local market, there are only a few small office supply stores that carry these products, and they aren't very active in selling them or educating their customers about them. Online, we hope to educate our customers better than anyone else and show why they need our products and how these will help solve their problems. There are lots of websites that carry ergonomic products, but most of them just list the products and don't give much information about them.

5.2 Marketing Strategy

Our marketing strategy has two categories that both hit our three target markets: Local Marketing StrategyWe intend to hit our three target markets locally "the old fashioned way." Cold CallsJake Wilson will call on local businesses both small and large to educate them on our company and our ergonomic products. Yellow PagesWe will be listed in the local yellow pages under office products, office furniture, etc. Business GroupsJake and Lisa Wilson will each be joining a number of local business groups in order to network and make contacts at local companies. We will use these contacts to get a foot in the door to build relationships with new customers. Online Marketing StrategyOur online marketing strategy will be run by Peter Wilson who is in charge of our website. Search EnginesWe will pay to be listed in all the paid inclusion search engines and directories, as well as submitting to all the free search engines. Peter Wilson is an expert in this area, and will have our site optimized to do well in the engines. Pay-per-click AdvertisingWe will be spending a limited monthly budget on pay-perclick advertising on Overture and Google for targeted ergonomic keywords. Link-building CampaignOur website will be more than just an online store. We will provide tons of information about ergonomics that will be educational for people trying to solve health problems. This will make our site an ergonomic resource worth linking to from other websites. We will have an ergonomic resources directory that will allow us to do link exchanges with other websites. Affiliate ProgramWe will have an affiliate program for other websites to sign up and earn a 10% commission on sales they refer to us. Word of MouthWe will have features on our site to allow users to send pages from our site to their friends or co-workers.

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5.3 Sales Strategy
Our sales strategy is broken down into two different areas: Local SalesWe will sell to local customers and employ a traditional local business sales strategy. Jake Wilson will be our primary salesman, and he'll work in a normal fashion of calling on local businesses and informing them about our company and our products. Mr. Wilson will also join local business groups to network, and try to be the kind of salesman people refer to others. He does not earn a commission, as he will be working on salary as part owner. It's possible that an additional local salesperson will be brought onto the team in the future. Online SalesObviously, selling online is different from selling locally. We'll rely on our website to provide product information and answer the questions customers have about their products. Jake and Lisa Wilson will be available by phone and email to answer questions the site alone can't answer. Otherwise, it's a traditional e-commerce setup where the customer orders the product and WorkChairs either ships out the product themselves if it's in inventory, or alerts the manufacturer who will drop ship the product.

5.3.1 Sales Forecast

The Sales Forecast table outlines sales and cost projections for our four product groups. We expect to be able to sell products in the first month due to relationships we already have with customers who have agreed to purchase our products. As our name grows in the local community and as our website gets more links and better search placement online we feel our sales will continue to grow. Each product category has a different growth rate for the first year based on our projections for how much growth there is in each area. We feel Chairs and Other will each see a 20% growth rate. We feel that the growth rate of Workstations and Computer Accessories will be slower at 15%. After year one, we anticipate an overall growth rate of about 20%.
Table: Sales Forecast Sales Forecast Sales Chairs Computer Accessories Workstations Other Total Sales Direct Cost of Sales Chairs Computer Accessories Workstations Other Subtotal Direct Cost of Sales 2002 $79,161 $11,601 $29,002 $19,790 $139,554 2002 $39,581 $5,800 $14,501 $9,895 $69,777 2003 $94,993 $13,921 $34,802 $23,748 $167,464 2003 $41,560 $6,091 $15,226 $10,390 $73,266 2004 $113,992 $16,705 $41,762 $28,498 $200,957 2004 $43,638 $6,395 $15,987 $10,910 $76,929

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Sales Monthly
$30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Chairs Computer Accessories Workstations Other

Sales by Year

$250,000

$200,000 $150,000

Chairs Computer Accessories Workstations Other

$100,000

$50,000

$0 2002 2003 2004

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5.4 Milestones
The accompanying table is a list of our initial milestones for the launch of WorkChairs. It lists the actual milestone, date that we start working on the milestone, the date the milestone should be accomplished, the employee in charge, and the department. We are not rushed to get this business going, but we still feel it's crucial to hit our milestones on time to get the business going before the slow summer season hits. We'd like to use the summer season to fine tune our website and make sure our relationships with our manufacturers are all solid and working well. We will use the Plan vs. Actual feature of Business Plan Pro PREMIER to track our progress in getting everything done on time.
Table: Milestones Milestones Milestone Corporation Formed Product Selection Finalized Website Seach Engine Submissions Link Campaign Affiliate Program Launch Business Groups Joined Cold Calls Launch Totals Start Date 1/4/02 1/1/02 1/1/02 2/15/02 3/1/02 4/1/02 4/1/02 4/1/02 End Date 1/15/02 2/1/02 2/15/02 3/1/02 3/15/02 4/15/02 4/1/02 4/1/02 Budget $1,000 $0 $75 $500 $0 $0 $0 $0 $1,575 Manager Jake Jake and Lisa Peter Peter Peter Peter Jake and Lisa Jake Department Executive Executive Web Web Web Web Executive Sales

Milestones
Corporation Formed Product Selection Finalized Website Seach Engine Submissions Link Campaign Affiliate Program Launch Business Groups Joined Cold Calls Launch Jan Feb Mar Apr

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6.0 Web Plan Summary
The WorkChairs' website will be more than just a brochure for our local business, it will be a huge sales channel to the online world. The focus of our site will be a combination of a store for our products and an ergonomic educational resource. The store section of our site will be a very clean design that is similar to most e-commerce sites so users are familiar with the way things work. We'll provide lots of information about our products and how they help solve people's problems. We'll also make it very clear to users how they can contact us for individual sales support and customer service. We think users might need some hand holding to choose the right product. The ergonomic information section of our site will provide information about all the most common health problems caused by office working conditions. It will outline the health problems, the causes, and provide solutions in the form of positioning and posture, as well as links to products that can be purchased. We feel this section of our site will validate WorkChairs as experts in the field, and provide incentive for other websites to link to our website.

6.1 Website Marketing Strategy

Our overall online marketing strategy falls into the following strategies: Search EnginesWe will be paying for listings in the paid inclusion engines as well as submitting to free engines like Google. Peter Wilson is an expert in this field and he will be designing our site from the start to have keywords built into the copy and give the site an overall search-engine friendly design. Pay-per-click AdvertisingWe'll have a limited monthly budget for pay-per-click advertising on Google and Overture for selected targeted ergonomic keywords that fit our products. We will monitor our return on investment closely here to make sure we're profitable with this advertising. Link-building CampaignThe educational aspect of our site along with our resources section will allow us to get links from other sites either through the quality of our content or in a link exchange manner. We will try to get links from good sites in ergonomics, furniture, office supplies, and other related areas. Affiliate ProgramWe will have an affiliate program that pays other websites 10% for sales that they refer to our website. This will get us more links, and provide incentive for other sites to market our products to their visitors. Word of MouthOur site will be set up so that's it's easy for visitors to send pages of our site to their friends and co-workers. We also hope their satisfaction with our products will lead them to tell others about us.

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6.2 Development Requirements
The development of the WorkChairs website will start on January 1st of 2002. The estimated finish date of the website will be February 15, 2002. Peter Wilson will be developing all aspects of the website. Front EndThe front end of the website is the graphic user design and interface that will be designed by Peter Wilson. The design will be simple with bland colors and feature a similar interface of popular e-commerce websites. Back EndThe back end of our system is also being developed by Peter Wilson. It will feature a mySQL database and will use PHP as the programming language for the site logic. The e-commerce package is in PHP and is a combination of a base package and custom programming by Peter Wilson. The advantage of this setup is that we can customize it, it's free, and it's extremely fast. The product information will be stored in the database. AdministrationIt will be easy to add and edit content and product information on the website due to the administrative interface programmed by Peter Wilson. Both Jake and Lisa Wilson will be able to add/edit/delete products and content at any time. Future DevelopmentAs an employee of WorkChairs, Peter will be working parttime developing new features for the website and marketing it online.

7.0 Management Summary

WorkChairs is owned and managed by Jake and Lisa Wilson. The only other employee is our manager of the website, Peter Wilson. We don't initially plan on hiring any additional employees, but there is a possibility of adding a local salesperson in the future. Jake WilsonJake has over 30 years experience in the office supply/furniture and ergonomics industry. He owned his own local store for 25 years and worked as President and the head of the sales division. Jake built up a huge knowledge of products, developed relationships with manufacturers, and made many valuable local contacts at businesses in the area which WorkChairs can use. Jake will work as the President of WorkChairs as well as being the primary local salesperson and expert on products. Lisa WilsonLisa also has over 30 years experience as she ran the local office store with her husband Jake. Lisa has more experience in the accounting and organizational aspects of the business, so she'll be taking that role with WorkChairs. Peter WilsonPeter grew up working in the office store, but has since left that industry and became a seasoned expert in Web development, online sales, and online marketing. Peter will be in charge of the website and it's marketing for WorkChairs.

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7.1 Personnel Plan
The accompanying Personnel Table explains the salaries of the three employees of WorkChairs. Jake and Lisa Wilson will not be taking salaries until the business has sales up and running in the middle of the year. Peter will be paid a modest salary for his part-time work from the start and will remain consistent at that level until 2003 when he will see a slight raise. Jake and Lisa Wilson will also see a raise in 2003 when the business has reached a high enough level of sales to make that possible.
Table: Personnel Personnel Plan Jake Wilson Lisa Wilson Peter Wilson Total People Total Payroll 2002 $21,000 $21,000 $12,000 3 $54,000 2003 $36,000 $36,000 $12,000 3 $84,000 2004 $36,000 $36,000 $20,000 3 $92,000

8.0 Financial Plan

The financial plan of WorkChairs is very simple and conservative. We aim to keep our expenses low while growing sales very slowly and under control. Because we don't have any major expenditures to make, we don't need to have huge amounts of cash on hand. We just need enough to pay our bills and our salary, and provide additional cushion to our account. We expect to have a positive cash balance at all times. We expect to be profitable in 2002 and 2004 while losing a little bit of money in 2003 as our payroll growth jumps up. We expect our cash on hand to be over $30,000 by 2004.

8.1 Important Assumptions

We assume that interest rates and tax rates will stay the same as can be seen in our general assumptions table. We assume the economy will not become much worse than it is right now. At the current level of the economy we believe our goals and projections are attainable.
Table: General Assumptions General Assumptions Plan Month Current Interest Rate Long-term Interest Rate Tax Rate Other Calculated Totals Payroll Expense New Accounts Payable 2002 1 10.00% 10.00% 30.00% 0.00% $54,000 $82,700 2003 2 10.00% 10.00% 30.00% 0.00% $84,000 $89,466 2004 3 10.00% 10.00% 30.00% 0.00% $92,000 $98,717

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8.2 Break-even Analysis
Our Break-even Analysis is based on an average revenue per sale of $200. This is an average because although we sell high-priced chairs that range from $200-$2,000, we also sell a larger number of cheaper products like copy holders, mice, wrist rests, keyboards, keyboard trays, monitor glare screens, and other products. We aim to take a keystone mark-up on our products, i.e. 100%, which means our average per-unit cost is $100. Our fixed costs consist of three salaries and operating expenses which should total about $20,000 per month. This puts our break-even point at $40,000 in revenue per month.
Table: Break-even Analysis Break-even Analysis: Monthly Units Break-even Monthly Revenue Break-even Assumptions: Average Per-Unit Revenue Average Per-Unit Variable Cost Estimated Monthly Fixed Cost 200 $40,000 $200.00 $100.00 $20,000

Break-even Analysis
$15,000 $10,000 $5,000 $0 ($5,000) ($10,000) ($15,000) ($20,000) $0 $12,000 $24,000 $36,000 $48,000 $60,000

Monthly break-even point

Break-even point = where line intersects with 0

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8.3 Projected Profit and Loss
The accompanying Profit and Loss table is a good example of how we will be keeping our expenses and payroll low while we grow sales. This will cause us to lose a little money in 2003, but we'll be profitable from 2004 on. Our sales projections are very conservative, so we're actually hoping that we'll be profitable in 2003 as well, but we're going with the conservative estimates shown in the table. We aim to keep our gross margin at 50% or above, and we think we can improve this over time as we gain more customers because we won't have to battle on price with other retailers.
Table: Profit and Loss Pro Forma Profit and Loss Sales Direct Costs of Goods Other Costs of Goods Cost of Goods Sold Gross Margin Gross Margin % Expenses: Payroll Sales and Marketing and Other Expenses Depreciation Rent Utilities Insurance Payroll Taxes Web Hosting Total Operating Expenses Profit Before Interest and Taxes Interest Expense Taxes Incurred Net Profit Net Profit/Sales Include Negative Taxes 2002 $139,554 $69,777 $0 -----------$69,777 $69,777 50.00% $54,000 $1,200 $0 $0 $0 $1,200 $8,100 $1,200 -----------$65,700 $4,077 $0 $1,223 $2,854 2.04% TRUE 2003 $167,464 $73,266 $0 -----------$73,266 $94,198 56.25% 2004 $200,957 $76,929 $0 -----------$76,929 $124,028 61.72%

$84,000 $92,000 $1,200 $1,200 $0 $0 $0 $0 $0 $0 $1,200 $1,200 $12,600 $13,800 $1,200 $1,200 ----------------------$100,200 $109,400 ($6,002) $14,628 $0 $0 $0 $4,388 ($6,002) $10,240 -3.58% 5.10% FALSE TRUE

Profit Monthly
$3,000 $2,000 $1,000 $0 ($1,000) ($2,000) ($3,000) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

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WorkChairs Business Plan

Profit Yearly

$12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 ($2,000) ($4,000) ($6,000) ($8,000) 2002 2003 2004

Gross Margin Monthly

$14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

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WorkChairs Business Plan

Gross Margin Yearly

$140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 2002 2003 2004

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WorkChairs Business Plan

8.4 Projected Cash Flow
Our Projected Cash Flow table and chart show that we have little risk in this business as we'll always keep a sizeable cash balance. We have a projected period of three months in the slow summer period we're we'll see a negative net cash flow, but our balance will stay positive so we'll be able to pay our bills and stay in the positive.

Cash
$25,000 $20,000 $15,000 $10,000 $5,000 $0 ($5,000) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Net Cash Flow Cash Balance

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Table: Cash Flow Pro Forma Cash Flow Cash Received Cash from Operations: Cash Sales Cash from Receivables Subtotal Cash from Operations Additional Cash Received Non Operating (Other) Income Sales Tax, VAT, HST/GST Received New Current Borrowing New Other Liabilities (interest-free) New Long-term Liabilities Sales of Other Current Assets Sales of Long-term Assets New Investment Received Subtotal Cash Received Expenditures Expenditures from Operations: Cash Spending Payment of Accounts Payable Subtotal Spent on Operations Additional Cash Spent Non Operating (Other) Expense Sales Tax, VAT, HST/GST Paid Out Principal Repayment of Current Borrowing Other Liabilities Principal Repayment Long-term Liabilities Principal Repayment Purchase Other Current Assets Purchase Long-term Assets Dividends Subtotal Cash Spent Net Cash Flow Cash Balance 2002 2003 2004

$139,554 $0 $139,554 $0 $0 $0 $0 $0 $0 $0 $0 $139,554 2002 $54,000 $67,547 $121,547 $0 $0 $0 $0 $0 $0 $0 $0 $121,547 $18,006 $24,181

$167,464 $0 $167,464 $0 $0 $0 $0 $0 $0 $0 $0 $167,464 2003 $84,000 $86,435 $170,435 $0 $0 $0 $0 $0 $0 $0 $0 $170,435 ($2,971) $21,210

$200,957 $0 $200,957 $0 $0 $0 $0 $0 $0 $0 $0 $200,957 2004 $92,000 $95,081 $187,081 $0 $0 $0 $0 $0 $0 $0 $0 $187,081 $13,876 $35,086

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8.5 Projected Balance Sheet
WorkChairs is not looking to grow at a super-fast pace, but we do project to grow our networth and cash slowly as time goes on. By 2004 we project to have over $30,000 of cash on hand while still paying our three employees decent salaries for their work.
Table: Balance Sheet Pro Forma Balance Sheet Assets Current Assets Cash Other Current Assets Total Current Assets Long-term Assets Long-term Assets Accumulated Depreciation Total Long-term Assets Total Assets Liabilities and Capital Accounts Payable Current Borrowing Other Current Liabilities Subtotal Current Liabilities Long-term Liabilities Total Liabilities Paid-in Capital Retained Earnings Earnings Total Capital Total Liabilities and Capital Net Worth 2002 $15,153 $0 $0 $15,153 $0 $15,153 $10,000 ($3,825) $2,854 $9,029 $24,181 $9,029 2003 $18,183 $0 $0 $18,183 $0 $18,183 $10,000 ($971) ($6,002) $3,027 $21,210 $3,027 2004 $21,820 $0 $0 $21,820 $0 $21,820 $10,000 ($6,973) $10,240 $13,267 $35,086 $13,267 2002 $24,181 $0 $24,181 $0 $0 $0 $24,181 2003 $21,210 $0 $21,210 $0 $0 $0 $21,210 2004 $35,086 $0 $35,086 $0 $0 $0 $35,086

8.6 Business Ratios

The following table outlines some of the more important ratios from the Office Furniture industry. The final column, Industry Profile, details specific ratios based on the industry as it is classified by the Standard Industry Classification (SIC) code, 5712.9904. Our Gross Margin will increase from 2002-2004 as well are our profit ratio. Both will dip in 2003 as our expense ratio grows from a payroll increase.

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Table: Ratios Ratio Analysis Sales Growth Percent of Total Assets Accounts Receivable Inventory Other Current Assets Total Current Assets Long-term Assets Total Assets Current Liabilities Long-term Liabilities Total Liabilities Net Worth Percent of Sales Sales Gross Margin Selling, General & Administrative Expenses Advertising Expenses Profit Before Interest and Taxes Main Ratios Current Quick Total Debt to Total Assets Pre-tax Return on Net Worth Pre-tax Return on Assets Business Vitality Profile Sales per Employee Survival Rate Additional Ratios Net Profit Margin Return on Equity Activity Ratios Accounts Receivable Turnover Collection Days Inventory Turnover Accounts Payable Turnover Payment Days Total Asset Turnover Debt Ratios Debt to Net Worth Current Liab. to Liab. Liquidity Ratios Net Working Capital Interest Coverage Additional Ratios Assets to Sales Current Debt/Total Assets Acid Test Sales/Net Worth Dividend Payout 2002 0.00% 0.00% 57.06% 0.00% 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00% 100.00% 50.00% 47.96% 0.00% 2.92% 1.60 0.69 62.66% 45.15% 16.86% 2002 $46,518 2002 2.04% 31.61% 0.00 0 0.00 5.46 28 5.77 1.68 1.00 $9,029 0.00 0.17 63% 0.69 15.46 0.00 2003 20.00% 0.00% 78.07% 0.00% 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00% 100.00% 56.25% 59.83% 0.00% -3.58% 1.17 0.26 85.73% -198.27% -28.30% 2003 $55,821 2003 -3.58% -198.27% 0.00 0 0.00 4.92 816 7.90 6.01 1.00 $3,027 0.00 0.13 86% 0.26 55.32 0.00 2004 20.00% 0.00% 56.63% 0.00% 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00% 100.00% 61.72% 56.62% 0.00% 7.28% 1.61 0.70 62.19% 110.26% 41.69% 2004 $66,986 2004 5.10% 77.18% 0.00 0 0.00 4.52 887 5.73 1.64 1.00 $13,267 0.00 0.17 62% 0.70 15.15 0.00 Industry Profile 2.90% 27.39% 34.98% 22.82% 85.19% 14.81% 100.00% 39.96% 11.39% 51.35% 48.65% 100.00% 33.55% 20.02% 2.63% 0.94% 1.95 0.98 55.92% 2.53% 5.73% Industry $133,883 65.98% n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a

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Appendix
Appendix Table: Sales Forecast Sales Forecast Sales Chairs Computer Accessories Workstations Other Total Sales Direct Cost of Sales Chairs Computer Accessories Workstations Other Subtotal Direct Cost of Sales Jan $2,000 $400 $1,000 $500 $3,900 Jan $1,000 $200 $500 $250 $1,950 Feb $2,400 $460 $1,150 $600 $4,610 Feb $1,200 $230 $575 $300 $2,305 Mar $2,880 $529 $1,323 $720 $5,452 Mar $1,440 $265 $661 $360 $2,726 Apr $3,456 $608 $1,521 $864 $6,449 Apr $1,728 $304 $760 $432 $3,225 May $4,147 $700 $1,749 $1,037 $7,633 May $2,074 $350 $875 $518 $3,816 Jun $4,977 $805 $2,011 $1,244 $9,037 Jun $2,488 $402 $1,006 $622 $4,518 Jul $5,972 $925 $2,313 $1,493 $10,703 Jul $2,986 $463 $1,157 $746 $5,352 Aug $7,166 $1,064 $2,660 $1,792 $12,682 Aug $3,583 $532 $1,330 $896 $6,341 Sep $8,600 $1,224 $3,059 $2,150 $15,032 Sep $4,300 $612 $1,530 $1,075 $7,516 Oct $10,320 $1,407 $3,518 $2,580 $17,824 Oct $5,160 $704 $1,759 $1,290 $8,912 Nov $12,383 $1,618 $4,046 $3,096 $21,143 Nov $6,192 $809 $2,023 $1,548 $10,572 Dec $14,860 $1,861 $4,652 $3,715 $25,089 Dec $7,430 $930 $2,326 $1,858 $12,544

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Appendix
Appendix Table: Personnel Personnel Plan Jake Wilson Lisa Wilson Peter Wilson Total People Total Payroll Jan $0 $0 $1,000 3 $1,000 Feb $0 $0 $1,000 3 $1,000 Mar $0 $0 $1,000 3 $1,000 Apr $0 $0 $1,000 3 $1,000 May $0 $0 $1,000 3 $1,000 Jun $3,000 $3,000 $1,000 3 $7,000 Jul $3,000 $3,000 $1,000 3 $7,000 Aug $3,000 $3,000 $1,000 3 $7,000 Sep $3,000 $3,000 $1,000 3 $7,000 Oct $3,000 $3,000 $1,000 3 $7,000 Nov $3,000 $3,000 $1,000 3 $7,000 Dec $3,000 $3,000 $1,000 3 $7,000

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Appendix
Appendix Table: General Assumptions General Assumptions Plan Month Current Interest Rate Long-term Interest Rate Tax Rate Other Calculated Totals Payroll Expense New Accounts Payable Jan 1 10.00% 10.00% 30.00% 0.00% $1,000 $2,550 Feb 2 10.00% 10.00% 30.00% 0.00% $1,000 $3,012 Mar 3 10.00% 10.00% 30.00% 0.00% $1,000 $3,558 Apr 4 10.00% 10.00% 30.00% 0.00% $1,000 $4,207 May 5 10.00% 10.00% 30.00% 0.00% $1,000 $4,976 Jun 6 10.00% 10.00% 30.00% 0.00% $7,000 $4,719 Jul 7 10.00% 10.00% 30.00% 0.00% $7,000 $5,802 Aug 8 10.00% 10.00% 30.00% 0.00% $7,000 $7,088 Sep 9 10.00% 10.00% 30.00% 0.00% $7,000 $8,616 Oct 10 10.00% 10.00% 30.00% 0.00% $7,000 $10,431 Nov 11 10.00% 10.00% 30.00% 0.00% $7,000 $12,588 Dec 12 10.00% 10.00% 30.00% 0.00% $7,000 $15,153

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Appendix
Appendix Table: Profit and Loss Pro Forma Profit and Loss Sales Direct Costs of Goods Other Costs of Goods Cost of Goods Sold Gross Margin Gross Margin % Expenses: Payroll Sales and Marketing and Other Expenses Depreciation Rent Utilities Insurance Payroll Taxes Web Hosting Total Operating Expenses Profit Before Interest and Taxes Interest Expense Taxes Incurred Net Profit Net Profit/Sales Include Negative Taxes Jan $3,900 $1,950 $0 -----------$1,950 $1,950 50.00% $1,000 $100 $0 $0 $0 $100 $150 $100 -----------$1,450 $500 $0 $150 $350 8.97% Feb $4,610 $2,305 $0 -----------$2,305 $2,305 50.00% $1,000 $100 $0 $0 $0 $100 $150 $100 -----------$1,450 $855 $0 $257 $599 12.98% Mar $5,452 $2,726 $0 -----------$2,726 $2,726 50.00% $1,000 $100 $0 $0 $0 $100 $150 $100 -----------$1,450 $1,276 $0 $383 $893 16.38% Apr $6,449 $3,225 $0 -----------$3,225 $3,225 50.00% $1,000 $100 $0 $0 $0 $100 $150 $100 -----------$1,450 $1,775 $0 $532 $1,242 19.26% May $7,633 $3,816 $0 -----------$3,816 $3,816 50.00% $1,000 $100 $0 $0 $0 $100 $150 $100 -----------$1,450 $2,366 $0 $710 $1,656 21.70% Jun $9,037 $4,518 $0 -----------$4,518 $4,518 50.00% $7,000 $100 $0 $0 $0 $100 $1,050 $100 -----------$8,350 ($3,832) $0 ($1,149) ($2,682) -29.68% Jul $10,703 $5,352 $0 -----------$5,352 $5,352 50.00% $7,000 $100 $0 $0 $0 $100 $1,050 $100 -----------$8,350 ($2,998) $0 ($900) ($2,099) -19.61% Aug $12,682 $6,341 $0 -----------$6,341 $6,341 50.00% $7,000 $100 $0 $0 $0 $100 $1,050 $100 -----------$8,350 ($2,009) $0 ($603) ($1,406) -11.09% Sep $15,032 $7,516 $0 -----------$7,516 $7,516 50.00% $7,000 $100 $0 $0 $0 $100 $1,050 $100 -----------$8,350 ($834) $0 ($250) ($584) -3.88% Oct $17,824 $8,912 $0 -----------$8,912 $8,912 50.00% $7,000 $100 $0 $0 $0 $100 $1,050 $100 -----------$8,350 $562 $0 $169 $394 2.21% Nov $21,143 $10,572 $0 -----------$10,572 $10,572 50.00% $7,000 $100 $0 $0 $0 $100 $1,050 $100 -----------$8,350 $2,222 $0 $666 $1,555 7.36% Dec $25,089 $12,544 $0 -----------$12,544 $12,544 50.00% $7,000 $100 $0 $0 $0 $100 $1,050 $100 -----------$8,350 $4,194 $0 $1,258 $2,936 11.70%

15%

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Appendix
Appendix Table: Cash Flow Pro Forma Cash Flow Cash Received Cash from Operations: Cash Sales Cash from Receivables Subtotal Cash from Operations Additional Cash Received Non Operating (Other) Income Sales Tax, VAT, HST/GST Received New Current Borrowing New Other Liabilities (interest-free) New Long-term Liabilities Sales of Other Current Assets Sales of Long-term Assets New Investment Received Subtotal Cash Received Expenditures Expenditures from Operations: Cash Spending Payment of Accounts Payable Subtotal Spent on Operations Additional Cash Spent Non Operating (Other) Expense Sales Tax, VAT, HST/GST Paid Out Principal Repayment of Current Borrowing Other Liabilities Principal Repayment Long-term Liabilities Principal Repayment Purchase Other Current Assets Purchase Long-term Assets Dividends Subtotal Cash Spent Net Cash Flow Cash Balance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

$3,900 $0 $3,900 $0 $0 $0 $0 $0 $0 $0 $0 $3,900 Jan $1,000 $0 $1,000 $0 $0 $0 $0 $0 $0 $0 $0 $1,000 $2,900 $9,075

$4,610 $0 $4,610 $0 $0 $0 $0 $0 $0 $0 $0 $4,610 Feb $1,000 $2,550 $3,550 $0 $0 $0 $0 $0 $0 $0 $0 $3,550 $1,060 $10,135

$5,452 $0 $5,452 $0 $0 $0 $0 $0 $0 $0 $0 $5,452 Mar $1,000 $3,012 $4,012 $0 $0 $0 $0 $0 $0 $0 $0 $4,012 $1,440 $11,575

$6,449 $0 $6,449 $0 $0 $0 $0 $0 $0 $0 $0 $6,449 Apr $1,000 $3,558 $4,558 $0 $0 $0 $0 $0 $0 $0 $0 $4,558 $1,891 $13,466

$7,633 $0 $7,633 $0 $0 $0 $0 $0 $0 $0 $0 $7,633 May $1,000 $4,207 $5,207 $0 $0 $0 $0 $0 $0 $0 $0 $5,207 $2,426 $15,891

$9,037 $0 $9,037 $0 $0 $0 $0 $0 $0 $0 $0 $9,037 Jun $7,000 $4,976 $11,976 $0 $0 $0 $0 $0 $0 $0 $0 $11,976 ($2,939) $12,952

$10,703 $0 $10,703 $0 $0 $0 $0 $0 $0 $0 $0 $10,703 Jul $7,000 $4,719 $11,719 $0 $0 $0 $0 $0 $0 $0 $0 $11,719 ($1,016) $11,936

$12,682 $0 $12,682 $0 $0 $0 $0 $0 $0 $0 $0 $12,682 Aug $7,000 $5,802 $12,802 $0 $0 $0 $0 $0 $0 $0 $0 $12,802 ($120) $11,816

$15,032 $0 $15,032 $0 $0 $0 $0 $0 $0 $0 $0 $15,032 Sep $7,000 $7,088 $14,088 $0 $0 $0 $0 $0 $0 $0 $0 $14,088 $944 $12,760

$17,824 $0 $17,824 $0 $0 $0 $0 $0 $0 $0 $0 $17,824 Oct $7,000 $8,616 $15,616 $0 $0 $0 $0 $0 $0 $0 $0 $15,616 $2,209 $14,969

$21,143 $0 $21,143 $0 $0 $0 $0 $0 $0 $0 $0 $21,143 Nov $7,000 $10,431 $17,431 $0 $0 $0 $0 $0 $0 $0 $0 $17,431 $3,712 $18,681

$25,089 $0 $25,089 $0 $0 $0 $0 $0 $0 $0 $0 $25,089 Dec $7,000 $12,588 $19,588 $0 $0 $0 $0 $0 $0 $0 $0 $19,588 $5,501 $24,181

0.00%

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Appendix
Appendix Table: Balance Sheet Pro Forma Balance Sheet Assets Current Assets Cash Other Current Assets Total Current Assets Long-term Assets Long-term Assets Accumulated Depreciation Total Long-term Assets Total Assets Liabilities and Capital Accounts Payable Current Borrowing Other Current Liabilities Subtotal Current Liabilities Long-term Liabilities Total Liabilities Paid-in Capital Retained Earnings Earnings Total Capital Total Liabilities and Capital Net Worth $0 $0 $0 $0 $0 $0 $10,000 ($3,825) $0 $6,175 $6,175 $6,175 Jan $2,550 $0 $0 $2,550 $0 $2,550 $10,000 ($3,825) $350 $6,525 $9,075 $6,525 Feb $3,012 $0 $0 $3,012 $0 $3,012 $10,000 ($3,825) $949 $7,124 $10,135 $7,124 Mar $3,558 $0 $0 $3,558 $0 $3,558 $10,000 ($3,825) $1,842 $8,017 $11,575 $8,017 Apr $4,207 $0 $0 $4,207 $0 $4,207 $10,000 ($3,825) $3,084 $9,259 $13,466 $9,259 May $4,976 $0 $0 $4,976 $0 $4,976 $10,000 ($3,825) $4,740 $10,915 $15,891 $10,915 Jun $4,719 $0 $0 $4,719 $0 $4,719 $10,000 ($3,825) $2,058 $8,233 $12,952 $8,233 Jul $5,802 $0 $0 $5,802 $0 $5,802 $10,000 ($3,825) ($41) $6,134 $11,936 $6,134 Aug $7,088 $0 $0 $7,088 $0 $7,088 $10,000 ($3,825) ($1,447) $4,728 $11,816 $4,728 Sep $8,616 $0 $0 $8,616 $0 $8,616 $10,000 ($3,825) ($2,031) $4,144 $12,760 $4,144 Oct $10,431 $0 $0 $10,431 $0 $10,431 $10,000 ($3,825) ($1,637) $4,538 $14,969 $4,538 Nov $12,588 $0 $0 $12,588 $0 $12,588 $10,000 ($3,825) ($82) $6,093 $18,681 $6,093 Dec $15,153 $0 $0 $15,153 $0 $15,153 $10,000 ($3,825) $2,854 $9,029 $24,181 $9,029 Starting Balances $6,175 $0 $6,175 $0 $0 $0 $6,175 Jan $9,075 $0 $9,075 $0 $0 $0 $9,075 Feb $10,135 $0 $10,135 $0 $0 $0 $10,135 Mar $11,575 $0 $11,575 $0 $0 $0 $11,575 Apr $13,466 $0 $13,466 $0 $0 $0 $13,466 May $15,891 $0 $15,891 $0 $0 $0 $15,891 Jun $12,952 $0 $12,952 $0 $0 $0 $12,952 Jul $11,936 $0 $11,936 $0 $0 $0 $11,936 Aug $11,816 $0 $11,816 $0 $0 $0 $11,816 Sep $12,760 $0 $12,760 $0 $0 $0 $12,760 Oct $14,969 $0 $14,969 $0 $0 $0 $14,969 Nov $18,681 $0 $18,681 $0 $0 $0 $18,681 Dec $24,181 $0 $24,181 $0 $0 $0 $24,181

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