Module 05 Project - Present Your Business Plan
Twinage12
Rwheeler_BusinessPlanDraft_121017.docxRunning head: FASHION BUSINESS 1
Business Plan Draft
Name: Rodney Wheeler
Institution: Rasmussen College
Course: B361/ENT3624 Section 01 Funding a New Business
Date: 12/10/17
Fashion Business
The business environment is a highly competitive hence one ought to make proper choices when arriving at investment decisions. The best solution is to concentrate on an unexploited market gap where there is minimal competition. In that regard, therefore, the fashion industry has gained increased momentum with a significant demand for the latest clothes portraying an upsurge turn. Therefore, the proposed business establishment will be offering fashion brands to the customers, and the target market is the youth. This is because this niche is highly dynamic and their demand for the latest fashion clothes in the markets is relatively high (Gekonge, 2017). The business will be dealing with men shirts and trousers and ladies dresses, skirts, blouses and trench coats. The drive herein is to quench the thirst for fashion clothes associated with the young people. It is important to understand that in this era of technology, it has become extremely easy and cost-effective to market products to reach the target audience. With a huge population of young people surfing online, it is easier to post the available products online to inform them of their existence so that they can place orders at will.
Finding issues are likely to arise especially when penetrating a new market before the business becomes self-sustaining. For instance, the initial capital to stock all the proposed brands will require huge capital hence raising this amount at startup is relatively challenging (Harrington, 2017). Secondly, pricing is also a challenge. It is important to understand that there are other players who are offering the same products as ours though not that diverse. Pricing relatively low is one of the distinguishing penetration strategies that the business will adapt. This will certainly lead to reduced profitability hence raising further funding issues.
Fashion Business
Executive Summary
The Young Generation Clothe Line (YGCL) as the name of my business will exclusively be a wearable retail store. I will be targeting high walk-by traffic as the location for my business. The business will begin by providing varieties of clothes suitable for both genders. The target market will be the youths between the ages of 15 to 30 years. For a start, I will need a loan of $ 150,000. 31% of the credit will be used for up-front expenses while 69% will be for working capital needs. The business will operate between 7.00 am to 7.00 pm daily with assistance from sales agents whom I will employ. On a proper season, I expect a profit of about 60% after the tax and return on investment to accumulate at 20%.
Description of the Product
YGCL will exclusively deal with young men and ladies’ clothes. There will be men’s shirts, shorts, and trousers. On the side of ladies, there will be ladies’ dresses, skirts, blouses and trench coats. These categories of clothes will be purely dependent on the current existing fashion styles in the United States and beyond. Though a more substantial portion of my stock will be acquired internally, I expect to import share of my stock from neighboring nations such as Mexico.
Discussion of the Industry and Market Conditions
Fashion business has been categorized among the junior businesses in the America for the last ten years (In Choi, 2016). Most of the entrepreneurs have never considered this kind of business as lucrative due to ignorance which majority of this entrepreneur is assumed to be having. For this reason, venturing into the fashion business is more of easy since there are less legal constraints that are required.
Competition
Clothes as Art Inc. and Artwear designers are the two leading fashion businesses in my locality which might pose a direct competition to my business. This is because these two enterprises have strong financial muscles as compared to my business. Apart from the two, other competitors that my business might face will come from other small vendors of clothes scattered across my locality which according to my estimations would never be too severe.
Marketing and Sales Plans
The more significant portion of my fashion business will be promoted through advertisement which will involve providing samples of my stock to groups such as high school students, and dancing groups as a form of building local support among the targeted groups. There will also be sales agents who will be involved in promoting some brands of cloths through the business social media platform and to some extension their accounts in the social media.
Management Team
Being a fashion and designer graduate, I will personally take charge at the helm of my fashion business for the first two years of business operation. In the subsequent years, I will employ one manager with two outstanding abilities. First, the manager will have to perform all the required managerial duties such as scheduling, sales computing, and employee guidance. Secondly, the manager will have to pose artistic abilities which he or she will apply in sales process through providing distinctive advice to prospective customers.
Basic Financial Analysis
All the sales returns will be recorded in the financial books of accounts. All the commercial books will be reconciled daily. All will have to get recorded down carefully, and appropriate plans will be needed for overcoming such loses. By taking all financial measures, I assume that my business will witness a 20% growth in its sales for two years to come.
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Young Generation Clothe Line (YGCL) |
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Exchange rate used is that of the Year End reported date |
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As Reported Annual Balance Sheet |
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Report Date |
12/3/2017 |
|
12/3/2016 |
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Currency |
USD |
|
USD |
|
Audit Status |
Not Qualified |
|
Not Qualified |
|
Consolidated |
Yes |
|
Yes |
|
Scale |
Thousands |
|
Thousands |
|
Cash & cash equivalents |
100108 |
|
88283 |
|
Investments |
39450 |
|
33572 |
|
Accounts receivable trade, gross |
45221 |
|
42763 |
|
Less: allowances |
1968 |
|
2042 |
|
Accounts receivable trade, net |
43253 |
|
40721 |
|
Other receivables |
3577 |
|
4616 |
|
Finished goods & work-in-process |
44549 |
|
37012 |
|
Raw materials & supplies |
25830 |
|
24844 |
|
Prepaid expenses |
6060 |
|
5581 |
|
Deferred income taxes |
1794 |
|
5482 |
|
Total current assets |
264621 |
|
240111 |
|
Land |
22360 |
|
21683 |
|
Buildings |
113279 |
|
111044 |
|
Machinery & equipment |
350929 |
|
340405 |
|
Construction in progress |
1641 |
|
3403 |
|
Property, plant & equipment, at cost |
488209 |
|
476535 |
|
Less: accumulated depreciation |
298128 |
|
279619 |
|
Property, plant & equipment, net |
190081 |
|
196916 |
|
Goodwill |
73237 |
|
73237 |
|
Trademarks |
175024 |
|
175024 |
|
Investments |
163579 |
|
148532 |
|
Split dollar officer life insurance |
33632 |
|
40296 |
|
Prepaid expenses |
6927 |
|
10260 |
|
Restricted cash |
1589 |
|
- |
|
Equity method investment |
- |
|
- |
|
Deferred income taxes |
1696 |
|
4033 |
|
Total other assets |
455684 |
|
451382 |
|
Total assets |
910386 |
|
888409 |
|
Accounts payable |
11641 |
|
9153 |
|
Bank loans |
124 |
|
- |
|
Dividends payable |
4814 |
|
4742 |
|
Accrued compensation |
9788 |
|
9445 |
|
Other accrued employee benefits |
7185 |
|
7825 |
|
Accrued taxes, other than income |
3284 |
|
2776 |
|
Accrued advertising & promotions |
19805 |
|
19133 |
|
Other accrued liabilities |
6420 |
|
6401 |
|
Accrued liabilities |
46482 |
|
45580 |
|
Postretirement health care benefits |
328 |
|
319 |
|
Income taxes payable |
1070 |
|
327 |
|
Total current liabilities |
64459 |
|
60121 |
|
Deferred income taxes |
47356 |
|
54939 |
|
Bank loans |
694 |
|
- |
|
Postretirement health care benefits |
11983 |
|
8857 |
|
Industrial development bonds |
7500 |
|
7500 |
|
Liability for uncertain tax positions |
8584 |
|
7167 |
|
Deferred compensation & other liabilities |
78674 |
|
69520 |
|
Total noncurrent liabilities |
154791 |
|
147983 |
|
Common stock |
25892 |
|
25702 |
|
Class B common stock |
15894 |
|
15455 |
|
Capital in excess of par value |
599186 |
|
572669 |
|
Retained earnings, per accompanying statement |
64927 |
|
73109 |
|
Foreign currency translation adjustment |
-17499 |
|
-13527 |
|
Unrealized gain (loss) on investments |
-332 |
|
54 |
|
Unrealized gain (loss) on foreign currency derivatives |
-1236 |
|
-532 |
|
Unrealized gain (loss) on commodity derivatives |
-470 |
|
- |
|
Unrealized gain (loss) on postretirement & pension benefits |
6439 |
|
9367 |
|
Accumulated other comprehensive income (loss) |
-13098 |
|
-4638 |
|
Treasury stock, at cost |
1992 |
|
1992 |
|
Total Tootsie Roll Industries, Inc. shareholders' equity |
690809 |
|
680305 |
|
Non-controlling interests |
327 |
|
- |
|
Total equity |
691136 |
|
- |
|
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|
As Reported Annual Income Statement |
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Report Date |
12/3/2017 |
|
12/3/2016 |
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Currency |
USD |
|
USD |
|
Audit Status |
Not Qualified |
|
Not Qualified |
|
Consolidated |
Yes |
|
Yes |
|
Scale |
Thousands |
|
Thousands |
|
Net product sales |
539895 |
|
539627 |
|
Rental & royalty revenue |
3630 |
|
3756 |
|
Total revenue |
543525 |
|
543383 |
|
Product cost of goods sold |
340933 |
|
350960 |
|
Rental & royalty cost |
947 |
|
937 |
|
Total costs |
341880 |
|
351897 |
|
Product gross margin |
198962 |
|
188667 |
|
Rental & royalty gross margin |
2683 |
|
2819 |
|
Total gross margin |
201645 |
|
191486 |
|
Selling, marketing & administrative expenses |
117722 |
|
119133 |
|
Earnings (loss) from operations |
83923 |
|
72353 |
|
Interest & dividend income |
1582 |
|
1445 |
|
Gains (losses) on trading securities relating to deferred compen |
4901 |
|
10588 |
|
Interest expense |
99 |
|
92 |
|
Pretax gain on step acquisition |
1821 |
|
- |
|
Impairment of equity investment |
- |
|
-975 |
|
Equity method investment loss |
- |
|
-967 |
|
Foreign exchange gains (losses) |
-861 |
|
-790 |
|
Capital gains (losses) |
-219 |
|
2576 |
|
Miscellaneous income (expense), net |
246 |
|
345 |
|
Other income (expense), net |
7371 |
|
12130 |
|
Earnings (loss) before income taxes - domestic |
81255 |
|
73362 |
|
Earnings (loss) before income taxes - foreign |
10039 |
|
11121 |
|
Earnings (loss) before income taxes |
91294 |
|
84483 |
|
Provision (benefit) for current federal income taxes |
25173 |
|
16192 |
|
Provision (benefit) for current foreign income taxes |
549 |
|
219 |
|
Provision (benefit) for current state income taxes |
1538 |
|
891 |
|
Total provision (benefit) for current income taxes |
27260 |
|
17302 |
|
Provision (benefit) for deferred federal income taxes |
-172 |
|
4286 |
|
Provision (benefit) for deferred foreign income taxes |
2032 |
|
1823 |
|
Provision (benefit) for deferred state income taxes |
-686 |
|
223 |
|
Total provision (benefit) for deferred income taxes |
1174 |
|
6332 |
|
Provision (benefit) for income taxes |
28434 |
|
23634 |
|
Net earnings (loss) |
62860 |
|
60849 |
|
Less: Net loss attributable to noncontrolling interests |
438 |
|
- |
|
Net earnings attributable to Tootsie Roll Industries, Inc. |
63298 |
|
- |
|
Weighted average shares outstanding - basic |
62378.86 |
|
61423.02 |
|
Year-end shares outstanding |
61896.82 |
|
60966.73 |
|
Net earnings (loss) per share - basic |
1.019 |
|
0.99 |
|
Dividends per common share |
0.311 |
|
0.233 |
|
Total number of employees |
2000 |
|
2000 |
|
Number of common stockholders |
3000 |
|
3200 |
|
Number of class B common stockholders |
1100 |
|
1200 |
|
Number of common beneficiary stockholders |
11800 |
|
17000 |
|
Number of class B common beneficiary stockholders |
4300 |
|
4500 |
|
|
|
|
|
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As Reported Annual Retained Earnings |
|
|
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|
Report Date |
12/3/2017 |
|
12/3/2016 |
|
Currency |
USD |
|
USD |
|
Audit Status |
Not Qualified |
|
Not Qualified |
|
Consolidated |
Yes |
|
Yes |
|
Scale |
Thousands |
|
Thousands |
|
Previous retained earnings |
73109 |
|
80210 |
|
Cash dividends |
19199 |
|
18922 |
|
Stock dividends |
52281 |
|
49028 |
|
Retained earnings |
64927 |
|
73109 |
|
|
|
|
|
|
As Reported Annual Cash Flow |
|
|
|
|
Report Date |
12/3/2017 |
|
12/3/2016 |
|
Currency |
USD |
|
USD |
|
Audit Status |
Not Qualified |
|
Not Qualified |
|
Consolidated |
Yes |
|
Yes |
|
Scale |
Thousands |
|
Thousands |
|
Net earnings (loss) |
62860 |
|
60849 |
|
Depreciation |
20758 |
|
20050 |
|
Net loss on step acquisition |
529 |
|
- |
|
Impairment of equity method investment |
- |
|
975 |
|
Loss from equity method investment |
- |
|
967 |
|
Amortization of marketable security premiums |
3261 |
|
3035 |
|
Accounts receivable |
-2007 |
|
1330 |
|
Other receivables |
1289 |
|
253 |
|
Inventories |
-7329 |
|
503 |
|
Prepaid expenses & other assets |
9524 |
|
14922 |
|
Accounts payable & accrued liabilities |
-1268 |
|
418 |
|
Income taxes payable & deferred |
-1024 |
|
68 |
|
Postretirement health care & life insurance benefits |
-1289 |
|
2861 |
|
Deferred compensation & other liabilities |
3465 |
|
3592 |
|
Other operating assets & liabilities |
- |
|
-14 |
|
Net cash flows from operating activities |
88769 |
|
109809 |
|
Net cash acquired in step acquisition |
161 |
|
- |
|
Change in restricted cash |
224 |
|
- |
|
Capital expenditures |
-10704 |
|
-15752 |
|
Net purchases of trading securities |
-3567 |
|
-5500 |
|
Purchase of available for sale securities |
-54882 |
|
-66324 |
|
Sale & maturity of available for sale securities |
38309 |
|
39613 |
|
Net cash flows from investing activities |
-30459 |
|
-47963 |
|
Shares repurchased & retired |
-25020 |
|
-23143 |
|
Dividends paid in cash |
-19241 |
|
-14282 |
|
Repayment of bank loans |
-403 |
|
- |
|
Net cash flows from financing activities |
-44664 |
|
-37425 |
|
Effect of exchange rate changes on cash |
-1821 |
|
- |
|
Increase (decrease) in cash & cash equivalents |
11825 |
|
24421 |
|
Cash & cash equivalents at beginning of year |
88283 |
|
63862 |
|
Cash & cash equivalents at end of year |
100108 |
|
88283 |
|
Income taxes paid |
26599 |
|
24225 |
|
Interest paid |
34 |
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/3/2015 |
|
12/3/2014 |
|
12/3/2013 |
|
|
USD |
|
USD |
|
USD |
|
|
Not Qualified |
|
Not Qualified |
|
Not Qualified |
|
|
Yes |
|
Yes |
|
Yes |
|
|
Thousands |
|
Thousands |
|
Thousands |
|
|
63862 |
|
78612 |
|
115976 |
|
|
18746 |
|
10895 |
|
7996 |
|
|
44250 |
|
43626 |
|
38925 |
|
|
2142 |
|
1731 |
|
1531 |
|
|
42108 |
|
41895 |
|
37394 |
|
|
5528 |
|
3391 |
|
9961 |
|
|
37046 |
|
42676 |
|
36935 |
|
|
25337 |
|
29084 |
|
22141 |
|
|
4148 |
|
5070 |
|
6499 |
|
|
466 |
|
578 |
|
689 |
|
|
197241 |
|
212201 |
|
237591 |
|
|
21687 |
|
21939 |
|
21619 |
|
|
108391 |
|
107567 |
|
102934 |
|
|
331110 |
|
322993 |
|
307178 |
|
|
2539 |
|
2598 |
|
9243 |
|
|
463727 |
|
455097 |
|
440974 |
|
|
262437 |
|
242935 |
|
225482 |
|
|
201290 |
|
212162 |
|
215492 |
|
|
73237 |
|
73237 |
|
73237 |
|
|
175024 |
|
175024 |
|
175024 |
|
|
124685 |
|
96161 |
|
64461 |
|
|
66911 |
|
74209 |
|
74441 |
|
|
- |
|
3212 |
|
6680 |
|
|
- |
|
- |
|
- |
|
|
2127 |
|
3935 |
|
4254 |
|
|
6222 |
|
7715 |
|
9203 |
|
|
448206 |
|
433493 |
|
407300 |
|
|
846737 |
|
857856 |
|
860383 |
|
|
8942 |
|
10683 |
|
9791 |
|
|
- |
|
- |
|
- |
|
|
- |
|
4603 |
|
4529 |
|
|
8948 |
|
8817 |
|
9750 |
|
|
7121 |
|
2004 |
|
2030 |
|
|
2618 |
|
1954 |
|
1966 |
|
|
21431 |
|
20568 |
|
20775 |
|
|
5032 |
|
9726 |
|
9664 |
|
|
45150 |
|
43069 |
|
44185 |
|
|
555 |
|
- |
|
- |
|
|
6118 |
|
- |
|
- |
|
|
60765 |
|
58355 |
|
58505 |
|
|
38748 |
|
43521 |
|
48743 |
|
|
- |
|
- |
|
- |
|
|
26826 |
|
26108 |
|
20689 |
|
|
7500 |
|
7500 |
|
7500 |
|
|
7866 |
|
8345 |
|
9835 |
|
|
55217 |
|
48092 |
|
46157 |
|
|
136157 |
|
133566 |
|
132924 |
|
|
25450 |
|
25333 |
|
25040 |
|
|
15018 |
|
14601 |
|
14212 |
|
|
547576 |
|
533677 |
|
505495 |
|
|
80210 |
|
114269 |
|
137412 |
|
|
-13406 |
|
-14686 |
|
-12236 |
|
|
908 |
|
-351 |
|
-999 |
|
|
-111 |
|
257 |
|
5252 |
|
|
- |
|
- |
|
- |
|
|
-3838 |
|
-5173 |
|
-3230 |
|
|
-16447 |
|
-19953 |
|
-11213 |
|
|
1992 |
|
1992 |
|
1992 |
|
|
649815 |
|
665935 |
|
668954 |
|
|
- |
|
- |
|
- |
|
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/3/2015 |
|
12/3/2014 |
|
12/3/2013 |
|
|
USD |
|
USD |
|
USD |
|
|
Not Qualified |
|
Not Qualified |
|
Not Qualified |
|
|
Yes |
|
Yes |
|
Yes |
|
|
Thousands |
|
Thousands |
|
Thousands |
|
|
545985 |
|
528369 |
|
517149 |
|
|
3885 |
|
4136 |
|
4299 |
|
|
549870 |
|
532505 |
|
521448 |
|
|
365573 |
|
365225 |
|
348313 |
|
|
976 |
|
1038 |
|
1088 |
|
|
366549 |
|
366263 |
|
349401 |
|
|
180412 |
|
163144 |
|
168836 |
|
|
2909 |
|
3098 |
|
3211 |
|
|
183321 |
|
166242 |
|
172047 |
|
|
113842 |
|
108276 |
|
106316 |
|
|
69479 |
|
57966 |
|
65731 |
|
|
1369 |
|
1087 |
|
879 |
|
|
4616 |
|
29 |
|
3364 |
|
|
137 |
|
121 |
|
142 |
|
|
- |
|
- |
|
- |
|
|
-850 |
|
- |
|
- |
|
|
-1019 |
|
-194 |
|
-342 |
|
|
442 |
|
2098 |
|
4090 |
|
|
-59 |
|
-227 |
|
-28 |
|
|
323 |
|
274 |
|
537 |
|
|
4685 |
|
2946 |
|
8358 |
|
|
64173 |
|
56651 |
|
60329 |
|
|
9991 |
|
4261 |
|
13760 |
|
|
74164 |
|
60912 |
|
74089 |
|
|
24312 |
|
15568 |
|
10251 |
|
|
231 |
|
559 |
|
806 |
|
|
1914 |
|
863 |
|
1455 |
|
|
26457 |
|
16990 |
|
12512 |
|
|
-6857 |
|
-1230 |
|
5992 |
|
|
1710 |
|
1221 |
|
2518 |
|
|
850 |
|
-7 |
|
-647 |
|
|
-4297 |
|
-16 |
|
7863 |
|
|
22160 |
|
16974 |
|
20375 |
|
|
52004 |
|
43938 |
|
53714 |
|
|
- |
|
- |
|
- |
|
|
- |
|
- |
|
- |
|
|
64188.969 |
|
63260.152 |
|
64150.626 |
|
|
63599.99 |
|
62758.59 |
|
63539.474 |
|
|
0.815 |
|
0.696 |
|
0.835 |
|
|
0.824 |
|
- |
|
0.284 |
|
|
2200 |
|
2200 |
|
2200 |
|
|
4100 |
|
4100 |
|
4100 |
|
|
1500 |
|
1500 |
|
1500 |
|
|
18000 |
|
18000 |
|
18000 |
|
|
5000 |
|
5000 |
|
5000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/3/2015 |
|
12/3/2014 |
|
12/3/2013 |
|
|
USD |
|
USD |
|
USD |
|
|
Not Qualified |
|
Not Qualified |
|
Not Qualified |
|
|
Yes |
|
Yes |
|
Yes |
|
|
Thousands |
|
Thousands |
|
Thousands |
|
|
114269 |
|
135866 |
|
148582 |
|
|
47729 |
|
18360 |
|
18078 |
|
|
38334 |
|
47175 |
|
46806 |
|
|
80210 |
|
114269 |
|
137412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/3/2015 |
|
12/3/2014 |
|
12/3/2013 |
|
|
USD |
|
USD |
|
USD |
|
|
Not Qualified |
|
Not Qualified |
|
Not Qualified |
|
|
Yes |
|
Yes |
|
Yes |
|
|
Thousands |
|
Thousands |
|
Thousands |
|
|
52004 |
|
43938 |
|
53714 |
|
|
19925 |
|
19229 |
|
18279 |
|
|
- |
|
- |
|
- |
|
|
850 |
|
- |
|
- |
|
|
1019 |
|
194 |
|
342 |
|
|
1770 |
|
1267 |
|
522 |
|
|
272 |
|
-5448 |
|
717 |
|
|
-2720 |
|
3963 |
|
-2373 |
|
|
9588 |
|
-15631 |
|
-2468 |
|
|
11295 |
|
5106 |
|
4936 |
|
|
199 |
|
84 |
|
2180 |
|
|
1369 |
|
-5772 |
|
2692 |
|
|
2829 |
|
2022 |
|
6601 |
|
|
3018 |
|
2146 |
|
-2647 |
|
|
501 |
|
-708 |
|
310 |
|
|
101919 |
|
50390 |
|
82805 |
|
|
- |
|
- |
|
- |
|
|
- |
|
- |
|
- |
|
|
-8886 |
|
-16351 |
|
-12813 |
|
|
-2994 |
|
-3234 |
|
-2902 |
|
|
-39016 |
|
-39252 |
|
-9301 |
|
|
10461 |
|
7680 |
|
8208 |
|
|
-40435 |
|
-51157 |
|
-16808 |
|
|
-23803 |
|
-18190 |
|
-22881 |
|
|
-52431 |
|
-18407 |
|
-18130 |
|
|
- |
|
- |
|
- |
|
|
-76234 |
|
-36597 |
|
-41011 |
|
|
- |
|
- |
|
- |
|
|
-14750 |
|
-37364 |
|
24986 |
|
|
78612 |
|
115976 |
|
90990 |
|
|
63862 |
|
78612 |
|
115976 |
|
|
21312 |
|
16906 |
|
20586 |
|
|
31 |
|
38 |
|
49 |
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Gehlhar, M. (2008). The Fashion Designer Survival Guide: Start and Run Your Own Fashion Business. New York: Kaplan.
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Running head:
FASHION BUSINESS
1
Business Plan Draft
Name: Rodney Wheeler
Institution: Rasmussen College
Course:
B361/ENT3624 Section 01 Funding a New Business
Date: 12/10/17
Running head: FASHION BUSINESS 1
Business Plan Draft
Name: Rodney Wheeler
Institution: Rasmussen College
Course: B361/ENT3624 Section 01 Funding a New Business
Date: 12/10/17
