At this point in the course, you have completed all the necessary sections of your business plan. Your task in this assignment is to create the final version of your plan. You will | WriteDen

Setup and Assumptions COMPANY INFORMATION What is your company’s name? KoKoKrispies What month will you officially start your company? July What year will you officially start your company? 2020 SALES ASSUMPTIONS The Worksheets can accommodate sales projections for up to 10 major product/service lines. How many major product/service lines do you plan to have for your business? Three
Sure Product Consulting: Many businesses sell hundreds or thousands of products. It would be overwhelming to create projections for every product you sell. So if you sell many products, think about how you can consolidate them into up to ten product “lines,” and then base your projections on these groups of products instead of each individual product. Ten Most businesses sell at least some of their products/services on credit (e.g., “net 30” as opposed to cash). What percentage of your sales will be made on credit? 25%
Author: NOTE: for our purposes, this line should NOT include credit card sales, which are, effectively, cash sales because you receive payment in a matter days, not weeks. For sales you make on credit, what terms will you extend? In other words, how many days will pass from the date of sale to when you expect to be paid? 30
Author: If, for instance, your terms will be “Net 30,” put 30 here. You may enter any number of days between 0 and 120. PERSONNEL ASSUMPTIONS Approximately how much do you expect to spend per year on benefits for each SALARIED/FULL TIME employee (medical insurance, etc.)? $30,000
Author: This number should reflect the amount you will spend on ONE FULL-TIME employee–the worksheets will automatically multiply this amount by the total number of employees you expect to hire, as shown in the Staffing Budget worksheet (automatically adusting the numbers for full- and part-time employees accordingly). Approximately how much do you expect to spend per year on benefits for each HOURLY/PART-TIME employee (medical insurance, etc.)? $36
Author: This number should reflect the amount you will spend on ONE PART-TIME employee–the worksheets will automatically multiply this amount by the total number of employees you expect to hire, as shown in the Staffing Budget worksheet (automatically adusting the numbers for full- and part-time employees accordingly). With health insurance and other benefits costing more each year, your plan should account for annual increases. How much do you estimate your benefit costs will increase each year? 5.00% If you plan to increase wages (both salaried & hourly) on an annual basis, how much to you plan to increase them by? 3.50% Approximately what percentage of each employee’s salary or wages do you plan to set aside for payroll taxes? 15.00%
Author: If you’re not sure what percentage to enter here, leave it at the default (15%). FINANCIAL ASSUMPTIONS What will be the opening balance in your bank account on the first day of business? This will be the opening balance in your Cash Flow Statements. $100,000
Author: In general, this number will include money you plan to personally invest in the business. If you will be receiving loans or investment income from others, you can account for those on the upcoming Capital Investments worksheet instead of here. At approximately what rate do you expect to be taxed on your net income?

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