Business Plan

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BeautyEase-Business Plan Contents 1. Executive Summary ..................................................................................................................... 3 2. Business Details ........................................................................................................................... 4 3. Customer Value Proposition ........................................................................................................ 6 4. Marketing Plan ............................................................................................................................. 7 5. HR Plan ...................................................................................................................................... 10 6. Financial Plan ............................................................................................................................ 13 7. Risks .......................................................................................................................................... 16 8. Conclusion ................................................................................................................................. 17 References ...................................................................................................................................... 18 Appendices .................................................................................................................................... 19 1

1. Executive Summary BeautyEase is a technology start-up that has directed its attention towards transforming the beauty and wellness industry in the United Kingdom through the implementation of its pioneering mobile application. The application offers a convenient platform for customers to schedule beauty and wellness services, while also providing beauty professionals with an opportunity to expand their business. The enterprise functions within a significant and expeditiously expanding market. In 2019, the UK beauty and personal care business was worth £27 billion. Over the following five years, it is expected to rise 2.5%. Population increase, disposable income growth, and customer preference 2

for natural and organic products fuel this growth. The COVID-19 pandemic has resulted in an increase in demand for beauty services that can be accessed from the comfort of one's home. BeautyEase has a distinctive advantage in accessing this market potential due to its robust customer value proposition, which encompasses convenience, personalization, and exceptional customer service. The objective of the organization is to attain a user base of 10,000 individuals during the first year of operation. The marketing strategy for BeautyEase is characterized by a multi-faceted approach, which places significant emphasis on social media marketing, website optimization, and the utilization of AR/QR codes. The human resources plan is characterized by its strength and thoroughness, with a particular emphasis on the recruitment of suitable personnel, the establishment of an all- encompassing training and development initiative, and the creation of a compensation and performance evaluation framework that is competitive in nature. The financial plan exhibits sustainability through the inclusion of comprehensive financial objectives, budgetary allocations, cash flow estimations, and balance sheet projections. Nevertheless, the enterprise is not exempt from potential hazards. The industry is characterized by substantial competition, necessitating careful consideration of regulatory compliance and the possibility of technical malfunctions that may impede the app's performance. BeautyEase has implemented a proactive risk management approach to effectively manage these risks. In conclusion, BeautyEase aims to position itself as the leading mobile application for scheduling beauty services in the United Kingdom. BeautyEase is well-positioned to successfully execute its plan due to its strong business proposition, significant market opportunity, robust operational plans, and compelling vision. 2. Business Details BeautyEase The technology industry has emerged as a leading and rapidly expanding sector globally. The increasing utilization of technology has had a notable influence on diverse sectors such as healthcare, finance, retail, and entertainment. The beauty and wellness industry has undergone a 3

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substantial transformation due to technological advancements. The aforementioned phenomenon has resulted in the creation of novel commercial prospects, including the development of a mobile software application designed for the purpose of scheduling appointments for beauty- related services. The forthcoming enterprise is to be named "BeautyEase." Sphere of Activity BeautyEase is a company that will provide beauty and wellness services to customers seeking a convenient and stress-free experience. The company will focus on serving this particular market segment within the beauty and wellness industry. The mobile application will serve as a medium for clients to schedule appointments with beauty experts, including professionals in hair styling, makeup artistry, and skincare. BeautyEase will provide its customers with the option to book at- home services, which will allow for a customized and adaptable experience tailored to each individual customer's needs. Location The company BeautyEase has plans to establish its headquarters in a prominent urban center within the United Kingdom. The company's primary objective is to enhance its service offerings in urban regions, where there is a significant demand for beauty services. The organization intends to utilize techniques in digital marketing to broaden its scope and gain fresh clientele. Mission/Vision BeautyEase aims to offer clients a customized and hassle-free approach to scheduling beauty treatments. The objective is to establish a dominant position as the primary platform for customers seeking beauty services, while simultaneously enabling beauty professionals to expand their enterprises. Goals/Objective The main objective of BeautyEase is to establish itself as the foremost mobile application for scheduling beauty services within the United Kingdom. The organization's objective is to attain a substantial market share by broadening its service offerings to new regions and delivering exceptional customer service. The company has established certain goals that it aims to achieve. 4

1. Attain a user base of 10,000 individuals who regularly engage with the product or service within the initial 12 months of commencement. 2. Form alliances with one hundred beauty industry experts during the initial year of business. 3. The objective is to extend the provision of services to a minimum of five prominent cities in the United States during the initial three years of business operations. 4. Attain a minimum customer satisfaction score of 90%. Why it is a good business to start? The industry of beauty and wellness has seen substantial growth in the past few years and is currently valued at several billion dollars. As per the data provided by Statista, it is estimated that the industry will witness a growth of $805 billion by the year 2023. The expansion of the beauty and wellness industry can be attributed to the growing interest of consumers in availing such services, coupled with the emergence of digital technology. The utilization of mobile applications for scheduling beauty services has experienced a surge in popularity in recent times. Notably, businesses such as Glamsquad, Priv, and StyleSeat have gained substantial momentum in this regard. BeautyEase strives to distinguish itself from competitors by offering customers a customised and convenient experience. Additionally, the company supports beauty professionals by providing them with a platform to expand their businesses. Industry and Market Analysis As per the NPD Group, the beauty and personal care industry in the United Kingdom is a substantial and expanding market, valued at £27 billion in 2019 (Group, 2020). The industry is characterized by intense competition, as there are numerous well-established firms and an increasing number of new market participants, particularly in the realm of mobile applications for scheduling beauty services. Furthermore, there is a notable prevalence of consumer preference for natural and organic products within the market, resulting in the introduction of novel product categories and brand identities. 5

As per the report published by (IBISWorld, 2020), it is anticipated that the market for beauty and personal care in the United Kingdom will experience a compound annual growth rate (CAGR) of 2.5% in the upcoming five years. The report identifies three factors that have contributed to the observed growth: population growth, rising disposable income, and an increasing preference for natural and organic products. The beauty industry is anticipated to experience growth due to the proliferation of digital technology and the growing utilisation of mobile applications for scheduling beauty services. As per a report published by Statista, it is estimated that the count of mobile phone users in the United Kingdom will escalate to 53 million by the year 2024 (Statista, 2021). This projection presents a substantial opening for enterprises that are functioning in the mobile application domain. The UK beauty and personal care market has been greatly affected by the COVID-19 pandemic, resulting in the temporary closure of numerous businesses during lockdown periods. The outbreak of the pandemic has resulted in a surge in the requirement for beauty services that can be availed at home. This has opened up fresh prospects for enterprises that can conform to the evolving market dynamics. 3. Customer Value Proposition BeautyEase stands out in the quickly growing beauty and wellness market thanks to its distinctive consumer value offer. Our mobile app provides customers with a creative, practical, and stress-free way to book beauty treatments from the comfort of their homes. This saves our users a tonne of time by removing the need to make numerous phone calls or physical trips to different salons in order to make appointments. Additionally, the app gives users access to a large selection of beauty experts with a variety of specialties, ensuring high-quality service. Each professional connected to BeautyEase has undergone screening and is highly skilled, ensuring great service quality. Customers can make appointments using our platform's flexible scheduling features at their convenience. Additionally, we provide our clients with a customised experience that allows them to customise their beauty treatments to meet their unique requirements and preferences. Following the COVID-19 pandemic, BeautyEase assures all clients that cleanliness and safety are top priorities, 6

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and all service providers abide by strict regulations. Thus, BeautyEase offers convincing arguments for customers to select our service with its emphasis on convenience, quality, and safety. Figure 1: Customer Value Proposition 4. Marketing Plan Objectives The main aim of BeautyEase's marketing strategy is to position the brand as the preferred mobile application for beauty and wellness services in the United Kingdom. The objective is to attract a significant number of users during the initial year of operation and sustain a favourable customer retention rate by providing excellent service and a user-friendly interface. Target Audience 7

The main demographic of interest comprises of people who prioritize the ease of access, excellence, and customized beauty and healthcare amenities. The target audience for this service encompasses individuals with busy schedules such as professionals and stay-at-home parents, as well as those who desire the convenience of accessing beauty services. Strategies and Tactics As a component of our marketing plan, the first stage entails developing a website that is both adaptable to various devices and easy to navigate for users. The website will serve as the primary channel for communicating information about our services, staff, pricing, and corporate advancements. The website will be optimized to improve its visibility in search engine results through search engine optimization techniques. The marketing plan will incorporate social media platforms, including Instagram, Facebook, and Pinterest. These platforms have shown a significant level of engagement in the beauty and wellness sector. Our company intends to frequently publish content that highlights our services, offers beauty advice, presents customer feedback, and provides exclusive glimpses into our operations. Our organization will explore the feasibility of establishing collaborative relationships with influential individuals to expand our reach to a wider demographic. The organization plans to utilize an email marketing strategy to update its customers on the latest services, promotions, and news. Maintaining a reliable means of communication with our customers can improve their loyalty and likelihood to continue doing business with us. The website will include a section dedicated to blogging, which will offer informative and captivating content on current beauty trends, tips for maintaining wellness, and advice from industry professionals. The objective of this marketing approach is to entice and maintain a specific audience by providing them with useful information that corresponds with their preferences and requirements. The adoption of this approach has the potential to increase the number of visitors to the website, improve its search engine optimization ranking, and position BeautyEase as a reputable and authoritative source of information on matters related to beauty and wellness. The application will include regular updates of exclusive deals and marketing campaigns designed to encourage higher levels of reservation engagement. 8

Social Media Post Figure 2: Social Media (Instagram) Post 5. HR Plan Organizational Design In its early stages, BeautyEase plans to adopt a flat organisational structure with fewer levels of management and a more streamlined team composition. A Chief Executive Officer, Chief 9

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Financial Officer, Chief Information Officer, Human Resources Manager, Marketing Manager, and a team of Customer Service Representatives will form the backbone of the firm. It's likely that new teams and divisions, especially in IT and customer support, will be incorporated as the company expands. Figure 3: BeautyEase Organizational Structural Chart HR Needs The success of BeautyEase is dependent on the proficiency and dedication of its team members, who must possess a strong enthusiasm and expertise in their field to provide exceptional services. The essential competencies encompassed in this context are the ability to design and sustain applications, proficiency in addressing customer needs, aptitude in promoting products or services, and expertise in managing financial resources. Recruitment Strategy 10

The process of recruitment plays a crucial role in the success of an organization, as it has a significant impact on the enterprise's performance and competitive advantage (Breaugh and Starke, 2000). The recruitment strategy of BeautyEase will focus on identifying and attracting highly skilled, dedicated, and enthusiastic professionals to join the company's team. This approach is intended to ensure that the company provides its customers with the highest quality services possible. Initially, BeautyEase will implement a recruitment strategy that encompasses multiple channels, leveraging diverse platforms to connect with prospective candidates. The channels mentioned for job search include established job portals, social media platforms like LinkedIn, and the company's official website (Dazdari et al., 2017). The implementation of this comprehensive strategy will enhance the discoverability of employment opportunities and facilitate BeautyEase's access to a wider and heterogeneous pool of candidates. Incorporating professional networks into the recruitment strategy is deemed essential. The organization will implement a strategy to incentivize current staff members to recommend qualified individuals from their personal and professional connections. Research has shown that employee referral programmes can be a successful approach to recruitment. Such programmes frequently result in the hiring of individuals who are well-suited to the company culture and exhibit superior job performance (Castilla, 2005). In addition, BeautyEase intends to conduct a comprehensive screening and interviewing procedure to verify that potential candidates possess not only the necessary technical competencies but also share the same values and cultural principles as the organization. The recruitment procedure will comprise of preliminary evaluation, organized interviews, and relevant practical evaluations (Highhouse, 2008). The recruitment process for beauty professionals will entail an assessment of their practical abilities and a comprehensive screening to verify their professionalism and compliance with safety protocols. By hiring independent beauty professionals as contractors instead of employees, the company can rapidly expand its operations in a cost-efficient manner (Kalleberg, 2001). 11

Thirdly, BeautyEase aims to establish an employer brand that appeals to highly skilled individuals. Effectively communicating a company's mission, values, and culture is important in showcasing the benefits and opportunities that employees can expect. The organization will emphasize its dedication to enhancing the skills and abilities of its workforce, promoting a healthy balance between work and personal life, and fostering a constructive and all- encompassing workplace atmosphere. BeautyEase will monitor essential recruitment indicators, including the duration of the hiring process, expenses incurred per hire, and the caliber of the hired candidates. The utilization of metrics can aid in the assessment of recruitment strategies' efficacy and facilitate any required modifications. Training and Development Plan At BeautyEase, we have a policy of investing in the training and development of our employees to ensure our competitiveness in the rapidly evolving beauty industry. Our company's training and development policy emphasizes the acquisition of technical skills relevant to the beauty industry, as well as soft skills like customer service and communication (Aguinis and Kraiger, 2009). Our company policy is to utilize a blended learning approach, which includes a combination of in-person training, online courses, and on-the-job learning. BeautyEase provides opportunities for continual professional development to its employees. This includes supporting attendance at relevant conferences, workshops, or further studies. Our company policy states that implementing plans that increase employee productivity, engagement, and retention aligns with research findings (Tharenou et al., 2007). Compensation Our company's compensation strategy is designed to attract, motivate, and retain top talent. Our company policy is to provide a competitive base salary that aligns with industry standards, ensuring equity both internally and externally (Edmans et al., 2017). BeautyEase has implemented a performance-based bonus system that is tied to both individual and company performance metrics. Our company policy is to incentivize employees to perform at their best and align their interests with the company's goals. Our company policy includes a total compensation package that comprises benefits such as health insurance, flexible working hours, 12

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and professional development support. These benefits are aimed at enhancing employee well- being and job satisfaction (Kim and Stoner, 2008). Performance Appraisal At BeautyEase, the performance appraisal process is a continuous and multi-faceted procedure, and not a one-time annual event. Our company policy states that a 360-degree feedback system will be implemented. This system will gather feedback from multiple sources, including peers, subordinates, and customers (DeNisi and Murphy, 2017). Our company policy requires a comprehensive feedback to be conducted in order to provide a more accurate and balanced view of an employee's performance. Our company policy includes the use of a management by objectives (MBO) approach. This involves employees and their supervisors setting specific, measurable, achievable, relevant, and time-bound (SMART) goals and evaluating performance against these goals (Nerdinger, 2015). Our company policy promotes clarity and alignment between individual and company objectives. The performance appraisal process is utilized to determine promotions, bonuses, and areas for training and development. 6. Financial Plan At BeautyEase, our financial plan is a crucial tool that guides us towards the achievement of our financial goals. It is designed to ensure that our resources are allocated efficiently and effectively. Financial Goals BeautyEase policy states that a solid financial foundation must be secured within the first five years of operation. Our company policy is to achieve a positive net income by the end of year two and maintain an annual growth rate of 20% in revenue from year three onward. Our company policy states that the primary financial objective is to achieve a minimum return on investment (ROI) of 15% by the end of year five, in line with industry benchmarks for successful tech startups (Gompers et al., 2010). Budget Our company policy dictates that the budget shall be allocated into three primary categories, namely startup costs, operating expenses, and marketing costs. Our company policy states that 13

startup costs comprise the creation of the mobile application, legal fees, and initial marketing expenses. The company policy states that operating expenses shall include salaries, rent, utilities, and maintenance costs. Our company policy states that marketing costs are limited to expenses related to advertising, promotions, and customer acquisition strategies. Our company's budgeting process strictly adheres to the principles of zero-based budgeting. This ensures that all expenses are justified for each new period, promoting efficient allocation of resources. Cash Flow Effective management of cash flow is a critical requirement for the survival and growth of BeautyEase. Our company policy is to prioritize the acceleration of cash inflows by providing incentives for prepayments, and to defer cash outflows by negotiating favorable payment terms with suppliers. The company policy mandates the maintenance of a cash reserve to manage unforeseen expenses and potential opportunities. It is company policy to conduct regular cash flow forecasting in order to anticipate any potential cash flow issues. This practice is in accordance with (Laitinen, 2014) recommendations. CASH FLOW STATEMENT 1 st YEAR Cash Inflow £ Capital (Owner’s equity) 100,000 Loan from Bank 50,000 Total inflow 150,000 Cash Outflow £ Startup Costs Mobile Application Development 20,000 Legal & Incorporation Fees 5,000 Initial Marketing Expenses 10,000 Operating Expenses Salaries (for 2 full-time employees) 60,000 Rent & Utilities 12,000 Maintenance & Miscellaneous Expenses 8,000 14

Marketing Expenses Advertising & Promotions 15,000 Customer Acquisition Strategies 10,000 Total outflow 140,000 Net Cash Flow (Total inflow - Total outflow) 10,000 Table 1: EaseBeauty Cash Flow Statement Balance Sheet Our company policy requires that the balance sheet be structured in a manner that ensures a healthy balance between assets, liabilities, and equity. Our company policy states that the assets will primarily comprise of current assets such as cash and accounts receivable, and fixed assets such as equipment and software. Liabilities shall comprise of accounts payable, accrued expenses, and any long-term debt. The equity section shall solely comprise the proprietor's investment and retained earnings. It is company policy to conduct regular balance sheet analysis to monitor the financial health of the organisation. The analysis will primarily focus on liquidity ratios, leverage ratios, and efficiency ratios, as outlined in Brigham and Ehrhardt's 2013 publication. BALANCE SHEET – 1 st YEAR Assets £ Current Assets Cash 10,000 Accounts Receivable 5,000 Fixed Assets Equipment & Software 15,000 Total Assets 30,000 Liabilities £ Current Liabilities Accounts Payable 7,000 Accrued Expenses 3,000 15

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Long Term Liabilities Bank Loan 50,000 Total Liabilities 60,000 Owner’s Equity £ Owner's Investment 100,000 Retained Earnings (Net Income) -30,000 (loss) Total Owner's Equity 70,000 Table 2: EaseBeauty First Year Balance Sheet 7. Risks As per our company policy, running a business, especially a start-up, requires addressing various potential risks. This section outlines the potential risks that BeautyEase may encounter and provides strategies to mitigate them. Market Risk Policy: The company acknowledges that the beauty and wellness industry is highly competitive. Our company acknowledges the potential risk of not being able to retain or attract customers due to competition from other mobile applications or traditional beauty service providers. BeautyEase policy mandates a focus on delivering superior customer service, creating a unique brand identity, and continuously innovating to offer features that competitors do not provide in order to mitigate risk. Technology Risk Policy: As a tech-based business, BeautyEase acknowledges the potential risks associated with technological failures, cyberattacks, or data breaches (Andoh-Baidoo et al., 2010). To ensure the safety and security of our company's technology infrastructure, it is mandatory to invest in robust and secure technology infrastructure, perform regular software updates, and implement stringent cybersecurity measures to mitigate potential risks. Policy on Regulatory Compliance: BeautyEase is required to comply with all applicable regulations, including but not limited to data privacy regulations, employment laws, and health and safety regulations related to beauty services (Schwartz and Solove, 2011). Failure to comply may result in penalties, legal proceedings, and harm to the company's reputation. In order to 16

mitigate any potential risks, it is company policy for BeautyEase to invest in legal counsel and ensure that all operations are fully compliant with all relevant regulations. Financial Risk Policy: Our company acknowledges that start-ups may face the risk of running out of cash before becoming profitable. Our company policy requires prudent financial management to mitigate risks. This includes conservative budgeting, effective cash flow management, and securing adequate funding. Policy on Reputation Risk: As a company policy, BeautyEase acknowledges the potential risk of reputation damage that may arise from negative customer reviews or any public controversies. As a new business, we are particularly vulnerable to such risks. In order to effectively manage risk, it is company policy for BeautyEase to maintain a high level of service quality, have a crisis communication plan in place, and actively manage its online reputation. 8. Conclusion The innovative mobile application developed by BeautyEase has the potential to significantly influence the beauty and wellness industry in the United Kingdom. The application is designed to facilitate the scheduling of beauty services. The core of BeautyEase's business model revolves around delivering a customized and hassle-free experience to clients seeking beauty services. Simultaneously, the platform provides beauty professionals with an opportunity to broaden their business reach. The market presents a noteworthy opportunity, owing to the burgeoning and proliferating beauty and wellness sector, specifically in the United Kingdom. The utilization of digital technology for scheduling beauty services is currently experiencing a surge in popularity, and the proliferation of smartphones within the United Kingdom represents a noteworthy prospect for BeautyEase. Furthermore, the impact of the COVID-19 pandemic has resulted in a surge in the need for in- home beauty services, thereby expanding the range of services offered by BeautyEase. BeautyEase is characterised by several key strengths, namely a compelling customer value proposition, a well-executed marketing strategy, a sound HR and financial plan, and a proactive approach to risk management. The service purports to provide convenience, personalization, and 17

exceptional customer service. The marketing strategy has been formulated to effectively involve customers across various channels, with a specific emphasis on marketing through social media. The implementation of an HR plan is crucial for ensuring that an organization has a well-suited workforce. On the other hand, the financial plan serves as a fundamental basis for establishing a robust and enduring financial outlook. The primary objective of BeautyEase is to position itself as the leading mobile application for the purpose of scheduling beauty services within the United Kingdom. The company's strategy for achieving its goals involves expanding its services to previously untapped regions, engaging in continuous innovation, and providing exceptional customer service. BeautyEase is poised for successful plan execution, given its lucid business proposition, substantial market potential, robust operational strategies, and captivating vision. The organization is equipped to confront the obstacles that may arise in the future and is self-assured in its capacity to provide worth to its clients and interested parties. References AGUINIS, H. & KRAIGER, K. 2009. Benefits of training and development for individuals and teams, organizations, and society. Annual review of psychology, 60 , 451-474. ANDOH-BAIDOO, F. K., AMOAKO-GYAMPAH, K. & OSEI-BRYSON, K.-M. 2010. How Internet security breaches harm market value. IEEE Security & Privacy, 8 , 36-42. BREAUGH, J. A. & STARKE, M. 2000. Research on employee recruitment: So many studies, so many remaining questions. Journal of management, 26 , 405-434. CASTILLA, E. J. 2005. Social networks and employee performance in a call center. American journal of sociology, 110 , 1243-1283. DAZDARI, M., ENAYATI, T. & ZAMENI, F. 2017. Identifying the Dimensions of the Effective Information Technology on Creating the Appropriate Institutional Image. Information and Communication Technology in Educational Sciences, 7 , 27-43. DENISI, A. S. & MURPHY, K. R. 2017. Performance appraisal and performance management: 100 years of progress? Journal of applied psychology, 102 , 421. EDMANS, A., GABAIX, X. & JENTER, D. 2017. Executive compensation: A survey of theory and evidence. The handbook of the economics of corporate governance, 1 , 383-539. GOMPERS, P., KOVNER, A., LERNER, J. & SCHARFSTEIN, D. 2010. Performance persistence in entrepreneurship. Journal of financial economics, 96 , 18-32. GROUP, N. 2020. UK Prestige Beauty Industry Sales Decline in 2020, Though Not As Much As Feared [Online]. Available: https://www.npd.com/ [Accessed 05/04/2023]. HIGHHOUSE, S. 2008. Stubborn reliance on intuition and subjectivity in employee selection. Industrial and Organizational Psychology, 1 , 333-342. 18

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IBISWORLD. 2020. Beauty & Personal Care Product Manufacturing in the UK - Market Research Report [Online]. Available: https://www.ibisworld.com/ [Accessed 05/04/2023]. KALLEBERG, A. L. 2001. Organizing flexibility: The flexible firm in a new century. British journal of industrial relations, 39 , 479-504. KIM, H. & STONER, M. 2008. Burnout and turnover intention among social workers: Effects of role stress, job autonomy and social support. Administration in Social work, 32 , 5-25. LAITINEN, E. K. 2014. Influence of management accounting change on performance of small entrepreneurial reorganising firms. International Journal of Management and Enterprise Development, 13 , 164-187. NERDINGER, F. W. 2015. Locke, EA & Latham, GP (Eds.).(2013). New Developments in Goal Setting and Task Performance. Zeitschrift für Arbeits-und Organisationspsychologie A&O . SCHWARTZ, P. M. & SOLOVE, D. J. 2011. The PII problem: Privacy and a new concept of personally identifiable information. NYUL rev., 86 , 1814. STATISTA. 2021. Number of mobile phone users in the United Kingdom (UK) 2011-2024 [Online]. Available: https://www.statista.com/statistics/306528/share-of-mobile-internet- traffic-in-global-regions/ [Accessed 05/04/2023]. THARENOU, P., SAKS, A. M. & MOORE, C. 2007. A review and critique of research on training and organizational-level outcomes. Human resource management review, 17 , 251-273. Appendices Customer Value Proposition 19

Social Media Post (Artifact) Organizational Structural Chart 20

Cash Flow: CASH FLOW STATEMENT 1 st YEAR Cash Inflow £ Capital (Owner’s equity) 100,000 Loan from Bank 50,000 Total inflow 150,000 Cash Outflow £ Startup Costs Mobile Application Development 20,000 Legal & Incorporation Fees 5,000 Initial Marketing Expenses 10,000 Operating Expenses Salaries (for 2 full-time employees) 60,000 Rent & Utilities 12,000 Maintenance & Miscellaneous Expenses 8,000 Marketing Expenses Advertising & Promotions 15,000 Customer Acquisition Strategies 10,000 Total outflow 140,000 Net Cash Flow (Total inflow - Total outflow) 10,000 Balance Sheet BALANCE SHEET – 1 st YEAR 21

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Assets £ Current Assets Cash 10,000 Accounts Receivable 5,000 Fixed Assets Equipment & Software 15,000 Total Assets 30,000 Liabilities £ Current Liabilities Accounts Payable 7,000 Accrued Expenses 3,000 Long Term Liabilities Bank Loan 50,000 Total Liabilities 60,000 Owner’s Equity £ Owner's Investment 100,000 Retained Earnings (Net Income) -30,000 (loss) Total Owner's Equity 70,000 22

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