Table of Contents

1.0 Executive Summary...............................................................................................................................1

Chart: Highlights..................................................................................................................................1
1.1 Objectives..........................................................................................................................................2
1.2 Mission...............................................................................................................................................2
2.0 Company Summary...............................................................................................................................2
2.1 Start-up Summary..............................................................................................................................2
Chart: Start-up......................................................................................................................................3
Table: Start-up.....................................................................................................................................3
..............................................................................................................................................................3
..................................................................................................................................................................4
3.0 Services..................................................................................................................................................4
4.0 Market Analysis Summary....................................................................................................................5
4.1 Market Segmentation.........................................................................................................................6
Table: Market Analysis........................................................................................................................6
Chart: Market Analysis (Pie)...............................................................................................................7
4.2 Target Market Segment Strategy.......................................................................................................7
4.3 Service Business Analysis.................................................................................................................8
4.3.1 Competition and Buying Patterns...............................................................................................8
5.0 Strategy and Implementation Summary.................................................................................................9
5.1 Competitive Edge...............................................................................................................................9
5.2 Marketing Strategy.............................................................................................................................9
5.3 Sales Strategy...................................................................................................................................10
5.3.1 Sales Forecast............................................................................................................................10
Table: Sales Forecast.....................................................................................................................12
Chart: Sales Monthly.....................................................................................................................12
Chart: Sales by Year......................................................................................................................13
5.4 Milestones........................................................................................................................................14
Chart: Milestones...............................................................................................................................14
Table: Milestones...............................................................................................................................14
6.0 Web Plan Summary.............................................................................................................................15
6.1 Website Marketing Strategy............................................................................................................15
6.2 Development Requirements.............................................................................................................15
7.0 Management Summary........................................................................................................................15
7.1 Personnel Plan..................................................................................................................................16
Table: Personnel.................................................................................................................................16
....................................................................................................................................................................16
8.0 Financial Plan.......................................................................................................................................17
8.1 Important Assumptions....................................................................................................................17
Table: General Assumptions..............................................................................................................17
................................................................................................................................................................17
8.2 Break-even Analysis........................................................................................................................18
Table: Break-even Analysis...............................................................................................................18
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Table of Contents

Chart: Break-even Analysis...............................................................................................................18

8.3 Projected Profit and Loss.................................................................................................................19
Chart: Profit Monthly.........................................................................................................................19
Chart: Gross Margin Monthly............................................................................................................20
Chart: Gross Margin Yearly...............................................................................................................20
Table: Profit and Loss........................................................................................................................21
................................................................................................................................................................21
8.4 Projected Cash Flow........................................................................................................................22
Chart: Cash.........................................................................................................................................22
Table: Cash Flow...............................................................................................................................23
................................................................................................................................................................23
8.5 Projected Balance Sheet...................................................................................................................24
Table: Balance Sheet..........................................................................................................................24
................................................................................................................................................................24
8.6 Business Ratios................................................................................................................................25
Table: Ratios......................................................................................................................................25
Table: Personnel...........................................................................................................................................1
......................................................................................................................................................................1
Table: General Assumptions........................................................................................................................2
......................................................................................................................................................................2
Table: Profit and Loss..................................................................................................................................3
......................................................................................................................................................................3
Table: Cash Flow.........................................................................................................................................4
Table: Balance Sheet....................................................................................................................................5

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U&ME Dance

1.0 Executive Summary

Dancing is a historical tradition. Ballroom dancing has been alive at social functions for
centuries, and Swing and Latin are the Waltz and Foxtrot of days gone by. In recent years,
social dance has proved it's long lasting presence in our lives. It is in our media, our music and
day to day social functions. It isn't usually taught parent-to-child so people are seeking schools
where they can learn. With Dancesport being considered as a medal sport in the next Olympics,
more people will be exposed to Social and Ballroom dance.
U&ME Dance is dedicated to bringing quality and affordable dance instruction to GusKhrustalny. There is a very active and dedicated ballroom dance community already located in
Gus-Khrustalny. However, there has never been an actual dance studio, where these people
can expand their knowledge of dance and enjoy being with other people of like interests. It is
our plan to incorporate the existing dance community into our studio to begin with a strong
base of supporters. From there we will be able to spread the word that dancing is a fun and
exciting way to spend time. There are many benefits to dancing that will attract people from
many backgrounds and interests.

Chart: Highlights

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U&ME Dance

1.1 Objectives
The following are goals and objectives of U&ME Dance for Year 1 through Year 3 :

Create a dance studio with a warm, supportive atmosphere, which is based on satisfying
customers.
Provide a social and entertainment forum for people with diverse interests, backgrounds and
ages.
Provide dance training for students at all levels of dance, from beginner to advanced.
Provide continual training, benefits and incentives for staff to encourage a long-term
commitment of employees.
Increase sales to reach $300K by end of Year 1 and maintain an annual growth of 15% per
year.

1.2 Mission
U&ME Dance offers a place where people can learn to dance, meet new people, have fun and
feel comfortable. We offer a varied dance program with price options for all levels of interest,
with greater emphasis on group classes and small package sessions to reach dance
skill objectives. Our instructors have access to continual training with some of the area's top
professional coaches. This provides our students with up-to-date steps and technique and
access to the latest dance trends. U&ME Dance welcomes a diversity of people and maintains a
non-smoking and alcohol free environment.
2.0 Company Summary
U&ME Dance, soon to be located in Gus-Khrustalny, Russia, will provide the community with a
comfortable, friendly environment in which to learn the art of partnership dancing. U&ME Dance
will offer private dance instruction, group classes, social dance parties and rental facilities for
local events.
Ballroom dance, as a sport, as well as an art, has become increasingly popular worldwide. As a
result, the studio can expect to attract a wide cross section of customers from Gus-Khrustalny.
U&Me Dance will appeal to people of all ages, abilities and backgrounds, looking for creative self
expression, exercise and/or social opportunities through dance.
2.1 Start-up Summary
U&ME Dance's start-up costs are based on an assumption that it will lease space at the Vulkan.
This space is ready for occupancy but will need a few minor renovations. The renovations
include building out an office on the main floor and a caterer kitchen.
The current assets include the deposit of $12,000. Long-term assets include items which will
need to be purchased for the business. See the attached table for more details.
We are not currently requesting a loan, but may need to for operating costs if the sales forecast
is less that anticipated. The owners are investing $50,000 initially.

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Chart: Start-up

Table: Start-up

Start-up
Requirements
Start-up Expenses
Legal
Accountant
Office Supplies, Stationary
Brochures
Grand Opening
Signage
Other
Total Start-up Expenses

$1,000
$300
$500
$250
$5,000
$500
$2,000
$9,550

Start-up Assets
Cash Required
Other Current Assets
Long-term Assets
Total Assets

$10,750
$12,000
$17,700
$40,450

Total Requirements

$50,000

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Table: Start-up Funding

Start-up Funding
Start-up Expenses to Fund
Start-up Assets to Fund
Total Funding Required

$9,550
$40,450
$50,000

Assets
Non-cash Assets from Start-up
Cash Requirements from Start-up
Additional Cash Raised
Cash Balance on Starting Date
Total Assets

$29,700
$10,750
$0
$10,750
$40,450

Liabilities and Capital

Liabilities
Current Borrowing
Long-term Liabilities
Accounts Payable (Outstanding Bills)
Other Current Liabilities (interest-free)
Total Liabilities

$0
$0
$0
$0
$0

Capital
Planned Investment
Owner Loan/Investment
Other
Additional Investment Requirement
Total Planned Investment

$50,000
$0
$0
$50,000

Loss at Start-up (Start-up Expenses)

Total Capital

($9,550)
$40,450

Total Capital and Liabilities

$40,450

Total Funding

$50,000

3.0 Services
U&ME Dance is dedicated to bringing the fun and challenge of dancing to Gus-Khrustalny. We
will offer private and group dance instruction for social through competitive level dancers. U&ME
Dance will also provide a place for dancers to use the skills they have learned, by having weekly
dance parties and seasonal/holiday dances.
U&ME Dance will offer its students a variety of instructional choices. By offering them several
options, we can best serve their individual needs and financial limitations.
Private Lessons offer students the best value for their investment. With a private lesson, the
students will work one-on-one with an instructor, receiving personalized instruction and
immediate correction. Through experiencing the physical sensation of connected movement, the
student is able to confidently replicate that movement in order to provide a pleasant and
comfortable experience to other partners. In learning the best methods, one-on-one, both

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U&ME Dance

beginning and advanced students will find they progress faster and more easily, as they enjoy
the sensation of partner dancing.
Group Classes are both an introduction to the experience of dancing with different partners,
and a chance for the students to become familiar with a variety of step patterns. Rotation of
partners, throughout the class allows dancers to practice steps with different partners. This
format promotes comfort in dancing with several partners, as well as the comraderie that goes
along with sharing a learned experience. Group lessons will be available every week in the
traditional styles and latest club trends. Classes will be offered at every level, from basic
beginner through advanced competitive styling. In addition, specialty classes will be offered for
children and teens.
Practice Dances will be held once a week to allow students an opportunity to practice the
dances learned, in an environment with other students learning the same thing. Instructors will
circulate on the dance floor, assisting with questions or demonstration of steps, as well as to
dance with students.
Facility Rental will be another service offering. The Vulkan is currently a very popular place in
Gus-Khrustalny for weddings, receptions, musical events, etc. We hope to expand the use of
the building by including additional options of use (exercise/yoga classes in the morning).
In addition to these main staples, U&ME Dance will go out into the community to offer specialty
dancing to schools, nursing homes and anyone wanting a specialized program.
4.0 Market Analysis Summary
Ballroom Dancing is a multi-billion dollar industry that will only continue to grow, especially now
that the International Olympic Committee (IOC) has awarded provisional recognition to
Ballroom Dancing and Dancesport. According to a recent press release by WGBH-Television,
more than one million people enroll in ballroom dance classes each year. Since 1985, the
number of amateur ballroom dancers has increased by 25% each year.
The timeless popularity of social dancing, combined with the growing interest in the trendy
dances, has proven to be a winning combination around the world. We are confident it will
produce the same results in Gus-Khrustalny.

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4.1 Market Segmentation

According to the information published by the Gus-Khrustalny had a total population of 166,814
for the year 2000 and is estimated to grow approximately 5% per year to 212,000 by the year
2010.This figure has grown 30%, since 1990.
U&ME Dance feels that the population of Gus-Khrustalny, as well as these smaller towns, are all
potential customers. We have divided these potential customers into the following groups:

Children/Teens (19 yrs. and under): There are 36,965 children and teens in, according
to the 2000 census information. Our plan is to have special classes designed specifically for
the younger people.
College Students/Young Adults (20-24 yrs): There are 16,776 people who fall in this
category, according to the Gus-Khrustalny 2000 census information.
Single and Married Adults (25-55 yrs): This will include single and married couples. The
Gus-Khrustalny 2000 census information showed there were 69,865 people in this age
group.
Seniors/Retired (56+ yrs): The people in this group will be a combination of retired and
working people. The Gus-Khrustalny 2000 census information showed 32,998 people in this
age group.

Table: Market Analysis

Market Analysis
Potential Customers
Children/Teens (5-19)
College Students/Young
Adults (20-24)
Single and Married Adults (2555)
Seniors and Retired (56+)
Total

Year 1

Year 2

Year 3

Year 4

Year 5

5%
5%

36,965
16,776

38,813
17,615

40,754
18,496

42,792
19,421

44,932
20,392

5.00%
5.00%

5%

69,865

73,358

77,026

80,877

84,921

5.00%

5%
5.00%

32,998
156,604

34,648
164,434

36,380
172,656

38,199
181,289

40,109
190,354

5.00%
5.00%

Growth

CAGR

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U&ME Dance

Chart: Market Analysis (Pie)

4.2 Target Market Segment Strategy

As indicated in the previous table and illustration, our market is limitless. Everyone who has the
ability to walk can learn to dance. It is our job to present dance to these people and introduce
and develop interest in the community for ballroom and social dance.
For children and teens it is important to show the fun in dance. We can introduce Ballroom
Dance through Junior and Senior High School dance and drill teams. We will also look to affiliate
our studio with the local Jazz and Ballet studios for mutual advertising benefits.
Colleges across the country have been adding Ballroom dance classes to their curriculum and
have been closely involved in Dancesport competitions whose sell-out crowds rival those of
football and basketball games. We hope to work with the University to offer classes to their
students for credit.
Single and married adults between the ages of 25 and 55 have traditionally been the biggest
supporters of the ballroom dance studio community. This group is generally looking for new
things to try and do. For singles we offer another way to meet people, and date. We will also
have special wedding packages, which offer the new couple options for learning their first
dance. For married couples dance is something new to learn together and provides a great
social outlet. By working with the local clubs, we can be sure there are places for people to use
the dance they are learning and in turn spread dance further into the community.
Retired people and seniors (ages 55 and up) represent a small section of our market. However
these people usually turn into long-term dancers. Dance is a wonderful hobby, and low impact
exercise that benefits the mind, the body, and social aspects of life. For this age group learning
to dance is done for reasons such as something they have always wanted to do, something they
used to do and would like to do again, for use on vacations, or an exercise to keep their bodies
healthy. We plan to offer our services to local nursing homes, as well as to those who come in
to the studio for lessons.

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4.3 Service Business Analysis

The ballroom dance industry has experienced substantial growth at the rate of 25% each year
since 1985. There are two key factors for the rise in demand for dance instruction and places
to partnership dance:

In order to gain recognition by the IOC as a sport, the International DanceSport Federation
(IDSF) signed an 11 year agreement with a major sports promoter, International
Management Group (IMG/TWI), which began in 1998. IMG/TWI are IDSF's commercial
representatives, handling all television, sponsorship, and implementing its medium and
long-term marketing strategies worldwide. The industry, as a whole, has benefited directly
through the increase in public interest this campaign has achieved.
The popularity of trendy dances like Lindy Hop, Argentine Tango, and Salsa have also made
an impact on the number of people wanting to learn how to dance.

The popularity of partnership dancing has grown immensely in the last decade. Those who are
familiar with dance are well aware of how fun and addicting an evening of dancing can be.
Those who have not yet experienced the thrill of moving gracefully around the dance floor with
a partner, need a convenient, relaxed atmosphere, where they can feel comfortable learning
and utilizing current popular dances. U&ME Dance seeks to provide its customers with
affordable quality instruction in a fun and supportive environment.
4.3.1 Competition and Buying Patterns
There are currently no other ballroom or social dance studios in Gus-Khrustalny. However,
there are a few independent dance teachers, who teach classes at College, at local bars, or rent
floor space. There is also a local group, Dance Connection, that holds dances on Friday nights at
the local Hall. This group does not have a studio and its main purpose is to find places for
people to dance and enjoy themselves.
This leaves the independent teachers as our only competition. U&ME Dance plans to work in
concert with these instructors and will offer a place for teachers to rent space to continue
teaching on their own, and a place to go out dancing. Our affordable pricing, elegant facility and
quality instruction will be a much needed bonus to Gus-Khrustalny.

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5.0 Strategy and Implementation Summary

U&ME Dance marketing strategy will target people who wish to get more for their investment in
dancing. A large variety of dance lesson packages and programs will be offered in an effort to
make dancing affordable to any budget. Teachers will be highly skilled and professional,
keeping with the image of the studio. The ballroom will be an elegant place to come, where
customer service is number one. Marketing venues will include placement advertisement, direct
mail, Internet Web page and include partnerships with community businesses.
U&ME Dance sales strategy will be based on a consultative style where the customers and
teachers work together to identify and plan a course of action to satisfy the customer. Teachers
will participate in continuous consultative sales training and receive regular sales coaching
where the identification of customer buying criteria will be paramount. Sales closes will be
based on demonstration of satisfying the customer criteria.
5.1 Competitive Edge
As previously mentioned, there is currently no other ballroom or social dance studio in GusKhrustalny. This automatically gives U&ME Dance a competitive edge on the market. However,
we do not plan to sit back and think that people will come to us if we wait. Because GusKhrustalny is not used to having a dance studio, this gives us the challenge of introducing the
benefits of having a dance studio. One advantage to us, is that there is a strong dance
community.
We plan to keep our prices in line with the lower cost of living expenses of the Gus-Khrustalny
area. We will offer a wide variety of very competitive packages. Our teachers will be trained in
the latest trends and with up-to-date styling of today's dances. We plan to partner with many of
the studios in the Russia area so that we can keep up with the trends of the big city and offer
more variety to our students.
5.2 Marketing Strategy
Our marketing plan will be very simple. Satisfy our customers and provide them with the desire
to continue dancing. A happy customer will not only keep coming back, but they will tell other
people about U&ME Dance. We will offer discount awards as an incentive to people who provide
us with referrals.
We will market fun! What better product could we possibly have than that?! Our biggest
challenge will be getting people who have never been in a dance studio before to come and try
us out. Many people have never considered taking dance lessons before. Our marketing
message will emphasize the opportunity to meet people, to enhance the quality of leisure time,
to gain health benefits and gain life-long skills that will give them respect from their peers.
We will advertise in the yellow pages, local newspapers, flyers, coupons, discount books, radio,
and signs around town.

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U&ME Dance

5.3 Sales Strategy

One of our marketing strategies is to advertise discount specials or introductory offers. These
are designed to introduce people to the different dances our studio offers, and the dances our
customers want to learn. Our instructors will work with the customer on these specials to
discover what it is they are looking for in dance, and to outline a course that suits the
customer's wants and needs. When a course outline is agreed upon by customer and instructor
they will meet with a manager for a brief consultation to make sure the customer is satisfied
with the lesson outline and that the course will meet the expectations of the customer. The
customer will then sign up for the lessons by contract and commit to a series of appointments;
the studio also commits to these appointments.
We will offer a variety of courses, all mixed with combinations of private lessons, group lessons,
and practice parties. Our course outlines will follow industry standards of recognized
progression in dance, referred to as program dancing. The different levels of dance are
recognized as Social Foundation, Bronze, Silver, and Gold, which is consistent with the dance
industry. Although our instructors will be designing course outlines according to the specific
needs of our customers, there are basic packages that we can offer in these different levels.
Also, because of the size and amount of time required for those levels after Social Foundation,
we have divided them into Bronze I, and Bronze II, Silver I, and Silver II, and Gold or our
Showcase Level.
U&ME Dance also offers the ability for customers to take group class packages. These may be
more affordable, and although take longer for advancement, might be more preferable to some
of our customers.
In addition, U&ME Dance offers something unique from other dance studios, which is a
membership card.
There are three different memberships offered:
1. The Basic, which allows unlimited admission to dance parties as well as discounts to special
events.
2. The Gold, which allows limited access to group classes, unlimited admission to dance
parties, five party guest passes, and discounts on special events.
3. The Platinum, which allows unlimited access to group classes, unlimited admission to
parties, ten party guest passes, and discounts to special events. These memberships will
last one year.
U&ME Dance will offer discounts for larger dance packages. All payments for dance lessons will
be collected at time of purchase. Customers may be given 30 days to pay with a down
payment of 50%. We will accept payment in the form of cash, check, or credit card.
5.3.1 Sales Forecast
This sales forecast is an estimation on the number of customers we acquire while open, and an
average cost of lesson outlines. The Social Basics Introductory special is averaged at $50,
but this may vary depending on the special running that month. The special is not an accurate
count for the cost of lessons, and is used primarily to bring people who may be interested to
our studio so that they may continue with more lessons. We are forecasting that we will sell 20

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U&ME Dance

Introductory packages in our first month, and 30 each month there after, as this is what we can
handle with the hours we have available.
The Social Foundation average package price is $720. It is an average price based on the
assumption that students would buy a package containing 12 private lessons and 12 group
lessons. We offer a 20% for paying in cash, and have therefore shown $600 for our package
price to show the discount. We are forecasting to sell a social foundation dance package to
25% of the people who come to take the introductory special.
Bronze I is priced at $1,200, and is based on the assumption that students would buy this
package with 19 privates and 25 groups. We offer a 20% discount to people who pay cash for
their lesson, and show this in our forecast by making this package show at $1,000. We are
forecasting to sell a bronze dance package to 50% of the people who bought the social
foundation package.
Bronze II is priced at $1,440, and based on the assumption that students would buy a
package containing 24 privates and 24 groups. We offer a 20% discount for paying in cash,
and show this in our forecast by showing this package price at $1,200. We do not expect to sell
any Bronze II packages the first couple of months. Starting on the third month we are
forecasting to sell 50% of those that were in Bronze I.
Silver I and Silver II $1,620. These are both based on the assumption that the student buys
a package of 27 privates and 27 groups. We offer a 20% discount for students who pay in
cash, and have shown this in our forecast with our package being $1,350. Starting in the fifth
month we are forecasting to sell at least two Silver I dance package per month. We have
estimated that we will not sell any Silver II packages until the end of the first year of business.
We have kept our estimates low, knowing that we are not only a new business but a new type
of business in this community, trying to break through with our marketing. Therefore, we are
showing a 25% closing ratio for new students. That is saying that 25% of the customers who
come in for the introductory special will buy the next level of dance, Social Foundation
package. We then show a 50% closing ratio for existing student, 50% of Social Foundation
customers will move on to Bronze I, etc.
Memberships were forecasted to show that people would buy the Gold at $600 each. We
forecast to sell an average of five memberships per month, with that average increasing to 10
during the peak months of November-February.
Miscellaneous sales include series group classes and kids group classes averaged at 10 people
per class.
Weekly dances will be held each Friday night. We will charge $5.00 per person plus $3.00 if
they come for the pre-dance lesson.
The Vulkan is currently reported as bringing in about $30 to $40K per year in space rentals. We
will continue to rent out this space and increase the advertising.
Other category includes one time privates lessons, special services (i.e. DJ service, lesson
packages for special events, wedding packages, etc.).

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U&ME Dance

Table: Sales Forecast

Sales Forecast
Year 1

Year 2

Year 3

Introductory Specials-Social Basics

Social Foundation Syllabus
Bronze 1 Syllabus
Bronze 2 Syllabus
Silver 1 Syllabus
Silver 2 Syllabus
Memberships
Miscellaneous Packages
Weekly Dances
Space Rental
Other
Total Sales

$18,000
$57,600
$48,000
$48,000
$21,600
$2,700
$48,000
$9,330
$12,000
$33,860
$2,900
$301,990

$20,700
$66,240
$55,200
$55,200
$24,840
$3,105
$55,200
$10,730
$13,800
$38,939
$3,335
$347,289

$23,805
$76,176
$63,480
$63,480
$28,566
$3,571
$63,480
$12,339
$15,870
$44,780
$3,835
$399,382

Direct Cost of Sales

Introductory Specials-Social Basics
Social Foundation Syllabus
Bronze 1 Syllabus
Bronze 2 Syllabus
Silver 1 Syllabus
Silver 2 Syllabus
Memberships
Miscellaneous Packages
Weekly Dances
Space Rental
Other
Subtotal Direct Cost of Sales

Year 1
$0
$9,792
$8,160
$8,160
$3,672
$460
$0
$0
$0
$0
$0
$30,244

Year 2
$0
$11,261
$9,384
$9,384
$4,223
$528
$0
$0
$0
$0
$0
$34,780

Year 3
$0
$12,950
$10,792
$10,792
$4,856
$607
$0
$0
$0
$0
$0
$39,997

Sales

Chart: Sales Monthly

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U&ME Dance

Chart: Sales by Year

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U&ME Dance

5.4 Milestones
The following milestones reflect an approximate timeframe and cost for beginning and
completing actions that will be needed to get U&ME Dance up and running. Our goal is to open
our doors to customers and begin teaching dance by September 1st, 2015. We realize this date
is subject to the timeframe for renovation completion, permits, etc. and may need to be
adjusted.

Chart: Milestones

Table: Milestones

Milestones
Milestone
Meet with SBDC
Legal
Develop Web Site
Train New Teachers
File for State Business
License
File for City Permits
Negotiate Lease
Order Tables and Chairs
Purchase Sound System
Renovate Space
Acquire Insurance
Create Calendar of Events
Open Doors for Business
Begin Advertising
Grand Opening
Totals

Start Date
4/16/ 2015
6/1/ 2015
4/1/ 2015
4/15/ 2015
6/1/ 2015

End Date
9/1/ 2015
9/1/ 2015
4/5/ 2015
9/1/ 2015
7/1/ 2015

Budget
$0
$750
$90
$0
$0

Department
Marketing
Marketing
Marketing
Marketing
Marketing

6/1/ 2015
6/1/ 2015
7/1/ 2015
8/1/ 2015
7/1/ 2015
6/1/ 2015
7/1/ 2015
9/1/ 2015
7/1/ 2015
11/2/ 2015

7/1/ 2015
9/1/ 2015
8/1/ 2015
9/1/ 2015
9/1/ 2015
8/1/ 2015
9/1/ 2015
9/1/ 2015
9/1/ 2015
11/2/ 2015

$0
$0
$3,750
$2,000
$0
$2,000
$100
$0
$2,000
$3,000
$13,690

Marketing
Marketing
Web
Web
Department
Department
Department
Department
Department
Department

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U&ME Dance

6.0 Web Plan Summary

U&ME Dance has a Web page, www.uandmedance.ru, that is designed to provide a convenient
way for people to discover our studio. For marketing purposes the Web page will be linked to
other dance Web sites and, since it has dance in the title, it will show up on different search
engines. Our students will be able to use the Web site to look up group class schedules,
upcoming events, studio news, and lesson prices. Students and prospective students will also
be able to contact teachers via e-mail. Teachers will have the Web site on their business cards,
and it will appear on our ads to offer people a chance to look at the space, meet the teachers
and check prices, and ask questions before they enter the studio.
6.1 Website Marketing Strategy
We plan to link our Web site with some prominent Russia dance Web sites as well as the city
Web sites, and local recreational sites. We will also link with some national Web sites in order
to increase the possibility of people reaching us on the Web. By having the word dance in our
title we should show up easily on different search engines, which will increase our potential to
be seen by our own market.
Our Web site has been designed to offer looks into our prices, lesson outlines and definitions,
our staff and pictures of the studio. We will provide pages that explore upcoming events at the
studio as well as community dance events. We will keep people posted on the national news of
dance as well as local. We will always have a current calendar of events for the convenience of
our students. We will also have a showboard to show off different pictures of events from our
studio.
U&ME Dance will also have a link page for other studios in Russia and national, places to
dance, and national dance organizations.
6.2 Development Requirements
We have created and maintained our Web page ourselves. We will continue to do so in the
future.
7.0 Management Summary
U&ME Dance will be a very small company, Dance director and Business Director, responsible
for managing and directing all activities.
Dance director, will primarily be responsible for the following:

Teaching advanced students.

Hiring, training and supervision of new instructors.
Scheduling and planning the dance group lessons and special events.
Creating dance lesson programs and packages.
Studio events.

Business Director, will primarily be responsible for the following:

Teach social foundation/bronze students

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U&ME Dance

Managing the accounting/financial aspect of the company

Bookkeeping/payroll
Design and develop advertising and marketing strategies
Contract negotiation/vendor relations

7.1 Personnel Plan

A teacher training class began in April to train two teachers. These teachers will be given the
training for free with an understanding that they are neither hired nor paid during this time. In
exchange for this training, they will be offered a job, once U&ME Dance gets enough customers.
Our goal is to have five part time/full time instructors by the end of 2015, which includes the
two owners.
At some point in the future, we will see about hiring a receptionist.
Table: Personnel

Personnel Plan
Year 1

Year 2

Year 3

Owners Salary/Distribution
Instructors Compensation
Other
Total People

$65,000
$33,150
$0
5

$72,000
$40,000
$0
5

$84,000
$40,000
$0
5

Total Payroll

$98,150

$112,000

$124,000

Page 16

U&ME Dance

8.0 Financial Plan

We plan to use our own start-up cash to finance the business. The Vulkan is a turn key
building for this type of business, requiring very limited contract work for us to bring in. A
kitchen space and office window are to be negotiated with the building owner. Our start-up
requirements are business assets, teaching supplies, and advertising.
We want to finance growth mainly through cash flow.

8.1 Important Assumptions

The financial plan depends on important assumptions, most of which are shown in the following
table as annual assumptions. The monthly assumptions are included in the appendix. From the
beginning, we recognize that collection of payments for dance lesson packages is critical,
however, not a factor we can influence easily. Interest rates, tax rates, and personnel burden
are based on conservative assumptions.
Three of the more important underlying assumptions are:
1. We assume that people in Gus-Khrustalny and more importantly, will be interested in
learning to dance and will give us a try.
2. We assume that the area will continue to grow, as in the past, and at the projected rate of
5% per year.
3. We assume that the Vulkan will continue to be rented for events as in the past.
Table: General Assumptions

General Assumptions
Plan Month
Current Interest Rate
Long-term Interest Rate
Tax Rate
Other

Year 1

Year 2

Year 3

1
10.00%
10.00%
30.00%
0

2
10.00%
10.00%
30.00%
0

3
10.00%
10.00%
30.00%
0

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U&ME Dance

8.2 Break-even Analysis

We will need an average of thirty new students each month taking the introductory classes. Of
these thirty students, we are anticipating that 25% will stay to take additional classes (i.e.
Social Foundation, Bronze, etc.). We realize that we may have a slow start, until the word gets
out about our business, and therefore, will take a few months to "ramp up" to thirty new
students.
Table: Break-even Analysis

Break-even Analysis
Monthly Revenue Break-even

$22,393

Assumptions:
Average Percent Variable Cost
Estimated Monthly Fixed Cost

10%
$20,150

Chart: Break-even Analysis

Page 18

U&ME Dance

8.3 Projected Profit and Loss

Our projected profit and loss is shown on the following table, with sales increasing at a rate of
15% year over year. If we are able to meet our sales forecast, we will begin making a profit
almost immediately. Traditionally in the dance business the slower months are in the midsummer. However, the facility rental is higher in the Summer and should, therefore,
supplement the slower teaching months.
The detailed monthly projections are included in the appendix.

Chart: Profit Monthly

Page 19

U&ME Dance

Chart: Gross Margin Monthly

Chart: Gross Margin Yearly

Page 20

U&ME Dance

Table: Profit and Loss

Pro Forma Profit and Loss

Year 1

Year 2

Year 3

Sales
Direct Cost of Sales
Other Production Expenses
Total Cost of Sales

$301,990
$30,244
$0
$30,244

$347,289
$34,780
$0
$34,780

$399,382
$39,997
$0
$39,997

Gross Margin
Gross Margin %

$271,746
89.99%

$312,509
89.99%

$359,385
89.99%

$98,150
$45,100
$3,540
$9,000
$2,400
$1,800
$72,000
$9,815
$0

$112,000
$45,800
$3,540
$10,000
$2,400
$1,800
$72,000
$11,200
$0

$124,000
$52,500
$3,540
$11,000
$2,400
$1,800
$74,712
$12,400
$0

$241,805

$258,740

$282,352

Profit Before Interest and Taxes

EBITDA
Interest Expense
Taxes Incurred

$29,941
$33,481
($550)
$9,147

$53,769
$57,309
($1,700)
$16,641

$77,033
$80,573
($2,900)
$23,980

Net Profit
Net Profit/Sales

$21,344
7.07%

$38,828
11.18%

$55,953
14.01%

Expenses
Payroll
Sales and Marketing and Other Expenses
Depreciation
Utilities
Telephone
Insurance
Rent
Payroll Taxes
Other
Total Operating Expenses

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U&ME Dance

8.4 Projected Cash Flow

Cash flow projections are critical to our success. The annual cash flow figures are included here
and the more important detailed monthly numbers are included in the appendix. The business
will generate more than enough cash flow to cover all of its expenses. The monthly cash flow is
shown in the following chart, with one bar representing the cash flow per month, and the other
the monthly cash balance.

Chart: Cash

Page 22

U&ME Dance

Table: Cash Flow

Pro Forma Cash Flow

Year 1

Year 2

Year 3

$301,990
$301,990

$347,289
$347,289

$399,382
$399,382

$0
$0
$0
$0
$0
$0
$0
$301,990

$0
$0
$0
$0
$0
$0
$0
$347,289

$0
$0
$0
$0
$0
$0
$0
$399,382

Year 1

Year 2

Year 3

$98,150
$163,661
$261,811

$112,000
$192,360
$304,360

$124,000
$214,001
$338,001

$0
$0
$0
$11,000
$0
$0
$0
$272,811

$0
$0
$0
$12,000
$0
$0
$0
$316,360

$0
$0
$0
$12,000
$0
$0
$0
$350,001

$29,179
$39,929

$30,929
$70,858

$49,381
$120,239

Cash Received
Cash from Operations
Cash Sales
Subtotal Cash from Operations
Additional Cash Received
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
Bill Payments
Subtotal Spent on Operations
Additional Cash Spent
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

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U&ME Dance

8.5 Projected Balance Sheet

The balance sheet in the following table shows managed but sufficient growth of net worth, and
a sufficiently healthy financial position. The monthly estimates are included in the appendix.
Table: Balance Sheet

Pro Forma Balance Sheet

Year 1

Year 2

Year 3

$39,929
$12,000
$51,929

$70,858
$12,000
$82,858

$120,239
$12,000
$132,239

$17,700
$3,540
$14,160
$66,089

$17,700
$7,080
$10,620
$93,478

$17,700
$10,620
$7,080
$139,319

Year 1

Year 2

Year 3

$15,296
$0
$0
$15,296

$15,856
$0
$0
$15,856

$17,744
$0
$0
$17,744

($11,000)
$4,296

($23,000)
($7,144)

($35,000)
($17,256)

Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital

$50,000
($9,550)
$21,344
$61,794
$66,089

$50,000
$11,794
$38,828
$100,622
$93,478

$50,000
$50,622
$55,953
$156,575
$139,319

Net Worth

$61,794

$100,622

$156,575

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
Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities
Long-term Liabilities
Total Liabilities

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U&ME Dance

8.6 Business Ratios

The following table outlines some of the more important ratios from the Fine Art
Schools industry. The final column, Industry Profile, details specific ratios based on the industry
as it is classified by the Standard Industry Classification (SIC) code, 7911.
Table: Ratios

Ratio Analysis
Year 1

Year 2

Year 3

Industry Profile

n.a.

15.00%

15.00%

16.60%

Other Current Assets

Total Current Assets
Long-term Assets
Total Assets

18.16%
78.57%
21.43%
100.00%

12.84%
88.64%
11.36%
100.00%

8.61%
94.92%
5.08%
100.00%

33.90%
43.80%
56.20%
100.00%

Current Liabilities
Long-term Liabilities
Total Liabilities
Net Worth

23.14%
-16.64%
6.50%
93.50%

16.96%
-24.60%
-7.64%
107.64%

12.74%
-25.12%
-12.39%
112.39%

36.40%
22.60%
59.00%
41.00%

100.00%
89.99%
82.92%
7.95%
9.91%

100.00%
89.99%
78.80%
6.91%
15.48%

100.00%
89.99%
75.98%
7.51%
19.29%

100.00%
0.00%
70.60%
3.60%
3.90%

3.40
3.40
6.50%
49.34%
46.14%

5.23
5.23
-7.64%
55.13%
59.34%

7.45
7.45
-12.39%
51.05%
57.37%

1.40
1.01
59.00%
3.70%
8.90%

Additional Ratios

Year 1

Year 2

Year 3

Net Profit Margin

Return on Equity

7.07%
34.54%

11.18%
38.59%

14.01%
35.74%

n.a
n.a

11.70
27
4.57

12.17
29
3.72

12.17
28
2.87

n.a
n.a
n.a

0.07
3.56

-0.07
0.00

-0.11
0.00

n.a
n.a

$36,634
0.00

$67,002
0.00

$114,495
0.00

n.a
n.a

0.22
23%
3.40
4.89
0.00

0.27
17%
5.23
3.45
0.00

0.35
13%
7.45
2.55
0.00

n.a
n.a
n.a
n.a
n.a

Sales Growth
Percent of Total Assets

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

Activity Ratios
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

Page 25

U&ME Dance

Page 26

Appendix
Table: Personnel

Personnel Plan
Owners Salary/Distribution
Instructors Compensation
Other
Total People
Total Payroll

0%
0%
0%

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

$2,000
$1,250
$0
5

$3,000
$1,250
$0
5

$6,000
$1,250
$0
5

$6,000
$2,500
$0
5

$6,000
$2,500
$0
5

$6,000
$2,800
$0
5

$6,000
$2,800
$0
5

$6,000
$2,800
$0
5

$6,000
$4,000
$0
5

$6,000
$4,000
$0
5

$6,000
$4,000
$0
5

$6,000
$4,000
$0
5

$3,250

$4,250

$7,250

$8,500

$8,500

$8,800

$8,800

$8,800

$10,000

$10,000

$10,000

$10,000

Page 1

Appendix
Table: General Assumptions

General Assumptions
Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

10

11

12

Current Interest Rate

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

Long-term Interest Rate

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

Tax Rate

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

Plan Month

Other

Month 12

Page 2

Appendix
Table: Profit and Loss

Pro Forma Profit and Loss

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

$15,600

$17,100

$23,740

$25,950

$27,000

$28,200

$26,500

$26,100

$28,100

$26,800

$27,950

$28,950

$1,496

$1,496

$2,312

$2,312

$2,771

$2,771

$2,771

$2,771

$2,771

$2,771

$3,001

$3,001

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$1,496

$1,496

$2,312

$2,312

$2,771

$2,771

$2,771

$2,771

$2,771

$2,771

$3,001

$3,001

Gross Margin

$14,104

$15,604

$21,428

$23,638

$24,229

$25,429

$23,729

$23,329

$25,329

$24,029

$24,949

$25,949

Gross Margin %

90.41%

91.25%

90.26%

91.09%

89.74%

90.17%

89.54%

89.38%

90.14%

89.66%

89.26%

89.63%

Payroll

$3,250

$4,250

$7,250

$8,500

$8,500

$8,800

$8,800

$8,800

$10,000

$10,000

$10,000

$10,000

Sales and Marketing and Other

Expenses
Depreciation

$3,500

$3,600

$3,600

$5,600

$3,600

$3,600

$3,600

$3,600

$3,600

$3,600

$3,600

$3,600

Sales
Direct Cost of Sales
Other Production Expenses
Total Cost of Sales

Expenses

$295

$295

$295

$295

$295

$295

$295

$295

$295

$295

$295

$295

Utilities

$750

$750

$750

$750

$750

$750

$750

$750

$750

$750

$750

$750

Telephone

$200

$200

$200

$200

$200

$200

$200

$200

$200

$200

$200

$200

Insurance

$150

$150

$150

$150

$150

$150

$150

$150

$150

$150

$150

$150

$6,000

$6,000

$6,000

$6,000

$6,000

$6,000

$6,000

$6,000

$6,000

$6,000

$6,000

$6,000

$325
$0

$425
$0

$725
$0

$850
$0

$850
$0

$880
$0

$880
$0

$880
$0

$1,000
$0

$1,000
$0

$1,000
$0

$1,000
$0

$14,470

$15,670

$18,970

$22,345

$20,345

$20,675

$20,675

$20,675

$21,995

$21,995

$21,995

$21,995

($366)

($66)

$2,458

$1,293

$3,884

$4,754

$3,054

$2,654

$3,334

$2,034

$2,954

$3,954

($71)

$229

$2,753

$1,588

$4,179

$5,049

$3,349

$2,949

$3,629

$2,329

$3,249

$4,249

$0

($8)

($17)

($25)

($33)

($42)

($50)

($58)

($67)

($75)

($83)

($92)

($110)

($17)

$742

$395

$1,175

$1,439

$931

$814

$1,020

$633

$911

$1,214

($256)

($40)

$1,732

$923

$2,742

$3,357

$2,173

$1,899

$2,380

$1,476

$2,126

$2,832

-1.64%

-0.24%

7.30%

3.56%

10.16%

11.90%

8.20%

7.27%

8.47%

5.51%

7.61%

9.78%

Rent
Payroll Taxes
Other
Total Operating Expenses
Profit Before Interest and Taxes
EBITDA
Interest Expense
Taxes Incurred
Net Profit
Net Profit/Sales

10%

Page 3

Appendix
Table: Cash Flow

Pro Forma Cash Flow

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

Cash Sales

$15,600

$17,100

$23,740

$25,950

$27,000

$28,200

$26,500

$26,100

$28,100

$26,800

$27,950

$28,950

Subtotal Cash from Operations

$15,600

$17,100

$23,740

$25,950

$27,000

$28,200

$26,500

$26,100

$28,100

$26,800

$27,950

$28,950

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

New Other Liabilities (interest-free)

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

New Long-term Liabilities

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Sales of Other Current Assets

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Sales of Long-term Assets

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

New Investment Received

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Subtotal Cash Received

$15,600

$17,100

$23,740

$25,950

$27,000

$28,200

$26,500

$26,100

$28,100

$26,800

$27,950

$28,950

Expenditures

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

Cash Received
Cash from Operations

Additional Cash Received

Sales Tax, VAT, HST/GST Received
New Current Borrowing

0.00%

Expenditures from Operations

Cash Spending

$3,250

$4,250

$7,250

$8,500

$8,500

$8,800

$8,800

$8,800

$10,000

$10,000

$10,000

$10,000

$410

$12,321

$12,658

$14,522

$16,207

$15,472

$15,731

$15,228

$15,117

$15,411

$15,045

$15,539

$3,660

$16,571

$19,908

$23,022

$24,707

$24,272

$24,531

$24,028

$25,117

$25,411

$25,045

$25,539

Sales Tax, VAT, HST/GST Paid Out

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Principal Repayment of Current Borrowing

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Other Liabilities Principal Repayment

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Long-term Liabilities Principal Repayment

$0

$1,000

$1,000

$1,000

$1,000

$1,000

$1,000

$1,000

$1,000

$1,000

$1,000

$1,000

Purchase Other Current Assets

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Purchase Long-term Assets

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Dividends

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$3,660

$17,571

$20,908

$24,022

$25,707

$25,272

$25,531

$25,028

$26,117

$26,411

$26,045

$26,539

Net Cash Flow

$11,940

($471)

$2,832

$1,928

$1,293

$2,928

$969

$1,072

$1,983

$389

$1,905

$2,411

Cash Balance

$22,690

$22,219

$25,051

$26,980

$28,273

$31,200

$32,170

$33,242

$35,225

$35,613

$37,518

$39,929

Bill Payments
Subtotal Spent on Operations
Additional Cash Spent

Subtotal Cash Spent

Page 4

Appendix
Table: Balance Sheet

Pro Forma Balance Sheet

Assets

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

$10,750
$12,000
$22,750

$22,690
$12,000
$34,690

$22,219
$12,000
$34,219

$25,051
$12,000
$37,051

$26,980
$12,000
$38,980

$28,273
$12,000
$40,273

$31,200
$12,000
$43,200

$32,170
$12,000
$44,170

$33,242
$12,000
$45,242

$35,225
$12,000
$47,225

$35,613
$12,000
$47,613

$37,518
$12,000
$49,518

$39,929
$12,000
$51,929

$17,700
$0
$17,700
$40,450

$17,700
$295
$17,405
$52,095

$17,700
$590
$17,110
$51,329

$17,700
$885
$16,815
$53,866

$17,700
$1,180
$16,520
$55,500

$17,700
$1,475
$16,225
$56,498

$17,700
$1,770
$15,930
$59,130

$17,700
$2,065
$15,635
$59,805

$17,700
$2,360
$15,340
$60,582

$17,700
$2,655
$15,045
$62,270

$17,700
$2,950
$14,750
$62,363

$17,700
$3,245
$14,455
$63,973

$17,700
$3,540
$14,160
$66,089

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

Starting Balances

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
Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities

$0
$0
$0
$0

$11,901
$0
$0
$11,901

$12,176
$0
$0
$12,176

$13,981
$0
$0
$13,981

$15,691
$0
$0
$15,691

$14,947
$0
$0
$14,947

$15,223
$0
$0
$15,223

$14,724
$0
$0
$14,724

$14,603
$0
$0
$14,603

$14,910
$0
$0
$14,910

$14,528
$0
$0
$14,528

$15,011
$0
$0
$15,011

$15,296
$0
$0
$15,296

Long-term Liabilities
Total Liabilities

$0
$0

$0
$11,901

($1,000)
$11,176

($2,000)
$11,981

($3,000)
$12,691

($4,000)
$10,947

($5,000)
$10,223

($6,000)
$8,724

($7,000)
$7,603

($8,000)
$6,910

($9,000)
$5,528

($10,000)
$5,011

($11,000)
$4,296

Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital

$50,000
($9,550)
$0
$40,450
$40,450

$50,000
($9,550)
($256)
$40,194
$52,095

$50,000
($9,550)
($297)
$40,153
$51,329

$50,000
($9,550)
$1,436
$41,886
$53,866

$50,000
($9,550)
$2,358
$42,808
$55,500

$50,000
($9,550)
$5,100
$45,550
$56,498

$50,000
($9,550)
$8,457
$48,907
$59,130

$50,000
($9,550)
$10,630
$51,080
$59,805

$50,000
($9,550)
$12,529
$52,979
$60,582

$50,000
($9,550)
$14,909
$55,359
$62,270

$50,000
($9,550)
$16,386
$56,836
$62,363

$50,000
($9,550)
$18,512
$58,962
$63,973

$50,000
($9,550)
$21,344
$61,794
$66,089

Net Worth

$40,450

$40,194

$40,153

$41,886

$42,808

$45,550

$48,907

$51,080

$52,979

$55,359

$56,836

$58,962

$61,794

Page 5