Table of Contents 1 Business Opportunity 1

9.1 Start-Up Budget 26

Figure 3 Start-up budget 26

9.2 Annual Profit Budget 28

Figure 4 Year 1 financial highlights 28

Figure 5 Year 2 financial highlights 28

9.3 Cash Flow Forecast 29

Figure 6 Projected cash flow by quarter 29

9.4 Balance Sheet 30

Figure 7 Projected opening balance sheet and year-end balance sheet 30

9.5 Break-Even Analysis 31

Figure 8 Break-even analysis 31

9.6 Financial Analysis 31

Figure 9 Financial ratio analysis 31

Assumptions 32

Appendix 1: Situational analysis – external environment 44

Appendix 2: Situational analysis – internal environment 45

1.0 Executive Summary