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Bugeting and forecasting

BUSN278 Course Project.

Project Overview:

This is an individual project where you will be acting as a consultant to an entrepreneur who wants to start a new business. As the consultant, you’ll create a 5 year budget that supports the entrepreneur’s vision and strategy, as well as the needs for equipment, labor, and other startup costs.

You can choose from one of three types of new business startups — a landscaping company, a restaurant, or an electronics store that sells portable computing devices. Each business has its own Business Profile detailed in the sections below. The purpose of the Business Profile is to guide you in understanding the scope of the business, the entrepreneur’s startup costs, and financial assumptions.

The project requires you to create a written budget proposal, a supporting Excel Workbook showing your calculations, and a PowerPoint presentation summarizing the key elements of the budget proposal, which you assume will be presented to a management team.

This is an individual project. Submit the final version of the project’s Budget Proposal, Budget Workbook, and Budget Presentation in PowerPoint.



Section 1.0 Executive Summary (Draft)


Section 2.0 Sales Forecast (Draft)


Section 3.0 Capital Expenditure Budget (Draft)


Section 4.0 Investment Analysis (Draft)


Section 5.1 Pro Forma Income Statement (Draft)


Section 5.2 Pro Forma Cash Flow Statements (Draft)


Final Budget Proposal


Final Presentation w/ PowerPoint


Total project points


Business Profile:– Restaurant


The vision of the entrepreneur is to create a single-location, sit-down Italian restaurant called ___________. The goal is to generate an income of $40,000 per year, starting sometime in the second year of operation, as wells as profit that is at least 2% of sales.


a) Market Focus/Analysis

The restaurant targets middle to lower-middle class families with children, as well as adults and seniors, located in Orlando, Florida. The area within 15 minutes of the store has 10,000 families, mostly from lower to middle class neighborhoods. Average family size is 4 people per household. There is no direct competition; however, there are fast food restaurants like McDonald’s, Taco Bell and Wendy’s in the geographical target market. The lower to middle class population is growing at about 6% per year over the next five years in this area.

b) Product

The product is Italian food served buffet style, in an all-you-can-eat format, with a salad bar, pizza, several different types of pasta with three or four types of sauces, soup, desserts, and a self-serve soda bar. The restaurant is also to have a 500 square foot gaming area which has game machines that children would be interested in using.

c) Basis of Competition

Customers come to this restaurant because of the good Italian food at a low price – you can get a meal for $7, including drinks. Customers also eat at Papa Geo’s due to the cleanliness of the facility, the speed of getting their seat and food, and the vending machines which keep the children busy while adults enjoy their meal.

Startup Requirements*

Given Costs

· The cost of registering a limited liability company in Florida – filing fees listed at the bottom of the application for located”>

· Renovation of the facility expected to cost $15,000

· Business insurance, estimated at $1,000 per year

· Health and other benefits are 20% of the salaries of the manager and assistant manager

Costs you should estimate through research, experience or other methods
Soda fountain bar
2 pizza ovens
Salad and pizza/dessert bar
Approximately 100 square foot commercial refrigerator
2 cash registers
6 video game vending machines
Management office with desk and lower-priced laptop computer
Staff lunchroom equipment such as microwave, sink, cupboards and refrigerator
20 four-seater tables with chairs
Busing cart for transporting dirty dishes from the dining area to the dishwashing area
140 sets of dishes, including cutlery and drinking cups
Commercial dishwasher
Miscellaneous cooking and food handling equipment like trays, lifters, spoons, pots etcetera
The cost of an average of 7 employees on the payroll.
All operating costs, such as advertising, rent for a 3,500 square foot facility with male and female washrooms (already installed), utilities, maintenance, and annual depreciation

*If you have questions about startup requirements, or think other startup costs necessary for the business are missing, then make an assumption and state it in the relevant section of the report.

Given Financial Assumptions*
The owner will be granted a loan for the initial startup, repayable over 10 years at current interest rates for small business loans.
The owner will use personal funds to operate the business until it generates enough cash flow to fund itself.
Essentially, all sales are made by credit card. All credit card sales are paid to the restaurant daily by the credit card company.
2.5% of sales is paid to the credit card company in fees.
Food suppliers give 30 days of trade credit.
Inventories are expected to be approximately 10% of the following month’s sales.
The average meal costs $4.00 in materials and labor.
The average family spends $4.00 on vending machine tokens.
Equipment is depreciated on a straight-line basis over 5 years.
Managers have health benefits, other workers do not. The company will operate from 10:00 am to 9:00 pm, 7 days a week.
The entrepreneur will manage the store and draw a salary.
Every shift has one person on the cash register, one keeping the food bars stocked with food, two cooking the food, one on busing and table cleaning, a manager, and assistant manager.

*If you believe any other assumptions are necessary, please state them in your budget proposal.

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