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Milestone Planning

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Milestone Planning

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    1. Milestone Planning Anticipate the events that need to happen during the period of time that you are planning and organizing your new business (…prior to grand opening day). Create a sequential chart or time line that identifies when each event needs to start or be completed. These events should include significant cash inflows or expenses that the business will incur during the planning and organizing stage (Year “0”) These “milestones” will be helpful in not only keeping your plans on track, but also in analyzing cash needs and flows.

    2. Milestone Planning for Year “0”

    3. Chronology/Timeline/Milestones for Silver Sheen Car Wash and Detailing Services are shown below: Year 0 (The Start-Up Period) March 1 Meet with lawyer to prepare incorporation papers Open checking account and deposit $50000 from stockholders Inspect potential site with contractor, and determine what renovations are needed. Meet with car wash consultant and get advice on how best to set up the system.  March 15 Meet with lawyer to review important clauses in lease agreement.   April 1 Lease is signed for facility on 125 Commerce Street, East Meadow, New York. Pay first month’s rent immediately ($4000) Pay lawyer and consultant ($2400 + $2000) Contractor begins immediately to renovate facility. Pay first installment ($1300) Negotiate a 1-year 10% equipment loan for $20,000 with the bank Deposit $20,000 loan in checking account. April 15 Order equipment (...for wash facility, office, and waiting area). Pay advance for half of equipment when ordered ($10000) April 30 Pay utility bills ($150) Pay salary & benefits to manager ($3000)   May 1 Pay contractor second installment on work ($2500) Pay second month’s rent ($4000) Pay balance of capital equipment ($10200) May 31 Pay utility bills ($150) Pay salary and benefits to manager ($3000)  

    4. Chronology/Timeline/Milestones for Silver Sheen Car Wash and Detailing Services Year 0, Contd June 1 Pay third month’s rent ($4000) Pay contractor final installment on renovation work ($2500) Pay first insurance bill ($500) Pay for advertising in newspapers ($500) Buy stationery and office supplies ($270)   June 15 Hire four employees and train them for 2 weeks Purchase initial inventory (soap, cleaner, towels, rag buffers) ($1400)   June 30 Pay utility bills ($150) Pay salary and benefits to manager ($3000) Pay four employees for 2 weeks of training ($4480)   Year 1 begins July 1 GRAND OPENING! - Car wash and detailing operations begin Revised and adapted by R. Schwab 1/2011

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