Reflection & Resources

A. Reflection - This information will assist me in the future if I ever need to make a website or open up a business, I will be much more prepared than I was! I have learned a lot of information from doing this project.

B. Staffing/Hours - The hours of operation for Lindenne are Monday – Friday from 10am – 6pm, Saturday from 10am – 6pm, and Sunday 11-4pm. I will work Tuesday through Saturday 10-6pm. I will have two full time employees, that will have a total amount of 70 hours a week (35 for each).

C. Payroll - I will be paying my full time associates $10 an hour, which equals $700 a week for 70 hours of payroll. Before taxes, this equals $33,600 a year.

For myself, I will pay $12 an hour, providing myself 40 hours a week on average. That will equal $23,040 a year before taxes. I most likely will pay myself a bit less while Lindenne is growing as a company.

D. Inventory Planning - Inventory levels will be monitored by me. Once I see items are low, I will re-order the product.

E. Monthly Expenses - Running a business does require monthly bills. I would imagine this business would have bills such as:

Payroll - $4,720 per month

Small Business Loan Payment - Planning on taking out a $50,000 loan, so monthly this would be $500 a month.

Lease Payment - $2,000 per month

Inventory Re-orders - Budgeting based on sales

Utilities - Utilities would fluctuate per month, but these would consist of electricity, water and internet service

F. Props/Fixtures - I would expect Lindenne to need these items to be ready for opening:

These amounts are the budgeted amounts for each item. No more will be spent for these categories.

Lighting - $2,000

Merchandise initial orders - $25,000

Store decor, such as sofa, rug, plants, artwork $3,000

Store display fixtures/ tables / etc. - $7,000

Staff office supplies such as desk, computer, breakroom necessities - $4,000

Register system/Counter display - $4,000

Store opening party - $1,000

Bags/boxes/tissue paper/store cleaning supplies - $2,000

________

Total costs for opening Lindenne - $48,000 - - - - leaving $2,000 for unexpected costs

G. I would take out a small business loan from a local bank for $50,000 to finance the opening of Lindenne. Above with my props and fixtures/store opening fees, I have used the small business loan funds to pay for these costs.