I am seeking $12K for my hair salon business to acquire equipment & to cover payroll for 2 months. Grant Gibbs Salon has been in business for 3 yrs & expanded in Aug 06 (new location, more styling stations). We now have 3 stylists and anticipate being fully staffed by Jan 31 (2 stylists start 12/18, interviews throughout Dec). Anticipated revenue for 07 (including Aveda product sales) is $10K-$15K monthly thru Mar with a boost due to clientele increase of $20K-$40K monthly beginning in Apr. Gross income since Aug 06 has been $8K monthly (1 stylist). Dec is projected to generate $10K in revenue. We project each stylist chair generating $3K minimum monthly (9 chairs). We have a cash reserve of $18K which is strictly to cover rent for 3 months. Our income/expenses are as follows (conservative income estimates used): Aug-Nov Dec-Mar proj Mar-Dec 2007 proj
Income $8,000 $10,000 $20,000 Rent N/A N/ A $6,000 Utilities $500 $500 $500 Salaries $2,200 $3,000 $6,000 Misc $500 $500 $500 Debt $2,000 $2,000 $2,000Net CF $2,800 $4,000 $5,000My career occupation is as a Financial Advisor (since 99). My business partner in the salon is an experienced hair stylist and runs the day to day operations. We opened for business in 03 at a smaller location. My current professional income is ample to meet the obligations of this loan, however, we expect the salon business growth to meet all expenses. |
