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BUSSINESS PLAN

WOMEN CLOTHING BOUTIQUE


CONTACTS

0718885832 or 0738158360

P O BOX 2501-80100
MOMBASA KENYA
EMAIL women clothing001@gmail.com
WEBSITE www.womenclothingb.com

PRESENTED BY:

BRIDGET SYOMBUA

ADMISSSION NUMBER: HDB112-COO5-0042/2015


PRESENTED TO:

JKUAT

IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR AWARD IN CERTIFICATE


IN DIPLOMA BUSSINESS INFORMATION TECHNOLOGY

OCTOMBER 2016

DECLARATION
I hereby declare that the business plan is my original work and that it has not presented to the
award of diplomas in any institution

Name
Admin No.
SignatureDate......................................................

Supervisor Name..

Signature.date

i.

ACKNOLWEDGEMENT
I wish to acknowledge my family for their full support regarding this business plan also my
sincere gratitude to my supervisor MR OMECHI of Jomo Kenyatta University for his
assistance to ensure the success of the business plan.

ii.

DEDICATION
I dedicate this business plan to my only blood sister Jane Mwikali

iii.

1. EXCUTIVE SUMMARY/ABSTRACT
Women clothing boutique is an apparel store that will caters to the Mombasa people. As our
name suggests our focus is to provide customized wear apparel and accessories, and position
ourselves as the top retail store servicing this particular market.
Our intentions are to obtain market share and become a central hub of shopping activity for
the local population as well as Non-resident who enjoy wearing fashionable designer clothe it
will be located at mwembe tayari market. It centralized itself directly in position to the
residential location and social activities of our target market. We believe that this is critical to
our initial success and long-term growth
.
Dimensions will carry a wide variety of top of the line quality women clothes. Our styles and
selections will range from the basics of comfortable materials to the trendy style of clothe
wear. We plan to purchase our clothes through a variety of distributors located across the
globe. Our specialty will be offering clothe that are unique in colour and style to fit our
customer base.
The primary competition comes from three foreign brands namely Mombasa fashions and
Nudie Jeans, all which have been committed to sustainable fashion since the onset and are
huge advocates for the organic cotton movement. The brand value proposition and
differentiation will come from being an American brand with images of patriotism and
ruggedness that shows both fashion forward thinking and a concern for the environment.
Primary means of marketing will be online through analytic-driven approaches like SEO and
paid search, in addition to capitalizing on social channels like Instagram, Facebook, Twitter,
and Pinterest. User generated content and engagement will be key as product pages will
include Instagram photos and promote consumer pride in our products.
The organic cotton will be sourced from two mills, one based in Turkey and the other in
Japan where it will be transformed to denim and dyed in natural indigo colours and shipped
to our manufacturing and shipping partner Denims. Day to day operations are handled
through an office in Mombasa with a second office in New York to be opened in a years time

CHARPTER ONE
1.0BUSSINESSDESCRIPTION
1.1THE SPONSOR
The business owner will be Jennifer Jenny who is now a student of Technical University Of
Kenya ,She has gained enough skills since women clothing is her like and she actually spends
most other time in the internet googling all the classic staff pertaining woman and beauty
The purpose of this business plan is to fill a noticeable void in the women clothing
boutique . The proposed boutique, will combine elements of existing stores in order to
meet the markets needs in the best way possible
To offer high quality and unique, name brand clothes in an assortment of sizes and styles to
accommodate the many tastes of customers.
1.2 BUSSINESS NAME AND ADRESS
The proposed business will be named WOMENS CLOTHING BOUTIQUE. This name
will help the customers easily identify the business and understand Cleary without much
details what it offers. The business address and email will be as follows
WOMENS CLOTHINS BOUTIQUE
P.O BOX 2501-80100
MOMBASA-KENYA
MOBILE NO: 0718885832
EMAIL-womensbclothing@gmail.com
WEBSIITE: www.womenbclothe01.com

1.3GENERAL DESCRIPTION

Our mission is to market trendy, elegant, quality, and unique clothes that will cater the
many needs of women.
Our vision is to provide customer service, measured through new and repeat business
(our goal is that 50% of our customers will return within 6 months for an additional
purchase) and multiple sales (our goal is that 30% of our non-running and 60% of our
running clothe sales are accompanied by an additional purchase)

Our objective is to achieve a net profit of 1M by year. To create a point of destination


shop for premier lingerie, and personalized fitting service.

To achieve the greatest portion of market share in the region for speciality foundation
clothes.

To be active in supporting activities in community organizations, connecting events to


in-store promotions.

1.4 FORM OF OWNERSHIP


Women clothingboutique will be organized as a Sole Proprietorship due to the ease of
organization and simplicity of structure. The business will be primarily owned and
managed by Jennifer Jenny .The following licenses and permits will be required:

Business License
Owner ID

PRODUCT /SERVICE INDUSRTY


Women clothing boutique will offer customers a variety of options for creating their own
trousers, shorts, dresses, tops, shirts and any kind of clothing will sell ready-to-wear casual,
contemporary apparel and accessories for Women. Many of the brands to be sold
will be selected at apparel markets, but some possibilities include the following:
Dinner dresses
Office skirts
Beach wear
Office suit trousers
Chiffon tops
Jewweraly and clothing
Women cotton and chiffon dresses
High heels and low heels shoe all colours
The benefits the customers can obtain is that they will be offered fashionable accessories and
wardrobe organization items, every women will be able will be able to grab a larger share of
her wardrobe budget. They will get used to coming into the store and browsing through the
clothing items and trying on what interests her. She expects a warm and comfortable
environment and nice dressing rooms. They will enjoys being left alone and also enjoys the
special touches of personal shopping assistance and having the ability to special order items.
There will be fun and catered shopping events in the evening and also receiving special
notices on sales and participating in trunk shows to garner more savings.
The next service that Flourish will provide will take place with its employees. The
sales associates will actually be thought more as Stylists who provide personal
shopping services. These services will be more heavily concentrated in Flourish's
older target market since younger females tend to shop in larger groups and rely
more heavily on the opinions of friends. However, this fashion knowledge can still
be a valuable tool for suggestive selling.

1.6MARKET PLAN
There are various economic forces that affect the women boutique shop.
i.

CUSTOMER

Consumer confidence is the most important; people don't shop when they are not feeling
good. Unemployment also has an effect, in that fewer women out in the workforce means less
disposable income for high-end quality clothing. Thus, the large discounters (Target, Sears
and Wall*Mart) are now working with top designers to bring women boutique to the masses.
Although they can't compete on quality, their continued development of the trend could have
a direct impact on retailers who sell designer clothing during tough economic times.
"Fashion is a requirement for those who are high in their success." -Luxury Consumer
If you were to overhear women talking in a dressing room, you would more than likely hear
them comment on something they've tried on and question how they should wear it or what it
will go with in their closet. Research has shown that women are stressed, have little time to
shop, and would generally like help in determining the right clothes and styles to wear.
Research indicates that women approach retail shopping uniquely by evaluating purchases
based on product and company information derived from both personal and expert sources.
Additionally, surveys consistently reveal that women buy based on the relationship they forge
with a brand. Statistics, studies, and our own personal experiences show us again and again
that excellent customer service lowers customer attrition rates, fosters excellent word of
mouth and most importantly, increases sales
Thus, women boutique will ensure that it fulfils all what is in the table below

1. Has reasonable prices


2. Treats customers with respect
3. Carries quality merchandise
4. Doesn't pressure me to buy anything
5. Convenient store hours
6. Handles merchandise returns fairly
7. I can always find what I want
8. Carries a wide variety of items (e.g.
colours, sizes)
9. Has outstanding customer service
10. Makes it quick and easy to shop
Table1.1

For the Flourish customer, shopping is a social past time that she often enjoys with
her girlfriends on the weekends. They will take their time to browsed try things on,
and while they are well versed in fashion they still appreciate the opinions and
approval of salespeople. Due to the social nature of the Flourish customer, she
enjoys fashionrelated events. Fashion shows, sample sales, and designer preview
events could easily fit in to her social calendar
MARKET SHARE
This will be certain percentage of the markets held by a particular business .it is
important to have sizeable market in order to achieve good profits and also sell quality
clothes which will satisfy customers requirements.
This proposed business expects to score 500 customers in the first year of operation.
At the beginning the market share will be small as it will gradually increase. It expects
60% of market share out of the total market population.
COMPETITION
Women boutique clothe will have stiff local competition with the many wonderful boutiques
in Mombasa .Direct competitors include those boutiques that carry some of the brands that
plans on carrying or could move easily into carrying, and are located in the Centre of the
town. Indirect competitors are those boutiques in Mombasa that focus on a different target
market or do not carry lines that Womens boutique clothe will carry, in addition to wellknown boutiques in other metropolitan areas.
Womens Boutique clothe own comparative analysis of 5 boutiques in Mombasa reveals that
very few are successful in delivering high-quality customer service, as browsers are routinely
ignored. It appears that if you don't look a certain way or show that you have money when
you walk in, you are immediately disregarded. Dressing rooms are typically small and have
curtains that don't guarantee 100% privacy. Clothing sizes tend to run small and items tend to
be overpriced. Even with a lot of focus in the media and among fashion retailers on what to
wear, not one boutique in town is a member of the Association of Image Consultants a very
prestigious professional organization whose members work with and train clients in
developing their image. There are some retailers who do get it right - they have strong
customer relationships, carry the right mix of merchandise, are knowledgeable in fashion and the profits show.
Direct Competition:
Sakinamsa
Womens clothing store msa
Fortune Boutique
Mombasa Rose
Abigail Bridal Boutique

Indirect competition
Ketty tour knitters
Heikes Boutique
Womens Clothing Boutique will also compete with innumerable online retailers. Many of
theseretailers will offer some of the same product brands as Flourish, and they may
even offer them at lower prices. However, Womens Clothing Boutique advantage is
that customers will actually be able to see, touch, and try on the merchandise before
making a purchase decision. They will also be able to work with a sales associate
one on one and avoid shipping costs and add

ii.
PRICING
At Women boutique clothe, we are very committed to bringing high quality clothing to
women and the prices will reflect a range of mid-to-high pricing. Average price points will be
around kshs 200. To maintain profit margins of 20%, Womens Clothing Boutique will
negotiate and focus on obtaining an average 61% retail mark-up for all merchandise
classifications.

iii.

DISTRIBUTION STRATEGIES

Positioning Statement
Womens Boutique Clothe will provide professional women with upscale d clothing and
exclusive personal services. Our main competitive advantage is the unique Style Assessment
and education emphasis in helping women develop their personal style.
The clothes will be posted on different flat forms e.g. on our business Facebook page,
Instagram. And more so on our website page
Also there will be distributors who will be using the business vehicles to drop the clothe to
the customers who are far or even have no time and have bought online .The use of
Motorbikes which are more speedy will be used in order to deliver clothes without delay.

PROMOTION/ ADVERTISING
The following section will describe promotional and advertising methods that will

Be used to educate the target market about Womens Clothing Boutique. Although many of
the Selected methods are free, a list of proposed costs is included at the end of the
section.
The initial goal of Womens Clothing Boutique

promotions will simply be to create

awareness. Therefore, the business will be heavily reliant on word of mouth for the
first year or Part of the job of Womens clothing Boutique associates will be to tell
all of their friends and family about the Store. Another major asset that will be used
for promotion is the use of social networking
Sites like Facebook, Myspace, and Twitter. These free websites are all used frequently by
members of the target market and are great ways to keep customers updated on New
products, store events, etc.
The store website will also help educate potential customers about Flourish. At first,
The website will be purely Informational, including things like location, directions, hours,
Brands, and fashion related content like the Style Blog. An e-commerce portion of the site
will be added once it is determined that the Womens Clothing Boutique

name has

been well Established in the Market, probably soon after the first year of operation.
Once this is set up, search engine optimization will be used to help market the online
store.

Public relations will also play a pivotal role in the marketing mix since it is

both free And highly credible


The owner will send press releases about Womens Clothing Boutique

grand opening

to area newspapers and magazines like the Daily business newspaper the metroPulse,
and Skirt!. This will be done in the hopes that the newspapers will publish articles
about the introduction of

in their print or online editions. Another free and easy way

to promote the name Womens Clothing Boutique.

CHAPTER TWO

MANAGMENT/ORGARNAZATION PLAN
2.0 INTRODUCTION
This chapter will explain how the activities are going to take place in this business .Things
like management team, recruitment, laws, services offer .operational plans are to be discussed
here.
2.1 MANAGEMENT TEAM OF BUSSINESS

MANAGEMENT TEAM
OWNER/ MANAGER
Although she will be just a recent college graduate, the owner of Womens Clothing
Boutique Jeniper Jenny already has almost six years of retail experience. Since the age of
sixteen Jenny has worked for a Memphis boutique, and trendy Fashions. She also held a
Retail Management I.e. there is to know about running a retail establishment. This
experience has allowed Jenny to gain substantial knowledge that is particularly relevant to
opening her own clothing and accessories store. She has an understanding of the
following areas: merchandising, loss prevention, Management, shipment/replenishment, and
most importantly customer.
PERSONNEL
In addition to the store manager, one assistant manager will be hired as an hourly
Employee to be present when Jenny is unavailable. Around five sales associates will be
Hired; the
Exact number will vary depending on their availabilities. More than likely, many
of the associates will be college students, so scheduling will need to be somewhat
flexible.
The idea is that one manager or assistant manager will be present in the store during
Business hours, along with one associate. Personnel coverage would vary slightly according
to the seasonality of the business (for example, more than one associate would be
needed during the holiday shopping season).
The assistant manager will be paid at a rate of approximately 30,000kshs (this
May change, depending on experience). All associates will be paid 20,000 per month and
both
employee groups will be paid a 5% commission on sales of at least kshs50. This base
pay + Commission structure was developed to eliminate the competitive nature of purely
commission based sales, while still providing motivation to generate positive results
The minimum kshs50 amount was set to encourage all associates to upsell
particularly effective.
Prior to the stores grand opening, two training sessions of four hours each will be
held for all managers and associates. Two additional four hour training sessions will be
held just for the assistant manager. After the stores opening, training will be ongoing.
After hours meetings will be held to educate associates on new brands, products, and

Policies as needed. Employees will be paid their hourly base pay with no commission
for
all training sessions
CONSULTANTS /RECRUITMENT/PROMOTIONS/TRAINING
Some of the initial services required for the setup of the business will have to be
Outsourced to consultants the Womans clothing boutique employees will not have all of
the necessary skills to perform these tasks. The following consultants will be used, and
their estimated costs
Can be found at the end of the section.
Accounting
A licensed CPA will be hired to assist with the preparation of tax returns and
financial statements, and to help manage the books on as needed basis. The CPAs
firm will also be used to process payroll.
Web Design:
Initial website will launch in accordance with the stores Grand opening and will feature
location, directions, hours, brands, and fashion
Interior Design
: Before any merchandise ever arrives, the rented commercial space in
Market Square must be designed to appeal to target customers. An interior designer will be
Hired to help turn this space into.
JULIUS
MUTUA,
Attorney
JJULIUS MUTUA M.B.A., C.P.A., is an attorney in independent practice who provides
business law counselling and transactional support to entrepreneurs and growing business
organizations. He is an experienced professional who has worked in the legal profession since
1998, and has been heavily involved in sophisticated business transactions and major
business contract negotiations in various roles for over 20 years. His core legal competencies
are in corporate, contracts, intellectual property, and commercial real estate law.

The following details will be used to pay the management team


Personnel Plan

Owner
Assistant Manager
Style Concierge
Total People
Total Payroll

Year 1
Year 2
Year 3
Year 4
Year 5
Kshs 73,000 kshs76,000 kshs90,000 kshs90,000 kshs95,000
kshs39,600 kshs42,000 kshs43,500 kshs44,500 kshs46,000
kshs18,400 kshs4,000 kshs4,000 kshs5,000 kshs5,000
3
4
4
4
4
kshs131,000 kshs122,000 kshs137,500 kshs139,500 kshs146,000

5. PRODUCTON/OPERATIONAL PLAN
To overcome seasonality concerns, Womens Boutique Clothing will carry 20 percent of
merchandise in fashion and wardrobe accessories. Additionally, it will provide alterations,
personal shopping services and special ordering for our customers. Special Orders are a huge
benefit as it obtains full-price sell-through and there is no floor space needed to sell the article
Whereby, we are very committed to bringing high quality clothing to women and the prices
will reflect a range of mid-to-high pricing. Average price points will be around kshs200. To
maintain profit margins of 20%, will negotiate and focus on obtaining an average 61% retail
mark-up for all merchandise classifications.
Will source the best organic cotton from two suppliers, one located in Turkey and the other
in Japan which means that their supplies were produced without the use of any pesticides and
was dyed in indigo using a natural means. Once the shipment arrives in the Kenya, itll be
routed to our production and shipping partner, Denim located in the outskirts of Mombasa
who the company will work closely with to ensure quality through regular checks and audits.
It is also where the products will ship out of through an integrated backend system and order
processing mechanism.
The business office is located on centre of the town where the owners in addition to two
admin and one sales and marketing support staff will work out of handling all online order
processing and ensuring the purchase to delivery of their denim products runs smoothly. Its
also where all requests for refunds will be handled in addition to the future launch of the jean
recycling program.

6. FINANCIAL PLAN
STARTUP FUNDING
Start-up expenses for Flourish have been estimated at Kshs 2 M Start-up assets including
initial cash required, start up inventory, and long-term assets have been estimated at 1 M.

This brings the total funding required to Kshs 81,493.00. A portion of the planned
investment will be covered through a 5 year 50,000 Small Business
Association Loan, with interest at 8%. Total starting capital at the beginning of Year 1 will
be khs 8,500.00.

Detailed charts of start-up requirements and funding may be found

in
Appendix A.
INCOME STATEMENT
Based on the assumption that Womens clothing Boutique will achieve the forecasted
sales of
1M by the end of Year 1, Net Income will reach 1.5M at that time. Growth
rates of 15% in Year 2 and 5% in Year 3 will result in respective sales of
414,000.000 and kshs434,700.000 and in respective Net Incomes of kshs43,830.00 and
kshs48,237
BALANCE SHEET
Over the first three years, Womens Clothing Boutique will be required to have a total
assets increase from kshs 65,305.00 to kshs90,754.00 because of increases in inventory
levels and cash balances. Over that same period, total liabilities decrease from kshs
42,720.00 to kshs28,160.00 because of a deduction in notes payable

Assets
Current Assets
Cash
Inventory
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Liabilities and Capital
Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities

_120000__________
__60,000_________
____20000_______
____50000_______
__10000_________
________187000___
_____30000______
________2000___
__________2990089_
_200003__________
____478000_______
_____280000______
_______560000____
__560000_________
___470000________
___460000________
___670000________

Long-term Liabilities
Total Liabilities
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
Net Worth

____665343_______
1000000___________
_____33337______
_3975632__________
______480000_____
______200000_____
___22200000-________

CASH FLOWS
Over the course of the first business year, cash flows will increase from Kshs 1M
from start-up costs to an ending cash balance of around Kshs2.4M. While this amount
is certainly not a large sum of cash to have on hand, the ending cash balance for
year 3 is expected to grow to over 2.5M.

BREAK-EVEN ANALYSIS
The chart

below depicts monthly profits and losses for the first year of operations;

however, it does not take into account the starting negative balance incurred from
start-up costs. The chart shows that boutique will break even after January. If one takes
into account the negative balance from start-up of kshs 2.7M, then the business will
actually break even after May. This period would show a gain of kshs 95 000

Projected Profit and loss chart

CHAPTER THREE
3.0 CRITICAL RISK FACTORS AND ASSUMPTIONS
Political factors are basically how the government intervenes in the economy. Specifically,
political factors has areas including tax policy, labour law, environmental law, trade
restrictions, tariffs, and political stability. Political factors may also include goods and
services which the government aims to provide or be provided (merit goods) and those that
the government does not want to be provided (demerit goods or merit bads). Furthermore,
governments have a high impact on the health, education, and infrastructure of a nation.
ECONOMIC CONDITIONS
The financial success of the Company may be sensitive to adverse changes in general
economic conditions in Kenya, such as recession, inflation, unemployment, and interest rates.
Such changing conditions could reduce demand in the marketplace for the Companys
products. Management believes that the impending growth of the market, mainstream market
acceptance of The Company will insulate the Company from excessive reduced demand.
Nevertheless, The Company has no control over these changes.

Social factors include the cultural aspects and health consciousness, population growth rate,
age distribution, career attitudes and emphasis on safety. High trends in social factors affect
the demand for a company's products and how that company operates. For example, the
ageing population may imply a smaller and less-willing workforce (thus increasing the cost
of labour). Furthermore, companies may change various management strategies to adapt to
social trends caused from this (such as recruiting older workers).
Technological factors include technological aspects like R&D activity, automation,
technology incentives and the rate of technological change. These can determine barriers to
entry, minimum efficient production level and influence the outsourcing decisions.
Furthermore, technological shifts would affect costs, quality, and lead to innovation.
Legal factors include discrimination law, consumer law, antitrust law, employment law, and
health and safety law. These factors can affect how a company operates, its costs, and the
demand for its products.
Environmental factors include ecological and environmental aspects such as weather,
climate, and climate change, which may especially affect industries such as tourism, farming,
and insurance. Furthermore, growing awareness of the potential impacts of climate change is
affecting how companies operate and the products they offer, both creating new markets and
diminishing or destroying existing ones.

3.1. HARVEST STRATEGY


The assets pertaining this business will be transferred to her daughter who is still young.
There will be a written Succession Strategy whereby it will elements prepare the entrepreneur
to develop a management continuity strategy and policy. The owner controls the management
continuity strategy entirely. She will consult with selected family members and professional
advisors .he will work with family involvement and formulates buy/sell agreements at the
very outset of the company, or soon thereafter, and whenever a major change occur

3.2. MILESTONE SCHEDULE

The business is supposed to run for more than 50 years

Based on extensive research conducted on women's shopping behaviours as well as Jennys


research among Kenya women, the following marketing strategies will be employed:

Develop strong relationships with customers by utilizing Style Assessment and


offering services to help each woman determine the right clothes for her.

Provide educational materials and programs that enable customers greater decisionmaking confidence. Build awareness of brand and services to exemplify strong store
reputation.

Provide customers with a sense of access to "inside information" and harness the
power of a woman's personal network by leveraging marketing collateral designed for
sharing and encouraging referrals.

Utilize personal referrals and stylists to build traffic

June-July -- PR Media Kits and Local/National PR outreach to Paper City, Nairobi, and
MOMBASA neighbourhood paper, W, Vogue, Lucky and Marie Claire
July 15 -- Launch Party and Event
July 17 -- Grand Opening
August -- Fall Fashion Show at AICI Meeting (300-500 people)
September -- Style Assessment Workshop
October -- Mother-Daughter Night; Style Assessment Workshop
November -- Holiday Hair Workshop; Style Assessment Workshop

APPENDIX
MAP

Sabasaba road

APPENDIX

Nawal centre

Mwembe tayari market

Table of Contents

DECLARATION........................................................................................................................2
ACKNOLWEDGEMENT..........................................................................................................3
DEDICATION............................................................................................................................4
CHARPTER ONE....................................................................................................................7
1.0BUSSINESSDESCRIPTION............................................................................................7
1.1THE SPONSOR................................................................................................................7
1.2 BUSSINESS NAME AND ADRESS..............................................................................7
1.3GENERAL DESCRIPTION.............................................................................................7
1.4 FORM OF OWNERSHIP................................................................................................8
PRODUCT /SERVICE INDUSRTY......................................................................................8
1.6MARKET PLAN...............................................................................................................9
CHAPTER TWO......................................................................................................................13
MANAGMENT/ORGARNAZATION PLAN.....................................................................13
2.0 INTRODUCTION..........................................................................................................13
2.1 MANAGEMENT TEAM OF BUSSINESS..................................................................13
MANAGEMENT TEAM.....................................................................................................13
OWNER/ MANAGER.........................................................................................................13
PERSONNEL.......................................................................................................................13
CONSULTANTS /RECRUITMENT/PROMOTIONS/TRAINING...................................14
5. PRODUCTON/OPERATIONAL PLAN.............................................................................15
6. FINANCIAL PLAN.............................................................................................................16
STARTUP FUNDING..........................................................................................................16
INCOME STATEMENT......................................................................................................16
BALANCE SHEET.............................................................................................................16
CASH FLOWS.....................................................................................................................16
BREAK-EVEN ANALYSIS................................................................................................17
Projected Profit and loss chart.............................................................................................17
CHAPTER THREE..................................................................................................................20
3.0 CRITICAL RISK FACTORS AND ASSUMPTIONS...................................................20
ECONOMIC CONDITIONS...............................................................................................20
3.1. HARVEST STRATEGY...............................................................................................21
3.2. MILESTONE SCHEDULE..........................................................................................24
APPENDIX..............................................................................................................................