Mahogany Western Wear
Executive Summary
Opportunity
Problem
There is a growing demand for a apparel store that caters to the African-American cowboy community in Houston Texas.
Solution
Mahogany Western Wear’s mission is to offer quality, name brand western wear in an assortment of sizes and styles to accommodate all varying body styles and shapes.
Market
The goal of Mahogany Western Wear is to serve the local African-American cowboy community that have difficulty finding western clothes that fit their larger frames. We will also serve the Hispanic community which tends to have a slimmer yet shorter frame.
Competition
Mahogany Western Wear has three competitors within a 15 miles radius of its location. Cavender’s Boot City, Barbecue Hall of Fame, Turner Saddlery is approximately 12.1 miles from Mahogany Western Wear and is the farthest of the three competitors.
Why Us?
We are African-American owned and plan on becoming a central hub of shopping activity for the local African-American cowboy population as well others who enjoy wearing western apparel.
Expectations
Forecast
The company will start with three months inventory on hand for apparel and accessories as this is the main revenue generator. The majority of the company’s assets will reside in inventory. The opening days cash on hand balance will be $18K.
Successful operation and building a loyal customer base will allow Mahogany Western Wear to be self sufficient and profitable.
Financial Highlights by Year
Financing Needed
The purpose of this business plan is to secure a $27,000 ACCION loan. This supplemental financing is required to work on site preparation, inventory, and operational expenses. The loan amount appears in the long-term liability row of the start-up summary. Other financing will include an owners investment of $35,000 and a short term revolving line of credit of $20,000 for inventory replenishment during months of high receipts.
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