SoulSpace
Company Summary
SoulSpace Holistic Spa and Salon is a new destination offering customers the unique combination of hair styling, massage, body and energy work, and training, all in one beautifully serene setting. Soulspace will offer all ranges of hair styling, therapeutic massage, manicure, facial, sauna, Reiki, therapeutic touch, and specific complimentary product offerings. The goal and promise of SoulSpace can be summed up in our name and slogan: SoulSpace Holistic Spa and Salon–Rejuvenate Your Life!
2.1 Company Ownership
SoulSpace, at this time, is a privately held partnership, owned by Steve and Debby Long and Linda Hill-Chinn. In the course of fund raising, we will explore the feasibility of both a partnership, and a limited liability partnership.
2.2 Start-up Summary
In the following table, the start-up cash has been marked for the estimated amount needed to cover operational expenses for the first two months.
| Start-up Funding | |
| Start-up Expenses to Fund | $94,000 |
| Start-up Assets to Fund | $66,000 |
| Total Funding Required | $160,000 |
| Assets | |
| Non-cash Assets from Start-up | $6,000 |
| Cash Requirements from Start-up | $60,000 |
| Additional Cash Raised | $0 |
| Cash Balance on Starting Date | $60,000 |
| Total Assets | $66,000 |
| Liabilities and Capital | |
| Liabilities | |
| Current Borrowing | $0 |
| Long-term Liabilities | $0 |
| Accounts Payable (Outstanding Bills) | $0 |
| Other Current Liabilities (interest-free) | $0 |
| Total Liabilities | $0 |
| Capital | |
| Planned Investment | |
| Investor 1 | $66,000 |
| Investor 2 | $47,000 |
| Investor 3 | $47,000 |
| Additional Investment Requirement | $0 |
| Total Planned Investment | $160,000 |
| Loss at Start-up (Start-up Expenses) | ($94,000) |
| Total Capital | $66,000 |
| Total Capital and Liabilities | $66,000 |
| Total Funding | $160,000 |
| Start-up | |
| Requirements | |
| Start-up Expenses | |
| Legal | $4,000 |
| Stationery etc. | $2,000 |
| Brochures | $3,000 |
| Construction/Design | $30,000 |
| Insurance | $3,000 |
| Rent | $20,000 |
| Research and Development | $0 |
| Expensed Equipment | $15,000 |
| Other | $17,000 |
| Total Start-up Expenses | $94,000 |
| Start-up Assets | |
| Cash Required | $60,000 |
| Start-up Inventory | $6,000 |
| Other Current Assets | $0 |
| Long-term Assets | $0 |
| Total Assets | $66,000 |
| Total Requirements | $160,000 |
2.3 Company Locations and Facilities
Target sites for SoulSpace include downtown Raleigh in the Warehouse District and Art Districts, West Raleigh near Entertainment Sports Arena, and a rural area off route 40/440 between Raleigh and Cary. SoulSpace will need at least 4,000 square feet (sq. ft.) of space. Initial estimates put leasing between $12/sq. ft. to $28/sq. ft. (inclusive of tax and accommodations).
Contact has been made with Mary Hobbson of Grub & Ellis Real Estate for 4,200 sq. ft. at 510 Glenwood Avenue downtown Raleigh. This site is within the target priority area in part of the Warehouse District in what is now referred to as Glenwood South. The lease is $28/sq. ft., making estimated payments at $9,800/month, the most expensive of all target sites.
We also have met with Peter Pace of York Properties when shown the space available at 200 West Street in Raleigh’s Warehouse district. This space is in priority target range, and will be two blocks from the Raleigh Commuter Rail Hub due to open in the next five to eight years. The location is spacious at 10,000 sq. ft., with first floor (5,000 sq. ft.) leasing at $12.50/sq. ft. and the basement floor (5,000 sq. ft.) leasing at $8/sq. ft., which averages out to $10.25/sq. ft. for the entire 10,000 sq. ft. location. This makes this space cheaper than the other locations, and has twice the space.
We have also met with David Stowe of Anthony Allenton Real Estate when shown space at the Royal Bakery on Hillsborough Street across from Meredith College. This location is within priority target, and has 6,000 sq. ft. at $20.60/sq. ft. This site is extremely attractive for it offers many accommodations such as plumbing, electrical, and hvac, that will save us tremendously on construction costs, thusly counterbalancing the expense of rent, which is only $300, over our high-ended estimated budget. Also, this space is primely located on Hillsborough, 1/4 mile from the Beltine, and two miles from Highway 40. It is also the site of a future Commuter Rail Station. They have also built a large parking decking which will be free to all patrons.
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