Executive Summary Morningstar Bakery is a new organic bakery specializing in gluten, wheat and dairy free products.

ithin the last three years there has been significant increases in demand for these bakery products. !his can be explained to a large degree by the fact that up until recently "mericans have had food allergies that have been undiagnosed. #t has been only in the last few years that medical doctors have begun to diagnosis food allergies correctly. hat was once an unknown problem that affected so many people with no recourse has become a manageable ailment that is easily dealt with through modification of diets. !his is very positive for both those people that are affected as well as bakeries such as Morningstar that specialize in these products. The Products Morningstar offers a wide range of exciting products. !he first group is spelt breads, muffins, and pastries. Spelt is used as there are far fewer people that are allergic to this grain. $east allergies are also common and Morningstar offers a menu of yeast free breads. %airy free muffins and pastries are offered for vegans. &astly, egg free breads, muffins, and pastries are offered. Customers Morningstar will focus on three distinct customer segments. !he first group is the "llergy group. !his segment is growing at '() a year with *+,,,, potential customers. !he second niche is the %octor group. !his segment is also growing at '() with '-,+,, potential people. !he last group is the %ieters group. !his segment is typically making modifications to their diet based on their desire to lose weight. !his niche also is growing at '() with -.,,,, possible customers. Management Team /ecognizing the importance of human capital, Morningstar has assembled a strong management team. !he team is led by %onna Sharp. %onna comes to Morningstar with ', years of baking experience. #n addition to her industry specific experience, %onna has had + years of management experience. %onovan Bailey brings financial skills to Morningstar after a '( year 01" career. !ara 2uniper3/eid will lead the marketing efforts having participated in her own 1/ firm. &astly, &ucy 4amilton will be on the team as an assistant baker with over five years of experience. Morningstar is an exciting opportunity that combines, fresh baked goods with spelt, yeast free, dairy free, and egg free products, addressing the recent need for these new products. %emand for these products is expected to grow exponentially as medical doctors become more and more aware of food allergies "mericans are afflicted with. 1rofitability is forecasted to occur by month three. !hrough a combination of a strong management team, a solid business model, and exciting, market demanded products will allow Morningstar to 5uickly gain market penetration and cash richness.

'. +. *.

6eed actual charts7 e recommend using &ive1lan as the easiest way to create graphs for your own business plan. 0reate your own business plan 8 1.1 Objectives !o establish a working storefront for Morningstar bakery. !o develop the strong presence in the community needed to support sales goals. !o develop a full menu by the end of the second 5uarter. 1.2 Mission Morningstar Bakery aims to be a cornerstone in the community creating a neighborhood atmosphere where customers feel comfortable and become instant regulars. e are sensitive to the often over3looked population of allergy sufferers and cater to their needs for healthy, delicious baked goods. e seek fair and responsible profit, enough to keep the company financially healthy for the long term and to fairly compensate owners and investors for their money and risk.

0ompany Summary Morningstar Bakery will be located in downtown 96ame omitted: in a historical building. !his downtown district is a very popular destination because of the historical architecture for weekenders and tourists. #t is also a prime location for all the employees of the surrounding downtown businesses. !he bakery sells non3wheat and other health specific breads, sweets and pastries to the surrounding community every !uesday through Sunday. 2.1 Company Ownership 0urrently Morningstar Bakery is a sole proprietorship owned by %onna Sharp. Eventually, as the company becomes established, Morningstar Bakery will apply to be incorporated. 2.2 Start-up Summary !he primary expense to establish the Morningstar Bakery is the mortgage loan estimated at ;'<(,,,, to purchase the vacant space on 96ame omitted: street. !he building was previously used as a bakery and we plan to buy the used e5uipment along with the space. !his cost is also calculated into the loan estimate. %onna Sharp intends to invest ;<,(,, of her savings to cover the other cost of start3up. !hese costs include= "dvertising brochures. Bakery ingredients. #nsurance. Bakery accessories, i.e. paper bags, cartons, etc.

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Start-up Requirements
Start-up Expenses Legal Stationery etc. Brochures Consultants Insurance Mortgage Research and de elo!"ent Ba#ery Ingredients $ther Total Start-up Expenses Start-up Assets Cash Re%uired $ther Current 'ssets Long(ter" 'ssets $0 $0 $2,500 $0 $150 $1,258 $0 $500 $1,000 $5,408 $12,0&2 $0 $1)5,000

Total Assets Total Requirements

$187,092 $192,500

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Start-up un!in"
Start(u! *+!enses to ,und Start(u! 'ssets to ,und Total un!in" Require! Assets .on(cash 'ssets /ro" Start(u! Cash Re%uire"ents /ro" Start(u! 'dditional Cash Raised Cash Balance on Starting 0ate Total Assets #ia$ilities an! %apital Lia1ilities Current Borro2ing Long(ter" Lia1ilities 'ccounts 4aya1le 5$utstanding Bills6 $ther Current Lia1ilities 5interest(/ree6 Total #ia$ilities Ca!ital 4lanned In est"ent 7ntitled 0onna Shar! $ther 'dditional In est"ent Re%uire"ent Total &lanne! 'n(estment Loss at Start(u! 5Start(u! *+!enses6 Total %apital Total %apital an! #ia$ilities Total un!in" $0 $1)3,000 $0 $12,000 $185,000 $5,-08 $18),0&2 $192,500 $1)5,000 $12,0&2 $0 $12,0&2 $187,092

$0 $),500 $0 $0 $7,500 5$5,-086 $2,092 $187,092 $192,500

1roducts Morningstar Bakery provides non3gluten baked goods and pastries to diet3conscious and wheat3allergic consumers. Special considerations are made for all common food allergies such as dairy, yeast, wheat, and eggs. Example of goods= Spelt breads, muffins and pastries Spelt flour is the most common wheat3alternative flour as it has the same characteristics as wheat which provides similar taste, consistency and behaviors creating goods that are >ust as good as any wheat baked good. Yeast-free breads Many people have an allergy to yeast, or have been warned by their doctors not to eat it. e provide a line of yeast3free breads. Dairy-free muffins and pastries Most breads do not re5uire any dairy products, so they are not a consideration. Muffins and pastries most often re5uire butter. !o avoid this, we use a soy substitute. Egg-free breads, muffins and pastries Eggs are most common in muffins and pastries. "pplesauce can be used as a substitute as it provides the same amount of moisture that is re5uired. Market "nalysis Summary ?ur target market includes people who are health conscious and@or have common food allergies. !his is a niche market since most bakeries do not cater to these needs with the exception of high3fiber diets. 4.1 Market Segmentation ?ur target market consists of three groups=

The Allergy roup "ccording to Health Magazine, one out of five people suffer from a common food allergy, however many bakeries do not cater to their needs. The Doctor Diet roup Aor health reasons, many people are warned off certain foods by their doctors because of high cholesterol and blood pressure. 0urrently the main killer in the B.S. is heart disease according the "merican 4eart "ssociation. Many "mericans aged (,C are going on special diets to prevent heart disease. The Diet Cra!e roup "ccording to Self Magazine, the year +,,, saw +, new diet fads that discouraged certain foods such as wheat and dairy. !he best selling book on the 6ew $ork !ime list for health was the DBlood Type DietD which encourages readers to eat only non3gluten flours such as spelt, and to avoid dairy. hile this target market is 5uite large, it is ever fluctuating since most people who diet yo3yo between different diets ESelf MagazineSeptember +,,,F.

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Market Analysis
Year 1 Potential Customers The Allergy Group The Doctor Group The Dieters Group Total Growth 15% 15% 15% 15.00 32,000 19,200 48,000 !!"200 36,800 22,080 55,200 114"0#0 42,320 25,392 63,480 131"1!2 48,668 29,201 73,002 150"#$1 55,968 33,581 83,952 1$3"501 Year 2 Year 3 Year 4 Year 5 CAGR 15.00% 15.00% 15.00% 15.00

6eed real financials7 e recommend using &ive1lan as the easiest way to create automatic financials for your own business plan. 0reate your own business plan 8 4.2 Target Market Segment Strategy #n our target market, we will mainly focus on the Dallergy groupD since they are the most prevalent and steady of customers. e expect that the Ddoctor diet groupD and the GDdiet crazeD group will make up a smaller portion of our customers. e have not listed Dregular customersD as a target group since the customers who do not fit into any of our groups are too varied to segment. e are specifically filling the needs of the Dallergy groupD so we expect the most business from this group.

4.3 Industry Analysis Morningstar bakery competes in the Aood Services #ndustry. #n addition to competing with other organic and non3 wheat bakeries, it competes with all restaurants, delis, bakeries and supermarkets for a share of its customersGs food dollar. Morningstar is most concerned with competitors who differentiate their products and services with a healthy, organic focus. Because this group is so large, Morningstar has chosen to limit its analysis to other gluten3free bakeries. 4.3.1 Competition and Buying Patterns 0urrently there are two bakeries in town that provide non3wheat goods. reat "ar#est $read Company Strengths: Makes spelt bread, muffins and cookies every Monday, ednesday and Ariday. ell3established bakery in town. Sells breads in local grocery stores. Weaknesses: %oes not provide a wide selection of non3wheat goods. Aurthermore the texture and flavor of their spelt goods is very dense and flavorless. !hey use whole spelt bread which makes a denser, crumby consistency bread. e use white spelt in our spelt breads and other goods which has a texture and flavor similar to wheat. The S%eet &ife Patisserie Strengths: Makes spelt bread, muffins and brownies every day. ill make custom3ordered non3gluten cakes. Weaknesses: %oes not produce a wide selection or large 5uantity of non3wheat goods. !heir main focus is wheat goods. Strategy and #mplementation Summary ?ur strategy focuses on serving a niche market with 5uality goods. e are determined to become a part of the community 3 an establishment that becomes as much of the community as a church or local grocery store. !o achieve these goals, we will provide the following= Ariendly, neighborhood3feel atmosphere. Huality baked goods for everyone to en>oy at a fair price. Special diet menus in relation to the advice of local healthcare providers. 5.1 Sales Strategy ?ur strategy focuses on building a customer base by providing good customer experience. ith the addition of the coffee bar and lunch menu in early spring, we hope to have customers make the bakery their one3stop destination for breakfast or lunch. #n the summer, when we open the outdoor patio, more and more customers will make the bakery a destination for their lunches more often since the atmosphere will be so pleasing. e would also like to work closely with local doctors and elder care homes to bring in customers with health problems. e are already in negotiations with %r. IoodmanGs office to insure referrals to the bakery for his patients. 5.1.1 Sales Forecast ?ur sales forecast assumes the following changes= Bread sales in the summer months will be slightly higher since more people will be having BBHs and picnics re5uiring items such as hamburger and hotdog buns. Bread and pastry sales will be higher in 6ovember and %ecember because of the food3oriented holidays. 0offee sales will be higher in winter months, and for summer months sales of sodas and iced beverages will increase.

6eed actual charts7 e recommend using &ive1lan as the easiest way to create graphs for your own business plan.

0reate your own business plan 8

6eed actual charts7 e recommend using &ive1lan as the easiest way to create graphs for your own business plan. 0reate your own business plan 8

Sales ore)ast
*ear 1 Sales Breads Co//ee9Be erages Lunch Ite"s 5Sou!s : Sand2iches6 4astries9S2eets Total Sales ,ire)t %ost o- Sales Breads Co//ee9Be erages Lunch Ite"s 5Sou!s : Sand2iches6 4astries9S2eets Su$total ,ire)t %ost o- Sales $)5,&00 $38,-00 $80,000 $5&,-00 $251,700 *ear 1 $22,))0 $10,&20 $32,000 $23,)80 $89,450 $&8,000 $-8,000 $&8,000 $8-,000 $+24,000 *ear 2 $28,800 $1-,-00 $38,-00 $33,800 $115,200 $120,000 $80,000 $120,000 $100,000 $400,000 *ear + $38,000 $18,000 $-8,000 $-0,000 $142,000 *ear 2 *ear +

6eed real financials7 e recommend using &ive1lan as the easiest way to create automatic financials for your own business plan. 0reate your own business plan 8 5.2 Competitive Edge ?ur competitive edge is our 5uality of goods. e use only organic flours of the highest 5uality that create incredible non3gluten goods that canGt be matched anywhere else in town. e also focus mainly on non3gluten goods. !he other bakeries in town focus on wheat goods and sometimes, as an afterthought, use alternative flours. 5.3 Milestones !he table below displays the milestones that Morningstar Bakery would like to accomplish in the first three years. Emphasis in the first year will be on advertising to make the Morningstar Bakery an established business in town.

6eed actual charts7 e recommend using &ive1lan as the easiest way to create graphs for your own business plan. 0reate your own business plan 8

.ilestones
.ilestone ,irst 'd ertising Ca"!aign ,ull(Ser ice Co//ee Bar Integration *sta1lishing a Lunch Menu $utdoor Ca/e Seating Totals Start ,ate 129192001 29192002 39192002 59192002 En! ,ate 39192002 292892002 393092002 &93092002 /u!"et $5,000 $5,000 $1,000 $10,000 $21,000 .ana"er ;ara <uni!er( Reid 0onna Shar! 0onna Shar! 0onna Shar! ,epartment Mar#eting Ba#ery Ba#ery Ba#ery

Management Summary %onna Sharp is the founder of Morningstar Bakery. She brings to the bakery her experience as a baker and as an entrepreneur. She has worked as a baker for over ', years including two years as an apprentice in a well3 known 1aris patisserie. "s a teenager she helped her parents at the familyGs general store, both in sales and marketing. Aor her last two years at her familyGs store, she was the general employee manager. 4er duties at the bakery will include employee hiring and training, head baker and store management. %onovan Bailey has run his own successful 01" consulting firm for '( years. 4is duties will include the bookkeeping, inventory management and stock fulfillment. !ara 2uniper3/eid runs her own 1/ company and will be assisting the Morningstar Bakery in its marketing campaigns on a part3time basis. &ucy 4amilton has worked as a baker for over five years and will be the assistant baker. 4er responsibilities will also include the management of the bakery shopping list. 6.1 Personnel Plan ?nce the bakery becomes established and the cash flow is steady, we would like to hire one person for counter help and another assistant baker. !he table below illustrates the needs of the current employees, plus the integration of two more employees within three months of operation. !he new hirings will coincide with the opening of a lunch menu and coffee bar which will most certainly re5uire more help.

Personnel Plan
Year 1 Do ! "h!rp # $e!% &!'er (24,000 (21,000 Year 2 (26,400 (23,100 Year 3 (29,040 (25,410

)ucy $!*ilto

T!r! +u iper#,ei% # -!rt#ti*e .ou ter $elp # /ull Ti*e Assist! t &!'er # -!rt ti*e Do o0! $!*ilto # &oo''eeper Total Peo%le Total Payroll

(9,000 (18,000 (9,000 (24,000 & '105"000

(9,900 (19,800 (9,900 (26,400 & '115"500

(10,890 (21,780 (10,890 (29,040 & '12$"050

Ainancial 1lan !he following sections will outline important financial assumptions. 7.1 Important Assumptions !he current economic climate in the B.S. appears to be on the brink of recession. 4owever, we do not believe that if the country does enter a recession that our business will be unduly affected. Since our products are ones that help contribute to and maintain good health, we believe that people will continue to buy our products over traditional wheat bread. e are operating in a niche market, and in addition, the price of our breads and sweets although slightly higher than traditional bakeries they are not positioned as expensive, luxury items.

0eneral Assumptions
4lan Month Current Interest Rate Long(ter" Interest Rate ;a+ Rate 1t2er *ear 1 1 &.00= 8.50= 25.-2= 0 *ear 2 2 &.00= 8.50= 25.00= 0 *ear + 3 &.00= 8.50= 25.-2= 0

6eed real financials7 e recommend using &ive1lan as the easiest way to create automatic financials for your own business plan. 0reate your own business plan 8 7.2 Break-even Analysis ?ur Break3Even "nalysis includes running costs of production. !hese are fairly low since we manufacture all of our goods at a low cost to us. 4ere are the items included in the average percent variable cost= Manufacturing ingredients, i.e. flour, sugar, yeast and butter. 1ayroll. Mortgage. Btilities. "dvertising. !he Break3Even "nalysis as it appears below indicates that the break3even point will be attainable each month.

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/rea3-e(en Anal4sis
Monthly Re enue Brea#(e en Assumptions5 ' erage 4ercent >aria1le Cost Estimate! .ont2l4 ixe! %ost $1&,038 38= $12,271

7.3 Projected Profit and Loss !he following table shows the pro>ected profit and loss for Morningstar Bakery.

6eed actual charts7 e recommend using &ive1lan as the easiest way to create graphs for your own business plan. 0reate your own business plan 8

6eed actual charts7 e recommend using &ive1lan as the easiest way to create graphs for your own business plan. 0reate your own business plan 8

6eed actual charts7 e recommend using &ive1lan as the easiest way to create graphs for your own business plan. 0reate your own business plan 8

6eed actual charts7 e recommend using &ive1lan as the easiest way to create graphs for your own business plan. 0reate your own business plan 8

&ro orma &ro-it an! #oss

*ear 1 Sales 0irect Cost o/ Sales $ther Total %ost o- Sales ?ross Margin ?ross Margin = Expenses 4ayroll Sales and Mar#eting and $ther *+!enses 0e!reciation 7tilities $251,700 $8&,-50 $0 $89,450 $182,250 8-.-8= $105,000 $13,0-0 $3,-&2 $51& *ear 2 $+24,000 $115,200 $0 $115,200 $208,800 8-.--= $115,500 $1-,8-0 $3,-&2 $800 *ear + $400,000 $1-2,000 $0 $142,000 $258,000 8-.50= $12),050 $18,8-0 $3,-&2 $800

Insurance Mortgage 4ayroll ;a+es $ther Total 1peratin" Expenses 4ro/it Be/ore Interest and ;a+es *BI;0' Interest *+!ense ;a+es Incurred 7et &ro-it 7et &ro-it8Sales

$1,800 $10,800 $12,800 $0 $147,251 $1-,&&& $18,-&1 $1-,)05 5$-)36 $767 09+0:

$2,-00 $15,0&8 $13,880 $0 $165,588 $-3,212 $-8,)0$1-,)05 $),12) $21,+80 6960:

$2,800 $15,0&8 $15,2-8 $0 $181,124 $)8,8)8 $80,388 $1-,)05 $15,802 $46,+69 11959:

7.4 Projected Cash Flow !he following chart illustrates a healthy cash balance for the first three years, enabling the company to grow through reinvestment.

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&ro orma %as2 lo;

*ear 1 %as2 Re)ei(e! Cash /ro" $!erations Cash Sales Su$total %as2 -rom 1perations 'dditional Cash Recei ed Sales ;a+, >';, @S;9?S; Recei ed .e2 Current Borro2ing .e2 $ther Lia1ilities 5interest(/ree6 .e2 Long(ter" Lia1ilities Sales o/ $ther Current 'ssets Sales o/ Long(ter" 'ssets .e2 In est"ent Recei ed Su$total %as2 Re)ei(e! Expen!itures *+!enditures /ro" $!erations Cash S!ending Bill 4ay"ents $251,)00 $251,700 $0 $0 $0 $0 $0 $0 $0 $251,700 *ear 1 $105,000 $128,1&& $32-,000 $+24,000 $0 $0 $0 $0 $0 $0 $0 $+24,000 *ear 2 $115,500 $182,))8 $-00,000 $400,000 $0 $0 $0 $0 $0 $0 $0 $400,000 *ear + $12),050 $21&,8-5 *ear 2 *ear +

Su$total Spent on 1perations 'dditional Cash S!ent Sales ;a+, >';, @S;9?S; 4aid $ut 4rinci!al Re!ay"ent o/ Current Borro2ing $ther Lia1ilities 4rinci!al Re!ay"ent Long(ter" Lia1ilities 4rinci!al Re!ay"ent 4urchase $ther Current 'ssets 4urchase Long(ter" 'ssets 0i idends Su$total %as2 Spent 7et %as2 lo; %as2 /alan)e

$2++,199 $0 $0 $0 $0 $0 $0 $0 $2++,199 $18,501 $+0,59+

$298,276 $0 $0 $0 $0 $0 $0 $0 $298,276 $25,724 $56,+16

$+46,895 $0 $0 $0 $0 $0 $0 $0 $+46,895 $5+,105 $109,421

7.5 Projected Balance Sheet !he following table represents the financial position of the Morningstar Bakery at the end of each of the three upcoming fiscal years.

&ro orma /alan)e S2eet

*ear 1 Assets Current 'ssets Cash $ther Current 'ssets Total %urrent Assets Long(ter" 'ssets Long(ter" 'ssets 'ccu"ulated 0e!reciation Total #on"-term Assets Total Assets #ia$ilities an! %apital Current Lia1ilities 'ccounts 4aya1le Current Borro2ing $ther Current Lia1ilities Su$total %urrent #ia$ilities Long(ter" Lia1ilities Total #ia$ilities 4aid(in Ca!ital Retained *arnings *arnings Total %apital Total #ia$ilities an! %apital 7et <ort2 $30,5&3 $0 $+0,59+ $1)5,000 $3,-&2 $171,508 $202,101 *ear 1 $1-,2-1 $0 $12,000 $26,241 $1)3,000 $199,241 $),500 5$5,-086 $)8) $2,859 $202,101 $2,859 $58,318 $0 $56,+16 $1)5,000 $8,&8$168,016 $224,++2 *ear 2 $15,0&3 $0 $12,000 $27,09+ $1)3,000 $200,09+ $),500 5$-,8-16 $21,380 $24,240 $224,++2 $24,240 $10&,-21 $0 $109,421 $1)5,000 $10,-)8 $164,524 $27+,945 *ear + $18,338 $0 $12,000 $+0,++6 $1)3,000 $20+,++6 $),500 $18,)-0 $-8,38& $70,609 $27+,945 $70,609 *ear 2 *ear +

6eed real financials7 e recommend using &ive1lan as the easiest way to create automatic financials for your own business plan. 0reate your own business plan 8 7.6 Business Ratios Business ratios for the years of this plan are shown below. #ndustry profile ratios based on the Standard #ndustrial 0lassification ES#0F code (-J', /etail Bakeries, are shown for comparison.

Ratio Anal4sis
Sales ?ro2th &er)ent o- Total Assets $ther Current 'ssets ;otal Current 'ssets *ear 1 0.00= 0.00= 15.1-= *ear 2 28.)2= 0.00= 25.10= *ear + 23.-8= 0.00= 3&.&-= 'n!ustr4 &ro-ile 2.58= 2&.82= 55.20=

Long(ter" 'ssets Total Assets Current Lia1ilities Long(ter" Lia1ilities ;otal Lia1ilities 7et <ort2 &er)ent o- Sales Sales ?ross Margin Selling, ?eneral : 'd"inistrati e *+!enses 'd ertising *+!enses 4ro/it Be/ore Interest and ;a+es .ain Ratios Current Auic# ;otal 0e1t to ;otal 'ssets 4re(ta+ Return on .et Borth 4re(ta+ Return on 'ssets A!!itional Ratios .et 4ro/it Margin Return on *%uity A)ti(it4 Ratios 'ccounts 4aya1le ;urno er 4ay"ent 0ays ;otal 'sset ;urno er ,e$t Ratios 0e1t to .et Borth Current Lia1. to Lia1. #iqui!it4 Ratios .et Bor#ing Ca!ital Interest Co erage A!!itional Ratios 'ssets to Sales Current 0e1t9;otal 'ssets 'cid ;est Sales9.et Borth ,i(i!en! &a4out

8-.88= 100900: 12.&8= 85.80= &8.5&= 1941: 100.00= 8-.-8= 8-.1-= -.13= 5.&8= 1.1) 1.1) &8.5&= 10.28= 0.15= *ear 1 0.30= 28.8-= 10.00 2) 1.25 8&.88 0.13 $-,351 1.02 0.80 13= 1.1) 88.03 0900

)-.&0= 100900: 12.08= )).12= 8&.1&= 10981: 100.00= 8-.--= 5).51= 3.)0= 13.3-= 2.08 2.08 8&.1&= 11).81= 12.)1= *ear 2 8.80= 88.20= 12.1) 2& 1.-8.25 0.1$2&,222.&0.8& 12= 2.08 13.3) 0900

80.08= 100900: 11.0)= 83.15= )-.23= 25977: 100.00= 8-.50= 52.58= 3.50= 1&.22= 3.81 3.81 )-.23= 88.05= 22.8&= *ear + 11.5&= 85.8)= 12.1) 2) 1.-8 2.88 0.15 $)&,085 5.23 0.88 11= 3.81 5.8) 0900

--.80= 100900: 25.-0= 23.0)= -8.-)= 5195+: 100.00= 38.8-= 23.88= 1.85= 1.&2= 1.)0 0.&8 5.58= 58.30= 12.)2= n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n9a

Specialty $a'er $usiness Plan

Morningstar Bakery
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