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What is Small Business Marketing? <ul><li>What is marketing? </li></ul><ul><ul><li>simply selling a product or service? </...
Strategic Marketing Research Activities <ul><li>Market Analysis </li></ul><ul><ul><li>Activities which  locate  and  descr...
The Marketing Plan and Supporting Marketing Activities Exhibit 7.1
The Formal Marketing Plan <ul><li>Market Analysis </li></ul><ul><ul><li>Customer profile </li></ul></ul><ul><ul><ul><li>A ...
The Formal Marketing Plan (cont’d.) <ul><li>Marketing Strategy  (4 “P’s” for each segment) </li></ul><ul><ul><li>Product a...
Analyzing the Competition www.sba.gov/starting_business/marketing/analysis.html <ul><li>COMPETITOR ANALYSIS </li></ul><ul>...
Understanding Potential Target Markets <ul><li>Market </li></ul><ul><ul><li>A group of  customers  or potential customers ...
Ingredients of a Market Ingredient 1 Customers : People or businesses Ingredient 2 Purchasing power:  Money/credit Ingredi...
Types of Market Segmentation Strategies <ul><li>Unsegmented  Strategy ( Mass Marketing ) </li></ul><ul><ul><li>A strategy ...
An Unsegmented Market Strategy Exhibit 7.3
A Multisegment Market Strategy Exhibit 7.4
A Single-Segmentation Market Strategy Exhibit 7.5
Estimating Market Potential <ul><li>The Sales Forecast </li></ul><ul><ul><li>A prediction of how much (in  units  and/or  ...
The Forecasting Process: Two Dimensions of Forecasting <ul><li>The Starting Point </li></ul><ul><ul><li>Breakdown  process...
Sales Forecasting with the Breakdown Method *Figures in this column, for variables 2–7, are derived by multiplying the per...
SALES FORECAST SOAPY RIDES CAR WASH POPULATION ESTIMATES <ul><li>Data from the 2000 Census Report for East Meadow, New Yor...
SALES FORECAST SOAPY RIDES CAR WASH ASSUMPTIONS <ul><li>Car Wash Assumptions  (by retail customer segment) : </li></ul><ul...
SALES FORECAST ESTIMATED RETAIL WASHES PER YEAR <ul><ul><ul><li>POTENTIAL CAR WASH CUSTOMERS AND TOTAL EXPECTED WASHES </l...
SALES FORECAST DEALER AND FLEET ASSUMPTIONS <ul><li>New and Used Car Dealerships within 7 miles  =  15 </li></ul><ul><li>B...
SALES FORECAST ESTIMATED DEALER AND FLEET WASHES PER YEAR <ul><li>Dealer and Business Fleet Car Wash Estimates   </li></ul...
SALES FORECAST COMBINED CAR WASH ESTIMATES  <ul><ul><ul><li>  OPTIMISTIC  PESSIMISTIC  MOST LIKELY </li></ul></ul></ul><ul...
SOAPY RIDES CAR WASH REVENUE ASSUMPTIONS <ul><ul><ul><li>  OPTIMISTIC  PESSIMISTIC  MOST LIKELY </li></ul></ul></ul><ul><l...
SOAPY RIDES CAR WASH REVENUE ESTIMATES <ul><ul><ul><li>  OPTIMISTIC  PESSIMISTIC  MOST LIKELY </li></ul></ul></ul><ul><li>...
SOAPY RIDES CAR WASH EXPENSE ASSUMPTIONS  <ul><ul><ul><li>DIRECT LABOR ASSUMPTIONS : </li></ul></ul></ul><ul><li>Workers p...
SOAPY RIDES  CAR WASH ONLY  GAIN/(LOSS) ESTIMATES  <ul><ul><li>    OPTIMISTIC  PESSIMISTIC  MOST LIKELY </li></ul></ul><ul...
SOAPY RIDES DETAILING ASSUMPTIONS  <ul><ul><li>Serve both the public and new/used car dealerships with quality detailing (...
DETAILING REVENUE AND EXPENSE ESTIMATES <ul><li>    OPTIMISTIC  PESSIMISTIC  MOST LIKELY </li></ul><ul><li>Dealer cars det...
SOAPY RIDES COMBINED GAIN/(LOSS) ESTIMATES <ul><ul><li>    OPTIMISTIC  PESSIMISTIC  MOST LIKELY </li></ul></ul><ul><li>REV...
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Copyright © 2006 Thomson Business

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Transcript of "Copyright © 2006 Thomson Business "

  1. 1. What is Small Business Marketing? <ul><li>What is marketing? </li></ul><ul><ul><li>simply selling a product or service? </li></ul></ul><ul><ul><li>activities that direct the flow of goods and services from producer to consumer or user? </li></ul></ul><ul><li>Small business marketing consists of business activities that: </li></ul><ul><ul><li>Identify a target market </li></ul></ul><ul><ul><li>Determine target market potential </li></ul></ul><ul><ul><li>Prepare , communicate , and deliver a bundle of satisfaction to the target market ( customers or users ) </li></ul></ul>
  2. 2. Strategic Marketing Research Activities <ul><li>Market Analysis </li></ul><ul><ul><li>Activities which locate and describe potential customers. </li></ul></ul><ul><ul><li>An evaluation process that encompasses market segmentation , marketing research , and sales forecasting </li></ul></ul><ul><li>Developing the Marketing Mix (The Four “P’s”) </li></ul><ul><ul><li>The specific product or service , price , promotional approach , and distribution (place) channel(s) to be used for each target market ( customer group ). </li></ul></ul>
  3. 3. The Marketing Plan and Supporting Marketing Activities Exhibit 7.1
  4. 4. The Formal Marketing Plan <ul><li>Market Analysis </li></ul><ul><ul><li>Customer profile </li></ul></ul><ul><ul><ul><li>A description of potential customers in a target market </li></ul></ul></ul><ul><ul><li>Sales forecasts </li></ul></ul><ul><ul><ul><li>Outlook: “most likely,” “pessimistic,” and “optimistic” </li></ul></ul></ul><ul><li>The Competition </li></ul><ul><ul><li>Profile of key management personnel </li></ul></ul><ul><ul><li>Overall strengths and weaknesses </li></ul></ul><ul><ul><li>Related products being marketed or tested </li></ul></ul><ul><ul><li>Likelihood of competitors’ entry into target market </li></ul></ul>
  5. 5. The Formal Marketing Plan (cont’d.) <ul><li>Marketing Strategy (4 “P’s” for each segment) </li></ul><ul><ul><li>Product and/or service section </li></ul></ul><ul><ul><ul><li>Decisions affecting the total product </li></ul></ul></ul><ul><ul><li>Distribution section (Place) </li></ul></ul><ul><ul><ul><li>Decisions regarding product delivery to customers </li></ul></ul></ul><ul><ul><li>Pricing section </li></ul></ul><ul><ul><ul><li>Setting an acceptable value on the product </li></ul></ul></ul><ul><ul><li>Promotional section </li></ul></ul><ul><ul><ul><li>Communicating information to the target market </li></ul></ul></ul>
  6. 6. Analyzing the Competition www.sba.gov/starting_business/marketing/analysis.html <ul><li>COMPETITOR ANALYSIS </li></ul><ul><ul><li>Who are your five nearest direct competitors? </li></ul></ul><ul><ul><li>Who are your indirect competitors? </li></ul></ul><ul><ul><li>Is their business growing , steady, or declining ? </li></ul></ul><ul><ul><li>What can you learn from their operations or from their advertising ? </li></ul></ul><ul><ul><li>What are their strengths and weaknesses ? </li></ul></ul><ul><ul><li>How does their product or service differ from yours? </li></ul></ul><ul><li>Gathering information about competitors… </li></ul><ul><ul><li>Internet (…what is on their website?) </li></ul></ul><ul><ul><li>Personal visits (…what do the premises look like? …how are the products displayed and priced?) </li></ul></ul><ul><ul><li>What do your customers say about your competitors? (…ask them!) </li></ul></ul><ul><ul><li>Competitor advertisements </li></ul></ul><ul><ul><li>Trade shows and industry association publications </li></ul></ul><ul><ul><li>Industry surveys and computer databases </li></ul></ul>
  7. 7. Understanding Potential Target Markets <ul><li>Market </li></ul><ul><ul><li>A group of customers or potential customers who have purchasing power and unsatisfied needs </li></ul></ul><ul><li>Market Segmentation </li></ul><ul><ul><li>The division of a market into several smaller groups with similar needs </li></ul></ul><ul><li>Focus strategy </li></ul><ul><ul><li>A type of competitive strategy in which cost and marketing strategies are achieved within narrow market segments </li></ul></ul>
  8. 8. Ingredients of a Market Ingredient 1 Customers : People or businesses Ingredient 2 Purchasing power: Money/credit Ingredient 3 Unsatisfied needs
  9. 9. Types of Market Segmentation Strategies <ul><li>Unsegmented Strategy ( Mass Marketing ) </li></ul><ul><ul><li>A strategy that defines the total market as the target market </li></ul></ul><ul><li>Multisegment Strategy </li></ul><ul><ul><li>A strategy that recognizes different preferences of individual market segments and develops a unique marketing mix for each </li></ul></ul><ul><li>Single-Segment Strategy </li></ul><ul><ul><li>A strategy that recognizes the existence of several distinct segments but only focuses on the most profitable segment </li></ul></ul>
  10. 10. An Unsegmented Market Strategy Exhibit 7.3
  11. 11. A Multisegment Market Strategy Exhibit 7.4
  12. 12. A Single-Segmentation Market Strategy Exhibit 7.5
  13. 13. Estimating Market Potential <ul><li>The Sales Forecast </li></ul><ul><ul><li>A prediction of how much (in units and/or dollars ) of a product or service will be purchased within a market during a specified period of time </li></ul></ul><ul><ul><ul><li>Assesses the new venture’s feasibility </li></ul></ul></ul><ul><ul><ul><li>Assists in planning for product scheduling, setting inventory levels, and personnel decisions </li></ul></ul></ul><ul><li>Limitations to Forecasting (for Entrepreneurs) </li></ul><ul><ul><li>New business circumstances are unique </li></ul></ul><ul><ul><li>Lack of familiarity with quantitative methods </li></ul></ul><ul><ul><li>Lack of familiarity with the forecasting process </li></ul></ul>
  14. 14. The Forecasting Process: Two Dimensions of Forecasting <ul><li>The Starting Point </li></ul><ul><ul><li>Breakdown process (chain-ratio method) </li></ul></ul><ul><ul><ul><li>Forecasting begins with macro-level variable and works down to the sales forecast (top-down). </li></ul></ul></ul><ul><ul><li>Buildup process </li></ul></ul><ul><ul><ul><li>All potential buyers in various submarkets are identified, and then the estimated demand is added up (bottom-up). </li></ul></ul></ul>
  15. 15. Sales Forecasting with the Breakdown Method *Figures in this column, for variables 2–7, are derived by multiplying the percentage or number in the Estimating Value column by the amount on the previous line of the Market Potential column. Exhibit 7.7
  16. 16. SALES FORECAST SOAPY RIDES CAR WASH POPULATION ESTIMATES <ul><li>Data from the 2000 Census Report for East Meadow, New York </li></ul><ul><li>Population = 160,000 </li></ul><ul><li>Car owner population = 100,000 </li></ul><ul><li>Market Segmentation Data </li></ul><ul><li>Potential Customers % Population Estimated Car Owners </li></ul><ul><ul><li>New Car Owners 7.2 % 7,200 </li></ul></ul><ul><ul><li>Older Luxury Car Owners 12.5 % 12,500 </li></ul></ul><ul><ul><li>Sports Car Owners 6.5 % 6,500 </li></ul></ul><ul><ul><li>Lifetime Owners 17.0 % 17,000 </li></ul></ul><ul><ul><li>TOTAL NUMBER OF CAR OWNERS 43,200 </li></ul></ul><ul><li>New and Used Car Dealerships (<7 miles) 15 </li></ul><ul><li>Businesses w/Fleet Cars/Vans (<5 miles) 10 </li></ul>
  17. 17. SALES FORECAST SOAPY RIDES CAR WASH ASSUMPTIONS <ul><li>Car Wash Assumptions (by retail customer segment) : </li></ul><ul><li>We hope to attract ... </li></ul><ul><li>10-15% of new car owners </li></ul><ul><li>8-10% of older luxury car </li></ul><ul><li>15-20% of sports car owners </li></ul><ul><li>6-10% of lifetime owners </li></ul><ul><li>Furthermore, we assume that... </li></ul><ul><li>New car owners will wash their car 5-6 times a year at our facility </li></ul><ul><li>Older luxury car owners will wash 4-5 times a year at our wash </li></ul><ul><li>Sports car owners will wash 8-10 times a year at our car wash </li></ul><ul><li>Lifetime owners will wash their car 3-4 times a year at our facility </li></ul>
  18. 18. SALES FORECAST ESTIMATED RETAIL WASHES PER YEAR <ul><ul><ul><li>POTENTIAL CAR WASH CUSTOMERS AND TOTAL EXPECTED WASHES </li></ul></ul></ul><ul><li>Population Segments Optimistic Pessimistic Most Likely </li></ul><ul><ul><li>New Car Owners 1080 (15%) 720 (10%) 864 (12%) </li></ul></ul><ul><ul><li>Older Luxury Cars 1250 (10%) 1000 (8%) 1125 (9%) </li></ul></ul><ul><ul><li>Sports Car Owners 1300 (20%) 975 (15%) 1105 (17%) </li></ul></ul><ul><ul><li>Lifetime Owners 1700 (10%) 1020 (6%) 1360 (8%) </li></ul></ul><ul><li>Estimated Car Washes </li></ul><ul><ul><li>New Car Owners 6x1080=6480 5x720=3600 5x864=4320 </li></ul></ul><ul><ul><li>Older Luxury Cars 5x1250=6250 4x1000=4000 5x1125=5625 </li></ul></ul><ul><ul><li>Sports Car Owners 10x1300=13000 8x975=7800 9x1105=9945 </li></ul></ul><ul><ul><li>Lifetime Owners 4x1700=6800 3x1020=3060 4x1360=5440 </li></ul></ul><ul><li>Estim Retail Washes/Year 32530 18460 25330 </li></ul>
  19. 19. SALES FORECAST DEALER AND FLEET ASSUMPTIONS <ul><li>New and Used Car Dealerships within 7 miles = 15 </li></ul><ul><li>Businesses with Fleet Cars/Vans within 5 miles = 10 </li></ul><ul><li>All fleets and dealerships will receive ~30% discount off the regular price </li></ul><ul><li>Dealer and Business Fleet Car Wash Assumptions </li></ul><ul><li>We hope to attract... </li></ul><ul><li>Up to 20% of the new and used car dealers within a seven mile radius </li></ul><ul><li>Up to 20% of the business fleets of cars and vans within a five mile radius </li></ul><ul><li>Furthermore, we assume that... </li></ul><ul><li>New and used car dealers will cycle their car inventory through our car wash between four and twelve times a year </li></ul><ul><li>The average car dealership maintains an average inventory of about 60 cars </li></ul><ul><li>Business fleets will cycle through the wash about four to eight times a year </li></ul><ul><li>The average business fleet consists of about 50 vehicles </li></ul>
  20. 20. SALES FORECAST ESTIMATED DEALER AND FLEET WASHES PER YEAR <ul><li>Dealer and Business Fleet Car Wash Estimates </li></ul><ul><li>Dealer Segment Optimistic Pessimistic Most Likely </li></ul><ul><ul><li>Subscribed Dealers 3 1 2 </li></ul></ul><ul><ul><li>Avg # of Cars/Dealer 60 60 60 </li></ul></ul><ul><ul><li>Avg # washes/Year 12 4 8 </li></ul></ul><ul><ul><li>Washes per Dealer 720 240 480 </li></ul></ul><ul><li>Est Dealer Washes/Year 2160 240 960 </li></ul><ul><li>Business Fleets Optimistic Pessimistic Most Likely </li></ul><ul><ul><li>Subscribed Fleets 2 0 1 </li></ul></ul><ul><ul><li>Avg # Cars/Fleet 50 50 50 </li></ul></ul><ul><ul><li>Avg # washes/Year 8 4 6 </li></ul></ul><ul><ul><li>Washes per Fleet 400 0 300 </li></ul></ul><ul><li>Est Fleet Washes/Year 800 0 300 </li></ul>
  21. 21. SALES FORECAST COMBINED CAR WASH ESTIMATES <ul><ul><ul><li> OPTIMISTIC PESSIMISTIC MOST LIKELY </li></ul></ul></ul><ul><li>Regular Washes/Year 32530 18460 25330 </li></ul><ul><li>Dealer Washes/Year 2160 240 960 </li></ul><ul><li>Fleet Washes/Year 800 0 300 </li></ul><ul><li>EST TOTAL WASHES/YR 35490 18700 26590 </li></ul>
  22. 22. SOAPY RIDES CAR WASH REVENUE ASSUMPTIONS <ul><ul><ul><li> OPTIMISTIC PESSIMISTIC MOST LIKELY </li></ul></ul></ul><ul><li>Regular Washes/Year 32530 18460 25330 </li></ul><ul><li>Est Dealer Washes/Yr 2160 240 960 </li></ul><ul><li>Est Fleet Washes/Yr 800 0 300 </li></ul><ul><li>EST TOTAL WASHES/YR 35490 18700 26590 </li></ul><ul><li>Assumptions About Regular Washes </li></ul><ul><li>Exterior Wash Only 60% 90% 75% </li></ul><ul><li>Full Wash (inside & out) 40% 10% 25% </li></ul><ul><li>Assumptions About Fleet/Dealer Washes </li></ul><ul><li>Exterior Wash Only 80% 100% 90% </li></ul><ul><li>Full Wash (inside & out) 20% 0 % 10% </li></ul><ul><li>Exterior wash = $10.00 Fleet/Dealer Exterior Wash = $7.00 </li></ul><ul><li>Full wash = $15.00 Fleet/Dealer Full Wash = $10.50 </li></ul>
  23. 23. SOAPY RIDES CAR WASH REVENUE ESTIMATES <ul><ul><ul><li> OPTIMISTIC PESSIMISTIC MOST LIKELY </li></ul></ul></ul><ul><li>Regular Exterior Wash 19518 16614 18998 </li></ul><ul><li>Revenue x $10 $195180 $166140 $189980 </li></ul><ul><li>Regular Full Wash 13012 1846 6332 </li></ul><ul><li>Revenue x $15 $195180 $ 27690 $ 94980 </li></ul><ul><li>Fleet/Dealer Exterior Wash 2368 240 1134 </li></ul><ul><li>Revenue x $7 $ 16576 $ 1680 $ 7938 </li></ul><ul><li>Fleet/Dealer Full Wash 592 0 126 </li></ul><ul><li>Revenue x $10.50 $ 6216 $ 0 $ 1323 </li></ul><ul><li>TOTAL REVENUE/YR $413152 $195510 $294221 </li></ul>
  24. 24. SOAPY RIDES CAR WASH EXPENSE ASSUMPTIONS <ul><ul><ul><li>DIRECT LABOR ASSUMPTIONS : </li></ul></ul></ul><ul><li>Workers paid $10/hr x 40 hours x 48 weeks/year plus benefit costs = 40% </li></ul><ul><li>Number of car wash workers needed (5 optimistic /4 most likely /3 pessimistic) </li></ul><ul><li>Cost of 1 car wash worker $2240/mo, $ 26880/yr </li></ul><ul><li>OVERHEAD ASSUMPTIONS : </li></ul><ul><li>Building rent $4000/mo, $48000/yr </li></ul><ul><li>Gas/electricity for dryers/heating $2000/mo, $24000/yr </li></ul><ul><li>Water/sewer $1500/mo, $18000/yr </li></ul><ul><li>Advertising $ 200/mo, $ 2400/yr </li></ul><ul><li>Insurance $ 500/mo, $ 6000/yr </li></ul><ul><li>Office expenses/phone $ 300/mo, $ 3600/yr </li></ul><ul><li>Manager (25k+44% benefits) $ 3000/mo, $36000/yr </li></ul><ul><li>TOTAL OVERHEAD EXPENSES $11500/MO, $138000/yr </li></ul>
  25. 25. SOAPY RIDES CAR WASH ONLY GAIN/(LOSS) ESTIMATES <ul><ul><li> OPTIMISTIC PESSIMISTIC MOST LIKELY </li></ul></ul><ul><li>REVENUES </li></ul><ul><li>Regular Washes $ 390360 $ 193830 $ 284960 </li></ul><ul><li>Dealer Washes 16576 1680 7938 </li></ul><ul><li>Fleet Washes 6216 0 1323 </li></ul><ul><li>TOTAL REVENUES $ 413152 $195510 $ 294221 </li></ul><ul><li>EXPENSES </li></ul><ul><li>Car Wash Labor Expense $ 130670 $ 64394 $ 94752 </li></ul><ul><li>Car Wash Soap/Cleaners 9553 4768 6970 </li></ul><ul><li>Car Wash Overhead Expenses 138000 138000 138000 </li></ul><ul><li>TOTAL EXPENSES $ 278223 $ 207162 $ 239722 </li></ul><ul><li>Less: Interest 1500 1500 1500 </li></ul><ul><li>Less: Depreciation 5300 5300 5300 </li></ul><ul><li>EARNINGS BEFORE TAXES $ 128129 $-18452 $ 47699 </li></ul><ul><li>Less: Taxes (25%) 32032 -0- 11925 </li></ul><ul><li>TOTAL GAIN/(LOSS) Car Wash $ 96097 $-18452 $ 35774 </li></ul><ul><li>ESTIMATED TOTAL WASHES/YR 35490 18700 26590 </li></ul>
  26. 26. SOAPY RIDES DETAILING ASSUMPTIONS <ul><ul><li>Serve both the public and new/used car dealerships with quality detailing (cleaning) services. </li></ul></ul><ul><ul><li>There are fifteen new/used car dealerships within 7 miles of our facility </li></ul></ul><ul><li>ASSUMPTIONS : OPTIMISTIC PESSIMISTIC MOST LIKELY </li></ul><ul><li>Dealers we have agreements with 3 0 2 </li></ul><ul><li>Number of cars detailed/dealer/yr 100 0 50 </li></ul><ul><li>Total Dealer cars detailed per yr 300 0 100 </li></ul><ul><li>Dealer rate = $70 per car </li></ul><ul><li>Regular detailing requests/week 8 2 5 </li></ul><ul><li>Regular detailed cars per year 384 96 240 </li></ul><ul><li>Regular rate = $100 per car </li></ul><ul><li>Detailing takes 3 hours per car </li></ul><ul><li>Workers are paid $12/hr and benefit costs average 40% </li></ul><ul><li>Supplies used = $10 per car </li></ul>
  27. 27. DETAILING REVENUE AND EXPENSE ESTIMATES <ul><li> OPTIMISTIC PESSIMISTIC MOST LIKELY </li></ul><ul><li>Dealer cars detailed per year 300 0 100 </li></ul><ul><li>Dealer revenue (x $70) $ 21000 $ 0 $ 7000 </li></ul><ul><li>Detailing cost (3x$12+40%) - 15120 -- -5040 </li></ul><ul><li>Supplies used (cars x $10) - 3000 -- -1000 </li></ul><ul><li>NET GAIN – Dealer Detailing $ 2880 $ 0 $ 960 </li></ul><ul><li>Regular detailing requests/week 8 2 5 </li></ul><ul><li>Regular cars detailed per year (x48) 384 96 240 </li></ul><ul><li>Regular revenue (x $100) $38400 $ 9600 $24000 </li></ul><ul><li>Detailing cost (3x$12x40%) - 19354 - 4838 -12096 </li></ul><ul><li>Supplies used (cars x $10) - 3840 - 960 - 2400 </li></ul><ul><li>NET GAIN – Regular Detailing $15206 $ 3802 $ 9504 </li></ul><ul><li>NET GAIN – TOTAL DETAILING $ 18086 $ 3802 $ 10464 </li></ul>
  28. 28. SOAPY RIDES COMBINED GAIN/(LOSS) ESTIMATES <ul><ul><li> OPTIMISTIC PESSIMISTIC MOST LIKELY </li></ul></ul><ul><li>REVENUES </li></ul><ul><li>Car Washing $ 413152 $ 195510 $ 294221 </li></ul><ul><li>Detailing 59400 9600 31000 </li></ul><ul><li>TOTAL REVENUES $ 472552 $205110 $ 325221 </li></ul><ul><li>EXPENSES </li></ul><ul><li>Direct Car Washing Expense $ 140223 $ 69162 $ 101722 </li></ul><ul><li>Car Wash Overhead Expenses 138000 138000 138000 </li></ul><ul><li>Dealer Detailing Expenses 18120 0 6040 </li></ul><ul><li>Regular Detailing Expenses 23194 5798 14496 </li></ul><ul><li>Total Expenses $ 319537 $ 212960 $ 260258 </li></ul><ul><li>EBITDA 153015 -7850 64963 </li></ul><ul><li>Interest 1500 1500 1500 </li></ul><ul><li>Depreciation 5300 5300 5300 </li></ul><ul><li>Earnings Before Taxes 146215 -14650 58163 </li></ul><ul><li>Taxes (25%) 36554 -0- 14541 </li></ul><ul><li>NET GAIN/(LOSS) – Year 1 $ 109661 - $ 14650 $ 43622 </li></ul>
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