Clark’s Ultimate Apparel and Sporting Goods
Prepared for:
Dave Clark
Prepared by:
SEGMOS Consulting
Keith Edwards
Matthew Greenberg
Davey McLellan
Oyinkan Obikoya
Jason Schell
Jen Schmid
July 17, 2008
Clark’s Ultimate Apparel and Sporting Goods
Dave Clark
TABLE OF CONTENTS
EXECUTIVE SUMMARY .............................................................................................................................. 2
INTRODUCTION........................................................................................................................................... 3
THE MARKETING PLAN .............................................................................................................................. 4
I. Market Analysis ..................................................................................................................................... 4
II. Target Market........................................................................................................................................ 6
III. Situation Analysis ................................................................................................................................ 7
IV. Marketing Objectives and Strategies (The Four “P’s”) ........................................................................ 9
Table 1 - Products .............................................................................................................................. 10
V. Summary of Marketing Strategy ......................................................................................................... 11
OPERATIONS PLAN .................................................................................................................................. 12
HUMAN RESOURCES PLAN ..................................................................................................................... 15
FINANCIAL PLAN ....................................................................................................................................... 19
CONCLUSION ............................................................................................................................................ 22
ATTACHED SCHEDULES
Schedule 1 – Year 1 by Month
Schedule 2 – Five Year Projection
Schedule 3 – Cost of Sales
Schedule 4 – Operating Expenses
Schedule 5 – Capital Expenditures
Schedule 6 – Employee Costs
Schedule 6a – Employee Costs Inputs
Schedule 6b – Normalized Annual Employee Costs (2009)
Schedule 7 – Marketing Expenses
Schedule 8 – Net Income Sensitivity
Schedule 9 – Floorplan
Schedule 10 – Location
Schedule 11 – Staffing Schedule
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Clark’s Ultimate Apparel and Sporting Goods
Dave Clark
EXECUTIVE SUMMARY
Dave Clark is opening Clark’s Ultimate Apparel and Sporting Goods (Clark’s) in Saskatoon,
Saskatchewan. Dave recently graduated from university and is excited to pursue his entrepreneurial
dreams.
Clark’s plans to specialize in Ultimate Frisbee and Disc Golf, as well as offer all of the brand name athletic
clothing and apparel. To date, there is no store in Saskatoon that caters specifically or sufficiently to all
the needs of these sports in one location or with sufficient expertise.
The industry for athletic apparel and sporting goods in Saskatoon is a large market with stiff competition
from large corporate stores and a few smaller owner-operated businesses. Although there is strong
competition in this industry, there is also a unique opportunity for niche players to steal market share from
the large corporate stores and also from the smaller owner-operated stores if a strong and sustainable
niche market can be identified and exploited.
Clark’s plans to meet this need by being the market leader in Ultimate and Disc Golf apparel and sporting
goods in Saskatoon. To accomplish this, Clark’s will carry the largest and most complete selection of
Ultimate and Disc Golf apparel and sporting good brands in the city. Clark’s staff will also have
specialized expertise in these sports to offer consumers superior customer service and satisfaction.
Hours of operation are Monday to Friday, 11:00 am to 9:00 pm, Saturday 9:30 am to 9:00 pm, and
Sunday 9:30 am to 6:00 pm. The store is therefore open seven days a week year round to best serve its
customers. The store will have three employees and Dave himself to cover all of the operations, and two
people on hand to help customers for the bulk of the day.
All of the important aspects of running a retail operation have been covered in the planning. Some of
these include inventory management, store security, managing suppliers, capital budgeting, etc. As a new
business, Dave will need to invest significant hours into ensuring the success of the store.
In order to launch Clark’s, financing in addition to Dave’s $30,000 equity investment will be required. An
operating line of credit from the bank is necessary to finance inventory purchases initially, as well as
when cash flow is tighter. There is also an additional equity investment of $40,000 required to fund the
start up costs of the store. All of the parties will receive a return on their investment: the bank will receive
interest owed, and the investors have the potential to receive dividends in 2012 and on if operations
continue to be successful. The expected rate of return for the store is 37%.
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Clark’s Ultimate Apparel and Sporting Goods
Dave Clark
INTRODUCTION
The man behind Clark’s Ultimate Apparel and Sporting Goods (Clark’s) is Dave Clark. Dave is a recent
graduate from the Edwards School of Business at the University of Saskatchewan, and is excited to begin
his first foray into entrepreneurship. In one of his final course projects, Dave conducted a market demand
analysis for a sporting goods store in Saskatoon, Saskatchewan, and is confident that the opportunity
exists to be a huge success. Dave has already obtained $30,000 as a graduation gift from his father
which Dave is planning on using to open the store.
Clark’s is a sports clothing and apparel store, which targets disc sports specifically. The clothing and
apparel will be all of the popular brand names in sports today, and has the versatility of being transferable
among almost any sport. The disc sports (notably Ultimate Frisbee and Disc Golf) are an up and coming
market, and Clark’s wants to become the pre-eminent supplier to the sport in Saskatoon and area.
Mission Statement
“To become the ultimate retailer of athletic clothing and apparel in Saskatoon and area and to propel disc
sports in the province to new heights.”
The mission statement of the company drives its short term and long term goals.
Short Term Goals
1. To achieve positive net income within 3 years.
2. Host a successful Ultimate Frisbee tournament in the first year of operations.
Long Term Goals
1. Increase sales volume by 30% over 5 years.
2. Achieve brand recognition synonymous with quality products and service.
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Clark’s Ultimate Apparel and Sporting Goods
Dave Clark
THE MARKETING PLAN
I.
Market Analysis
The Industry Environment and Analysis
Political
The political environment in Saskatchewan and in Canada is favourable for business with the
Saskatchewan Party and the Conservative Party in power. These governments favour lower corporate
and individual tax rates as well as offer numerous incentives and support for small business. One
example is the new tax credit for children involved in sport.
Furthermore, the sport of Ultimate and Disc Golf is free from restrictive laws and regulations that are
imposed on some industries such as pharmaceuticals and alcohol sales.
Economic
According to the Saskatoon Regional Economic Development Authority Inc (SREDA), Saskatoon ranks
as one of the fastest growing economies in Western Canada and in Canada as a whole with expected
GDP growth averaging 2.5% in the coming years and retail spending as a percentage of total consumer
spending increasing 5% year over year.
Also, current interest rates are also very low, which promotes additional consumer spending. However,
given that interest rates are at historic lows, it can be expected that interest rates will increase in the
future and thus somewhat reduce consumer spending. That said, the current interest rate environment is
favourable and rising interest rates should have a relatively negligible effect on consumer spending given
the strength of the Canadian economy.
On the other hand, the state of the Canadian economy is tied to the economy in the United States. If the
economic recession in the U.S. persists, this could negatively impact consumer spending in Canada.
However, because Canada’s economy is strongly based in commodities, which are trading at strong
prices and expected to continue to grow, it is likely that Canada will be able to sustain its strength going
forward and avoid a recession.
Social
There are currently strong trends towards health consciousness and increased participation in sports in
Canadian society, with Saskatoon being no exception. Saskatoon is also home to the Saskatoon Ultimate
Disc Sport Society (SUDS), a non-profit organization that promotes, supports, and runs the leagues for
Ultimate and Disc Golf.
The sports of Ultimate and Disc Golf have seem tremendous growth in popularity across North America in
recent years and Saskatoon has also experienced much of this growth with more teams and players
joining SUDS leagues each season. From a business perspective, both Ultimate and Disc Golf can be
played year round in Saskatoon, even in the winter, with SUDS operating the Ultimate league in the
indoor soccer arenas in town. Saskatoon also has numerous outdoor fields and green spaces that are
conducive to Ultimate and Disc Golf as well as two certified Disc Golf fields, and would allow for
substantial growth in both sports.
Technological
There is low risk of dramatic technological changes in the industry as the apparel and sporting goods for
Ultimate and Disc Golf are not complicated. However, there are still developments with new materials and
new styles of clothing and apparel that come out every season
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Clark’s Ultimate Apparel and Sporting Goods
Dave Clark
Internet sales in the sporting goods and apparel industry are quite prevalent, as sizes and shapes of most
equipment are largely standardized in North America.
Porter’s Five Forces – A Model for Industry Analysis1
Supplier Power
Because Clark’s is just in the starting phase and is a relatively small player, it will not have significant
purchasing power with suppliers. As a result, Clark’s does not expect to receive significant discounts from
manufacturers or wholesalers. However, as Clark’s becomes more established and develops strong
relationships with its suppliers, there is strong potential to receive discounts, favourable credit terms, and
return policies in the future. Overall, supplier power will be high initially, but is expected to decrease in the
long run.
Threat of Substitutes
Given that sports in general as an industry is dependent on active lifestyles, the substitutes are other
leisure activities. These can include reading, watching television, playing board games, etc. There are
separate and distinct markets for these substitute products and activities, and there is not a great deal of
substitution. However, being active requires effort on the part of participants, and therefore the threat of
all less active options as substitutes is moderate.
Degree of Rivalry
There are numerous athletic apparel and sporting good stores in Saskatoon, which carry substantially
similar brands of clothing and apparel. None of them however are currently focusing or catering
specifically to the disc sports. Competitors currently carry bits and pieces of the apparel and merchandise
necessary for Ultimate and Disc Golf, but not a full line and they do not have specialized expertise in
these areas. Despite this, the degree of rivalry will still be very high. This high rivalry is mitigated
somewhat in Clark’s approach of niche marketing and first-mover advantage.
Buyer Power
As there are no significant switching costs, buyer power in retail will be high. However, because other
businesses will not carry the same depth and variety in their line of Ultimate and Disc Golf products and
pricing points, the buyer power will be reduced somewhat because Clark’s will be the only location that a
customer can purchase all their Ultimate and Disc Golf needs and receive exceptional service and
knowledge in these sports. Initially, the buyer power is moderate, given the first-mover advantage and
limited availability of comparables products. Over time, as disc sports become more popular, more retail
outlets will carry wider ranges of products, and the buyer power will increase to high.
Barriers to Entry
The barriers to entry in the athletic apparel and sporting good industry in Saskatoon are low, despite the
numerous large corporate and small owner-managed businesses. There are several critical components
necessary to entry, which include somewhat significant start-up costs, finding a location and purchasing
store equipment and inventory, not to mention a significant investment of time. However, it is important to
note that internet retailers do not have the same start-up costs (most notably with regards to accessing
new customers) and could potentially steal market share. However, given the convenience that Clark’s
will offer to Saskatoon residents, this competition from internet retailers should be sufficiently mitigated.
1
Model accessed online at http://www.quickmba.com/strategy/porter.shtml
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Dave Clark
In terms of the barriers to entry in the Ultimate and Disc Golf apparel and merchandise industry, there is a
high risk that the current players in the athletic apparel and sporting goods industry will start offering a
larger product line of Ultimate and Golf Disc products. This threat to entry will be mitigated by the firstmover advantage that will accrue to Clark’s. This will create a barrier to entry in the Saskatoon market as
the market is not as large as other major urban centres that could support several specialized retailers in
one geographic area. That is, Saskatoon’s market will be profitable for Clark’s, but will not be worth the
time, or return adequate profits for those looking to compete directly with Clark’s because the market will
not be large enough to support two specialized stores.
Overall
In sum, supplier power is high, threat of substitutes is moderate, degree of rivalry is high, buyer power is
medium-high, and barriers to entry are low.
The industry for Ultimate and Disc Golf apparel and merchandise is poised to be taken advantage of.
Although supplier power and degree of rivalry are high initially, these assessments are projected to be
more favourable in the long run once Clark’s executes its business plan and becomes are more
established business in Saskatoon. In order to mitigate the unfavourable factors revealed in Porter’s Five
Forces, Clark’s will use niche marketing and the first-mover advantage in the short-term to succeed, and
brand recognition in the long term to maintain the success. The retail industry is very competitive, and
Clark’s needs to stick to its plan in order to succeed.
II.
Target Market
Geographic


Saskatoon, Saskatchewan, Canada (and surrounding area)
Population: 233,923 (2006 Census, Statistics Canada, Census Metropolitan Area)
Target Consumer

Age 15 to 40 years (approx. 150,000 persons per Statistics Canada, 2006 Census, Saskatoon
Census Metropolitan Area)

Individual consumers, sport league teams, corporate merchandise

Moderate to high income levels, including students
a. Income (Statistics Canada, 2006 Census) for Saskatoon CMA:
i. Median before tax: $73,480
ii. Median after tax: $39,400

Lifestyle characteristics (psychographics)
a. Active
b. Athletic
c. Competitive
d. Likes the outdoors
e. Interest in Ultimate and/or Disc Golf
f. Fashion conscious
g. Married, family and single

Purchase characteristics:
a. When: average 2 times a year
b. What: apparel, shoes, accessories, equipment, other merchandise
c. Where: at the store
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Clark’s Ultimate Apparel and Sporting Goods
Dave Clark
d. How much (volume/price): average $150/visit or 3-5 items/visit

III.
What are the reasons the target consumer purchases the product:
a. High quality and durability of product
b. Variety and selection of various unique brand names
c. Superior staff knowledge and customer service
d. Value for price
Situation Analysis
Strengths
-
Premium, convenient location on 8th Street in Saskatoon
Athletic clothing and apparel transferable to other sports and outdoor activities such as running,
soccer, basketball, football, track & field, hockey, rugby, hiking, camping, etc.
Specialized, niche market product line of discs and equipment that is differentiated from
competition
Exceptional staff knowledge and customer service
“One stop shop” for all Ultimate and Disc Golf apparel and merchandise needs
Ability to provide customers with custom apparel and merchandise for teams or individual
preferences
First-mover advantage into niche market
Weaknesses
-
-
-
Management lacks practical experience
o Mitigation Factor:
 Hired consulting firm to develop and implement a business plan and provide
ongoing advice and consulting
Seasonality of sales
o Mitigation Factor:
 Transferability of apparel to other sports and activities which operate throughout
the year will help to offset the seasonality of Ultimate and Disc Golf
 Ultimate is played year round in Saskatoon – outdoors in the spring, summer,
and fall, and at indoor soccer fields in the winter
Ultimate and Disc Golf are low equipment sports and are thus relatively cheap to begin playing
compared to other sports
o Mitigation Factor:
 Transferability of apparel to other sports and activities as well as complementary
sports equipment being carried
Opportunities
-
No competitors currently specialize in a complete product line of Ultimate and Disc Golf apparel
and merchandise in Saskatoon
Potential for significant and tremendous growth in the sports of Ultimate and Disc Golf
o Fastest growing sport in North America
o Disc sports are starting to be televised
Threats
-
Potential for other competitors to carry additional Ultimate and Golf Disc apparel and
merchandise
o Mitigation Factors:
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Clark’s Ultimate Apparel and Sporting Goods
Dave Clark

-
-
Obtain exclusivity contracts from smaller brand names not currently sold in
Saskatoon to maintain differentiated and unique products
 First-mover advantage will establish Clark’s as the “place to go” for Ultimate and
Disc Golf apparel and merchandise
 Clark’s exceptional staff and knowledge and expertise will continue to
differentiate it from its competitors
Potential for high turnover in staff
o Mitigation Factor:
 Clark’s compensation package will be better than its competitors to help maintain
key employees
 There is a large untapped labour pool of Ultimate and Disc Golf players in
Saskatoon
Potential that the sports of Ultimate and Disc Golf will not grow as fast as anticipated in the
Saskatoon market
o Mitigation Factor:
 Clark’s line of apparel and merchandise is transferable to many other sports and
activities such as soccer, running, football, basketball, hiking, rugby, etc.
Analysis of Competition
What is the competitive situation?
-
-
Competition in apparel is strong locally
o SportChek
o Foot Locker
o Al Anderson’s Source for Sports
o Olympia Sporting Goods
o Escape Sports
o Running Room
Additional competition from internet based companies
How many competitors?
-
Approx. 3-4 large sporting good stores
Approx. 5-10 smaller owner-operated stores
Dozens of internet companies from Canada and U.S.
What are relative market shares?
-
Large corporate stores have majority
Owner-operated and internet split the remaining
What is the nature of the competitors’ strategies?
-
Big stores are low cost, however they are also low quality, low service, and only offer few Ultimate
and Golf Disc apparel and merchandise
Local owner-managed stores offer more selection of Ultimate and Disc Golf products than the big
stores, but still not to the same extent as Clark’s product line and staff is not specialized or particularly
knowledgeable about the sports of Ultimate and Disc Golf or the products
What are competitors’ strengths and weaknesses?
Strengths
- Price
- Established business and well known
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Clark’s Ultimate Apparel and Sporting Goods
Dave Clark
Weaknesses
- Depth of product line
- Specialized/knowledgeable staff in the area of Ultimate and Disc Golf
IV.
Marketing Objectives and Strategies (The Four “P’s”)
The Product
Objectives and policies for the product
Clark’s will carry an in-depth and unique line of Ultimate and Disc Golf apparel and merchandise at
various price points that will meet all the needs of Ultimate and Disc Golf players. As well, other athletic
clothing and apparel is transferable to many other sports and activities.
How will the product be manufactured?
Apparel and merchandise will be purchased from manufacturers and wholesalers.
Estimated length of the life cycle for the product
The product life cycle for all of the clothing, apparel and equipment are estimated to be approximately one
year given the new trends in fashion for apparel and merchandise. Clark’s will continue to be at the
cutting edge of the product lifecycle by maintaining strong inventory control and carrying the most recent
styles and products on the market.
Factors that may accelerate product adoption
Clark’s has budgeted for a large promotional campaign in the first year to get its name out in the
community. This will include advertising on the radio, newspaper, billboards, and the internet, as well as
sponsoring the Saskatoon Ultimate Disc Sport Society, hosting two annual Ultimate tournaments, and
having two discount promotions during the year. Clark’s also expects to benefit significantly from word of
mouth advertising as well.
How does target consumer classify product?
Clark’s predicts that its product line will be classified as specialty products by its target consumers. That
said, contrary to most specialty products, Clark’s products will be conveniently located and offer various
price points.
What are the product quality, depth, and variety?
The products that Clark’s intends to carry are detailed in Table 1.
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Clark’s Ultimate Apparel and Sporting Goods
Table 1 - Products
Clothing
T-shirts
Cut-off T-shirts
Tank tops
Long sleeve T-shirts
Sweatshirts
Hoodies
Shorts
Pants
Underwear
Socks
Specialty shorts
Jackets
Jerseys
Dave Clark
Shoes
Merchandise
Brands
Soccer cleats
Football cleats
Running shoes
Turf shoes
Basketball shoes
Ultimate discs
Disc Golf discs
Gloves
Water bottles
Head bands
Wrist bands
Sport bags
Hats
Visors
Toques
Sunglasses
Under Armour
Nike
Gaia
Patagonia
VC Ultimate
The Wright Life
Huk Lab
Innova
Dare Devil
Discraft
Reebok
Asics
New Balance
Adidas
What warranty and service standards will be set?
-
30 day return policy for store credit
Manufacturer warranty on applicable products (i.e. shoes)
Distribution
Where we get our products?
-
From manufacturers and wholesalers in Canada and U.S.
See Operations and Financial Plans for inventory control and ordering policies and procedures
How we get our products to our customers?
-
From the store on 8th Street East, Saskatoon, Saskatchewan
Potential for Internet sales and deliveries in the future
Price
What are the pricing policies?
-
Cost based pricing when Clark’s is the only store to carry the product
Competition based pricing when other competitors carry the same products
How important is price to target consumer?
Target consumer is looking for value for their dollar. As such, Clark’s will offer various price points in its
product line to meet the needs of its target consumers. Overall, Clark’s estimates that consumers will be
more concerned with quality, product variety, and customer service than price, however, Clark’s
recognizes that price will still be a factor for some consumers.
What levels of markup are required to cover selling and overhead costs?
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Clark’s Ultimate Apparel and Sporting Goods
Dave Clark
Clark’s is currently estimating an average of 70% markup over cost to meet pricing policies noted above
and be competitively priced in the industry. See Schedule 8 for scenario analysis with higher and lower
markup percentages.
What are competitors’ prices and how do they compare with our prices?
Clark’s will be competitively priced for all products carried by its competition. For unique products and
brands, Clark’s will be able to charge a slight premium because of the uniqueness and scarcity of the
product.
Promotion
What types of promotion will be used?
In the first year, Clark’s has budgeted for a significant promotional campaign that includes radio,
newspaper, billboards, and webpage advertising as well as sales promotions that include a discount sales
in May and December. There is also public relations advertising in the form of sponsoring two Ultimate
tournaments during the year as well as the Saskatoon Ultimate Disc Sport Society.
In the second year of operations and subsequently, Clark’s plans to scale back its advertising once it has
become more established in the city and rely more heavily on word of mouth advertising. However,
Clark’s will continue to have its sale discount promotions and sponsorship of SUDS and the two annual
Ultimate tournaments.
How much will be spent on promotion?
See Schedule 7 for details of the marketing budget.
Will the business offer credit? If yes, what procedures will be followed to screen, monitor, and collect
accounts?
Clark’s is estimating that 5% of sales will be on credit to teams and corporate businesses that are a low
collection risk and assuming that have established a strong relationship with the store.
V.
Summary of Marketing Strategy
Clark’s Ultimate Apparel and Sporting Goods’ marketing strategy is to enter a niche market by offering a
complete line of Ultimate and Disc Golf apparel and merchandise. Clark’s also plans to take advantage of
the growth in these sports and the new players continuing to join the sport.
Clark’s competitive advantage will be the depth, variety, and uniqueness in its product line as well as its
exceptional customer service through specialized and knowledgeable staff. Clark’s will maintain this
competitive advantage by benefiting from its first-mover advantage in a niche market and by Clark’s
desirable location and competitive pricing.
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Clark’s Ultimate Apparel and Sporting Goods
Dave Clark
OPERATIONS PLAN
Organizational Structure
Clark’s will be set-up as an incorporated business in Saskatoon. The reasons for incorporating are as
follows:
 Personal liability in the case of any litigation, bankruptcy or covenant violation is limited to the
investors’ investment in the business
 Clark’s will be eligible for the small business deduction which taxes small businesses at a lower
rate than other corporations
 Dave’s future or current family can own shares in the business and provide income splitting
opportunities
 It is easier to obtain financing through equity investors by issuing shares
However, incorporation would mean additional expenditures for legal services and registration in the first
year of operations. In the long run, incorporating Clark’s will provide greater benefits than the costs of
doing so.
Incorporation gives the option of taking on an equity partner. As Dave has little or no practical business
experience, and very little sporting good retail experience, someone with expertise in these areas would
be an excellent addition to the company and allow Dave to gain additional financing while still retaining
control of the business.
Site Layout
Apparel will be the main focus of your business, as such; it should be front and center in the store,
surrounded by the complementary sports gear that has been chosen to carry as well. Similar sports
should be grouped together in the layout of the store to facilitate shopping. There is a store design that
reduces the chance of shoplifting and will direct customers around the entire store in an eye appealing
layout (see Schedule 9). The employees hired need to be familiar with the goods sold and their location in
the store so they can help customers find what they are looking for. As a retail store, there will be
shrinkage from shoplifting, damage from shipping, etc. Shrinkage has been incorporated into the
projection model in Schedule 3 - Cost of Sales. In addition, the following should be done to reduce
shrinkage and the ease of shoplifting from the store:2
1. Checkout: Design the store lay out so customers must pass the register area and staff to exit the
store. Never leave the register unlocked or unattended. Do not display merchandise near the
store exits.
2. Tidy Up: Keep the store neat and orderly. Full displays and straightened shelves allow employees
to see at a glance if something is missing.
3. View All: Use mirrors to eliminate blind spots in corners that might hide shoplifters. Maintain
adequate lighting in all areas of the store; keep fixtures and displays low for better visibility.
4. Under Lock and Key: Place small, expensive items in locked cabinets or behind the counter.
Dressing areas are in view at all times. Keep dressing rooms locked and limit the number of items
taken in by each customer. Use alarms on unlocked exits and close or block off unused checkout
aisles.
5. Signage: Signs and posters reinforcing security messages should be used. Post anti-shoplifting
signs in clearly visible locations.
6. Security: Use security equipment such as closed circuit television, security tags and two-way
mirrors. Uniformed security guards are also powerful visual deterrents to the shoplifter.
2
List prepared by Shari Waters, “How to use store design to reduce shoplifting.”
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Dave Clark
For simplicity, the costs of mirrors and the security system have been incorporated into the costs of
remodelling the store. Monthly costs of monitoring have been included in utilities in operating expenses.
Average Business Day
Similar stores (SportChek, etc.) open at 9:30 am and close at 9:00 pm every day except for Sunday,
when they close at 6:00 pm. As Dave will likely have to put a significant amount of his own time into the
business in the first few years of operations, it is proposed that the store doesn’t open until 11 am and
close at 9:00 pm. It provides a minimal impact on profitability, as retail sales tend to be slow during the
morning, and sales are typically offset by the incremental costs of operations (i.e. ages, utilities, etc.).
However, to maximize total revenues, Clark’s should be open all weekend (Saturday 9:30 am to 9:00 pm
and Sundays 9:30 am to 6:00 pm). Employees will need to take shifts. A trusted employee could open the
store in the morning, with Dave being responsible for the closing and cash outs at night. There should be
weekly and monthly variance analyses in order to track popularity of items sold as well as costs and
margin analyses and seasonality of any items. Cycle counts should be done monthly to reconcile any
discrepancies to the perpetual system. Yearly items would include a full inventory count, compiling
financial statements for tax purposes and to draft a budget for the upcoming year
Inventory system
As Clark’s will be carrying full lines of apparel and certain sporting gear, it will need a large inventory of
goods. There should be a perpetual inventory tracking system to track items in stock to facilitate just in
time inventory management. The simple computer system accounted for in the financial plan and capital
budget has an inventory management function that will facilitate inventory tracking and ordering. For the
purposes of this analysis, it is assumed that there is a 30 day lead time for ordering, based on double the
average retail inventory lead time of two weeks. The model assumes a start up inventory value of
$125,000 and a reorder value point of $62,500 (half of the total), which results in a reasonable safety net
of goods and basic stock value.
Supply Analysis
Clark’s will need to procure inventory from suppliers in the area. However, some of the types of sporting
goods that are carried means that the supplies will likely need to be shipped from larger urban centers
such as Calgary or the United States. There are several different suppliers to choose from, however as
Clark’s is a start up business, it will likely not be able to get credit terms from suppliers, as well as having
to pay a deposit on any orders made until the store is well established. For simplicity, the cost of shipping
these items to Saskatoon has been built into the cost of sales in the financial analysis. Having a close and
reliably steady relationship with suppliers will be beneficial as discounts and better credit terms are
available once there are proven stable cash flows. The marketing plan has described who the suppliers
are.
Service Providers
As with other retail outlets, Clark’s will be receiving electricity, water, and heat from local suppliers. There
are no options in Saskatoon, given that the utilities are owned by the provincial government (SaskPower,
City of Saskatoon, and SaskEnergy respectively). Clark’s will also need a telephone and internet
services, which can be obtained through SaskTel (though other options are available, prices are
comparable). Estimates were researched on each provider’s website and broken down by provider in
Schedule 4.
As Clark’s is a privately owned company, financial statements do not need to be in accordance with
Generally Accepted Accounting Principles, and no audit is required. It is recommended that financial
statements are complied however, as they are a good indicator of financial position and will likely be
required by the bank if financing is obtained from them. Also, given Dave’s minor (if any) accounting or
tax experience, the services of a tax advisor for tax planning and completing tax returns would be
recommended. Also, depending on the type of financing obtained, an audit may be required or restrictive
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covenants may be placed on loans from financiers such as the bank. It is unlikely that legal services will
be required unless there are changes to the legal structure of the business after incorporation. Limited
accounting and legal services have therefore been estimated and included in operating expenses after
the first year incorporation expenditures.
Capital Budget
Space is needed to house the store, and there are two main options: buying or leasing. The region of 8th
Street East in Saskatoon was chosen for the store, as it is a high traffic area that will expose the store to
lots of foot and vehicle traffic. Based on other retail locations, Clark’s will need approximately 2,000
square feet of property for the store. Given the large amount of financing already required, it is not
feasible to purchase property in the location desired. Rental is therefore the only alternative available in
the situation. Rent costs have been based on average annual lease rates per square foot in Saskatoon,
which is currently $18 per square foot per year.
Other capital property required would be shelving and display cases, racks, benches, counters, change
rooms and a cash register at a cost of approximately $20,000 (including renovations for a storage space,
change rooms and painting). Recurring annual costs of replacement for shelving and other furniture and
equipment is estimated to be $2,000. For a breakdown of these expenditures, refer to Schedule 5.
Cost of Sales
A sporting goods store of Clark’s size and location can average $500,000 to $1 million dollars in sales per
year. The analysis assumes that Clark’s will likely be below this estimate for the first few years. It is
assumed there will be revenues of $350,000 over the first 10 months of operations. For the subsequent
years, this amount has been grossed up to reflect a full twelve months, and assumed a nominal growth
rate equal to the rate of inflation (2.5%). The model assumes that inventory can be turned over every six
months in the first and second years, and then inventory turnover improves by one month for the third and
fourth years and then steadies in the fifth year at turnover every four months. The model assumes cost
markup of 70%, which is a conservative markup for clothing as average retail markup is usually 100%.
Average margin for a clothing store is 50.7%, whereas average margin for a sporting goods store is
38.2%3. Given the 70% markup, Clark’s is estimated to have a 39% margin, which is reasonable, as the
store has both clothing and sporting goods, as well as being in a competitive market. These assumptions
mean that the cost of sales for the first year would be $208,000 in the first year of operations. Including
2% allowance for shrinkage, the total cost of sales in year one will be approximately $215,000.
3
Obtained from Statistics Canada.
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HUMAN RESOURCES PLAN
Staffing Requirements and Job Descriptions
Based on the hours of operations for the store, the following are the minimum staff members required.
1. Owner-Manager (OM):
 Dave Clark will be the owner of the company who is also the manager/supervisor. Since
the personnel requirements for the store are minimal (see below), he is ultimately in
charge of all aspects of operations.
 Major operational functions which the OM is responsible for include:
i. Operations:
a. Inventory Management
b. Advertising Strategy
c. Store Security
ii. Accounting
a. Bookkeeping
b. Cash Management
c. Accounts Receivable Collection
d. Accounts Payable Disbursements
e. Payroll
iii. Human Resources
a. Hiring/Terminating Employees
b. Staffing the Store
c. Training Employees
 The OM needs to be passionate about the store, and the products it carries. There needs
to be a drive to become an expert in the products.
 The OM needs to be personable with the customers in order to create the atmosphere of
expertise that is necessary for the store’s success.
 The OM must continue training himself in order to gain the skills necessary to capably
operate a retail store. This could include taking courses or seminars which supplement
the knowledge from university with practical application.
 There will a significant amount of time spent running the business in the first few years of
operations, as the Dave gets everything running the way he wants it to, and building the
customer base.
2. Full Time Employee (FTE):
 The FTE is subordinate to the OM, but in the OM’s absence he or she has responsibility
for the smooth daily operation of the store. When the FTE is paired with the PTE or FIE,
he or she is the supervisor.
 Supervisor duties include:
i. Ensuring the store is kept clean, and the inventory kept in place
ii. Ensure store security
iii. Resolving minor conflicts or questions with the customers
 Daily operation duties include:
i. Helping customers
ii. Manning the register
iii. Cleaning the store
iv. Stocking the shelves
 The ideal candidate should have a love for the games of disc sports, and ideally
participate in organized games and leagues. The candidate should be enthusiastic and
personable, and able to communicate effectively. Previous retail experience, especially
some supervisory roles is preferred. The ability to stay on top of current events and
advances in technology in the sports and products that the store carries is a must.
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

Dave Clark
This position should ideally be occupied for long periods of time by the same person so
that he or she can build the expertise necessary to provide the customer with superior
service.
In order to find the ideal candidate, the OM should get in touch with local Ultimate
leagues and Disc Golf courses, and let them know that the store is opening, and the type
of employees that it is looking for. Local job advertising websites and circulars can also
be used to get the word out to anyone else who might be qualified for the positions.
3. Part Time Employee (PTE):
 He or she has essentially the same duties and qualities as the FTE, but without the
supervisory duties or need for supervisory experience.
 This position would also ideally be occupied for long periods, though it is more likely to
have higher turnover given the lower number of hours and wage. If the FTE leaves, this
employee should be the first evaluated for the FTE position.
4. Fill-in Employee (FIE):
 He or she has essentially the same duties as the PTE, but can potentially be with less
experience. The nature of the job is such that it is more of an introductory job, and
therefore many of the skills can be learned while on the job. The ability to interact
positively with customers is still a very important skill.
 This position would be ideal for a high school or university student, or a family member or
relative, as there are likely very few shifts in a year, as is more on an ‘as-needed’ basis.
 This position will likely have the highest turnover given the low number of hours and
wage.
Salary, Wages, and Benefits
The pay structure for the employees is standard to the retail industry, where hourly wages are used.
There were two factors to consider in choosing the rates for each of the positions:
1. The minimum wage in Saskatchewan is currently at (as of May 1, 2008) $8.60, and increases to
$9.25 on May 1, 2009. For simplicity sake, as the business will begin in March 2009, a minimum
of $9.25 is used.
2. Based on statistics from the Saskatoon Regional Economic Development Authority Inc (SREDA),
the average wage for a retail salesperson is currently (2008) $13.06 for full time, and $9.18 for
part time. In order to adjust the statistics for the 2009 minimum wage increase, these averages
are estimated to be $13.71 for full time, and $9.83 for part time.
The labour market in Saskatoon is currently experiencing a low unemployment rate of approximately
3.4% (SREDA), compared to the national average of 6.2% (StatsCan). The low rate indicates that there is
a high demand for labour. Many local businesses are having difficulty filling staff requirements as the
entry level and minimum wage positions are experiencing high turnover as it is easy for the people to
change these jobs.
FTE: In order to attract a longer term employee with the necessary skills, as well as to reflect an
increased responsibility, a wage above the current average was selected. The wage was set at
$15.65/hour, which represents annual pay of approximately $4,500 more than the average full time wage
and $15,000 more than minimum wage.
PTE: In order to attract a capable candidate for this position, the average full time wage was
used, as this position will get nearly full time hours. The wage was set at $13.65/hour, which represents
annual pay of approximately $7,000 more than the average part time wage and $8,000 more than
minimum wage.
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FIE: As this position has the least number of hours scheduled, it is likely to experience the highest
employee turnover rate. To reflect this added cost, but in order to still attract candidates, and amount
slightly above the average part time wage was used. The wage was set at $10.65/hour, which represents
a nominal amount above the average part time and minimum wages (given the low number of hours
estimated per year).
Increases in the hourly wages are assumed to be inflation. There is an assumed increase of inflation
(2.5%) per year for the FTE and PTE, while only a nominal increase (1%) for the FIE as high turnover and
minimal skills are required. There are no set increases tied to performance, as such a plan would be
difficult to administer for the OM. Raises are discretionary above the inflation amount, and the OM can
revise the policy should the need arise.
OM: Dave has indicated that he will be able to get by on a salary of $2,000/month. As he is the
owner, he has the ability to issue dividends or a bonus at the end of the year (based on the store’s
performance, and how much profit is needed for reinvestment into the store) to increase his cash flow. He
also has the ability to increase his own salary, and it is assumed that at a minimum there is an inflation
increase (2.5%) every year.
Given that cash flows are critical to the success of small businesses in the first few years, the ability to
offer benefits is limited. Intrinsic motivation is the primary driver for the employees, as they should have a
love of sport, and the ability to work close to the industry is a benefit in and of itself. The following are two
proposed benefits which have no cost to implement, and require little cash to fund, but provide the
employee with some extra extrinsic motivation:
1. Employee Discount – This is a standard benefit to the retail industry. Given that one of the criteria
for selecting employees is an interest in the sports represented in the store, the employees will
likely find getting a discount on their equipment purchases beneficial. There is a small opportunity
cost associated with the lost margin, but no cash outflows required. The recommended discount
is 25% off of the retail price, which still allows for a markup on these sales, but can represent
significant savings to the employees.
2. Christmas Bonus – Given that the Christmas shopping season is the busiest time of the year for
almost all retail stores, there is no reason to assume that this store will be any different (the
financial model also weights sales heavier at the end of the year). In order to reward the
employees for their efforts over the busy season, a Christmas Bonus can be declared. This has a
close proximity between their effort and the reward, which is positive reinforcement. Christmas is
also a time when personal finances are at a low, so a cash injection is likely going to be
appreciated. An amount of $200 was selected for the FTE and PTE, and a lower amount of $50
was selected for the FIE (who likely works more hours at this time of year).
Legislated Requirements and Other Payroll Costs
The following are several legislative requirements associated with payroll:
1. Canada Pension Plan (CPP) – The employer is required to withhold CPP from employee wages,
as well as contribute an equal amount. The total CPP is required to be submitted to CRA
monthly4.
2. Employment Insurance (EI) - The employer is required to withhold EI from employee wages, as
well as contribute an amount equal to 1.4 times the employee amount. The total EI is required to
be submitted to CRA monthly. The OM is exempt from this amount.
3. Income Taxes – The employer is required to withhold taxes from employee wages, and submit
them to CRA monthly. There is no employer portion of taxes.
4
As the store will be considered a “new remitter,” the payroll withholdings and employer portions are due on the
15th day of the month following the month when the payroll was paid (Canada Revenue Agency, 2008).
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4. Holiday Pay – This is an additional amount required to be paid to all employees, and is calculated
as 5% of the employee's wages over the prior four week period. There are 10 holidays in
Saskatchewan. The OM is exempt from this amount.
5. Worker’s Compensation Board (WCB) – There is an annual assessment premium due to the
Saskatchewan WCB, which is based on a rate derived from the type of business and the annual
estimated payroll costs. There are two instalments of the assessment due during the year: April 1
and September 1.
6. Vacation – The Saskatchewan labour standards require a minimum vacation for employees of
three weeks. The assumption in the employee costs in Schedule 6 is that the vacation pay is paid
when the employee takes it, and therefore the costs are uniform over the year for the FTE, PTE
and OM. In order to compensate for the unfilled shifts, the FIE is assumed to work for a minimum
of 9 weeks during the year, to cover the other 3 staff’s vacation (assuming the OM will take time
as well, or he will take less, and the remainder are sick days amongst the 3 regular staff).
See Schedule 6b for a breakdown of how these influence actual costs.
Employee Training
Before the grand opening on March 1, 2009, the OM should hold a two day training session for the three
employees. The purpose of this session is to train the staff on the register and check-out procedures, get
an understanding of the products carried, inform of the timesheet and payroll procedures, and generally
become familiar with the store. During this time, the OM and the employees can place the inventory on
the floor, and perform a thorough clean-up before the opening. The two day training is included in the
employee costs for February 2009. On a go-forward basis, new employees will be trained on-the-job.
In order stay current on products that the store carries, the store can get the vendors to hold in-service
sessions to explain new products. These sessions should be documented, and then filed into a reference
binder that old and new staff can refer to. There is no specific cost associated with the vendor sessions,
as vendors will often include a brief session with the purchase of inventory. The employees who are not
working the day of the session can receive a summarized version from either the OM or FTE on their next
shift.
Staffing Schedule
Based on the hours of operations, a possible staffing schedule has been prepared, and is available in
Schedule 11. The following are some of the basic assumptions used in preparing the schedule:
 In order to best serve the customers, there are 2 staff members in the store for the majority of the
day. If customer demand is higher than anticipated, an extra employee (or more) could be added
to peak hours.
 The hours that the store is open every day is divided into 2 staggered shifts of 8 hours plus a 1
hour unpaid lunch (7.5 hours plus a 1 hour unpaid lunch on Sundays).
 The owner-manager and the full time employee each get 5 shifts per week, and the part time
employee picks up the remaining 4 shifts.
There are some further assumptions required that are not reflected in the schedule:
 For the first several months of operations, the owner-manager should be the one to open and
close the store. The OM can transfer these duties to the full time and part time employees as
required once he feels they are trust-worthy. Despite the increased hours for the OM, there is no
impact on the employee costs, as he is drawing a salary not based on hours of work.
 During slow times, the OM can do administrative work (such as ordering, taking inventory, payroll
forms, etc) while the other employee handles the floor.
 A third employee (the “fill-in employee”) is required to pick up shifts that the OM is not able to.
This is especially important when staff goes on vacation, or extended sick leaves. Although the
fill-in employee is not on the regular schedule, he could fill any gaps.
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FINANCIAL PLAN
A detailed financial model has been developed, and is attached in Schedules 1 and 2.
Accounts Receivable
As this is a retail business, sales will mostly be point of sale, credit card and cash purchases instead of
credit purchases from customers. A small amount (5%) of sales are estimated to be on credit as there
may be bulk orders from teams or leagues that may have credit terms of net 30 days attached.
Accounts Payable
Accounts Payable in the business will be minimal save interest and tax payables as credit terms will likely
not be available to you from vendors. As such, Clark’s will need to buy inventory on a cash basis.
However, if Clark’s is able to get credit terms when proven established, the terms will likely be net 30
days.
Operating Line of Credit
As Clark’s is a start up business, it is likely that it will only be able to get an operating line of credit at 70%
of inventory, which calculates to approximately $87,500. The model assumes that the line of credit will
carry an interest rate of 10%, and payments on the debt are to be made when cash is available.
Capital Budgeting and Depreciation
Per the capital budget (Schedule 5), $20,000 is needed in the first year in February. If all of the financing
requested is obtained, then there will be no problem obtaining the capital purchases. It is also expected
that there will need to be a purchase of other capital assets after year six and perhaps update the
premises with new equipment and fixtures, so there is an estimate of at least $10,000. However, the
model is only five years and therefore this hasn’t been reflected in the model. Cash balances in the
company can be used to finance the purchases at that time.
Depreciation is calculated according to the Capital Cost Allowance for taxes, and is 20% on equipment
such as shelving, 55% on computer equipment, and 10 year straight line depreciation for leasehold
improvements.
Financing
Financing is important to the business. On incorporation, Clark’s should issue 100 common voting shares
for $1,000 each. Of these, 40 shares will go to an outside investor giving him a 40% interest in Clark’s.
The remaining 60 shares (60%) will go to Dave in return for his $30,000 cash and $30,000 of ‘sweat
equity’. This is common in business; one receives additional shares in return for efforts in continuing to
run the business.
There is an expectation of little long term debt as there will be relatively small capital expenditure
requirements in the long run.
Another form of potential financing that has not been included in financial projections is government
grants. The government has grants available to help grow small business in the country, and given that
Dave is a young entrepreneur, he is eligible for many of them. There are currently 39 Federal and 57
Provincial programs available, offering between $1,500 - $500,000 worth of funding. There are currently
83 Federal and 82 Provincial low or no-interest loan programs available, offering between $1,500 - $10
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million worth of funding. 5 These have not been included in the business plan because they are not a
guaranteed source of financing.
Income Tax
As Clark’s is incorporated and eligible for the small business deduction, a combined federal and provincial
(Saskatchewan) tax rate of 17% was applied in the model.
Dividend Policy
Per the financials in Schedule 2, there are significant cash excesses by the end of year five. It is
proposed to begin paying dividends to shareholders at this time. However, there needs to be sufficient
cash on hand to cover operations; therefore the recommendation is to pay 80% of any excess cash over
$100,000 at the end of five years out of the company as a dividend to shareholders.
Economic Forecast
The model reflects a reasonable inflationary growth rate of 2.5% per year. Real growth has been reflected
in the increase in sales volume over the five year projection through gradual increases in inventory
turnover as discussed in the operating plan.
Accounting Information System
The accounting system (QuickBooks Premium) recommended for purchase in the projection has the
following features:
 Advanced tools include sales and expense forecasting
 Advanced inventory management including tracking inventory, purchase orders and inventory
costs
 Customer, Employee and Vendor management
 Remote access abilities
 Can be customized to a retail business (entering and voiding sales, setting prices, applying
discounts, etc.)
 Monitoring of the business through over 135 reports (profit & loss, sales reports, etc.)
 Ability to create custom financial statements
 Strong accounting controls and audit trails to prevent, find and correct errors easily
This accounting system will enable management the business efficiently and effectively.
Financial Analysis
In year one, the cash flow is positive but there are periods throughout the year where cash is scarce.
However, the business shows strong cash flows from year 3 forward. Furthermore, there is some latitude
in managing cash flows, particularly if the cash flow problem is due to lower than expected sales volume.
Clark’s can decrease the level of staffing or pay less on the operating line of credit in response. As it
stands, the current ratio is rising from 1.6 in year one to over 4 by year two.
In Schedule 2, the internal rate of return (IRR) or expected return is projected to be higher (at 37.48%)
than the required rate of return of 25% on after-tax cash flows. However, this IRR is most sensitive to
changes in level of sales. The IRR if the entire project were to be financed with equity would be 29.81%
which may be a more accurate portrait of annual compounded return on investment as by year 4 there is
very little debt financing.
The IRR of Dave’s cash investment is 46.00% compared to an IRR of 28.77% for the other investor(s).
This is because Dave receives 60% of the common shares even though he only contributes $30,000 of
5
Grants listed online at http://www.govermentgrants.grants-loans.org/programs.php
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the $70,000 in equity. The reason for this is he is contributing “sweat equity” in the form of planning and
managing the business.
Risk Analysis
The cash flow is most sensitive to fluctuations in sales volume. If inventory is turned over every 7 months
(see Schedule 8) as opposed to every 6 months, as expected, then the value of the equity investment
decreases from $117,295 to negative $65,426. Conversely, if inventory turns over every 5 months instead
of 7 months, the IRR on equity increases from 37.48% to 93.84%. This high degree of variability
represents a change in value of over $180,000. This increases the risk significantly as sales volume is
very susceptible to variance. Whereas sales price is easy to determine (based on management
decisions), sales volume is difficult to predict (based on customer demand).
Changes in the mark up on inventory do have an effect on the cash flows; however the effect is minimal
in comparison to changes in sales volume. Furthermore, the risk of price fluctuations is low due to the fact
that most sporting goods retailers have similar markup policies.
Overall, the greatest risk is that sales volumes will be less than expected. The location and higher than
average spending on promotion will work to mitigate this risk.
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CONCLUSION
Based on the discussions included in each section of the business plan, and the forecasts included in the
financial analysis, Clark’s Ultimate Apparel and Sporting Goods will succeed. The first major hurdle to
success is securing the line of credit from the bank and the additional equity investment. If the extra
financing is secured, Clark’s is green-lit for success.
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REFERENCES
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http://www.quickmba.com/strategy/porter.shtml
Retail Council of Canada. (n.d.). Retrieved July 14, 2008, from http://www.retailcouncil.org
Saskatchewan Labour. (n.d.). A Retailer’s Guide to Labour Standards in Saskatchewan. Retrieved July
14, 2008, from http://www.labour.gov.sk.ca/LS/
Saskatchewan Labour. (2007). The Minimum Wage Regulations. Retrieved July 14, 2008, from
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Saskatchewan Worker’s Compensation Board. (n.d.). Premiums and Rate Setting. Retrieved July 14,
2008, from http://www.wcbsask.com/book_employers/page_employer_premiums.page
Saskatoon Regional Economic Development Authority (SREDA) Inc. (2007, September 4). Saskatoon
Labour Force Statistics. Retrieved July 14, 2008, from http://www.sreda.com/resources/statistics.php
Saskatoon Ultimate Disc Sport Society. (2008, July 7). Retrieved July 14, 2008, from
http://www.saskatoonultimate.org/
Small Business Funding Centre. (2008). Government Grants and Loans: Funding Program Types.
Retrieved July 16, 2008, from http://www.govermentgrants.grants-loans.org/programs.php
Statistics Canada. (2006). Retrieved July 14, 2008, from http://www.statcan.ca
Statistics Canada. (2008, July 11). Latest Release from the Labour Force Survey. Retrieved July 14,
2008, from http://www.statcan.ca/english/Subjects/Labour/LFS/lfs-en.htm
Statistics Canada. (2008, May 5). Retail trade, operating statistics, by province and territory. Retrieved
July 14, 2008, from http://www40.statcan.ca/l01/cst01/trad38a.htm?sdi=retail%20gross%20margin
Store Fixtures, USA. (n.d.). Retrieved July 14, 2008, from
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Waters, Shari. (n.d.). How to use store design to reduce shoplifting. Retrieved July 14, 2008, from
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Cover Page Graphic: http://home.swbell.net/z0rt/icons/frisbee.gif
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