Insurance Business Plan
If you’re starting an insurance business or looking to grow your existing agency, a well-developed business plan is essential to your agency’s success.
The following insurance business plan template outlines the essential components, including a company description, target market analysis, unique selling proposition, sales strategy, and financial projections to create a comprehensive plan. This template can be used to write a business plan as an independent insurance agent or an agency with specialized insurance products, including but not limited to life insurance, health insurance, and property and casualty insurance.
Insurance Agency Business Plan Template
I. Executive Summary
Business Overview
[Insurance Agency], located at [Location], is a new insurance agency finding property, casualty, and health insurance for small business clients. The company will operate in a professional setting, conveniently located next to [notable bank] in the center of the shopping district. [Insurance Agency] is headed by [Founder’s Name], an MBA Graduate from UCLA with 20 years of experience working as an insurance agent for businesses and individuals.
Services
[Insurance Agency]will focus on close client relationships. It has a full-time assistant who, among other things, will focus on answering clients’ daily questions and drafting newsletters to increase client communication.
The founder, [Founder’s Name], will also focus on answering his clientele’s needs. In addition to newsletters and email updates, [Founder’s Name] will hold webinars on insurance concerns for potential and existing clients.
[Insurance Agency]’s insurance products include health, property, casualty, renter’s, and omissions insurance. By offering every type of insurance a business may need, [Insurance Agency] will become a long-term business partner with each client rather than a one-time transaction.
Customer Focus
[Insurance Agency] will primarily serve the businesses within a 20-mile radius of our location. The demographics of these customers are as follows:
- 1,500 businesses
- Under 100 employees (Average is 42)
- Privately held companies
- Top represented sector: Retail stores
- Average annual payroll for firms with 20–99 employees of $1.3 million
These businesses are often growing and in need of additional insurance coverage as they grow. Furthermore, [Insurance Agency] will seek contacts with startups to find insurance for them from the time of their launch.
Management Team
[Insurance Agency]’s most valuable asset is the expertise and experience of its founder, [Founder’s Name]. [First name] has been a licensed insurance agent for the past 20 years. He has spent much of his career working at One-Stop Insurance Brokers, Inc. There, he specialized in personal insurance for 10 years before moving to specialization in business insurance for the next 5 years, where he sold to over 1,000 firms during that time.
[Insurance Agency] will also employ an experienced assistant to help with various administrative duties around the office building. [Assistant’s name] has experience working with C-level executives and has spent significant time as an administrator.
Success Factors
[Insurance Agency] is uniquely qualified to succeed due to the following reasons:
- [Insurance Agency] will fill a specific niche in the growing local insurance market we are entering. In addition, we have surveyed local businesses and received extremely positive feedback saying that they explicitly want to make use of our services when launched.
- Our location is in an economically vibrant area where new businesses are starting at a fast rate.
- The management team has a track record of success in the insurance business.
- The local area is currently underserved and has few independent agents offering specific expertise in the full range of insurance coverage options as a one-stop shop for small businesses.
Financial Highlights
[Insurance Agency] is seeking a total funding of $160,000 of debt capital to open its office. The capital will be used for funding capital expenditures and location build-out, hiring initial employees, marketing expenses, and working capital.
Specifically, these funds will be used as follows:
- Store design/build: $50,000
- Working capital: $110,000 to pay for marketing, salaries, and lease costs until [Insurance Agency] reaches break-even
Top-line projections over the next years are as follows:
| Financial Summary | FY 1 | FY 2 | FY 3 | FY 4 | FY 5 |
|---|---|---|---|---|---|
| Revenue | $174,038 | $592,543 | $1,821,537 | $1,822,898 | $2,655,557 |
| Total Expenses | $227,729 | $348,598 | $564,931 | $818,909 | $1,005,844 |
| EBITDA | ($53,691) | $243,945 | $1,256,607 | $1,003,989 | $1,649,712 |
| Depreciation | $7,280 | $7,280 | $7,280 | $7,280 | $7,280 |
| EBIT | ($60,971) | $236,665 | $1,249,327 | $996,709 | $1,642,432 |
| Interest | $10,309 | $9,020 | $7,732 | $6,443 | $5,155 |
| Pre-Tax Income | ($71,280) | $227,645 | $1,241,595 | $990,265 | $1,637,278 |
| Income Tax Expense | $0 | $54,728 | $434,558 | $346,593 | $573,047 |
| Net Income | ($71,280) | $172,917 | $807,037 | $643,673 | $1,064,231 |
| Net Profit Margin | - | 29% | 44% | 35% | 40% |
| Full-time Brokers | 1 | 2 | 2 | 3 | 3 |
| Client Base | 136 | 395 | 695 | 1,019 | 1,321 |
II. Company Overview
Who is [Insurance Agency]?
[Insurance Agency], located at [Location], is a new agency offering property, casualty, and health insurance products for small businesses. The company will operate in a professional setting, conveniently located next to [notable bank] in the center of the shopping district. [Insurance Agency] is headed by [Founder’s Name], an MBA Graduate from UCLA with 20 years of experience working as an insurance agent for businesses and individuals.
While [Founder’s Name] has been in the insurance agency business for some time, it was in [month, year] that he decided to launch [Insurance Agency]. Specifically, during this time, [Founder] met with a former friend and fellow independent insurance agent in Fort Lauderdale, FL, who has had tremendous success. After discussing his profitable business model, [Founder’s Name] clearly understood that a similar business would enjoy significant success in his hometown.
Specifically, the customer demographics and competitive situations in the Fort Lauderdale location and his hometown were so similar that he knew the business would work. After surveying the local population, [Founder’s name] went ahead and founded [Insurance Agency].
[Insurance Agency]’s History
Upon returning from Fort Lauderdale, surveying the local customer base and finding a potential retail office, [Founder’s Name] incorporated [Insurance Agency] as an S-Corporation on [date of incorporation].
The insurance business is currently being run out of [Founder Name]’s home office, but once the lease on [Insurance Agency]’s office location is finalized, all operations will be run from there.
Since incorporation, the Company has achieved the following milestones:
- Found office space and signed a Letter of Intent to lease it
- Developed the company’s name, logo, and website located at [website]
- Hired an interior designer for the decor and furniture layout
- Determined equipment and fixture requirements
- Begun recruiting key employees
[Insurance Agency]’s Products & Services
[Founder’s Name] will be able to provide clients with the following insurance products and services:
- Health Insurance: finding health insurance deals that work for businesses and can scale as the company grows
- Key Employee Insurance: a common need for businesses, covering employees without whom the company would likely fail
- Property Insurance: insurance for owned property of the company
- Renter’s Insurance: insurance for businesses that rent their facilities
- Casualty Insurance: product, personal, and other casualty insurance
- Ongoing Consultation: willingness to discuss insurance needs, requirements, and questions with clients and to better explain to them the options they have and what their plans cover
- Webinars: For clients and potential customers, regular webinars will discuss insurance topics of interest related to businesses
As [Founder’s Name] understands, the key to a successful insurance agency is being accessible and staying in contact with clients. [Founder’s Name] will have a full-time assistant on hand who, among other things, will manage client phone calls and answer questions as much as possible.
III. Industry Analysis
Last year, according to IBISworld.com, U.S. insurance brokerage and agencies brought in revenues of $117 billion and employed 965,000 people. There were 381,116 businesses in this market, for an average of $308,000 per business. The average wage paid to an insurance industry employee was $55,736.
Overall, the insurance sector has fundamentally changed. The old practice of incurring underwriting losses, offset by large investment gains, is a thing of the past. As underwriting performances have improved, risk has been priced appropriately. This has triggered soft market conditions; revenue volatility is expected to remain low, and the state of primary insurance markets will continue to have a strong bearing on industry prospects.
Key players in the industry include Marsh and McLennan Companies, Inc., Aon Corporation, and Willis Group Holdings Limited. While there are major players, most of the industry consists of small, independent insurance agents and larger agencies. Large firms often pay significant amounts for an independent agent to join them and bring their client base along.
The following are industry trends identified:
- “The U.S. is a very litigious climate,” says Bob Prox, senior vice president of commercial insurance for Forrest Scherer in Terre Haute. “When someone gets hurt, they get a doctor and a lawyer almost in the same breath. One trend we see is for bigger dollar judgments. The plaintiff attorneys are seeking and demanding greater recovery” (Allbusiness.com)
- “Employment Practices Liability Insurance (EPLI) protects employers against lawsuits brought against them by employees, or previous employees, including, wrongful termination, sexual harassment, failure to promote and hostile workplace environment. While it isn’t a new type of coverage, it is becoming more important.” (Allbusiness.com)
- Flood insurance is a higher interest for areas prone to flooding in the wake of the Hurricane Katrina disaster.
IV. Customer Analysis
Demographic Profile of Target Market
[Insurance Agency] will serve businesses in [company location] and the immediately surrounding area.
The area we serve is suburban, with retail stores as a primary business sector. In addition, some light manufacturing companies have their facilities in the area.
The precise demographics of the town in which our location resides are as follows:
| Nashville, TN | |
|---|---|
| Total Population | 611,577 |
| Total Businesses | 38,124 |
| Forestry, Fishing, Hunting, and Agriculture Support | 0.29% |
| Mining | 0.35% |
| Utilities | 0.23% |
| Construction | 9.64% |
| Manufacturing | 4.16% |
| Wholesale Trade | 5.62% |
| Retail Trade | 14.54% |
| Transportation and Warehousing | 2.83% |
| Information | 1.81% |
| Finance and Insurance | 6.56% |
| Real Estate and Rental and Leasing | 4.75% |
| Professional, Scientific and Technical Services | 11.36% |
| Management of Companies and Enterprises | 0.69% |
| Admin, Support, Waste Mgt, Remediation Services | 5.15% |
| Educational Services | 1.20% |
| Health Cate and Social Assistance | 10.80% |
| Arts, Entertainment and Recreation | 1.66% |
| Accommodation and Food Services | 8.59% |
| Other Services (Except Public Administration) | 9.78% |
The Company will primarily target the following three market segments:
- Business Startups: Startups are overwhelmed by the amount of information they must take in and the speed at which they must learn. They often seek insurance agents to handle all insurance requirements while looking out for their company’s best interests. As these companies grow, they tend to stay with the same insurance agent as long as they are assured that they continue to seek the best deals and negotiate on their behalf whenever possible. Business startups have a great need for information and seek out advice on the ins and outs of insurance often.
- Employer firms of up to 99 employees: Businesses of this type need a wide range of insurance and can benefit through time savings by using a one-stop insurance agent. Often, the CEOs of these firms delegate the job of finding insurance to an employee or manager, although the CEO is generally interested in knowing that the right coverage at a good price. Although these firms may be more knowledgeable about insurance, they still have a lot to learn about what their insurance does and does not cover and how they can reduce business risk once they know.
- Non employer firms: Businesses owned and operated by the same person are often unaware of the proper insurance requirements and may be operating without the right coverage. These owners take on a high amount of liability personally and are in great need of expertise to guide them towards a safer way of doing business. Specifically, these firms need key employee Insurance, some types of casualty insurance, and property or renter’s insurance to protect their assets.
V. Competitive Analysis
Direct & Indirect Competitors
The following insurance agencies are located within a 20-mile radius of [Insurance Agency], thus providing either direct or indirect competition for customers:
Small Biz Insurance
Small Biz Insurance is an owner-operated business run by Bob Johnson. Having started the business ten years ago, Johnson operates out of his home to keep down costs and meets with businesses in the surrounding area at their offices. Johnson focuses primarily on casualty insurance and does not deal with health insurance carriers.
Small Biz Insurance has an estimated $300,000 in annual revenue and serves a small subset of area clients. However, its name and focus on small business insurance bring it to the top of local search rankings, causing many businesses to consider working with Johnson.
Marsh Inc.
Marsh Inc. is part of Marsh & McLennan companies, a vast insurance and consulting company with 57,000 employees and a revenue of $12 billion. Marsh itself employs approximately 40,000 people with $6.9 billion annual revenues. Its nearest office location is in [city name].
Unlike [Insurance Agency], whose revenues come entirely from commissions from insurance carriers, Marsh receives advisory fees for locating property and casualty insurance for its clients, who are mainly large companies but include some small companies. This arrangement helps to maintain the company’s reputation as an impartial advisor but generally makes insurance more expensive for their clients.
Business clients go to Marsh because of its wide presence on the Internet, public brand awareness, and track record. However, many startups and businesses cannot afford the fees of working with Marsh and instead seek insurance directly from insurance providers.
One-Stop Insurance Brokers
One-Stop is a local firm with 100 active brokers serving the [company location] area. One-Stop has approximately 70 brokers selling business insurance and 30 selling personal insurance. Local businesses have increasingly used One-Stop brokers for their business needs over the past ten years. [Founder’s Name] was one of the lead salespeople at One-Stop while he worked there.
One-Stop attempts to offer all types of insurance to business clients, going beyond the needs of small businesses. Some businesses have expressed that they do not receive adequate customer service from their One-Stop brokers due to the larger clients that these brokers are also trying to serve. Furthermore, One-Stop does not provide intellectual property through newsletters, online content, or seminars specifically aimed at business audiences.
Competitive Edge
[Insurance Agency] has several competitive advantages helping it gain market share including:
- Location: [Insurance Agency]’s location is near the center of town, in the shopping district of the city. It is visible from the street where many business owners and managers walk to and from work on a daily basis.
- Client-oriented service: [Insurance Agency] will have a full-time assistant to keep in contact with clients and answer their everyday questions. [Founder’s Name] realizes the importance of accessibility to his clients and will further keep in touch with his clients through monthly and then biweekly webinars on topics of interest.
- Management: [Founder’s Name] has been extremely successful working in the insurance industry and will be able to use his previous experience to grant his clients detailed insight into the insurance world. His unique qualifications will serve customers in a much more sophisticated manner than [Company Name’s] competitors.
- Relationships: Having lived in the community for 25 years, [Founder’s Name] knows many of the local leaders, newspapers, and other influences. Furthermore, he established many relationships with business owners and managers during his time at One-Stop Insurance Brokers.
VI. Marketing Plan
[Insurance Agency] will use several strategies to promote its name and develop its brand. By using an integrated marketing strategy, [Insurance Agency] will win clients and develop consistent revenue streams.
The [Insurance Agency] Brand
The [Insurance Agency] brand will focus on the Company’s unique value proposition:
- Client-focused services, where the Company’s interests are aligned with the customer
- Service built on long-term relationships
- Big-firm expertise in a small-firm environment
Promotions Strategy
Targeted Cold Calls
[Insurance Agency] will initially invest significant time and energy into contacting potential clients via telephone. To improve the effectiveness of this phase of the marketing strategy, a highly focused call list will be used, targeting startups and businesses. As this is a very time-consuming process, it will primarily be used during the startup phase to build an initial client base.
Referrals
[Insurance Agency] understands that the best promotion comes from satisfied customers. The Company will encourage its clients to refer other businesses by providing economic or financial incentives for every new client produced. This strategy will increase in effectiveness after the business has already been established.
Additionally, [Insurance Agency] will aggressively network with business incubators, SBDCs, local Small Business Administration (SBA), accountants, lawyers, and others in a position to advise businesses and startups. This network will generate referral leads.
Digital Marketing
[Insurance Agency] will invest resources in two geographically focused internet promotion forms: organic search engine optimization and pay-per-click advertising. The Company will develop its website in such a manner as to direct as much traffic from search engines as possible. Additionally, it will use highly focused, specific keywords to draw traffic to its website, where potential clients will find a content-rich site that presents [Insurance Agency] as the trustworthy, well-qualified insurance firm that it is.
Publications
[Insurance Agency] will place print advertisements in key local publications, including newspapers, area magazines, and business newsletters. Additionally, the Company will print brochures and place them in specific locations frequented by target individuals, such as SBDCs and accountants.
Community Engagement
Community engagement involves building relationships with local businesses and residents through events and partnerships to enhance brand visibility and trust within the insurance market.
Referral Program
A referral program will incentivize existing clients to recommend new customers, enhancing client acquisition and loyalty while expanding its network through word-of-mouth.
Pricing Strategy
[Insurance Agency]’s competitive pricing will rely on a 10% average commission from insurance companies on premiums sold to clients. The price to clients will be nothing, making the service less expensive than firms like Marsh, which charge advisory fees to clients. By seeking quality clients and maintaining long-term relationships with them, [Insurance Agency] will maintain a high average commission rate and earn bonus commissions from insurance companies by providing long-term profitable clients.
VII. Operations Plan
[Insurance Agency] will carry out its day-to-day operations primarily on an appointment basis. Clients will make appointments to review their insurance and to discuss renewals. These will primarily occur in-office or on-site at the client’s business in order to increase the strength of the client relationship. If necessary, appointments can be conducted over the telephone.
[Founder’s Name] will work on an as-needed basis but can be expected to be present in the office during normal business hours. The company will also employ an administrative assistant who will also support marketing and client relationship development efforts.
Milestones
[Insurance Agency]’s long-term business goal is to become the number-one insurance agent for businesses in the [city] area in terms of customer service quality. We seek to do this by ensuring customer satisfaction and developing a loyal and successful clientele.
The following are a series of steps that will lead to this long-term success. [Insurance Agency] expects to achieve the following milestones in the following [xyz] months:
| Date | Milestone |
|---|---|
| [Date 1] | Finalize lease agreement |
| [Date 2] | Design and build out [Company Name] storefront |
| [Date 3] | Hire and train initial staff |
| [Date 4] | Kickoff of promotional campaign |
| [Date 5] | Reach break-even |
| [Date 6] | Reach XXX ongoing clients |
VIII. Management Team
[Insurance Agency]’s most valuable asset is the expertise and experience of its founder, [Founder’s Name]. [First name] has been a licensed insurance agent for the past 20 years. He has spent much of his career working at One-Stop Insurance Brokers, Inc. There, he specialized in personal insurance for 10 years before moving to specialize in business insurance for the next 5 years. He sold business insurance to over 1,000 firms during that time, bringing in a revenue of $2 million.
[Founder’s Name] maintains his license in the state of [state] and the states of [other states]. His additional certifications include the CLU (Certified Life Underwriter) designation and the CFP (Certified Financial Planner) designation. [First name] has spoken at regional conferences and taken part in business and startup panel discussions at the local library, Chamber of Commerce, and SBDCs.
[Insurance Agency] will also employ an experienced assistant to help with various administrative duties around the office. [Assistant’s name] has experience working with C-level executives and has spent significant time as an administrator.
Hiring Plan
[Founder’s Name] will serve as the company CEO and president. To launch the business, we do not need additional personnel, but we will hire the following in the future:
- Insurance Agents: Hire one additional broker every other year starting with year 2
- Administrative Assistant: Hire a second assistant in year 3
IX. Financial Plan
Revenue & Cost Drivers
[Insurance Agency]’s revenues will come primarily from the commissions earned from insurance carriers on premiums paid by clients. Secondly, revenue will come from bonus commissions from those insurance companies.
[Insurance Agency] will seek an average 10% commission from all insurance providers it works with. New clients will be added consistently each quarter, and most will remain clients as we expect a quarterly client attrition rate of only 2%. We also expect a $1,000 bonus commission to be paid on roughly 5% of clients.
As with most services, labor expenses are the key cost drivers. [Founder’s Name] and future insurance agents will earn a competitive base salary. The lease on the office location will be the next largest cost. Furthermore, the costs of transactions are projected to be roughly 20% of regular commission revenue.
Moreover, ongoing marketing expenditures are also notable cost drivers for [Insurance Agency].
Capital Requirements and Use of Funds
[Insurance Agency] is seeking a total funding of $160,000 of debt capital to open its office. The capital will be used for funding capital expenditures and location build-out, hiring key team members, marketing expenses, and working capital.
Specifically, these funds will be used as follows:
- Store design/build: $50,000
- Working capital: $110,000 to pay for marketing, salaries, and lease costs until [Insurance Agency] reaches break-even
Key Assumptions & Forecasts
The following table reflects the key revenue and cost assumptions made in the financial model.
| Number of clients | |
|---|---|
| Year 1 | 136 |
| Year 2 | 395 |
| Year 3 | 695 |
| Year 4 | 1019 |
| Year 5 | 1321 |
| Bonus Commissions | $1,000 |
| Premium Commissions | $7,500 |
| Annual rent | $36,000 |
5 Year Annual Income Statement
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
|---|---|---|---|---|---|---|
| Revenues | ||||||
| Product/Service A | $151,200 | $333,396 | $367,569 | $405,245 | $446,783 | |
| Product/Service B | $100,800 | $222,264 | $245,046 | $270,163 | $297,855 | |
| Total Revenues | $252,000 | $555,660 | $612,615 | $675,408 | $744,638 | |
| Expenses & Costs | ||||||
| Cost of goods sold | $57,960 | $122,245 | $122,523 | $128,328 | $134,035 | |
| Lease | $60,000 | $61,500 | $63,038 | $64,613 | $66,229 | |
| Marketing | $20,000 | $25,000 | $25,000 | $25,000 | $25,000 | |
| Salaries | $133,890 | $204,030 | $224,943 | $236,190 | $248,000 | |
| Other Expenses | $3,500 | $4,000 | $4,500 | $5,000 | $5,500 | |
| Total Expenses & Costs | $271,850 | $412,775 | $435,504 | $454,131 | $473,263 | |
| EBITDA | ($19,850) | $142,885 | $177,112 | $221,277 | $271,374 | |
| Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 | |
| EBIT | ($56,810) | $105,925 | $140,152 | $184,317 | $234,414 | |
| Interest | $23,621 | $20,668 | $17,716 | $14,763 | $11,810 | |
| PRE-TAX INCOME | ($80,431) | $85,257 | $122,436 | $169,554 | $222,604 | |
| Net Operating Loss | ($80,431) | ($80,431) | $0 | $0 | $0 | |
| Income Tax Expense | $0 | $1,689 | $42,853 | $59,344 | $77,911 | |
| NET INCOME | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 | |
| Net Profit Margin (%) | - | 15.00% | 13.00% | 16.30% | 19.40% |
5 Year Annual Balance Sheet
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Cash | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 | |
| Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
| Inventory | $21,000 | $23,153 | $25,526 | $28,142 | $31,027 | |
| Total Current Assets | $37,710 | $113,340 | $184,482 | $286,712 | $423,416 | |
| Fixed assets | $246,450 | $246,450 | $246,450 | $246,450 | $246,450 | |
| Depreciation | $36,960 | $73,920 | $110,880 | $147,840 | $184,800 | |
| Net fixed assets | $209,490 | $172,530 | $135,570 | $98,610 | $61,650 | |
| TOTAL ASSETS | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 | |
| LIABILITIES & EQUITY | ||||||
| Debt | $317,971 | $272,546 | $227,122 | $181,698 | $136,273 | |
| Accounts payable | $9,660 | $10,187 | $10,210 | $10,694 | $11,170 | |
| Total Liabilities | $327,631 | $282,733 | $237,332 | $192,391 | $147,443 | |
| Share Capital | $0 | $0 | $0 | $0 | $0 | |
| Retained earnings | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
| Total Equity | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
| TOTAL LIABILITIES & EQUITY | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 |
5 Year Annual Cash Flow Statement
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| CASH FLOW FROM OPERATIONS | |||||
| Net Income (Loss) | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 |
| Change in working capital | ($11,340) | ($1,625) | ($2,350) | ($2,133) | ($2,409) |
| Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 |
| Net Cash Flow from Operations | ($54,811) | $118,902 | $114,193 | $145,037 | $179,244 |
| CASH FLOW FROM INVESTMENTS | |||||
| Investment | ($246,450) | $0 | $0 | $0 | $0 |
| Net Cash Flow from Investments | ($246,450) | $0 | $0 | $0 | $0 |
| CASH FLOW FROM FINANCING | |||||
| Cash from equity | $0 | $0 | $0 | $0 | $0 |
| Cash from debt | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
| Net Cash Flow from Financing | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
| SUMMARY | |||||
| Net Cash Flow | $16,710 | $73,478 | $68,769 | $99,613 | $133,819 |
| Cash at Beginning of Period | $0 | $16,710 | $90,188 | $158,957 | $258,570 |
| Cash at End of Period | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 |
