new beginnings prosthetics and orthotics - fbla-pbl.org · new beginnings prosthetics and orthotics...

New Beginnings Prosthetics and Orthotics

“Your new beginning starts here.” !

! !!Business Plan 2014-2015 !

Olivia Gartz and Leila Terzic ! !!Marvin Ridge High School !

North Carolina FBLA !!!

! !!

Executive Summary Have you ever imagined not being able to use your hand or your leg? Are you a chronic pain sufferer that has little hope of recovering? For several thousand people each year, these situations are very real. There are over 2 million people living with limb loss in the United States and over 100 1

million Americans suffering from chronic pain . These Americans are in need of help; they require 2

specialists in the field of orthotics and prosthetics. New Beginnings Prosthetics and Orthotics, a clinic based in Charlotte, North Carolina, aims to help suffering clients by helping them regain mobility and independence.!

! New Beginnings is a local orthotic and prosthetic care provider that aims to give clients a personalized and compassionate experience. Servicing adults in South Charlotte area, New Beginnings will provide fittings and consultations for orthotic devices and prosthetics. With a close-knit staff that cares about their patients and an exercise room for patients to try out the fit of their devices, New Beginnings is established to serve. Everyone should have the opportunity to live a comfortable and hassle-free life, despite their disabilities.

The prosthetics and orthotics industry is growing at a rapid pace. With the demand for prosthetic services expected to increase by 47% and the demand for orthotic services to increase by 25% in the next five years, New Beginnings will be a needed firm in the Charlotte area. As veterans return from war, the population ages, and diabetes continues to plague hundreds of thousands each year, chronic pain and amputation will hinder a large portion of the population. New Beginnings aims to relieve such pain and allow for customers to live full and comfortable lives.

New Beginnings Prosthetics and Orthotics aims to make a difference in the community. This clinic is determined to provide the highest quality of care to its customers so that their disabilities and pain do not hinder their quality of life. As a business centered around service to its customers, New Beginnings will work to serve the population of veterans who return home with limb loss and chronic pain. The clinic will work with local veteran associations so that it can help such heroes make a comfortable transition from active soldier to healthy citizen.

As the first prosthetics and orthotics firm in the local area, New Beginnings is committed to providing those who suffer from pain and injury with the best care possible. By focusing on a local, friendly atmosphere, New Beginnings will be sure to provide the best possible service and care for all customers.

�1NEW BEGINNINGS O&P

"Limb Loss Statistics." - Limb Loss Resource Center. Amputee Coalition, n.d. Web.1

"AAPM Facts and Figures on Pain." American Academy of Pain Medicine, n.d. Web.2

Table of Contents Introduction

Executive Summary…………………………………………………………………………1 Table of Contents……………………………………………………………………………2

1.0 Company Description

1.1 Description…………………………………………………………………………….. 4 1.2 Legal Form of Business……………………………………………………………….. 4 1.3 Effective Date of Business…………………………………………………………….. 4 1.4 Company Mission Statement/Vision…………………………………………………… 4 1.5 Company Governance…………………………………………………………………. 5 1.6 Immediate Development Goals…………………………………………………………6 1.7 Company Location…………………………………………………………………….. 6 1.8 Overview of Company’s Financials……………………………………………………. 6

2.0 Industry Analysis

2.1 History of the Orthotic and Prosthetic Industry…………………………………………7 2.2 Size and Growth of the Industry………………………………………………………..7 2.3 Nature of The Competition …………………………………………………………….8 2.4 Trends and Strategic Opportunities Within the Industry………………………………. 8

3.0 Target Market

3.1 Target Market Defined…………………………………………………………………. 10 3.2 Size and Growth of Target Market…………………………………………………….. 10 3.3 Current Patterns…………………………………………………………………………11 3.4 Needs and Sensitivities………………………………………………………………… 12

4.0 Competition

4.1 Key Competitors- Strengths and Weaknesses………………………………………….. 13 4.2 Potential Future Competitors……………………………………………………………14 4.3 Entry Barriers for New Competitors…………………………………………………… 15

5.0 Marketing Plan and Sale Strategy

5.1 Key Message…………………………………………………………………………… 16 5.2 Message Delivery………………………………………………………………………. 16 5.3 Web Process……………………………………………………………………………. 16 5.4 Sales Promotions and Methods………………………………………………………… 17


6.0 Operations

6.1 Business Facilities……………………………………………………………………… 18 6.2 Production Plan………………………………………………………………………… 18 6.3 Workforce Plan………………………………………………………………………… 18 6.4 Impact of Technology………………………………………………………………….. 19

7.0 Management and Organization

7.1 Key Employees………………………………………………………………………… 20 7.2 Board of Directors and Advisory Committee………………………………………….. 20 7.3 Consultants…………………………………………………………………………….. 20 7.4 Human Resources……………………………………………………………………… 20 7.4.1 Identification…………………………………………………………………. 21 7.4.2 Recruitment………………………………………………………………….. 21 7.4.3 Security………………………………………………………………………. 21 7.5 Compensation and Incentives………………………………………………………….. 21

8.0 Long-Term Developments

8.1 Long-Term Development Goals……………………………………………………….. 22 8.2 Risks and Potential Adverse Results…………………………………………………… 22 8.3 Strategy Towards Long-Term Goals…………………………………………………… 22

9.0 Financials

9.1 Type of Accounting System……………………………………………………………. 23 9.2 Financial Assumptions…………………………………………………………………. 23 9.3 Financial Projections…………………………………………………………………… 24

Supporting Documents

Works Cited…………………………………………………………………………………25 Loan Documentation………………………………………………………………………. 26 "

"


Leila Terzic

Leila Terzic

Leila Terzic

27

Leila Terzic

28

1.0 Company Description

1.1 Description

New Beginnings Prosthetics and Orthotics is a clinic servicing adults in the south Charlotte area. Services include fittings/consultations for orthotic devices as well as prosthetics. Located at 8840 Blakeney Professional Drive, New Beginnings sits in close proximity to local physical therapists, doctors’ offices, and hospitals. With a focus on personalized service and attention, New Beginnings hopes to make an impact in their client’s lives, changing them for the better. A large part New Beginnings business deals with their veteran’s initiative, in which they wish to actively seek veteran clients and assist them. The specialization of the clinic combined with the passion of the owners in helping those with mobility issues will give clients a one of a kind experience.

1.2 Legal Form of Business

New Beginnings Prosthetics and Orthotics will be a Limited Liability Corporation (LLC). The owners, Olivia Gartz and Leila Terzic, will share ownership, decision-making, and responsibility for the company. As an established LLC, New Beginnings will be able to do business and open a bank account under its own name as a private entity. However, should the business go into bankruptcy, the owners will not be responsible for paying the company’s debts from personal accounts or assets. One of the greatest advantages is that the owners will avoid double taxation; within an LLC, the company is not taxed, but the members are. In order to establish New Beginnings as a Limited Liability Corporation, the owners will complete necessary documents and pay the filing fee.

1.3 Effective Date of Business

New Beginnings Prosthetics and Orthotics tentatively plans to host its opening on March 1, 2016. An opening in March 2016 will provide ample time for the employees to gain required certification and set up the practice. It also leaves approximately 12 months to advertise and generate excitement about New Beginnings Prosthetics and Orthotics.

1.4 Company Mission Statement/Vision

New Beginnings Prosthetics and Orthotics’ mission is to provide a personalized and first rate experience for customers in need of prosthetics. New Beginnings plans to cater specifically to adult clients, with an emphasis on Veterans. Unfortunately, thousands of people each year are rendered 3

disabled due to amputations and we hope to help them regain mobility and independence through the application and production of orthotics and prosthetics. New Beginnings Prosthetics and Orthotics will aim to assist in the transition to prosthetics through detailed and compassionate service.


"Prosthetic Rehabilitation and Technology." Amputee Coalition. N.p., n.d. Web. 26 Jan. 2015.3

1.5 Company Governance

New Beginnings Prosthetics and Orthotics will be governed by Olivia Gartz and Leila Terzic under the guidelines of a Limited Liability Corporation. Partners will split revenue evenly and contribute equal investment to establish the business. Each partner will maintain oversight for sectors of the business specific to their areas of expertise while also adhering to the following guidelines for successfully running the company:

• Ensure customer satisfaction • Maintain open communication between employees and managers • Optimize workforce efficiency • Supervise day-to-day operations • Provide customer support • Pay bills and taxes on time • Maintain a competitive edge over other businesses in the industry • Play to our strengths, not weaknesses • Maintain up-to-date technology "

As the partner with experience in accounting, Leila Terzic will serve as the Financial Manager of New Beginnings. With a Master’s Degree in Business Administration from the University of North Carolina at Chapel Hill and Certified Public Accountant (CPA) certification, Ms. Terzic will oversee day to day financial tasks, manage construction, and fill expense reports. She will also be in charge of budgeting, profits and loss, paychecks of employees, and hiring employees. "Olivia Gartz will hold the position of Operations Manager for New Beginnings. Ms. Gartz received a Bachelor’s Degree in Biomedical Engineering from North Carolina State University and a Master’s Degree in Prosthetics and Orthotics from Northwestern University. Ms. Gartz will serve as the main consultant and technician, meeting with clients and fitting them for either their orthotic or prosthetic needs. Additionally, Ms. Gartz will coordinate the human resources aspect of New Beginnings, oversee day to day operations, supervise employees, and further marketing efforts.

1.6 Immediate Development Goals

"""


Prior-to-Opening Goals Short-Term Goals

Obtain ownership of the property and make necessary renovations Expand to provide Assistive Technology

Attain all proper certification Create direct relationship with local hospitals

Create a user-friendly website that gives sufficient information on the mission of the company and

services availableBecome incorporated into the community

Obtain Loan Pay off 30% of loan

Create strong relationships with nearby physical therapists and physicians. Reach a state of break even cash flow

1.7 Company Location

New Beginnings Prosthetics and Orthotics will be located in the southern metropolitan region of Charlotte, North Carolina. Charlotte, specifically the Blakeney area, is a rapidly growing metropolitan area with close proximity to Union County residents as well as South Carolina residents. Currently, Charlotte is the eighth fastest growing city in the United States , thus establishing a prime location for 4

our business. The particular location is part of the Blakeney Professional Park. Within the plaza, there is a physical therapy center, a sports clinic, and a diabetes resource center.

These are all business conducive to our client base and put us in the best position to service our clients. New Beginnings’ proximity to these other clinics provide their customers with the greatest convenience and greatest incentive to choose New Beginnings. Specifically, New Beginnings will be located at 8840 Blakeney Professional Drive (pictured above).

1.8 Overview of Company’s Financial Statement

The company will be establish with funds from both owners and a loan from a bank. Each owner will invest $20,000 into the start-up of the company. A business loan of $120,000 will be taken from Wells Fargo to account for the cost of inventory and the renovation of the property. The money will be used as follows: "

Start-Up Costs 5

""


Item Cost ($)

Rent 13,500

Renovation/Construction 35,000

Beginning Inventory 20,000

Design System/Office Supplies 30,000

Reserve 61,500

TOTAL 160,000

"America's 20 Fastest-Growing Cities." Forbes. Forbes Magazine, 2014. Web.4

These figures were estimated based on going loan rates, going rent rates, and other current facts and figures.5

2.0 Industry Analysis

2.1 History of the Orthotics and Prosthetics Industry

The concept of splints and braces appeared as early as 2700 B.C. in Egypt. The idea of prosthetic limbs was written about by Herodotus in 424 B.C. in which he wrote of a prisoner who sawed off his leg in order to escape and later replaced it with wood . As the technology behind such prosthetic limbs began 6

to develop, newer models and designs allowed for increased function. Americans began to delve into the field of prosthetics after the Civil War due to an astronomical rise in the number of amputations. Following WWII, the U.S. Government advanced the field of prosthetics by pledging to improve medical devices for veterans rather than improving weapons. Recently, prosthetic devices have developed to include robotic technology that can mimic the natural movement of the body. With technology such as legs that can sense when someone is walking up stairs and prosthetic arms that can grasp pencils, the prosthetics industry is on the rise. "The prosthetics and orthotics industry has experienced increased growth in the modern age and will continue to grow with an expected 9.7 million people needing prosthetics or orthotics services by 2020 . Unfortunately, due to recent nationwide trends, diabetes rates have increased across the country. 7

Diabetes is the leading cause for amputations, which lends itself to creating a market for prosthetics and orthotics. Additionally, many soldiers and veterans find themselves in need of prosthetic and orthotic services after they return from war. North Carolina, specifically Charlotte, has a higher-than-average rate of diabetes . In 2007 alone, there were 2,608 cases of lower extremity amputation due to 8

diabetes-related complications. Thus, there is a very large population which New Beginnings can help regain mobility and independence through the use of orthotics and prosthetics. New Beginnings will assist this potential market by maintaining excellent customer service, providing affordable options, and providing special services to military veterans.

2.2 Size and Growth of the Industry

With an increasing nationwide rate of diabetes as well as a new focus on technological advancement, the field of prosthetics and orthotics is growing at a very high rate. According to the Bureau of Labor Statistics, the job outlook for orthotists and prosthetists is expected to increase by 36% from 2012 to 2022, a rate much faster than other similar industries . With the United States having a 42% market 9


"A Brief History of Prosthetics." InMotion:. N.p., 2007. Web.6

7“O&P Trends and Statistics.” O&P Trends & Statistics (n.d.): n. pag. National Commission on Orthotic and Prosthetic Education, 2006. Web.

"Burden, Ml, and Ac Burden. "The Burden of Diabetes in North Carolina 2010." NC Diabetes Prevention and Control Fact 8

Sheet. North Carolina Public Division of Health, 2010. Web.

"Orthotics and Prosthetics Job Outlook." U.S. Bureau of Labor Statistics. U.S. Bureau of Labor Statistics, 2014. Web.9

share of the world Prosthetics and Orthotics Industry and a forecasted growth rate of 5% from 2010 to 2017, there is ample room for New Beginnings to grow and thrive. "

2.3 Nature of the Competition

Competition for New Beginnings comes mainly from other prosthetic and orthotic firms in the area. The main competitor of New Beginnings is Level 4 Orthotics (children’s prosthetics and orthotics center) due to its proximity to New Beginnings Prosthetics and Orthotics. Other competitors of New Beginnings include Advanced Prosthetics and Orthotics LLC, Hanger Clinic (a big-name Prosthetic and Orthotic center), and Ability Prosthetics and Orthotics. All of the aforementioned prosthetic and orthotic centers are located in Northern Charlotte and are not as conveniently located as New Beginnings. Due to the nature of the prosthetics and orthotics industry, there are few potential

competitors outside of other prosthetic and orthotic centers.

2.4 Trends and Strategic Opportunities within the Industry

Since the closest prosthetics and orthotics practice is only for children and it takes more than twenty minutes to drive to any other practice, the location for New Beginnings presents a great opportunity. It will be easy to establish a relationship with the various physical therapy clinics in the area and attract customers. The disabled residents of South Charlotte will not have to drive as far to meet their needs. New Beginnings will supply the surrounding areas with a convenient location, providing a local-feel to the business that will keep customers coming back. "New Beginnings plans to emphasize its role in the lives of veterans. According to UNC Population Center, Veterans represent 9.8% of the total adult population of North Carolina and 8.6% of the total adult population of Charlotte . The median age of this veteran population is about 61 which provides a 10

need for prosthetic and orthotics devices for injured veterans. As the age of the veteran population continues to increase, New Beginnings will provide an affordable and local solution for such heroes. "New Beginnings will also help cater to the growing population of diabetics. In Charlotte alone, 165,000 people have diabetes, accounting for about 22% of the city population . With diabetes being 11

the primary cause of amputation, an increasing rate of diabetes provides for an increasing market for people needing prosthetic devices. It is estimated that more than 60% of total non-traumatic lower-limb amputations are a result of diabetes. While the reality of getting an amputation is harsh, New


"Data Snapshot: North Carolina Veterans." Carolina Demography. UNC, 11 Nov. 2013. Web.10

"The Diabetes Belt." Diabetes Forecast. American Diabetes Association, May 2013. Web.11

Beginnings aims to provide an easy transition from an active lifestyle to living with a prosthetic limb. These aims will be achieved through careful consultation and customer care, along with offering classes, or rather workshops, in which amputees/pain sufferers can learn strategies to cope with their new injury or limb. With a growing market that seeks quality prosthetic and orthotic devices, New Beginnings will be able to grow and thrive.


3.0 Target Market

3.1 Target Market Defined

New Beginnings focuses on assisting customers as they make the transition into life with their new limbs and orthotic devices. Thus, the target market is the population of people in South Charlotte that require prosthetic devices, braces, and other orthotic devices to help make their lives easier and more comfortable. With more than ten physical therapy practices within a four mile radius of New Beginnings, the target market can be easily attracted. Two of the major groups of people that will contribute to the business’ target market are the portions of Charlotte’s population that have diabetes and are veteran soldiers. With diabetes and trauma being the top two reasons for limb loss, these groups make up the majority of our target market. Approximately 8.6% of Charlotte’s adult population are veteran soldiers and thus it is reasonable to assume that about 70% of the veteran soldiers would need such devices in order to improve functionality and increase comfort . Thus, about 6% of the 12

adult population in Charlotte is composed of veteran soldiers that would be in the target market of New Beginnings. As a prosthetics and orthotics company, New Beginnings will be able to serve these returning heroes by providing devices that will increase comfort and mobility for such veterans. Another major portion of the target market is composed of the population suffering from diabetes. In 2007, there were 2,608 lower-extremity amputations in North Carolina as a result of diabetes. With such a life-changing disease on the rise, New Beginnings can help to combat the effects by providing amputees with quality products. Combining the two largest contributors to amputations as well as the population in need of orthotic braces to relieve knee, foot, and back tension, about 25% of the adult population in South Charlotte can be targeted by New Beginnings.

3.2 Size and Growth of the Target Market

Although the target market is relatively narrow compared to other industries, the growth of the market as well as the pricing of prosthetic and orthotic devices will allow for the success of New Beginnings. According to the American Academy of Orthotics and Prosthetics, the demand for orthotic care is estimated to increase 25% by 2020. Likewise, the demand for prosthetic care is estimated to increase 47% by the same year . However, approximately one-third of this demand will not be met. With few 13

other comparable prosthetic and orthotic centers in South Charlotte, an increased demand for prosthetic and orthotic services will draw more customers to New Beginnings over other clinics. Another population trend that will lead to a growth of the target market is the obesity epidemic. Other than people with diabetes and war veterans, those who are obese make up a large customer base for orthotic devices. As can be seen by the graph below, obesity prevalence has skyrocketed in the past 150 years.


"Journal of Rehabilitation Research & Development (JRRD)." Service Members and Veterans with Major Traumatic 12

Limb Loss. U.S. Department of Veterans Affairs, 24 June 2010. Web.

"The Need | Orthotics & Prosthetics." Orthotics & Prosthetics. American Academy of Orthotics and Prosthetics, n.d. 13

Web.

With an increasing sugar intake (leading to diabetes) as well as an increasing obesity prevalence (causing back and knee issues) the market of people requiring prosthetic and orthotic devices also increases. People who suffer from obesity require the use of orthotic devices to help stabilize their knees and backs in order to support their weight. As such complications occur, New Beginnings hopes to limit the pain and discomfort felt by the victims. Thus, with an increasing population of people plagued by diabetes and obesity, New Beginnings has an increasing market of people who can seek assisted and support for their struggles. "

Obesity Prevalence in the United States """""""3.3 Current Patterns

While diabetes, service in the armed forces, and obesity are the main determinants of prosthetic and orthotic demand, age also plays a large role in determining this demand. For example, someone who is 65 or older and obese will have significantly more trouble moving and experience more pain than someone who is 25 and obese. Thus, the current pattern of the aging population contributes to New Beginnings’ success. As can be seen in the figure below, the percent change from 2013 to 2033 is largest among the 60 and older population. This gradual aging of the population will come with increased pain and discomfort. Thus, New Beginnings will be able to help an increasing number of people seek comfort in the form of orthotic braces to relieve neck, back, and knee pain that arises with aging.This trend will also allow New Beginnings Prosthetics and Orthotics to provide the necessary care to the older population while also experiencing a growing target market and higher sales. """"


Demographic Growth in Charlotte (Projected to 2033)

"3.4 Needs and Sensitivities

New Beginnings Prosthetics and Orthotics prides itself on being community friendly and providing the best customer service in Charlotte. In order to maintain a good community reputation and continue to provide superior customer service, New Beginnings must concern itself with possible issues including customer comfort, customer safety, and reliability. Customers who visit New Beginnings are already experiencing severe discomfort and are looking for a release from such pain. Thus, customers should not have to worry about misfitting devices and braces that could increase discomfort. In order to ensure this comfort, New Beginnings will focus on measuring and fitting each device specifically to each individual customer. With a highly trained and knowledgeable staff, the business can ensure that every customer will receive a device that is tailor-made to fit their lifestyle and body. "Customers may also be concerned about the safety of their new devices. In order to ensure this safety, New Beginnings will provide a limited supply of in-store workout equipment (such as a treadmill, free weights, and a stair stepper) so that customers can test their new devices and braces before taking them out of the store. By allowing customers to try out their new devices before purchasing them, New Beginnings can maintain the safety and satisfaction of its customers "New Beginnings must also establish reliability with its products and staff. The primary way in which New Beginnings will establish this reliability is by emphasizing customer service. The staff will be at the front end of the store at all times in order to answer any questions or concerns dealing with the purchase of prosthetic devices or orthotic braces. Additionally, the staff will be able to show each customer how to use their new device and will give them the opportunity to test out their devices before purchasing them. ""


Ages Population Share in 2013 Projected Population Share in 2033

Percent Change from 2013 to 2033

0-17 23.2% 20% 3.4%

18-44 36.4% 35.6% 17.5%

45-49 20.4% 18.1% 6.9%

60+ 20% 26.3% 58.3%

4.0 Competition

4.1 Key Competition

The direct competitors of New Beginnings Prosthetics and Orthotics are Level 4 Orthotics, Advanced Prosthetics and Orthotics LLC, and Clinic. While Level 4 Orthotics is the only competitor located South of uptown Charlotte, the other clinics pose a threat due to their proximity and reputation. However, the services that New Beginnings Prosthetics and Orthotics provides is different from these other clinics. Starting in year two, New Beginnings will offer assistive technology designed to help customers with their mobility and make everyday life easier. The competitors of New Beginnings, however, do not offer such technology to their customers. The strengths and weaknesses of key competitors are listed below. ""Level 4 Orthotics Advance Prosthetics and Orthotics, LLC """

""""""""""


Strengths Weaknesses

• Has a large staff of knowledgeable professionals (New Beginnings has a comparatively smaller staff)

• Closed on Saturdays (New Beginnings will be open on Saturdays from 8 am to 12 pm)

• Has a widely-known brand name and various locations around the country (New Beginnings has only a single location)

• Located in Matthews, North Carolina which is about a 20 minute drive from New Beginnings’ location

• Does not have a sense of community due to the large-brand (New Beginnings prides itself on its community appeal and personalized service)


• One of the largest Prosthetics and Orthotics clinics in the nation (New Beginnings is a brand-new name in the prosthetics and orthotics industry)

• Not open on Saturdays (New Beginnings will have limited hours on Saturdays to appeal to customers who have jobs)

• Has two locations in Charlotte, providing customers with many options (New Beginnings has only one location)

• No website solely dedicated to the Charlotte location (New Beginnings will have a website with information specific to the local community)

Hanger Clinic

"4.2 Potential Future Competitors

As the technology develops for prosthetic and orthotics devices, assistive technology sales can pose a 14

potential threat to New Beginnings’ business. Firms that provide such assistive technology partner with EnableMart and Enabling Devices, online sales companies for assistive technology. These two companies provide assistive technology designed for all kinds of impairments, but the most prominent threat comes from their sales of assistive technology for those with mobility impairments. In order to compete with such competition, New Beginnings will broaden its sales to include assistive technology that helps those who suffer from impairments in mobility. New Beginnings plans to offer such technology after year two in order to provide increased help for those who struggle through daily activities due to their disabilities. By making this development, New Beginnings will be able to compete with online assistive technology markets and offer more advanced technology to customers, serving the needs of its customer base better. Thus, the clinic will better be able to reach its ultimate goal of improving the lives of its customers and providing a convenient location for the purchase of essential devices. ""


• Level 4 Orthotics focuses on catering to the orthotic needs of children (New Beginnings focuses largely on adult customers)

• Level 4 Orthotics does not provide nay prosthetic or orthotic care for adults (New Beginnings focuses on providing care for the elderly, veterans, and other adult customers)

• This orthotic clinic provides care within schools to cater to the needs of children (New Beginnings focuses on providing care through physical therapists and the local hospitals)

• This orthotic and prosthetic clinic only offers lower-limb devices (New Beginnings offers upper-limb devices as well as lower-limb)


assistive, adaptive, and rehabilitative devices for people with disabilities14

4.3 Entry Barriers for New Competitors

Entry barriers for new firms entering the prosthetic and orthotic industry include acquiring customers, acquiring inventory, and working with insurance companies. In order to establish a successful prosthetics business, customers must be acquired from the area. This proves to be a barrier to entry because those who use prosthetic and orthotic devices have most likely already found a reliable business in the area. With New Beginnings being one of the only prosthetic and orthotic clinics south of Charlotte, it will provide customers with a more convenient location than the clinics located in uptown Charlotte. New Beginnings also plans to entice local veterans by offering special prices for veterans and working one on one with such heroes to ensure the transition from active soldier to healthy amputee is as easy and painless as possible. New Beginnings will also set itself apart from the competition by offering assistive technology beginning in year two. Since competitors do not offer such devices, this clinic will be able to stand out in the community and provide a unique style of assistance to customers. "While prosthetic and orthotic devices are relatively expensive for customers, they are also costly for companies to purchase. New firms must be able to coordinate with a prosthetic and orthotic producer in order to buy inventory. As a new firm in the industry, New Beginnings will not have the luxury of experience in dealing with distributors. In order to lessen the burden of this barrier to entry, New Beginnings has already coordinated with Southern Prosthetic Supply, a reliable national supplier, as the supplier for the clinic. "The biggest barrier to entry for any firm entering a medical industry is insurance. While insurance helps to make prosthetic and orthotic devices more affordable for customers, increasing demand accordingly, it takes away a portion of the profits that would have otherwise been received by the clinic. New Beginnings must balance its affordability with its ability to make a profit when dealing with insurance companies. This barrier to entry will be the most prominent for New Beginnings as it aims to give customers excellent service with affordable products.


5.0 Marketing Plan and Sales Strategy

5.1 Key Message

The key message that New Beginnings hopes to convey to its customers is that it is a place where customers can regain their mobility and take control of their lives. This ties into the slogan, “Your New Beginning Starts Here.” New Beginnings hopes to change the lives of their clients for the better. A welcoming environment, personable staff, and a thoroughly personalized experience will create a unique alternative to the normal prosthetics and orthotics business model.

5.2 Message Delivery

The key message discussed in section 5.1 can be achieved through careful attention to customer preferences and advertisement that caters to the needs and abilities of customers. An easy to use website and a strong referral system through local physical therapists, physicians and, hospitals will ensure that customers stay connected to management (and vice versa), secure a strong customer base, and lengthen the good reputation of New Beginnings.

5.3 Web Process

To keep up with the increasing use of technology and social media, the majority of advertising done by New Beginnings will be through our website and referrals. In addition to our website, we plan to utilize a Facebook page, in order to create an easy way for individuals to keep up with the business, whether they are tech savvy or not.

"New Beginnings will utilize a website in order to keep members up to date with clinic information as well as provide information to potential members about the prosthetics process, our individualized approach, and our mission statement. The URL address of the website will be on all other forms of advertisement as well. "A Facebook business page will allow members to “like” our page to receive status updates from New Beginnings, see recently uploaded photos, and ask any questions on the page’s wall. The great benefit of Facebook is that when a person “likes” New Beginning’s page, all of their Facebook friends will see this activity on their news feed, thus expanding our potential client base. "

"


"5.4 Sales Promotions and Methods

As mentioned in section 5.2, New Beginnings will rely heavily on referrals from local physical therapists, physicians and, hospitals. The owners, Olivia Gartz and Leila Terzic, intend to visit local clinics and meet with office managers and practitioners to discuss their business and their advantages over other orthotics and prosthetics specialists. Sit down meetings would occur in order to establish an understanding of the services New Beginnings offers and how they intend to help chronic pain sufferers and amputees. Continuous communication between the clinic and partners would follow in order to maintain the business relationships. As the business grows, these relationships are also intended to grow and expand. "To appeal to the local veterans of the area, it will also be very important for New Beginnings to develop a strong relationship with local organizations that appeal to veterans. Prior to opening, owners Olivia Gartz and Leila Terzic will travel to surrounding centers of interest, advertising the business and explaining our advantage over other orthotics and prosthetics businesses. The owners will also travel to local veterans’ organizations to establish a relationship. Below are some of the local organizations that would potentially be a part of this relationship: ""


Name of Organization

Charlotte Bridge Home

Charlotte Vet Center

The American Legion

Charlotte CBOC

Disabled American Veterans

Charlotte-Mecklenburg Outreach Services

Salisbury - W.G. (Bill) Hefner VA Medical Center

6.0 Operations

6.1 Business Facilities

New Beginnings, a 2,000 square foot facility, will be set up with two fitting rooms, both wheelchair accessible, an exercise room for testing out new devices, an inventory room, and a reception area.

6.2 Production Plan

For the production of the prosthetics, New Beginnings will outsource to an outside manufacturer, Southern Prosthetic Supply. This will allow the practice to be located in a prime location and avoid dealing with manufacturing waste, licenses, and emissions. A close relationship with the manufacturer will be maintained in order to ensure that the prosthetics limbs are created correctly, are up to par with industry standards, and that custom orders arrive intact and on time.

6.3 Workforce Plan

Initially, New Beginnings plans to employ the two owners, Leila Terzic and Olivia Gartz, as well as an intern (specific roles will be outlined in section 7.4). It is strongly recommended that future O&P practitioners intern with local facilities before applying to O&P graduate programs. Intern(s) will be compensated at a rate of $8.50 per hour. Their responsibilities will range from assisting with client consultations to maintaing the reception area. During client consultations, interns will be expected to pay attention to the nature of the consultation and assist in making the client as comfortable as possible. If the client needs to try out their prosthetic in the exercise room, interns will be expected to


assist the client and tend to any needs that may arise. Meetings between managers and interns will be held on an as-needed basis. With the cooperation of all employees, New Beginnings will be able to provide clients with the best possible experience.

6.4 Impact of Technology

Technology will have a large impact on New Beginnings. The clinic will have to be equipped with computer aided design programs in order to design and fit prosthetics and orthotic products for clients. The computer aided design programs will allow Ms. Gartz, the head consultant, to simulate fitting a prosthesis or an orthotic brace on the client. The designs created by the program will provide estimates for the dimensions of products to be ordered. ""As the clinic moves forward and begins to work with

assistive technology, it hopes to provide rehabilitative devices that allow users to complete tasks they were formerly not able to do. In order to best serve their clients and better their lives, New Beginnings will offer these new technological advances and assist customers in adjusting to their new devices. Assistive technology offers clients the next step in rehabilitative services- increased mobility. A prosthesis may help clients with regular movement, but a prosthesis cannot move on its own. Prostheses that incorporate assistive technology allow users to attain the mobility and thus the independence that they had before their injury/amputation . 15


Pictures above courtesy of http://www.rehab.research.va.gov/jour/10/474/reiber.html15

http://www.rehab.research.va.gov/jour/10/474/reiber.html

7.0 Management and Organization

7.1 Key Employees

"7.2 Board of Directors and Advisory Committee

Olivia Gartz and Leila Terzic will be the main constituents of the Board of Directors and Advisory Committee. They are in charge of decision making and major company changes. Board meetings will be held bi-monthly to discuss the development, strategies, and operations of New Beginnings. These board meetings will be run by the two managers, but all employees will be present. These meetings will strengthen employer-employee relations and keep all members of the New Beginnings workforce up-to-date with new strategies to better the clinic.

7.3 Consultants

Andrew Smith is the main consultant of New Beginnings. Mr. Smith is a salesman at Southern Prosthetic Supply, the company with which New Beginnings intends to contract for the manufacturing of their prosthetics. Mr. Smith will assist in making recommendations for products and ensuring that purchases arrive on time and intact.

7.4 Human Resources

With the exception of the two owners, New Beginnings will employ one assistant that will be compensated as a part-time employee; this reduces expenditures because health care and benefits are not required. By year five, New Beginnings expects to hire two part time employees and one full time employee. The decision for the type of employees was based on the initial financial projections and the nature of the business.

Employee Name Title Responsibilities

Leila Terzic Financial Manager Ms. Terzic will manage all finances of New Beginnings including payroll and monthly financial summaries.

Olivia Gartz Operations Manager/Head Consultant

Ms. Gartz, as head consultant, will meet with clients and assist them with their prosthetics. As Operations Managers, she will be responsible for managing customer satisfaction and overseeing the employees.

Matthew Carter Part-Time Employee Mr. Carter will assist Ms. Gartz in consultations, making sure that the client is comfortable and has the best experience possible.


"7.4.1 Identifying Human Resources

Until New Beginnings is in the appropriate financial state, they will hire only one part-time assistant. The owners, Olivia Gartz and Leila Terzic have made this decision in order to ensure the financial success of their business. This assistant will be expected to assist clients during their consultations and during their trial period in the exercise room. "The hours of operation for New Beginnings will be from 8:00 am to 4:00pm Monday through Friday and 8:00 am to 12:00 pm on Saturdays. New Beginnings will not be open on Sundays. Employees will be required to assist in preparation of the consultation rooms and the exercise room.

7.4.2 Recruiting Human Resources

Employee(s) will be found based on an application process. Interested persons may apply, assuming they have the proper credentials (some type of education in orthotics/prosthetics or an interest to enter the field) and turn in an application to the business. Then, the applicants will be reviewed and interviews will be scheduled so that the owners can ensure the potential employee is fit for the position. In order to best service their clients, New Beginnings will try to hire an employee that mirrors their client base. Employees are expected to be respectful, hospitable, and personable. Their responsibilities will include preparing clients for consultations, assisting Ms. Gartz in taking any measurements, assisting clients in trying on products or trying them out in the exercise room.

7.4.3 Securing Human Resources

Employees will be found with some type of education (at least an associate’s degree) in either orthotics/prosthetics or another medical field. The owners will also reach out to local veteran associations or retiree programs to find employees that best mirror the client base. Once employees have been hired, they will require training in customer service, use of the register, and scheduling of appointments. This training will take approximately six hours of compensated time. As the business becomes more established and financially stable, the owners will potentially hire more employees.

7.5 Compensation and Incentives Plan

The hired assistant will initially be compensated at a rate of $12.50 per hour. They will have some flexibility as to their hours of work, as they will not be expected to work the full 40 hour work week, thus making them part-time employees. They will be expected to work at least 20 hours per week. "


8.0 Long-Term Developments

8.1 Long-Term Development Goals

Long-Term Goals 16

"""""8.2 Risks and Potential Adverse Results

The main risk for prosthetics is associated with the fit of the device. Devices may not fit properly, may cause increased pain or discomfort to clients already suffering from said pain. The fit of the devices is contingent upon the consultant and the design program, which may translate differently during the manufacturing process. "Another risk associated with orthotic and prosthetic devices is the risk of faulty products. Because New Beginnings will use a third party manufacturer, all aspects of the creation process will not be monitored directly by the owners. Therefore, there must be a strong channel of trust between the business and the supplier.

8.3 Strategy Towards Long-Term Goals

New Beginnings will use strategic advertising in physical therapy offices, local hospitals and nearby physicians. In order to combat the risk associated with the fit and usage of orthotic and prosthetic devices, New Beginnings will take extra care during consultations and design processes in order to ensure that customers are fully satisfied. Financial projections based on market trends indicate a high probability that the business will be finically self sufficient over the five year period, allowing the loan to be paid off. After this period, profit can be used to sponsor events benefitting the clinic and put to use to expand the facilities.


Time Frame Goal

4-5 Years Organize a charity walk for veterans with disabilities promoting New Beginnings as the main sponsor

5-6 Years Pay off loan

5-6 Years Begin working with child patients

6–7 Years Expand office space (to accomodate more customers)

10-11 Years Open a second location

Long-term goals are based on expanding profit potential and accommodating the needs of potential future customers 16

based on market statistics. See Appendix A.

9.0 Financials

9.1 Type of Accounting System

New Beginnings will operate its financials using QuickBooks. QuickBooks is relatively inexpensive book-keeping service and highly user-friendly. It will allow the company to easily keep digital records of financial transactions without having to pay another employee or keep physical records which are easily lost. QuickBooks also allows for online backup of records so that even if the computer crashes, the records are still accessible by the owners. QuickBooks will be used as it is the “best small business accounting application available.” An example of QuickBooks accounting software is seen below. 17

"QuickBooks Software "

"""""9.2 Financial Assumptions

The financial projections below are based on the current inventory costs and revenue projections. It also assumes that taxes, insurance, and the loan/mortgage rates remain consistent. If any changes are made, the financial projections will be changed accordingly and the company’s financial standings will be re-evaluated. "

Three Year Projections


Year One Year Three Year Five

Sales 258,000 405,360 645,631

Expenses 251,421 327,254 483,220

Annual Profit (17,337) 54,190 138,495

"Best Accounting Software for Small Businesses - 2015 Edition."BusinessNewsDaily.com. Business News Daily, 5 Dec. 17

2014. Web.

9.3

Fina

ncia

l Pro

ject

ions

Year

One

Mar

-16

Apr

-16

May

-16

Jun-

16Ju

l-16

Aug

-16

Sep-

16O

ct-1

6N

ov-1

6D

ec-1

6Ja

n-17

Feb-

17Y

ear

Tota

lSa

les

Orth

otic

s7,

000

8,00

0

8,

000

8,00

0

9,

000

9,00

0

9,

000

9,

000

10,0

00

10,0

00

10,0

00

11,0

00

10

8,00

0

Pr

osth

etic

s10

,000

10

,000

11

,000

13

,000

14

,000

13

,000

13

,000

13

,000

13

,000

13

,000

13

,000

14

,000

150,

000

Tota

l Rev

enue

17,0

00

18,0

00

19,0

00

21,0

00

23,0

00

22,0

00

22,0

00

22,0

00

23,0

00

23,0

00

23,0

00

25,0

00

25

8,00

0

Ex

pens

esR

ent

4,33

3

4,

333

4,33

3

4,

333

4,33

3

4,

333

4,33

3

4,33

3

4,

333

4,33

3

4,

333

4,33

3

51,9

96

Pa

yrol

l and

Pay

roll

Taxe

s1,

398

1,39

8

1,

398

1,66

3

1,

663

1,66

3

1,

663

1,

663

1,66

3

1,

663

1,66

3

1,

663

19

,155

Off

ice

expe

nses

200

20

0

200

20

0

200

20

0

200

200

20

0

200

20

0

200

2,40

0

Ow

ner's

Sal

ary

2,00

0

2,

000

2,00

0

4,

000

4,00

0

4,

000

4,00

0

4,00

0

4,

000

4,00

0

4,

000

4,00

0

42,0

00

A

dver

tisin

g2,

000

2,00

0

2,

000

2,00

0

2,

000

2,00

0

1,

000

1,

000

1,00

0

1,

000

1,00

0

1,

000

18

,000

Insu

ranc

e2,

000

2,00

0

2,

000

2,00

0

2,

000

2,00

0

2,

000

2,

000

2,00

0

2,

000

2,00

0

2,

000

24

,000

Prof

essi

onal

Fee

s25

0

250

25

0

250

25

0

250

25

0

25

0

250

25

0

250

25

0

3,

000

C

ost o

f Goo

ds S

old

5,10

0

5,

400

5,70

0

6,

300

6,90

0

6,

600

6,60

0

6,60

0

6,

900

6,90

0

6,

900

7,50

0

77,4

00

U

tiliti

es50

0

500

50

0

500

50

0

500

50

0

50

0

500

50

0

500

50

0

6,

000

Eq

uipm

ent M

aint

enan

ce30

0

300

30

0

300

30

0

300

30

0

30

0

300

30

0

300

30

0

3,

600

C

redi

t/Deb

it Fe

es25

5

270

28

5

315

34

5

330

33

0

33

0

345

34

5

345

37

5

3,

870

To

tal E

xpen

ses

20,3

29

20,6

44

20,9

59

23,8

54

24,4

84

24,1

69

23,1

69

23,1

69

23,4

84

23,4

84

23,4

84

24,1

14

25

1,42

1

Pr

ofits

Net

Pro

fit(3

,329

)

(2

,644

)

(1

,959

)

(2

,854

)

(1

,484

)

(2

,169

)

(1

,169

)

(1,1

69)

(484

)

(484

)

(484

)

887

(17,

337)

Cas

h Fl

owBe

ginn

ing

Cas

h Ba

lanc

e16

0,00

0

156,

672

15

4,02

8

152,

070

14

9,21

6

147,

733

14

5,56

4

14

4,39

6

143,

227

14

2,74

4

142,

260

14

1,77

7

N

et In

com

e (L

oss)

(3,3

29)

(2,6

44)

(1,9

59)

(2,8

54)

(1,4

84)

(2,1

69)

(1,1

69)

(1

,169

)

(4

84)

(4

84)

(4

84)

88

7

Lo

an R

epay

men

t1,

993

1,99

3

1,

993

1,99

3

1,

993

1,99

3

1,

993

1,

993

1,99

3

1,

993

1,99

3

1,

993

En

ding

Cas

h Ba

lanc

e15

6,67

2

154,

028

15

2,07

0

149,

216

14

7,73

3

145,

564

14

4,39

6

14

3,22

7

142,

744

14

2,26

0

141,

777

14

2,66

3

Leila Terzic

24

9.3

Fina

ncia

l Pro

ject

ions

Year

Thr

ee38

%0.

005

0.01

0.01

50.

020.

025

0.03

0.03

50.

040.

045

0.05

0.05

5

Mar

-16

Apr

-16

May

-16

Jun-

16Ju

l-16

Aug

-16

Sep-

16O

ct-1

6N

ov-1

6D

ec-1

6Ja

n-17

Feb-

17Y

ear

Tota

lSa

les

Orth

otic

s15

,180

15

,235

15

,290

15

,345

15

,400

15

,455

15

,510

15

,565

15

,620

15

,675

15

,730

15

,785

185,

790

Pros

thet

ics

17,9

40

18,0

05

18,0

70

18,1

35

18,2

00

18,2

65

18,3

30

18,3

95

18,4

60

18,5

25

18,5

90

18,6

55

21

9,57

0

To

tal R

even

ue33

,120

33

,240

33

,360

33

,480

33

,600

33

,720

33

,840

33

,960

34

,080

34

,200

34

,320

34

,440

405,

360

Expe

nses

Ren

t4,

333

4,33

3

4,

333

4,33

3

4,

333

4,33

3

4,

333

4,

333

4,33

3

4,

333

4,33

3

4,

333

51

,996

Payr

oll a

nd P

ayro

ll Ta

xes

1,92

8

1,

928

1,92

8

1,

928

1,92

8

1,

928

1,92

8

1,92

8

1,

928

1,92

8

1,

928

1,92

8

23,1

30

O

ffic

e ex

pens

es24

5

245

24

5

245

24

5

245

24

5

24

5

245

24

5

245

24

5

2,

940

O

wne

r's S

alar

y6,

000

6,00

0

6,

000

6,00

0

6,

000

6,00

0

6,

000

6,

000

6,00

0

6,

000

6,00

0

6,

000

72

,000

Adv

ertis

ing

1,00

0

1,

000

1,00

0

1,

000

1,00

0

1,

000

500

500

50

0

500

50

0

500

9,00

0

Insu

ranc

e2,

000

2,00

0

2,

000

2,00

0

2,

000

2,00

0

2,

000

2,

000

2,00

0

2,

000

2,00

0

2,

000

24

,000

Prof

essi

onal

Fee

s30

0

300

30

0

300

30

0

300

30

0

30

0

300

30

0

300

30

0

3,

600

C

ost o

f Goo

ds S

old

9,93

6

9,

972

10,0

08

10,0

44

10,0

80

10,1

16

10,1

52

10,1

88

10,2

24

10,2

60

10,2

96

10,3

32

12

1,60

8

U

tiliti

es62

5

625

62

5

625

62

5

625

62

5

62

5

625

62

5

625

62

5

7,

500

Eq

uipm

ent M

aint

enan

ce45

0

450

45

0

450

45

0

450

45

0

45

0

450

45

0

450

45

0

5,

400

C

redi

t/Deb

it Fe

es49

7

499

50

0

502

50

4

506

50

8

50

9

511

51

3

515

51

7

6,

080

To

tal E

xpen

ses

29,3

06

29,3

44

29,3

82

29,4

20

29,4

58

29,4

95

29,0

33

29,0

71

29,1

09

29,1

47

29,1

84

29,2

22

32

7,25

4

Pr

ofits

Net

Pro

fit3,

814

3,89

6

3,

978

4,06

0

4,

143

4,22

5

4,

807

4,

889

4,97

1

5,

053

5,13

6

5,

218

54

,190

Cas

h Fl

owBe

ginn

ing

Cas

h Ba

lanc

e16

0,00

0

163,

814

16

7,71

0

171,

688

17

5,74

8

179,

891

18

4,11

5

18

8,92

2

193,

811

19

8,78

3

203,

836

20

8,97

2

N

et In

com

e (L

oss)

3,81

4

3,

896

3,97

8

4,

060

4,14

3

4,

225

4,80

7

4,88

9

4,

971

5,05

3

5,

136

5,21

8

Loan

Rep

aym

ent

1,99

3

1,

993

1,99

3

1,

993

1,99

3

1,

993

1,99

3

1,99

3

1,

993

1,99

3

1,

993

1,99

3

Endi

ng C

ash

Bala

nce

163,

814

16

7,71

0

171,

688

17

5,74

8

179,

891

18

4,11

5

188,

922

193,

811

19

8,78

3

203,

836

20

8,97

2

214,

190

Leila Terzic

25

9.3

Fina

ncia

l Pro

ject

ions

Year

Fiv

e12

3%0.

005

0.01

0.01

50.

020.

025

0.03

0.03

50.

040.

045

0.05

0.05

5

Mar

-16

Apr

-16

May

-16

Jun-

16Ju

l-16

Aug

-16

Sep-

16O

ct-1

6N

ov-1

6D

ec-1

6Ja

n-17

Feb-

17Y

ear

Tota

lSa

les

Orth

otic

s19

,447

24

,607

24

,662

24

,717

24

,772

24

,827

24

,882

24

,937

24

,992

25

,047

25

,102

25

,157

293,

149

Pros

thet

ics

29,0

16

29,0

81

29,1

46

29,2

11

29,2

76

29,3

41

29,4

06

29,4

71

29,5

36

29,6

01

29,6

66

29,7

31

35

2,48

2

To

tal R

even

ue48

,463

53

,688

53

,808

53

,928

54

,048

54

,168

54

,288

54

,408

54

,528

54

,648

54

,768

54

,888

645,

631

Expe

nses

Ren

t4,

333

4,33

3

4,

333

4,33

3

4,

333

4,33

3

4,

333

4,

333

4,33

3

4,

333

4,33

3

4,

333

51

,996

Payr

oll a

nd P

ayro

ll Ta

xes

4,98

8

4,

988

4,98

8

4,

988

4,98

8

4,

988

4,98

8

4,98

8

4,

988

4,98

8

4,

988

4,98

8

59,8

50

O

ffic

e ex

pens

es20

0

200

20

0

200

20

0

200

20

0

20

0

200

20

0

200

20

0

2,

400

O

wne

r's S

alar

y10

,000

10

,000

10

,000

10

,000

10

,000

10

,000

10

,000

10

,000

10

,000

10

,000

10

,000

10

,000

120,

000

Adv

ertis

ing

1,00

0

1,

000

1,00

0

1,

000

1,00

0

1,

000

500

500

50

0

500

50

0

500

9,00

0

Insu

ranc

e2,

000

2,00

0

2,

000

2,00

0

2,

000

2,00

0

2,

000

2,

000

2,00

0

2,

000

2,00

0

2,

000

24

,000

Prof

essi

onal

Fee

s25

0

250

25

0

250

25

0

250

25

0

25

0

250

25

0

250

25

0

3,

000

C

ost o

f Goo

ds S

old

14,5

39

16,1

06

16,1

42

16,1

78

16,2

14

16,2

50

16,2

86

16,3

22

16,3

58

16,3

94

16,4

30

16,4

66

19

3,68

9

U

tiliti

es50

0

500

50

0

500

50

0

500

50

0

50

0

500

50

0

500

50

0

6,

000

Eq

uipm

ent M

aint

enan

ce30

0

300

30

0

300

30

0

300

30

0

30

0

300

30

0

300

30

0

3,

600

C

redi

t/Deb

it Fe

es72

7

805

80

7

809

81

1

813

81

4

81

6

818

82

0

822

82

3

9,

684

To

tal E

xpen

ses

40,8

29

42,4

75

42,5

13

42,5

51

42,5

89

42,6

26

42,1

64

42,2

02

42,2

40

42,2

78

42,3

15

42,3

53

48

3,22

0

Pr

ofits

Net

Pro

fit7,

634

11,2

13

11,2

95

11,3

77

11,4

59

11,5

42

12,1

24

12,2

06

12,2

88

12,3

70

12,4

53

12,5

35

13

8,49

5

Cas

h Fl

owBe

ginn

ing

Cas

h Ba

lanc

e16

0,00

0

167,

634

17

8,84

7

190,

141

20

1,51

9

212,

978

22

4,52

0

23

6,64

3

248,

849

26

1,13

8

273,

508

28

5,96

1

N

et In

com

e (L

oss)

7,63

4

11

,213

11

,295

11

,377

11

,459

11

,542

12

,124

12

,206

12

,288

12

,370

12

,453

12

,535

Loan

Rep

aym

ent

1,99

3

1,

993

1,99

3

1,

993

1,99

3

1,

993

1,99

3

1,99

3

1,

993

1,99

3

1,

993

1,99

3

Endi

ng C

ash

Bala

nce

167,

634

17

8,84

7

190,

141

20

1,51

9

212,

978

22

4,52

0

236,

643

248,

849

26

1,13

8

273,

508

28

5,96

1

298,

495

Leila Terzic

26

Works Cited "AAPM Facts and Figures on Pain." American Academy of Pain Medicine. American Academy of Pain Medicine, n.d. Web.

<http://www.painmed.org/patientcenter/facts_on_pain.aspx#incidence>.

"A Brief History of Prosthetics." InMotion:. N.p., 2007. Web.

<http://www.amputee-coalition.org/inmotion/nov_dec_07/history_prosthetics.html>.

"America's 20 Fastest-Growing Cities." Forbes. Forbes Magazine, 2014. Web.

<http://www.forbes.com/sites/erincarlyle/2014/02/14/americas-20-fastest-growing-cities/>.

"Best Accounting Software for Small Businesses - 2015 Edition."BusinessNewsDaily.com. Business News Daily, 5 Dec. 2014. Web.

<http://www.businessnewsdaily.com/7543-best-accounting-software.html>.

“Data Snapshot: North Carolina Veterans." Carolina Demography. UNC, 11 Nov. 2013. Web.

<http://demography.cpc.unc.edu/2013/11/11/data-snapshot-north-carolina-veterans>.

"Journal of Rehabilitation Research & Development (JRRD)." Service Members and Veterans with Major Traumatic Limb Loss. U.S. Department of Veterans Affairs, 24 June 2010. Web.

<http://www.rehab.research.va.gov/jour/10/474/reiber.html>.

"Limb Loss Statistics." - Limb Loss Resource Center. Amputee Coalition, n.d. Web.

<http://www.amputee-coalition.org/limb-loss-resource-center/limb-loss-statistics/>.

"Orthotics and Prosthetics Job Outlook." U.S. Bureau of Labor Statistics. U.S. Bureau of Labor Statistics, 2014. Web.

<http://www.bls.gov/ooh/healthcare/orthotists-and-prosthetists.htm#tab-6>.

“O&P Trends and Statistics.” O&P Trends & Statistics (n.d.): n. pag. National Commission on Orthotic and Prosthetic Education, 2006. Web.

<http://www.opcareers.org/assets/pdf/TrendsFINAL.pdf>.

"Prosthetic Rehabilitation and Technology." Amputee Coalition. N.p., n.d. Web. 26 Jan. 2015.

< http://www.amputee-coalition.org/inmotion/nov_dec_05/pros_rehab_tech_seniors.html>.

"The Burden of Diabetes in North Carolina 2010." NC Diabetes Prevention and Control Fact Sheet. North Carolina Public Division of Health, 2010. Web.

<http://www.gvdhd.org/download>

"The Diabetes Belt." Diabetes Forecast. American Diabetes Association, May 2013. Web.

<http://www.diabetesforecast.org/2013/may/the-diabetes-belt.html>.

"The Need | Orthotics & Prosthetics." Orthotics & Prosthetics. American Academy of Orthotics and Prosthetics, n.d. Web.

<http://www.opcareers.org/entering_profession/the_need.asp>.

""


Leila Terzic

Text

Leila Terzic

Leila Terzic

27

Appendix A Wells Fargo was chosen as the preferred financial institution due to its support of small businesses as well as for its simple application. Both owners have preexisting accounts and good credit with Wells Fargo which will help to secure the loan, The following information is needed to obtain this loan, and the application must be filed at a Wells Fargo location.


Business Information Business Name: New Beginnings Orthotics and Prosthetics Business Address: 8840 Blakeney Professional Drive, Charlotte, North Carolina Business Phone Number: (704)-560-4080 Business Fax Number: 704-243-0012 Tax Identification Number/SSN: XXX-XX-XXXX Date your business was established: March 1, 2016 Ownership type: Limited Liability Corporation (LLC) # of owners: 2 owners Projected Annual Revenue: Varies Business-banking account number(s): XXXX XXXX XXXX XXXX

Owner Information (1)

Name: Olivia Gartz Home address: 904 Hathaway Lane, Waxhaw, NC Home phone number: (704)-362-3017 Social Security Number(s): XXX-XX-XXXX Citizenship: U.S. Citizen Annual household income: $XXX,XXX Personal bank account number: XXXX XXXX XXXX XXXX

Owner Information (2)

Name: Leila Terzic Home address: 6143 Oxfordshire Road, Waxhaw, NC Home phone number: (704)-594-4598 Social Security Number(s): XXX-XX-XXXX Citizenship: U.S. Citizen Annual household income: $XXX,XXX Personal bank account number: XXXX XXXX XXXX XXXX

Contact Information Primary contact (must be an owner of business): Leila Terzic Primary contact phone number: (704)-987-8768 Primary contact email address: o&[email protected]

mailto:o&[email protected]

Leila Terzic

Leila Terzic

28