BUS12 Business
Assignment v2.2 (2019/03/18)
BUS12 – Business
Name:
Claire Young
Email address:
Claireyoung261@gmail.com
Assessment
Assignment – Business plan and meeting
Assignments may include short answer questions or longer answer questions and are designed to
test how you apply your knowledge into a real-world situation. All assignments are completed as
a Microsoft Word document and are submitted to an assessor through My eCampus. Your
assessor is looking for how you apply your knowledge and how you think critically about the topic
area.
Steps to complete this Assignment
i.
Start with Research
Before commencing your business plan, it is best to ask yourself – and brainstorm – some
serious questions about what your business is going to set out to achieve. Whilst this
research component may seem large and overwhelming, you will be doing yourself a very big
favour. If you complete the preliminary work (research of your product/service/customer),
writing the business plan will be much more effective and efficient for you.
How are you going to discover all of the information for the following set of research
questions? Here are some ideas to help you get started:
ii.
•
Surveys
•
Industry consultations
•
Interviews
•
Cold calling, mystery calls
•
Existing data
•
Google
•
Council websites
•
Google keyword planner searches
Commence writing your business plan
Follow the following steps for an effective and efficient approach.
a.
Throughout this document, you will see [text written in brackets like this]. Such text is a
guide only and should be deleted once answered or if not needed. Some questions in
this business plan may not apply to your business structure. These questions will state
that they are optional. All other questions are mandatory.
b.
Begin your business plan – Go to question 1. Ignite your business plan with a cover.
c.
Complete ‘The Business’ – Go to question 3, and complete each of the business
components.
d.
Complete ‘The Market’ – Go to question 4, and complete each of the market
components.
e.
Complete ‘The Future’ – Go to question 5, and complete each of the future
components.
f.
Complete ‘The Finance’ – Go to question 6, and complete each of the finance
components.
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BUS12 Business
Assignment v2.2 (2019/03/18)
iii.
g.
Add supporting documents – Go to question 7, and attach any documents you have
that will strengthen or enhance your business plan.
h.
Wrap it all up with ‘The Business Summary’ – Go to question 2, and complete each of
the business summary components. This will be a brief of everything that you have
covered in all the above steps.
i.
Review your processes and information – Go to question 8. And 9. Set a meeting with
someone who is supporting your study journey, and create an agenda. After the
meeting, produce the minutes taken, and include for assessment both the agenda and
minutes.
Submit your work
The following table of contents can be used to navigate to elements of your assignment
Business Plan Contents
The Business Plan Build Commences. ................................................................................................ 3
Business Plan Summary...................................................................................................................... 4
The Future .......................................................................................................................................... 4
The Business ....................................................................................................................................... 7
The Market ....................................................................................................................................... 18
Finances............................................................................................................................................ 22
Supporting Documentation (mandatory)......................................................................................... 28
Assess & Review your business plan by conducting a meeting ....................................................... 29
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BUS12 Business
Assignment v2.2 (2019/03/18)
The Business Plan Build Commences.
1.
Ignite your business plan with a cover. This is the first page someone reading the business
plan will see.
Complete each of the components in the below box.
Claire Young
Business Owner
Personal Trainer
Fitness Empowered
211 Rainbow Road
ABN: [43 7875 874
FITNESS EMPOWERED
Business Plan
Prepared: 20/04/2020
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BUS12 Business
Assignment v2.2 (2019/03/18)
Business Plan Summary
2.
Use as few words as possible. You want to get to the point but not overlook important facts.
This is also your opportunity to sell yourself.
You ideally want to write this section last because it is a summary of each of the sections
elaborated further on in the document.
The Business
Business name:
[Fitness Empowered
Business structure:
[Sole trader,
ABN:
[ 543 7875 874
ACN:
[154 5421 214
Business location
[211 Rainbow Street, Carter, ACT, 2619
Date established
[01/01/2020
Business owner/s
Claire Young
Relevant owner
experience
6 Years of Personal Training experience, training under WBBP professionals,
Bodybuilding Competitor and Trainer.
Products/ services
Offering 1 on 1 tailored Personal Training programs and group training
sessions. 3 Session minimum paid upfront, remaining sessions paid on a
fortnightly basis to account for training goals.
The Market
Target market
Fitness Empowered’s target audience is for those seeking dedicated and personalised programs. We
specialise in bodybuilding / physique programs and comp preparation, weight loss programs,
strength programs, home programs and general tips, advice and guidance. We cater to all levels of
fitness, from beginner to advanced. Our motivation stems from helping clients achieve their goals.
Each of our personal trainer’s focus is educating, teaching, encouraging and motivating our clients
to help them achieve their goals. Unlike many fitness centres, Fitness Empowered is a smaller
community which makes for a much more personal experience and allows all clients to find support,
guidance, comfort and positivity.
Marketing strategy
Entering the market takes planning, researching and establishing marketing goals and strategies to
help our business achieve organisational objectives. Researching competitor prices, products /
services and general cliental will assist us in creating our own costs and offers and will allow us an
opportunity to stand out from other gyms. To establish our name in the industry and market, our
main object is to focus on advertisements and promotions. Some advertisement strategies and
goals that will be implemented includes mailing business cards, offers and promotions, handing out
said cards, offers and promotions in person to meet potential clients face to face, and promoting
our social media pages. This allows consumers to potentially meet the face of the business, view our
promotions, prices and offers and read about our mission – all of which can assist in successful
sales.
The Future
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BUS12 Business
Assignment v2.2 (2019/03/18)
3.
Complete the components of this business plan in the following box.
Vision statement
[Our vision here at empowered fitness is to help you achieve what you’re capable of achieving. We
assist all fitness levels to set goals, implement change, learn and improve techniques, overcome
barriers and find solace in a positive and motivational environment.
Our current and future plan is to have a proven track record of clients who have seen results and
achieved goals, thus proving the sentiment of our mission. This would build upon our reputation
and make us strong competition in the market.]
Mission statement
[What is your business's mission statement? I.e. How will you achieve your vision?]
Creating a positive change in everyone will involve keeping clients motivated and satisfied.
Ensuring every workout counts and keeping sessions interesting by introducing new ways of
training each week with fitness equipment’s and location in order to make fitness fun and
enjoyable. I will reach the goals by tailoring to everyone’s needs and coming up with a
timetable with each client. Having a good approach towards the company and clients at all
times can help build clientele which will also make the service competitive in the marketing
system
Goals/objectives
Our first short term goal is to get 15 members within the first two weeks. If 15 clients are not
achieved, but for example 10 clients have joined, we will offer each client a free month
membership if they bring a friend to join the gym.
The long-term goal would be to maintain the business reputation by creating other leadership
positions to allow the business to operate independently.
We will be reviewing our business activity, sourcing strong workers, reinvesting for growth, regular
review of marketing and planning, staying updated and informed on the fitness industry
through research in order to achieve our goals.
Goals
Short
1. Get 20 members to join
2. Create Social media pages
Medium
1. Increase clientele through
marketing and
advertisement
Long term
1. Maintain successful and
positive reputation
2. Franchise the business
2. Create merchandise
(towels, bags and water
bottles
Action plan
Milestone
Date of expected completion
Person responsible
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BUS12 Business
Assignment v2.2 (2019/03/18)
[What are the business
milestones that you need to
complete starting from today?]
[When do you expect to
complete them?]
[Who is responsible for
delivering this milestone?]
Obtaining Members
Have 5 members signed up
for commencement
Claire Young
Startup funding
Enough funding available by
06/20
Claire Young
Developing marketing
strategy
06/20 to 10/20 (opening)
Claire Young
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Assignment v2.2 (2019/03/18)
The Business
4.
Complete each of the business components in the following box.
Business details
Product/ services
[
We are selling one on one personal training sessions (with the option of two on one). These sessions
will consist of programs designed for individual clients. We anticipate a high demand for our
personal training as we have highly experienced and qualified PT’s, who are already sought after.
The more sessions booked the cheaper the sessions become, i.e. 3 sessions per week = 50% off third
session. We also offer a 6-month plan, which can be purchased in bulk or paid off in instalments.
This plan will offer a significant decrease in overall price compared to that of making a purchase
session by session.
We also provide classes and group training, though these are included in the overall gym
membership and come with no additional costs.
Registration details
Business name
[Fitness Empowered
Trading name/ names
Fitness Empowered
Date registered
01/05/20
Location registered
Australian Capital Territory [
Business structure
Sole Trader – Allows the most cost effective and simple structure to set
up, withe cheaper start-up costs and independence. If we grow to a level
that may allow us to franchise the business, we will look into moving into
a company structure.
ABN
[19485776399
ACN
[Registered Australian company number if applicable]
GST
[We do not expect to meet the threshold in our first year therefore will
not register until we meet the threshold.
Domain names
Fitnessempowered.com.au Facebook.com/fitnessempowered
Licenses and permits
[•
•
•
•
Business name registrations
Association license/s Working with children permit
Franchisee licenses
 Lease Agreement
Council Approval
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BUS12 Business
Assignment v2.2 (2019/03/18)
Business premises
Business location
Our gym is 600m2, Located in Australian capital territory near a prominent commercial and
industrial zone, and in close proximity to reasonably dense suburbs. We sought a gym in a more
industrial zone as we required a larger space and can further attract the industrial force and
workers.
Lease/ownership
Choose one of the following:
✓
Lease type
1.
The business premises will be leased on a 3 year lease for $40,000 per annum. The
lease provides for an initial 2 month free rental period whilst you get the business
off the ground.
2.
The business will be run from a small shop currently owned by the business owner.
The shop was previously used as an investment and is fully owned.
3.
The business will operate outdoors, and there will be no costs for leasing.
X
Organisation chart
[Outline your business hierarchy in the chart below or include your own. You may like to refer to your
‘Key Personnel’ section to make sure they match up.]
Note: If you are a sole trader you may use your name for multiple or roles within the organisation.
[Claire Young]
[Owner/ Manager ]
[Personal Trainers]
[Gym Instructor]
- Marcus Manning
- Denis Vonberk
- Claire Young
- Georgina Smith
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BUS12 Business
Assignment v2.2 (2019/03/18)
Management and ownership
Claire Young]
Name/s of owner/s
Be an owner, and manager, and employ staff,
Details of management
and ownership
Experience
Gym owner has previously managed a gym for 4.5 years.
Complete qualified personal trainer
Qualification in nutrition.
Certification in business management. Developed strong
relationships with other people within the industry, especially that
of admin, trainers and instructors.
5 Years of personal training experience, bootcamp training and class
instructing. Managing a gym.
Key personnel
Current staff
[List your current staff in the table below. If you are a sole trader, list your outsourced contractors]
Job title
Name
Skills or strengths
[Marketing/ Sales
Manager]
Ed Berry
[Marketing Degree. 7 years’ experience in the industry.
Award in marketing excellence 2014.
Personal Trainer
Marcus Manning
Working one on one with clients, running group circuits
and outdoor sessions, providing nutritional guidance.
Gym Instructor
Georgina Smith
Use and guidance of gym equipment, technique
assistance, general gym floor guidance and assistance
Add
Required staff
[List your required staff or contractors in the table below. What are your staffing requirements?
Whom will you need to help/work for you? If you are a sole trader assume that your business is
successful and you are required to employ contractors.
•
Write out their job description/role.
•
Will they be employed or contracted?
•
Any specialists
Designer and Marketing
Accounting
Mentors
Actors/Models]
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BUS12 Business
Assignment v2.2 (2019/03/18)
Job title
Quantity
Expected staff
turn-over
Skills necessary
Date
required
[Office
Manager]
[1]
[2-3 years]
[Relevant qualifications in Office
Management.
[09/20]
Accountant
1
2-5 Years
Qualification in accounting.
09/20
Designer
1
Contracted
Quality design and production
05/20
Recruitment options
Staff will be obtained by posting employment ads on job seeking site with a criteria to be met to be
considered for a role, I.e. qualifications or work experience.
Training programs (optional)
Skill retention strategies
[A document containing guidelines, expectations and obligations will be given to each staff member.
Responsibilities will be divided based on job roles, such as reception, customer complaints and
membership forms being handled by reception staff or managers. All staff will receive an
outline of their duties within their contracts that will allow us to document and communicate
responsibilities. These responsibilities and duties will be routinely reviewed and welcomed
with feedback.
Products/services
[What is the product/service that you are providing to the target audience?
You will need to do this for each product/service that you are going to offer.
This question requires a minimum of two products or services.
NB: Each product/service should be individually documented. They each solve a separate problem for
the individual and need to be treated as such. Start with one product/service at a time, and then
repeat this whole process.]
Product/ service
Description
Price
[Personal Training]
[One on One training, weight loss, fitness, strength
[$70 per session]
Full Membership
Unlimited access to classes, two free personal training
sessions, body analysis, 24 Hour Access, access to
online workouts
$24 per week
Half Membership
24 Hour access
$21 per week
Full Personal Training
Tailored and tracked programming, nutritional
guidance, wellness plan, one on one training, Onemonth lock in.
$90 2 x sessions
per week
Teens and Elderly
Ages 16-17 and 60+. 24 Hour access, unlimited access
to classes, one free consultation
$18 per week
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BUS12 Business
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Market position
We offer varying price rangers regarding memberships and training programs, with both budget
friendly options and higher end options. This allows us to offer various services and cater to a
wider audience. Our variations help us stand out against competitors.
Unique selling position
[
Our personal trainers are dedicated and well sought after, we offer various products/services and
varying prices and flexibility that allows us to stand out in the market.
Anticipated demand
Our gym provides a no-lock in contract for members, charged fortnightly, with 24-day notice to
cancel membership. Most members are inclined to purchase the full membership versus the
half as it is only a slight increase in cost to that of the half membership and provides a lot more
services.
Pricing strategy
[We cater to 3 different membership prices, lower prices for teens and elderly, and general
admittance with level of service increasing with price range. We further offer 15% off
memberships for certain criteria’s, such as emergency services, and 10% off for students.
Overall, we are considered middle of the range. This allows us to expand the market and
maximize our opportunity for growth.
Value to customer
[We want our customers to view our products as tailored to their personal needs. Our budget margin
provides three alternative levels of service. The goal is for the platinum membership to be the most
desirable. Customers can get exclusive services, essentially consider luxury, and products to prove the
value for money.
Growth potential
[We are aiming for 25% growth per quarter until we reach capacity. Our advertising and marketing
strategies, and our membership strategies (I.e. exclusive and limited time promotions,
discounts and utilizing members to encourage others to join) will be our focus to continue
gaining members.
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BUS12 Business
Assignment v2.2 (2019/03/18)
Innovation
Research & development (R&D)/innovation activities
[
•
Surveys with existing members and staff
•
Interviews with existing members and staff
•
Existing data
Industry consultations
Google keyword planner research
Intellectual property strategy (optional)
Insurance
Worker’s
compensation
Public liability
insurance
Workers compensation schedule to start upon gym opening
Public liability is required as part of the lease agreement, we will be sourced
through Fitness Australia.
Professional
indemnity
Professional indemnity insurance has been sourced through Fitness Australia
Business assets
Business assets will be insured for infrastructure, contents, damage and theft
Business
revenue
We will be obtaining business interruption insurance as with cyber security.
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BUS12 Business
Assignment v2.2 (2019/03/18)
Risk management
[List the potential risks (in order of likelihood) that could impact your business.]
Describe the Risk
Rate the
Likelihood
Impact
Strategy
[Description of the risk and
the potential impact to your
business]
[Highly Unlikely,
Unlikely, Likely,
Highly Likely]
[High,
Medium,
Low]
[What actions will you take to
minimise/ mitigate the potential
risk to your business?]
Old electrical cable.
Death due to electrocution
Highly Unlikely
High
Equipment electrically safety
tested, and cords checked in
weekly equipment check
Staff member becomes
overwhelmed or stressed and
struggles to complete work.
Likely
Medium
•
•
•
Ensure staff sticks to
employed hours.
Staff have monthly meetings
for debriefing.
Staying up to date on
employee’s management.
Member injures themselves
Likely
Medium
Follow protocol for injuries, manage
or examine any potential cause of
injury on gym floor
Vandalism
Unlikely
Medium
Examine damages, review footage,
repair damages as soon as possible
Legal considerations
[Choose which laws may be relevant to your business. If you are unsure look up the act online. Explain
in a couple of lines how the act relates to your business and how you will cater for it. You can find
information on these at http://www.comlaw.gov.au/Home. This is not designed to be exhaustive in
terms of the Act’s and Law’s relevant to your business, we recommend you seek legal advice from an
appropriately qualified professional before starting a business.]
Act/LAW
Relevant to
business
Why?
Privacy Act
Yes
Maintaining client and staff records. Will ensure client
and staff privacy is maintained securely and not provided
to third parties. Will not source information from clients
or staff not relevant to their dealings with the business.
Competition and
Consumer Act 2010
Yes
Personal Training will not engage in misleading conduct.
Marketing materials will not include any deceptive or
misleading information. Contracts will be fair.
Australian Contract
Legislation
Yes
Valid contracts will be made with members. All terms
and conditions will be provided to the member in the
contract. Personal training will fulfil all services to a
satisfactory standard as specified in the contract.
Workplace Health and
Safety Act
Yes
Workplace safety is very important for every
employee and member in the industry. It allows for a
safe and protected atmosphere and
indorses wellness and health.
Disability
Discrimination Act
1992
Yes
This act makes it unlawful to discriminate against a
person using our services due to their disability.
Providing equal opportunity to all our members.
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BUS12 Business
Assignment v2.2 (2019/03/18)
Act/LAW
Human Rights and
Equal Opportunity
Commission Act 1986.
Relevant to
business
Yes
Why?
This Act makes it unlawful to discriminate against
people because of their: race. colour. sex. Providing
equal opportunity to all our members.
List others if relevant.
Operations
Production process
Setting up the gym equipment and gym programs. We will be creating programs and plans within
our own staff. All our program templates will be made by PT’s themselves thus not sourced
elsewhere. Members will be provided an example / trial of the product before making a
purchase. Once the purchase has been made the product is then created by the PT and
delivered to the client via email.
Suppliers (mandatory)
[FitnessXSupplies, Gym Equipped
Our machines, weights and heavy equipment will be purchased from Fitnessxsupplies
All our accessories and smaller equipment, i.e. medicine balls, mats, bands, rollers, were
purchased from gym equipped.
We will maintain a good relationship with them by keeping them as our sole traders and providing
them business.
Assets and equipment
[List your current office and equipment requirements. These can include vehicles, computer
equipment, phones and fax machines, training equipment, and assessment equipment.]
Equipment
Purchase date
Purchase price
Running cost
Treadmill
01/09/2020
$1795.00
$100 PA
Functional Trainer
01/09/2020
$1990.00
$100 PA
Computer, Phone
01/08/2020
$999
$100 PA
Barbells, Bumper Plates, Free
weights
01/02/2020
$12,000
$1000 PA
Weightlifting platforms
01/03/2020
$4200
$100 PA
Technology (Software)
We will require:
a website to be custom built by a web designer that has all the information about our gym
and will contain all our social media platforms. Having a well-structured and user-friendly
website will be effective in making sign ups and website use easy. The estimated cost and
upkeep of the website and social media is estimated to be $1500 annually.
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A desktop computer to manage enquires, surveillance, be the point of communication, point
of sales, manage memberships, perform admin duties and more. The computer is a one-off
purchase but may require varying upkeeping or repair costs.
We require a sound system for music throughout the gym. Music is essential for the gym
atmosphere and members desire. We require a music program subscription for $25 monthly
and set up and purchase of speakers for $2000.
An accounting software and spreadsheets to be used to manage financial statements and
records, which will allow an allied finance and accounting professional to analysis the
business performance. This software will be off the shelf and will cost an annual
subscription of around $150
Trading hours (mandatory)
Our gym has 24-hour access for members.
Staff hours are between 10am – 7pm every weekday.
Unstaffed weekends.
Early mornings (4-7am) and evenings (5-9pm) are the expected peak hours.
There will be no variation in profits as all members pay for 24-hour access.
There will be little variations in trading hours. Staff members are not required to work public
holidays and certain dates during the Christmas period. These unstaffed dates will be posted
throughout the gym and online so that both members and prospective members are notified.
Communication channels (mandatory)
There will be a contact list posted in the gym, and easily accessible online. It will include the gym’s
email, reception contact number and website address. Members and non-members can also
talk face to face with any staff member during staffed hours.
Payment types accepted (mandatory)
Our gym will only accept direct payment via bank details, debit or credit card.
Credit policy (mandatory)
[Full upfront / advanced payment can be refunded by issued credit – such as sessions.
There is a four-week window to claim refund or use credit, unless a reasonable justification is
provided, such as trainees unavailability, client being overseas, illness, etc.
Upon issued credit, clients can book a time to use credit or have four weeks from issuing to book a
time. The date of which client requests credit will be accounted for in our computer system and
followed up.
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Cancellation policy (mandatory)
For a full refund for cancellation of personal training sessions, clients must provide 24 hours’ notice.
If cancellation is made within 6 hours, client must pay 50% of session. If cancellation is made
within 2 hours of a session, the client must pay the agreed cost. This may vary based on
circumstance and or if a personal trainer agrees to reschedule at no additional cost.
Refunds (mandatory)
[If provided services are not met and client is unhappy with a given program or session, we will
offer a full refund and or the option of session credits
Quality control (mandatory)
Every provided session and class are maintained to a high standard, with our trainees providing the
same effort in every session. We have ‘trainer of the month’ rewards, such as money or gift
vouchers, to help motivate our trainers to perform to the best of their abilities and in turn
provide exceptional service.
Memberships and affiliations: We follow a check list of equipment maintenance and assessment
regularly, as to constantly meet safety standards. PT’s also regularly assist and educate
members on correct technique to ensure injury prevention.
We currently have no affiliations.
Sustainability plan
Environmental/resource impacts
[Due to the construct of our business, inevitable environmental impacts will occur due to water and
electricity usage. It is our duty to reduce this impact as much as we can. Our gym will be established
with sensor lights which will only be required evenings and nights as we have plenty of natural
daylight. We also have timed showers to prevent water over usage and air dryers rather than paper
towels. We have separate bins for general rubbish, recycling and plastic.
Community impact and engagement
As we are in a generally high-density area, our impact will not be significant regarding the
surrounding establishments. We will encourage our members to be mindful of their impact
with signage and inform any inquiries of our efforts.
Risks/constraints
[There is a risk of disapproval or negative attitude towards our gym from some members of the
public based on our 24-hour access – as this means constant electricity and water use. These
members of the public thus may opt for smaller, fewer trading hours, or less commercial gyms,
resulting in potentially small loss of business for us.
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Strategies
We are aiming to install solar panels when we reach the profit margin, to significantly reduce our
electricity impact on the environment. As previously mentioned, we have sensor lights, timed
showers, automated hand dryers, and divided rubbish bins. We provide information sheets
and signage for clients to read that aims for reducing the gyms overall environmental impact.
We will be conducting quarterly audits to examine and review our environmental impact.
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Assignment v2.2 (2019/03/18)
The Market
5.
Complete each of the market components described in the following box.
Market research
Question.
Answer.
Who uses the products?
Describe who your niche market are.
Our provisions are aimed at 16+ (generally
<65) of all genders.
Who decided on the purchase?
The decision maker; Husband, wife, mother,
father.
Individual members.
Who buys from me?
Identify the characteristics of your current
market? (If no current clients just leave blank)
All genders and ages 16+
Where do customers seek information?
Online/ Offline/ Newspapers etc.
Online, social media, flyers, pamphlets, sign
advertisements
Where are potential customers?
Are your customers residential or working?
Where do they hang out?
Our customer basis varies significantly, with
people of all areas, ages and occupations
being a potential customer.
What benefits do they seek?
What are their goals, and obstacles?
The most common goals we witness includes
fat loss, strength gain, cardiovascular
improvements, injury rehabilitation and
general fitness maintenance. Lack of
motivation or unsureness of where to start
are very commonly seen obstacles.
What price are they willing to pay?
What are their incomes, what is affordable?
(Great way to find this information is interviewing
your target market, for the assignment you can
just estimate)
As our main payment system is set at a
fortnightly cycle rather than upfront, our
clients are more willing to pay the reasonable
membership costs in instalments, making the
cost much more affordable and accessible.
What is the demand for your product/ service?
Is your target market a large niche? Are there
many businesses currently servicing your niche?
Our product serves anyone above 16, making
our target market large.
What is unique about your product/ service?
Why should your market buy from you?
We are an independent business that thrives
off customer happiness and satisfaction. We
provide passionate and personal experiences
that is often not found in much larger
franchises.
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Customer management
Having a very welcoming and likeable reception staff to greet, get to know and guide our members,
as with all floor staff and PT’s. Handling customer complaints professionally, surveying
customers as an aim to increase service, and offering information to the best of our abilities.
These techniques will assist us in maintaining and constantly improving customer
relationships.
Clients are more inclined to return to our gym due to these previously mentioned reasons, and
further likely to maintain their memberships due to the prices, promotions and constant
motivations.
We have high customer service standards as it is integral in maintaining positive and strong
relationships with customers. Our standards work of the basis of efficiency, response times,
friendliness and providing good product service.
Our code of practice serves to promote appropriate and efficient standards of trading, satisfy
customer desires and conduct services professionally.
S.W.O.T. analysis
[Dot point each of your businesses strengths, weaknesses, opportunities, or threats in the table below.
Remember that you are in your business, so you are also using this S.W.O.T. to analyse yourself.
Be critical, and ask opinions from those who know you.
Consider: You, the product/service, and your business.)
Minimum of 5 answers per quadrant.
Strengths
Weaknesses
1.
Good team
1.
Smaller competitor
2.
3.
4.
5.
Quality employees
Experience
Passion
Motivation
2.
No business owning experience
3.
4.
5.
Little business relations
New to marketing
No serious cost management experience
How will you develop your strengths? How will you
expose your competitor’s weaknesses?
Myself and my staff will aim to improve these
strengths by applying them in all areas we can and
helping one another to stay focused and positive.
Increasing these strengths will help us stand out
and give us an extra edge against our competitors.
I will join a local business support group to meet
other business owners and gain information about
successful business management skills. I will track
these weaknesses to assess if there are
improvements or if I need to try different routes
for success.
Opportunities
Threats
1.
The community needs a fresh face in the
business
1.
Competitors are next door
2.
Council licensing fees
2.
Operate in an affluent suburb
3.
4.
5.
Increased business knowledge
Own a successful business
Manage a high-quality team
3.
4.
5.
Smaller business
Economy changes
Lack of business
How will you explore and undertake
opportunities?
By seizing them as they arise and working hard to
achieve success within given opportunities.
How will you prevent threats?
By constantly improving to the best of my abilities
and using strengths as a push for success. Aiming
to overcome obstacles and learn the best ways to
decrease the size of the threat.
19
BUS12 Business
Assignment v2.2 (2019/03/18)
Your competitors
By assuring we are professional business with good deals and price ranges, we rate against our
competitors for value for money, customer service, convenience and quality.
By matching or offering a cheaper deal to that of our competitors, we can appeal and draw in
more customers.
There are a few gyms in the surrounding providence that offer competition, though there are
no large names in proximity. They offer a similar price range, varying from $30-100 from
memberships to sessions.
As the sentiment of a gym does not vary greatly, our competitors offer very similar products
and services, such as access too a gym, personal training and classes. The differences are the
personal touches, such as how we structure our personal training session, our personal client
relationships and our unique class variations.
Our competitors do not provide the personal touch that our gym does, with less staffed hours
and less involvement with their clients. We find the relationships we build with clients is
favorable.
The dedication and hard work we put into each client in sessions allows us to almost always
have 100% satisfaction. This is not always seen with personal trainers or classes. We aim to
make all clients feel welcomed, get to know members names and understanding their goals
which allows us to keep them motivated. We will always aim to improve on our services by
aiming to understand each member preference in communication (or lack thereof), allowing
us to better our relationships. Our Value does not come purely from our products – our value
increases with our atmosphere, comfortability and personalization. Many gyms do not provide
a similar environment. Though cost wise there isn’t significant variations from competitors, we
believe members get a lot more value for money from within our gym.
20
BUS12 Business
Assignment v2.2 (2019/03/18)
Competitor details
[List at least 2 competitors in the table below. Complete the table in its entirety]
Competitor
Est. date
Size
[Competitor
name]
[When were
they
established?]
[Number of
staff and/ or
turnover]
Club Max
2009
Fit24
2015
Value to
customers
Strengths
Weaknesses
[Unique value to
customers. E.g.
convenience,
quality, price or
service?]
[What are your
competitor's
main
strengths?]
E.g. strong
brand name
[What are
your
competitor's
main
weaknesses?]
E.g.
Competitor is
highly priced
which
excluded some
of the market
for the service
6
Products and
services,
accessibility
This is a
renowned
franchise and
has numerous
locations
Higher costs
and little to
no relation
with
members
3
Cheaper,
convenient
Offers lower
prices
Small gym
with only one
personal
trainer
Advertising & sales
Advertising and promotional strategy
[What strategies do you have for promoting and advertising your products/services in the next 12
months?]List four.
Planned promotion/
advertising type
Expected business
improvement
Cost ($)
Target date
Print media
advertising, online
advertising, mail-out,
giveaway, media
release or event.]
How do you expect it
will improve your
business success
What will this
promotion/advertising
campaign cost?
[
How long will this
promotion/advertising
campaign run for
Social Media
increase in sales and
brand awareness to
families
Free
Runs permanently
Mail flyers
Increased brand
awareness, draws in
customers
$0.50 per flyer
Runs once per
promotion
Free membership
giveaways
May increase sign ups
Free
Promotion lasts until
winner announcement
21
BUS12 Business
Assignment v2.2 (2019/03/18)
Signs and poster
advertisement
Increased brand
awareness, draws in
customers
$10 per print
Permanent signage
(unless updated)
Complete table in its entirety
Channel type
Products/services Percentage of
sales (%)
Advantages
Disadvantages
[e.g.
Shopfront,
Internet, direct
mail, export,
or wholesale]
[List all the
products/services
sold via this
channel.]
[What
percentage of
overall sales
do you expect
to sell via this
channel?]
[What
advantages are
there of using
this channel
for these
products?]
[What challenges do you
expect to face using this
channel? How will you
overcome them?]
Example:
website
Gym
memberships
10%
Can reach a
large
audience, 24hour presence
online
Marketing and
development expenses
are ongoing. Will need
to schedule regular
website maintenance
and review competitors’
online offerings
regularly
Social Media
Promotions,
giveaways,
Gym
memberships
20%
Reaches a
large
audience and
demographic,
24-hour
presence
Staying relevant and
consistently present,
appealing to certain
audiences. Having a
social media manager
will help with these
efforts.
Signage and
Promotions,
poster
Giveaways,
advertisement Gym
Memberships
20%
Increases
brand
awareness,
can be placed
in strategic
locations
Cost of advertisement,
consistent updating of
certain signage
Add
Finances
If you are unable to see or use the embedded Excel Spreadsheets available to you in this section for
you to complete, please use the Excel Spreadsheet provided separately to this Assignment
Document. To submit multiple files, you will first need to place both files into a Zip Folder.
Instructions for how to do this for both Microsoft and Apple Mac users has been provided to you
by using the following link.
http://www.wikihow.com/Make-a-Zip-File
22
BUS12 Business
Assignment v2.2 (2019/03/18)
6.
Complete the components of this business plan in the following box and spreadsheets.
Key objectives and financial review
Financial objectives
At the beginning of our business we will require an estimate of $350,000 which will be obtained
through a bank loan of $200,000 and personal contribution of $150,000. We intend on making an
estimate of $50,000 profit by our third year, with our first two years repaying debts and costs.
Assumptions
Note: The financial tables on the subsequent pages are based on your financial considerations for
the following question:
Financial variations to take into consideration will include inflation rates, interest rates, seasonal
adjustments eg winter/summer, extreme weather conditions, holiday seasons public holidays.
Start-up costs
Please select the start-up costs table that is relevant to your business structure. [Double-click the table
below to enter your details, or attach your own start-up costing sheet at the back of this business plan.
If some costs do not relate to your business, insert $0.]
Solicitor fees
$
1,999.00 Gym Equipment Purchase
$
Rental lease cost (Rent advance/deposit)
$
40,000.00 Gym Reception/Café Fi t Out
$
Total equipment/capital costs
Utility connections & bonds (Electricity, gas, water)
$
4,999.00
Phone connection
$
190.00
Internet connection
$
230.00
Computer software
$
280.00
Training
$
8,000.00
Staff Wages
$
90,000.00
Merchandise Purchased
$
2,000.00
Building & contents Insurance
$
715.00
Vehicle Insurance
$
Public liability Insurance
$
118.00
Professional indemnity Insurance
$
599.00
Product liability Insurance
$
375.00
Workers compensation Insurance
$
380.00
Business assets Insurance
$
1,000.00
Business revenue Insurance
$
430.00
Printing, Marketing and Advertising
$
3,700.00
Stationary & office supplies
$
350.00
Total start-up costs (a)
$
30,000.00
72,070.00
-
$ 171,325.00
TOTAL START UP COSTS TO USE IN BREAK EVEN CALCULATOR $ 243,395.00
23
BUS12 Business
Assignment v2.2 (2019/03/18)
Balance sheet forecast
Company - Gym Studio
BALANCE SHEET FORECAST
end of year end of year end of year
1
2
3
Assets
Cash
$
62,300.85
$
68,000.95
$
58,978.00
Petty cash
$
1,112.99
$
1,998.45
$
2,399.00
Merchandise
$
439.00
$
620.00
$
543.00
Pre-paid expenses
$
5,655.00
$
7,549.00
$
9,879.00
Property & land
$
40,000.00
$
39,432.00
$
35,000.00
Furniture & fitout
$
18,000.00
$
2,199.00
$
5,700.00
Vehicles
$
Gym Equipment
$
50,000.00
$
47,000.00
$
49,000.00
Computer equipment
$
8,000.00
$
3,999.00
$
6,000.00
-
$
-
$
-
Total assets
$ 185,507.84
$170,798.40
$167,499.00
Liabilities
Credit cards payable
$
3,999.00
$
3,180.00
$
3,180.00
Accounts payable
$
35,000.00
$
27,000.00
$
22,200.00
Interest payable
$
35,664.00
$
27,998.00
$
22,100.00
Accrued wages
$
3,500.00
$
3,200.00
$
3,300.00
Tax
$
7,899.00
$
3,819.00
$
4,129.00
Loans
$
200,000.00
$ 100,000.00
$
50,000.00
$ 286,062.00
$165,197.00
$104,909.00
Total liabilities
NET ASSETS (Total assets -Total
Liabilities)
-$ 100,554.16 $
5,601.40
$ 62,590.00
Profit and loss forecast
[Please select the profit and loss forecast table that is relevant to your business structure. Double-click
the table below to enter your details or attach your own profit & loss sheet at the back of this business
plan. If some costs do not relate to your business, insert $0.]
Company - Gym Studio
PROFIT & LOSS FORECAST
year1
year2
year3
Total Sales
$ 107,000.00
$ 135,000.00
$ 145,000.00
Total Expenses
$ 163,325.00
$ 145,000.00
$ 130,000.00
NET PROFIT (sales - expenses) -$
56,325.00 -$
10,000.00
$
15,000.00
24
BUS12 Business
Assignment v2.1 (2018/11/27)
Expected cash flow
[Please select the expected cash flow table that is relevant to your business structure. Double-click the table below to enter your details or attach your own expected cash
flow sheet at the back of this business plan. If some costs do not relate to your business, insert $0.] Record Financial Year to Financial Year (July to June)
25
BUS12 Business
Assignment v2.1 (2018/11/27)
$
$
$
6,200.00
-
$
1.00 -$
30,822.00 -$
63,326.00 -$
94,425.00 -$ 126,009.00 -$ 157,451.00 -$ 188,769.00 -$ 219,592.00 -$
250,320.00 -$ 281,080.00 -$
311,741.00
$
7,000.00
$
6,500.00
$
7,200.00
$
7,000.00
$
6,900.00
$
7,045.00
$
7,500.00
$
7,550.00
$
8,000.00
$
8,200.00
$
8,900.00
$
500.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
500.00
$
48.00
$
98.00
$
68.00
$
68.00
$
140.00
$
124.00
$
124.00
$
68.00
$
98.00
$
98.00
$
200.00
$
850.00
$
900.00
$
950.00
$
1,000.00
$
1,100.00
$
1,200.00
$
1,300.00
$
1,300.00
$
1,300.00
$
1,300.00
$
1,300.00
8,268.00 $
8,340.00
$
8,569.00
$
9,124.00
$
9,118.00
$
9,598.00
$
9,798.00
$
10,900.00
$
800.00
$
7,000.00 $
8,398.00 $
7,698.00 $
8,418.00 $
$
250.00
$
100.00
$
100.00
$
50.00
$
50.00
$
100.00
$
50.00
$
59.00
$
50.00
$
200.00
$
150.00
$
200.00
$
167.00
$
167.00
$
167.00
$
67.00
$
167.00
$
167.00
$
167.00
$
167.00
$
167.00
$
167.00
$
167.00
$
167.00
$
500.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
300.00
$
100.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
250.00
$
250.00
$
250.00
$
250.00
$
250.00
$
250.00
$
250.00
$
250.00
$
250.00
$
250.00
$
250.00
$
250.00
$1,208 $
1,208.00
$
1,208.00
$
1,208.00
$
1,208.00
$
1,208.00
$
1,208.00
$
1,208.00
$
1,208.00
$
1,208.00
$
1,208.00
$
1,208.00
$
170.00
$
100.00
$
100.00
$
100.00
$
100.00
$
100.00
$
100.00
$
100.00
$
100.00
$
100.00
$
100.00
$
100.00
$
4,288.00
$
5,200.00
$
5,321.00
$
4,750.00
$
4,980.00
$
4,880.00
$
5,000.00
$
4,899.00
$
4,799.00
$
5,020.00
$
5,123.00
$
5,134.00
12.00
$
12.00
$
12.00
$
12.00
$
12.00
$
12.00
$
12.00
$
12.00
$
12.00
$
12.00
$
12.00
$
12.00
$5,817 $
5,817.00
$
5,817.00
$
5,817.00
$
5,817.00
$
5,817.00
$
5,817.00
$
5,817.00
$
5,817.00
$
5,817.00
$
5,817.00
$
5,817.00
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
$
$
-
$
-
$
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
200.00
$
20.00
$
15.00
$
15.00
$
50.00
$
15.00
$
15.00
$
15.00
$
15.00
$
10.00
$
10.00
$
10.00
$
10.00
$
70.00
$
40.00
$
40.00
$
40.00
$
40.00
$
40.00
$
40.00
$
40.00
$
40.00
$
40.00
$
40.00
$
40.00
$
18.00
$
18.00
$
18.00
$
18.00
$
18.00
$
18.00
$
18.00
$
18.00
$
18.00
$
18.00
$
18.00
$
18.00
$
75.00
$
75.00
$
75.00
$
75.00
$
75.00
$
75.00
$
75.00
$
75.00
$
75.00
$
75.00
$
75.00
$
75.00
$
8,100.00
$
8,100.00
$
8,100.00
$
8,100.00
$
8,100.00
$
8,100.00
$
8,100.00
$
8,100.00
$
8,100.00
$
8,100.00
$
8,100.00
$
8,100.00
$
733.60
$
2,519.00
$
2,279.00
$
2,480.00
$
2,420.00
$
2,400.00
$
2,435.00
$
2,587.00
$
2,600.00
$
2,741.00
$
2,789.00
$
2,717.00
$
15,000.00
$
15,000.00
$
15,000.00
$
15,000.00
$
15,000.00
$
15,000.00
$
15,000.00
$
15,000.00
$
15,000.00
$
15,000.00
$
15,000.00
$
15,000.00
$ 37,078.60
$
39,221.00
$
40,202.00
$
39,517.00
$
39,852.00
$
39,782.00
$
39,887.00
$
39,947.00
$
39,846.00
$
40,358.00
$
40,459.00
$
40,448.00
-$ 30,078.60 -$
30,823.00 -$
32,504.00 -$
31,099.00 -$
$
30,822.00 -$
63,326.00 -$
94,425.00 -$ 126,009.00 -$ 157,451.00 -$ 188,769.00 -$ 219,592.00 -$ 250,320.00 -$
1.00 -$
31,584.00 -$
31,442.00 -$
31,318.00 -$
30,823.00 -$
30,728.00 -$
30,760.00 -$
30,661.00 -$
29,548.00
281,080.00 -$ 311,741.00 -$
341,289.00
26
BUS12 Business
Assignment v2.1 (2018/11/27)
Break-even analysis
[Please select the break-even analysis table that is relevant to your business structure Double-click the
table below to enter your details or attach your own table. Complete the break-even analysis before
answering the questions below.
How much weekly revenue is required to meet your break-even goal? I.e. How long until you have
covered your costs and begin to make money from your business?
1. Divide total start-up costs by total weeks before break-even date = $....
2. How many sessions will you need to facilitate each week so that you make weekly revenue
targets?
•
Divide weekly revenue by price of product/service = units/amount of sessions
3. Is this a realistic weekly figure?
4. Will you adjust this figure in initial weeks so that you allow for growth/profit?]
Total Start Up Costs
$
72,070.00
Total Expenses from 12 months
$
341,289.00
Total revenue needed to break-even
$
263,359.00
Expected Monthy Revenue
Number of months before buiness reaches
break-even
$
9,000.00
29.20
27
BUS12 Business
Assignment v2.1 (2018/11/27)
Supporting Documentation (mandatory)
7.
Please list below any supporting documentation that would be relevant to present with your
business plan. These may include but are not limited to resumes, inventory list,
survey/questionnaire, and/or financial documents. Please note that you are not required to
upload a copy of these documents for this assessment.
Supporting Documentation (minimum 2)
1.
Budget Plan
2.
Inventory list of gym equipment
3.
Staff Resumes
4.
Public Surveys
5.
Public Questionnaires
6.
7.
8.
9.
10.
28
BUS12 Business
Assignment v2.1 (2018/11/27)
Assess & Review your business plan by conducting a meeting
8.
Gather two or more people together, and review your business plan.
In the box below, write an agenda with the provided template, using information that your
participants will need to know. Make sure to distribute this agenda and provide a copy of
your business plan to be reviewed before the meeting.
[Fitness Empowered]
[Operation planning for gym opening]
Held on [07.07.20]
Held at [2 Business Street]
1.
Welcome and apologies
2.
Minutes from previous meeting
3.
Matters arising from previous meeting minutes
4.
Correspondence in/out
5.
General business
a. [Review business plan]
b. [Review Budget
c.
[Establish operating plan
6.
Other business
7.
Next meeting
Produce your minutes from the meeting using the template below. Remember to distribute a
copy to attendees as well as those who sent their apologies.
[Fitness Empowered]
[Discussion of Gym opening and operations]
Held on [7.7.20]
Held at 2 Business street
•
•
•
Present: Claire Young
- Marcus Manning
- Denis Vonberk
- Georgina Smith
Frederick Hans
Daryl Catch
Apologies: [N/A]
Chairperson/Host: Meeting was chaired by [Claire Young]
Minutes of previous meeting:
The minutes of the previous meeting were accepted as a true and accurate record of events.
Moved: Claire Seconded: [Frederich Hans]
29
BUS12 Business
Assignment v2.1 (2018/11/27)
Matters arising:
Bathroom needs review. Fred to contact plumber and report at next moving
Correspondence:
[Letter received from landlord for 2 months rent free.
Moved: [Claire Seconded: [Fred
General business:
1. [Put forward new logo options]
2. [Discussed promotion schemes
3. [Discussed merchandise
4. Other Business
Next meeting:
[7.08.20
Meeting close:
There being no further business, the meeting closed at [INSERT CLOSE OF MEETING TIME].
Signed Chair/Host ______Claire Young__________________ Date _______7.7.20__
Refer to your learner guide for terminology and information about how to conduct a meeting.
30