Question:
Design a business plan for a prospective business within the fitness industry. The business plan must include the following aspects:
- Basic Administrative functions
- Financial and Accounting practices
- Legal and ethical practices
- Customer services strategy
Use the template provided below, if required:
Marks: 20
Resources:
Textbook: Chapter 8 – All sections
Online: Managing a personal training business – all lessons
Notes:
This is a vitally important task in the course, second only in importance to task 7. We encourage all students to approach this task as an opportunity to prepare for their actual business once they have qualified.
This task requires in-depth research into the fitness field, especially those aspects related to the business the student will be looking to venture into.
The 4 headings listed in the question require far more information than just a single paragraph, but rather well though out strategies with multiple sub-headings related to the main heading.
The student is encouraged to place particular emphasis on researching and planning their financial management. List potential capital expenditure require, plan a potential monthly balance sheet and plan a 6 to 12 month cash-flow forecast.
The student must develop this business plan as though they will approach a bank for investment into their potential business.