Reply To: 2014 FMI Gary Warren

Home Community Forums Week 3: Business Plan 2014 FMI Gary Warren Reply To: 2014 FMI Gary Warren

#5337
Paul Hovan
Member

What is a business plan?

A formal statement of a set of business goals, the reasons they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.

A written description of your business’s future. That’s all their is to it-a document that describes what you plan to do and how you plan to do it.

A plan that precisely defines your business, identifies your goals and serves as your firm’s resume. It’s basic components include a current balance sheet, an income statement and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make the right decisions.

What does a business plan do?

Allows yourself and others to see the “bigger picture” of your business. Makes you think out plausible/real world scenarios.

Financial funding: loans, investors, buyers. (company servicing, advertising, financial management).

I can't really say that I struggle too much with anything. After watching Gary's presentation and typing down all of the questions, I was able to pause the video and type in my responses rather quickly. I did, however, leave blank my “financial need” “assets” and “operational protocols”. I think I left operational protocols blank because I have so many. When I have a new 1-on-1 client, there are many things they have to do, papers they have to sign, taking their body fat percentage and measurements, doing a push up and crunch evaluation, etc. If i have a new online client emailing me to start a program or contest prep, they have to sign multiple documents, fill out medical history, identify their goals, what foods they will eat, how motivated they are, etc. So, I believe I know how my business operates. I was thinking though, that maybe my “who is your audience” may need some work. I don't just work with ONE specific population. I make it know on our website that the majority of our clients are those who already know how to lift weights and eat well and competitors who are getting ready for competition, but I also have had online and 1-on-1 clientele (currently too) who are not at all interested in being “ripped” or having abs, but just want to lose some weight and get healthy and get moving. It's hard to target one specific audience, but i know who the majority of my clientele are.

SWOT Analysis

Strengths – responsiveness. client accountability. education and knowledge. client results. able to motivate and inspire. social media marketing. (I may be missing some lol)

Weaknesses – do not own my own 1-on-1 training studio, therefore, have an overhead of $$ per hour of training. need to build a bigger social media following/audience. not much exposure in magazine/websites.

Opportunities – blogging for magazines. those within this mentorship to help teach and learn from. ebook launching and business strategy from our mentors within this program. competing and getting magazine exposure. expos to help build clientele.

Threats – those who do the same thing as I do. ebooks that have already been launched, which I am currently working on. I do believe we have competition, but I don't believe there aren't “enough fish in the sea” for all of us to become successful.

My goal is to have 20 full-time online clientele, while also having a wait-list of 5-10 individuals waiting to start working with me online; also working with 1-on-1 clients 3-4 hours per day, 5 times per week. I want my demand to be high, extremely high. I love working. I love being busy. I love doing what I do.