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

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  • #5122
    FMI® Guild
    Keymaster

    A business plan is a written plan detailing a business' entire, “body of work” or operations. When done correctly, it contains components such as its business legal structure, current assets, future earnings projections, the target market(s), weaknesses and strengths, its existence for commerce, amongst other
    things. Creating a business plan can be a daunting task. This workshop will break down business plan writing into 10 criterion points. In addition, tools that can assist in writing and monitoring the plan will be listed and discussed.

    #5336
    FMI® Guild
    Keymaster

    Your assignment for week three (Business Plan) is,

    1. Watch the Video
    2. Take Notes
    3. Answer the Following:

    SHORT ANSWER (in your notes)
    a. What is a business plan?
    b. What is it's purpose?

    ESSAY (write it here in the forum)
    c. what part(s) of a business plan do you struggle with when developing your business plan?
    d. Do a SWOT Analysis for your business and post it in the forum.

    #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.

    #5343

    I am still getting the hang of doing the financial analysis, putting everything  on the spreadsheet is a pain.

    SWOT Analysis

    Strengths

    Able to build rapport quickly with clients

    Low overhead since most services is done online

    Making programs fun and effective to keep clients wanting more

    Understand human behavior

    Able to help clients develop new habits within a short amount of time

    Saturated in the military community

    Great mentorship in business and neuroscience field

    Weakness

    My company has little market presence or reputation

    Our cash flow will be unreliable in the early stages

    Not having enough knowledge in marketing

    Not enough exposure in social media

    Having a set location to make online videos

    Opportunities

    Programs are developed to help people changes their approach living a healthy life

    Having a DOD contract to train exclusively SOF

    Learn from other peoples perspective to business

    Learning how to make Apps

    Threats

     

    My app idea could  used by other companies. There are too many gyms and online training that exist and proving people that using nueroscience can help improve lifestyle

    If i miss anything else please let me know. This video made a lot sense and taught me some things that i wasn't aware of, such as the marketing resources

    #5345
    Camy Kennedy
    Member

    c. what part(s) of a business plan do you struggle with when developing your business plan?

    • I think I struggle most when it comes to my competition. I know there are a lot of people offering online coaching and meal plans – although I have not identified which ones are my closest competitors. Creating a Cash Flow sheet and actually keeping track of my expenses in a real way is something that I have not done in the past few years – I would just get clients “here and there” and I would mostly just be spending money on my business.

    d. Do a SWOT Analysis for your business and post it in the forum.

    My business: Camy Kennedy Consulting: helping women find balance in fitness, nutrition and life. Offering online services for target audience, women ages 20-39, who are ready to commit to a long-term solution in finding balance, health and happiness. My clients have a history of extremes, whether extreme exercise or dieting, and are looking for a better way to live. They are have the ability to see that the long term goal is a balanced, healthy lifestyle rather than rapid weight loss. They are willing to look within, take responsibility, change their beliefs, and conquer their goal.

    (Also offering in person: personal training, and corporate wellness)

    • Strengths:
      • I am building a bigger network in the Raleigh area to offer nutrition and fitness services
      • I have access to a network of fitness professionals in FMI where we can promote each others' services
      • I have several affiliate links set up for various companies
      • My nutrition/fitness coaching is different from others in that I focus mainly on women and teach them balance and offer spiritual and emotional support during coaching.
      • I have earned some referrals already from previous clients as well as new clients from training in the gym.
      • I have a strong following on Fit.Faith that I can use when I introduce products.
      • I begin working at a gym doing personal training and will gain some experience with program design for future ebooks.
    • Weaknesses:
      • My website needs to be redone and organized with a call to action and clear services.
      • I need to build up my email list and start emailing weekly and blogging weekly to build up trust from my followers.
      • My marketing, SEO and blogging could use some work.
      • I have several products that I “could” launch online and I have not yet — recipe book, momentum training program, glute training  program.
      • I am disorganized with my finances and schedule at times.
    • Opportunities:
      • This business model focuses on a demographic that is searching for a long term solution – they also have body image issues, my business provides a solution for the need.
      • My target market is willing to spend money on things that enhance their appearance or will make them feel better, they are searching for happiness and health.
      • By creating varying levels of products and services, I can continue to offer the same client multiple products as they move through the sales funnel. Ultimately, I can cultivate avid followers who will opt in to higher priced coaching options.
      • I have a national network of people in the sports nutrition industry that could serve as supporters, partners or referral opportunities, as well as guest bloggers, webinar partners, etc.  For future physical events, I have a variety of gyms that would allow use of their facilities.
      • Fit.faith can be used to promote Isagenix, another revenue stream.
    • Threats:
      • There are other people out there who have been doing this way longer, with an established business, being a newcomer it will take time to build up the following and revenue that I desire.
      • There is no cash flow — meaning, I am taking my personal assets to fund this business. At some point there needs to be an ROI or this is not sustainable.
      • Currently, I charge too little and give too much to my clients — I need to change this in order to bring on more clients and have time for them.
      • I have been offering training sessions to clients who buy the 30 day system — I cannot keep doing this or it will eat up all of my time.
      • My site has little content and only 1 ebook. If people come to my site, they are likely to leave without buying anything.
      • There are other companies offering corporate wellness, with more integrated plans. If I want to offer nutrition coaching and corporate wellness, I need a solid presentation and a rate plan.
      • With my focus in too many areas, I may over work and under-deliver. It may be best to focus on one thing at a time and to do it right.

    ~Camy

    #5366
    Kate Stewart
    Member

    Kate Stewart Fitness

    The part of the business plan I struggle with the most is the target market. Initially, I wanted to help everyone, but after attending FMI I realized the importance of finding your target market. So far this is what I have:
    Helping women aged 25-40. Those who want to feel comfortable in a bikini on the beach, or in shorts in the summer. Those who want to lose weight but don’t know where to start. They probably have poor nutrition habits and they aren’t sure what to do at the gym. I will offer strength based fitness programs as well as nutritional coaching to help people reach their goals.
    Strengths:
    •    I have a background in Graphic Design, so I can design my own logo, e-book, graphics, etc. This will save money.
    •    I have a large local network (military members and spouses, connections through my parents, etc.)
    •    I enjoy public speaking so I would like to arrange to maybe do some talks or seminars to local companies who want to promote health and wellness within the workplace.
    •    I have done bikini competitions, so I know/understand the unhealthy thoughts and relationships with food that can come from those, as well as the distorted body image some people can have when they get used to seeing themselves so lean

    Weaknesses:
    •    I don’t actually have my business set up yet. I need to register a domain name and make a “coming soon” page while I work on a website.
    •    I need to have everything in place to start taking clients by the time my military contract ends in July, and ideally even before that
    •    I don’t have a “transformation story”. Even at what I would consider my heaviest, I was probably smaller than average. I want to help people who are overweight, so I need to ensure that they will trust me and although I have never been in their shoes, I will show understanding and compassion

    Opportunities:
    •    I want to set up a page with affiliate links with my favorite products (Ascenta Health, etc)
    •    Plans can include Isagenix products and fitness/nutritional coaching.
    •    Halifax is fairly small and I plan to contact local newspapers/magazines to see if I could write fitness articles. Publicity = “As seen in…”

    Threats:
    •    Most of the trainers in Halifax are focused on “contest prep”, this is NOT my market, so hopefully I will have a bit of an advantage
    •    I do not currently have any clients. I need to figure out prices, what kind of plans I will be offering (how many weeks/months, etc.)
    •    People in Halifax can be very cheap.  I need to work on expanding my online presence to other cities/countries so I can reach more potential clients
    •    Although I can speak in front of a huge audience no problem, sometimes I have trouble connecting one-on-one. I need to work on those skills so I can communicate effectively with my clients.

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