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BUS12: Business Assignment 2022

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.

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Added on  2022-09-30

BUS12: Business Assignment 2022

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.

   Added on 2022-09-30

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BUS12 Business
Assignment v2.2 (2019/03/18)
BUS12 – Business
Name:
Email address:
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:
Surveys
Interviews
Existing data
Council websites
Industry consultations
Cold calling, mystery calls
Google
Google keyword planner searches
ii. 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 2022_1
BUS12 Business
Assignment v2.2 (2019/03/18)
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.
iii. 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.........................................................................................................................................5
The Business......................................................................................................................................6
The Market......................................................................................................................................16
Finances..........................................................................................................................................19
Supporting Documentation (mandatory)........................................................................................29
Assess & Review your business plan by conducting a meeting.......................................................30
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BUS12: Business Assignment 2022_2
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.
Name
[Your Title]
[Fitness Studio
[Queensland]
ABN: [543 7875 874]
Fitness Studio
Business Plan
Prepared: [Date prepared]
3
BUS12: Business Assignment 2022_3
BUS12 Business
Assignment v2.2 (2019/03/18)
4
BUS12: Business Assignment 2022_4
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 Studio
Business structure:
The business which is going to be established will a company form of
business as this would allow the business to get access to appropriate
source of capital. In addition to this, a company would also have legal
existence which would be further assisting the company
ABN: [543 7875 874]
ACN: [Registered Australian company number if applicable] 154 5421 214
Business location Queensland]
Date established [The date you started trading/propose that you started trading ]
Business owner/s [List all of the business owners.]
Relevant owner
experience
[Briefly outline your experience and/or years in a relevant industry and any
major achievements/awards.]
Products/ services
[The management of the company would be offering best quality of
services in terms of fitness to the gym equipment and training of the
business. ]
The Market
Target market
The business of Fitness Studio would be focusing on youths and sports person as their main
customers for the gym. The target market of the business would mostly consist of youths as they
are more into activities such as fitness and music. The management of the company anticipates that
the business would be able to generate appropriate revenue from the target market. The
management of the Fitness Studio would ensure that the gym has all necessary equipment so that
the customers are satisfied with the services which is offered by the business.
Marketing strategy
[The business intends to effectively promote the gym services with the help of effective
advertisement in the business. In addition to this, the business would also be competing with the
local gyms and therefore, the management of the company intends to offer lowest price for the
5
BUS12: Business Assignment 2022_5
BUS12 Business
Assignment v2.2 (2019/03/18)
subscription of the gym. This would help the business to create a buzz in the environment and
effectively help the management to create demand in the market. The low pricing strategy would
help the business to create a niche environment in the market so that the business is able to survive
in the market
The strategy of the business is to attract more and more customers by properly promoting the
service which is offered by the business. In addition to this, the business would also be following a
low-cost strategy which would allow the business to effectively offer subscription of the fitness
studio at a lower cost. This strategy would be attracting the customers and ensuring that the
business is able to generate appropriate revenue from the operations of the business.
The strategy of the business would work as people would always like to have better quality of
services at a lower cost. This would not only contribute to the profitability of the business but also
help the business to create a competitive edge in the market and survive in the operational process
of the business. In addition to this, the strategy would also help the business to generate
appropriate profits in the long run.
The Future
3. Complete the components of this business plan in the following box.
Vision statement
[The vision of the business of Fitness Studio is to become one of the leading brands in the fitness
industry and establish more and more branch in different regions of Australia. The vision of the
business is formulated with a view to ensure that the business is able to achieve growth and expand
in different regions of Australia. The business plans to initially operate with a single branch in the
initial years of the business and gradually expand the operations of the business which would help
the business to expand the operations of the business but at the same time maintain stability in the
operations of the business.
Mission statement
[The mission of the Fitness Studio is to ensure that the members of the studio are able to achieve
sustainable fitness and develop a healthy lifestyle. The mission of the business is formulated in such
a manner that the same is consistent with the vision of the business. The management expects that
following the mission, the business would be able to attract more customers to the business and
thereby also enhance the revenue which is generated by the business. The management of the
company anticipates that the business would be able to get more members subscription which
would increase the revenue of the business.
Goals/objectives
[•
The goals of the business are formulated by the business are based on the vision of the
business and the same aims to create a brand name for the business in the market. This would
allow the management of the company to expand the revenue generation process. The
management of the plan has subdivided the goals of the business in short term, medium term
and long-term goals. In term of short term goals, the management of the company plans to
6
BUS12: Business Assignment 2022_6
BUS12 Business
Assignment v2.2 (2019/03/18)
establish a niche environment in the market and survive with the low-cost strategy which is
formulated by the business. In terms of medium-term goals of the business, the management
of the company aims to enhance the membership of the branch so that the business is able to
generate appropriate revenues which can help the business to generate more profits and
thereby would set the business on the road to expand the operations of the business. In terms
of long term goals, the management of the company wants to establish the name of fitness
studio as a brand and thereby further enhance the operations of the business. The company
aims to be one of the leading brands in the country providing fitness services to the
customers.
The management of the company has established milestones so that the business is able to
execute its missions towards attaining a brand status in the market. In case the management
of the company is unable to achieve the short terms goals of the business then the
management plans to carry forward the short terms goal and achieve the same along with the
medium, terms goals which will be set by the business.
The management also plans to prepare a contingency plan in case the fitness studio is not a
big hit and is not able to deliver to the expectations of the management. In such a case, the
business would be selling off the property for a profit amount.
The management of the company plans to invest significantly in promoting the activities of the
gym and would be using all media forms for promoting the goals of the business. The
management of the business would also be looking to include all equipment which are used in
a gym and provide quality facilities to the members so that they are satisfied with the services
which is provided by the gym.
Goals
Short Medium Long term
1. Acquire a total
Membership of 50
individuals
2. Reduce the operational
costs of the business.
1.Increase the number of
members of the Gym
2.Enhance the revenue of the
business
1. Creation of Long term value
2.Promoting the Brand name
of the business.
Action plan
Milestone Date of expected completion Person responsible
[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?]
Purchase all Equipment 2 weeks Operational Manager
Achieving 100 members 6 months Marketing and Service
operator
Brand name Creation 1.5 years Marketing manager
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BUS12: Business Assignment 2022_7
BUS12 Business
Assignment v2.2 (2019/03/18)
The Business
4. Complete each of the business components in the following box.
Business details
Product/ services
[The business of Fitness studio would be providing services to the customers in terms of fitness. The
studio would be providing health and body development services. The business would be providing
access to different variety of equipment which would help the clients to maintain their fitness and
body structure. The services which will be offered by the business would be of highest quality and in
addition to this would also provide a diet chart which would help the members to have healthy food
and lead a healthy lifestyle. The business would also be providing its own health drinks, fat burner
and protein shakes which would also contribute to the revenue of the business. The protein share
and other products would be from a quality company and the same would be endorsed by business.
It is anticipated by the management of the company that the demand for the business would be
appropriate due to the extensive promotion strategy which the management of the company
intends to follow. The members would have an option to subscribe for either 6 months period for
the Gym or a 1-year period for the Gym. The supplements would be made available to the members
after a period of 4 months. The cost of supplements would not be included in the fees which is
initially taken by the business as membership or subscription fees. The supplements would be free
from any side effects and the same is optional for the members whether they want to take the
product or not.
Registration details
Business name [As per the plan of the management, the name of the new business
would be Fitness Studio and the same would be situated in Queensland
region of Australia. ]
Trading name/ names [Fitness Studio
Date registered [January 2020
Location registered [Queensland region of Australia.]
Business structure [The business would be established as a company form of business due to
the legal status which companies enjoy over partnership and sole
proprietorship.
There are numerous advantages of setting up a company form of business
for the new venture. The major advantages which the business would be
associated with are listed below in details:
Risk management reasons: The risks which is faced by a company
form of business is much limited if the same is limited by shares. In
addition to this, the risks of a company can be appropriately
managed as well as diversified which is one of the major advantages
of such a form of business.
Tax requirements: The tax regulations which are applicable on
corporate houses in Australia are a bit high but it is also to be noted
that the company form of business also enjoys.
Cost to set up: The overall costs which is associated with setting up a
company form of business is immense but the benefits which are
associated with the same are also high and the same needs to
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BUS12: Business Assignment 2022_8

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