Business Plan - Fitness Club in Ta’Xbix Assignment
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Added on 2020-10-22
Business Plan - Fitness Club in Ta’Xbix Assignment
Added on 2020-10-22
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Fitness Club inTa’Xbix
EXECUTIVE SUMMARYBusiness plan introduces as a written document that describes in proper detail how abusiness commonly a new one is going to accomplish its goals and objectives. It is most essentialand important to allow an organisation to lay out its aim and attract investment. Main purpose ofthis dissertation is to launch new fitness club in Ta’Xbix within Malta. In order to preparedbusiness plan, different stages have been used by researcher such as product and service range,target market, value added, specific feature, windows of opportunities etc. All these are consideressential part of business concept which will help an organisation to launch new business inMalta. Along with this, Feasibility research have been done with the help of different aspectssuch as feasibility plan, primary and secondary data, research methodology 5 key areas offeasibility research etc. Business model have been also used by an organisation to develop best idea for launchingas new business. “Shape Up and Curves” fitness club is a new business which is launched withthe purpose to attract large number of target customers and gain competitive advantages easily. Itis a best business plan for society and an individual within Malta (Ta’Xbix). In this place, nogym, fitness club, so scope for development and success for this organisation is much high.People who are residing at Ta’Xbix have more knowledge and idea about the indoor and outdoorfitness activities. Section of research methodology have been also followed by investigator toaccumulate proper and accurate information regarding the field of study. As it will assist anorganisation or researcher to accomplish better outputs or results within given time duration.Along with this, data collection have been done by researcher with the help of questionnaire. It isa best and essential instrument which will help a researcher to gather reliable and validinformation about the specific area of research. Questionnaire have been prepared for answeringopinion of 30 respondents out of 50. Apart from this, secondary research have been completedvia different books, articles, journals, review of literature used by investigator. Both are essentialfor accumulating accurate data about the study.
Table of ContentsEXECUTIVE SUMMARY.............................................................................................................2INTRODUCTION...........................................................................................................................1Rationale.................................................................................................................................1Mission...................................................................................................................................1Vision.....................................................................................................................................2Objectives...............................................................................................................................2Design and structure of the proposal......................................................................................2Relevant models and information sources used.....................................................................3Assumptions...........................................................................................................................3Time scales for achievement..................................................................................................4THE BUSINESS CONCEPT...........................................................................................................5Product and services offered..................................................................................................5Target market..........................................................................................................................6Value added............................................................................................................................6Specific features.....................................................................................................................7Management...........................................................................................................................7Window of opportunities........................................................................................................8FEASIBILITY RESEARCH...........................................................................................................9Feasibility research plan.........................................................................................................9Primary and secondary data..................................................................................................10Research methodologies.......................................................................................................17Areas of feasibility study......................................................................................................18Product and service feasibility..............................................................................................19Market feasibility..................................................................................................................19Industry Feasibility...............................................................................................................19Organisational feasibility......................................................................................................24
Financial feasibility..............................................................................................................25Ambition Vs Ability.............................................................................................................27Result of feasibility study.....................................................................................................27BUSINESS MODEL.....................................................................................................................29Core strategy.........................................................................................................................29Business canvas model.........................................................................................................29Scope and market for services..............................................................................................31Value proposition.................................................................................................................32Consumer segmentation.......................................................................................................32Channel.................................................................................................................................33Customer relationship...........................................................................................................33Sources of revenues..............................................................................................................33Key activities........................................................................................................................34Resources..............................................................................................................................34Key partners..........................................................................................................................35Cost structure........................................................................................................................35Executive Summary .............................................................................................................37Geographical Market location and customer acceptance ....................................................37Business Potential.................................................................................................................37THE BUSINESS PLAN ...............................................................................................................38The Industry, Company & Product .....................................................................................39The Market...........................................................................................................................39Marketing Approach.............................................................................................................39Potential risk for Shape Up and Curve Fitness Centre gym.................................................40Critical factors for success....................................................................................................41Visibility of plan...................................................................................................................42Visibility of budget and investment.....................................................................................43FINANCIAL FORECASTED.......................................................................................................44REFERENCE.................................................................................................................................48
INTRODUCTIONThere are some changes which are important and relevant in context of making changesin better and relevant manner. In current market, there is requirement of fitness club because ofchange in lifestyle and people are more health conscious. Nowadays health play important role inthe lives of people. In present report, there is discussion about launching new business in thesector of fitness. As per change in plans and policies, managers has to conduct changes which arespecific and significant for understanding changes in better and reliable manner. There islaunching of new fitness club “Shape Up and Curves” fitness club established in Ta'Xbix. Ideafor launching new fitness club is generated because there is no fitness club, gym, so scope forgrowth and development for this business is more. People residing at Malta become aware aboutindoor and outdoor fitness activities. People are more attracted toward the exercise becausephysical activity is effective in improving the health of the people and this reduces the severaltype of deceases. Physical activity provide the long term health benefit to the people. People aremore conscious about the health so they opt gym on the daily basis (Alrousan and Jones, 2016).RationaleThere are some reasons for which this business has been established. In current market,people are becoming aware about their health and fitness. This provides an idea to start businessconsidering health prospects. There is less competition in fitness club which assist in gettingchanges in better and relevant manner. In Malta, there are some fitness club which are emptybecause of their boring ambitious. So individual thinks to open fitness club near beach side, soconsumers, can enjoy while working out. With the help of good ambiance, it is easy forconsumers to make them join and be regular for working out. As in Ta'Xbix, there are less fitnessmeasures, so it is easy to launch new concept for indoor and outdoor activities. During exerciseits increase cardiovascular fitness through strengthening the heart and lungs and increasestrength through crating lean muscle. Gym is effective in access the good knowledge . In thiscontext, good health club provide or advice the exercise and workout for reaching the goals.They give the direction for the work out in the gym and as well motivate individual.MissionMission is the statement which sets short term target for association. Shape Up andCurves fitness club has mission:1
To provide best services to consumers through providing them best appropriate andcorrect consultancy for services. To provide proper facilities for health education, entertainment,etc. to make consumer satisfied. VisionLong term motto of organisation is known as vision of association. Vision of Shape Upand Curves fitness club is:To expand business through launching new outlets at different countries of UK. Therewill be different services for children, young and old age people with coach in new andinnovative manner. Health prospects of consumers will be considered and practices are made togive highest quality services. ObjectivesThere are some objectives setted while starting business. This assist in making businesspractices authentic and reliable. Objective of Shape Up and Curves fitness club is to give valueto consumer's demand. There are many health issues faced by people such as cardiovascularissues, so camps are organised to increase fitness prospects for old age people. Coaches are hiredfor best services who hare professionals and able to train through latest techniques. Design and structure of the proposalThere is specific design in which proposal is designed. When business project isperformed and planned in appropriate and relevant manner, then it is easy to give complete andrelevant information to reader. Structure of this proposal is discussed as under-Introduction- This is the first part which has complete information about informationabout business, reason of starting, vision, mission of business (Annanperä, Liukkunen andMarkkula, 2015). This provides information about time required to perform this proposal. Inorder to understand scope and future growth of fitness club introduction section is best. Business Concept- IN this section, there is discussion about product and services offeredby Shape Up and Curve Fitness Club. This provides information about target market and whatnew is launching by Shape Up and Curve Fitness Club. There are some new factors, which has tobe considered for getting positive outcome. It provides information about management aspectsfor new business. 2
Feasibility Research- In next section, feasibility is don about research topic. In currentmarket, it is important to have complete information about whether business has growthprospects or not. In this feasibility of industry, market, organisation, finance, etc. are considered.This is is the best way through which cost and profit balance can be analysed. Market research isconducted in this section to understand sources through which resources can be collected. Business Model- In business model, there is discussion about core strategies, marketscope, size of organisation, etc. are provided. This helps to know what addition is provided toconsumers for which they must avail services from Shape Up and Curve Fitness Club. Business plan- At last there is discussion about market, ration between cost and volumeratio with launching of new business. There is specific management team which assist toconducting operations in better and relevant manner. This focus on resources requires forassistance and growth of association. Relevant models and information sources usedLaunching new business venture is not easy task. There is requirement of proper planningrelated to finance, employees, expertise knowledge, etc. There is requirement to have completeinformation about product and services through differentiation model. At Ta'Xbix, there is lessnumber of gym and fitness club, so it is essential for Shape Up and Curve Fitness Club to launchsomething different from others which can be analysed with the help of differentiation model. Inorder to understand scope of growth in industry, PESTLE, Porter's 5 Force Model is studied.Porter's Generic Model is used to understand organisational structure and resources associatedwith it. Financial assistance is important for newly establish business. So business canvas modelis used for understanding requirement of monetary funds and sources to raise it (Badescu, Rotarand Udrea., 2015). AssumptionsWhile starting new business, there are some assumptions which has to be considered.Some assumptions followed by Shape Up and Curve Fitness Club are discussed as under-There is no Fitness club near by area. This organisation will be established in Porschearea and people are more health conscious, so scope of growth will be more. There will be hiring of nutritionist who is responsible for proper heck up of consumersand then services and diet are advised to individual.3
It is estimated that in first month of launching business Shape Up and Curve FitnessClub, 30 members are ready to join membership of 1 year, so there is provision ofmembership card.Revenues earned by Shape Up and Curve Fitness Club in their initial year is £850 whichis enough for making sustainability in industry. Time scales for achievementEstablishing new business requires time as well cost for successful results and outcome.There is requirement of proper planning related to sources through which resources can beacquired. Project will start in May 2019 and completed in mid of august. Initially there isrequirement of some market research about analyse scope of growth of Fitness club. After wards,proposal has to be ready regarding location, employees required, sources of funds, fitnessmachinery and equipments, etc. This requires time because this is the base for execution of idea.After analysis, presentation will be prepared by individuals for raising funds from stakeholders.This makes easy for them to make clear to investors about business ideas and scope of itsgrowth. Presentation must be catchy and attractive covering all the relevant and importantinformation about business idea. After presentation, investors has to make strategies forfinalising location, purchase of equipment, selection and hiring of trainer and other employees,registration of firm under legal laws, etc. At last business will registered under authorised bodywith abiding proper laws and regulations. This business is not only effective in focus on thespecific steps which is necessary for their businesses to make them effective but also its iseffective in achieving the long term and shot term objective (Bayón and. et. al., 2016). 4
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