Business Plan for FitSoul: A Retail Shop and Online Website for Workout Gear

This business plan outlines the strategies for FitSoul, a retail shop and online website for workout gear. It includes a brief description of the product, value of opportunity, SWOT and PESTEL analysis, and limiting and enabling factors for the business. The plan also covers major functional elements such as production, marketing, and financial strategy.

BUSINESS PLAN

Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
1. Mention the business product or service selected. ..................................................................3
2. Brief description of the Value of opportunity developed in FitSoul.......................................4
SWOT Analysis...........................................................................................................................5
PESTEL Analysis........................................................................................................................6
3. An analysis of limiting and enabling factors in relation to the exploitation of the
opportunities................................................................................................................................7
4. A consideration of the major functional elements of the business including production,
marketing, financial strategy/plan. ..............................................................................................9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Business plan clarifies the idea of business and makes it a simple process in the
establishment. In this report, a retail shop and an online website of workout gear has been opened
so that people can enjoy working out without a fear of exposing. The owner of the business is
Lee Red with three employees at the top management including a marketing executive,
accountant and a store manager. The shop has been opened in the city centre of Liverpool and a
website to cater to the needs of the people who cannot buy in-store. Strategic plans will be made
to enter the competitive market. PESTLE analysis to make framework of macro environment that
can influence the plan. An examination of the limiting and enabling factors for the business
which can hinder the opportunities available will be discussed to ensure that the company makes
most from the opportunities that are present in the market. Additionally, Production, Marketing
and Financial plans and strategies for the business will also be planned upon so that the business
can maximise from the value of opportunities available to it (Anicama, 2018).
MAIN BODY
1. Mention the business product or service selected.
A business plan is made for the strategies being planned for the commencement of
business. It clarifies the idea of business and makes it a simple process in the establishment. In
order to achieve the target promotion, management, and the financial strategies are made for the
benefit of the organisation.
Business Idea: The objective is to provide an excellent workout experience. To give the best
possible products, the business in association with fitness enthusiasts can encourage not so fit
youth to be a part of the FitSoul community. Individuals might get an assortment of clothing
products, and they can likewise get customized products depending on their requirements.
Product: The product idea taken here is of fitness wear clothing that are sweat-proof available
for all the sections of the society including men, women, teenagers. The plus point for this
product and business idea is the fact that these fitness wears are sweat proof providing smooth
and exciting workout experience.
Market Research: It is very important to know the trends and preferences in term of the
clothing products going on in the market. Accordingly, the goods and services should be taken
for the business. As the taste of the customers vary on a daily basis.

Location: It is situated in the Liverpool city centre. It is a crowded and the famous place for
wandering and to spend time with friends and families (Azmiand et.al., 2021).
Competitors: There is a great deal of contention in the market since there are a lot of shops
nearby that give a wide assortment of products but FitSoul provides the sweat proof experience.
Sources of Finance: Other than the bank loan, the main source of finance in invested by the
owner itself.
Customers: England is an affluent town with countless understudies and teachers, making it an
optimal area. People in this space like to play and stay fit which will give them an opportunity to
burn as much as they can.
2. Brief description of the Value of opportunity developed in FitSoul.
The population of UK has been growing and people are focusing on their health as well.
There are a lot of employers as it is a hub for shopping. The economy is stable right now but the
future cannot be predicted. Size of the fitness enthusiasts is a handsome amount, youth is
focusing on their health more which will help the company in engaging with their needs and
satisfying them. FitSoul is providing fitness gear at reasonable prices as compared to other
brands. The manufacturing has been outsourced to a company who specialises in fitness wear.
After which the quality check of the products will be done (Burdhan and et.al., 2019).
The value of opportunity has been determined as the business strives to initiate the start
of the business with industrial surveys that can help the company to understand the length of
opportunities available to it and how it can maximise the benefits from those to attain maximum
profits and acquire large share of fitness industry market. The company strives to be a well-
known leader in the fitness and fashion industry and provide unique designs to the customers.
The reasonable pricing and very exciting and innovative promotional policies that the
management has decided upon will surely prove to be a great value addition to the business. The
mission is to provide the best quality, designs and affordable clothing to all the people and
commit to provide excellent customer service. The long term objective is to have 20 outlets
around Europe. The products that are being offered are of high quality and the material is being
imported to provide excellent experience and comfort. The USP of the company is that products
are sweat proof. The company wishes to sell products at 100% to 200% margin so that after
deducting the operational costs we are at least left with 70-80%. The company provides budget
products to satisfy the need of middle to high class society. The prices are competitive compared

to high end brands. The high prices of NIKE, Puma, Adidas and other brands makes FitSoul an
exclusive brand image as the products are of different styles and reasonable range and is
affordable to major chunk of society. For the fitness enthusiasts it will be a necessary product,
while for others it will be casual wear.
The company has also selected a 6-months period to reevaluate and regrow the policies
and targets as per the revenue generated in the last 6 months period and the length to which the
product has been responded from the customers side. This will help the company to work upon
any faults or weaknesses that the product has and maximise the opportunities by constantly
revaluating and redefining the targets and customer opinions. The shop is located in the city
centre with all the hustle bustle of citizens and tourists. This is the heart of the city and people
from across the globe come to this area to shop. Lee believes this is the best area for an outlet to
be opened. The average footfall has to be around 1 million people every day. Advertising and
marketing through social media sites and making fitness icons Daniel Ricciardo (F1 Racer) and
Ellyse Perry (Cricketer) as the brand ambassadors to influence the youth and make it a trusted
brand (Despotovich and Traub, 2019).
The staff will be asked to sign a bond of 18 months and non-monetary benefits like
insurance, pension scheme, bonus, leaves will be given to encourage employees and incentives
on achieving target. As the time passes, the company plans to start some activities and facilities
on a bigger area. Providing after sale services to the customers. Home- delivery will be made
available and on call delivery for premium customers. Increasing staff and opening up branches
in other cities as well. The company has decided not to use plastic for packaging. Cardboard will
be used for packaging to minimise environmental damages (Zapata Castejón, 2020).
SWOT Analysis.
STRENGTHS WEAKNESS
 All kinds of fitness apparel is available
under one roof.
 Reasonable product cost.
 Outsourced manufacturing
 Increased competition
OPPORTUNITIES THREATS
 Growing market  Competition from fitness brands like

 Emerging fitness market
 Accountability for their brand.
 Increasing knowledge on health
NIKE, Puma, etc.
 Counterfeiting: imitation of products
PESTEL Analysis
It studies the external factors i.e. Political, Economic, Social, Technological,
Environmental and Legal, that influences the working of an organisation. This analysis can help
the managing team to make effective decisions for the growth (Flori. 2018).
1. Political: These factors are important for the people working to the back end of FitSoul.
Favourable policies can boost the growth of the company. They affect the profitability
and the production process. Since the company is selling physical goods change in taxes
majorly affects the prices of the product. Political issues of other countries can also affect
the process.
2. Economic: FitSoul is providing products at reasonable prices that is why company will
not have a major economic affect. But a market collapse will affect the business as the
customers will shift to more cheaper products. It has to chase behind the emerging
markets to sell the products with the help of powerful marketing strategies. Moreover, the
production is rising due to the development of backward areas from where the production
is taking place.
3. Social: Public relations is the major factor these days. These factors affect the sales of the
organisation. Customers are focusing more on health and want stylish products for their
workout which gives FitSoul can use the opportunity to step up and promote its brand
accordingly. Work stress motivates people to move towards leisurely activities which can
be used to strategise on these avenues. As people are becoming health conscious, this
drives them to the need to buy sports gear (Houda, 2018).
4. Technological: It will help FitSoul in innovating its products. All the activities starting
from interaction with customers to designing of products, technology provides value to
the company. The most important i.e. social media provides a boost to the products in a
short span of time. But social media can also bring down the product in no time. The data

can be used to send offers to people that can help in maximising profits. Different type of
Ads can help in the promotion of the brand.
5. Environmental: This is a crucial factor as there is a growing concern of environment
problems that cause climate change. Plastic disposal is the main factor that affects the
environment. To curb this company is moving towards distribution of products using
cardboards and trying to recycle the damaged boxes and products instead of dumping
them.
6. Legal: Legal issues in brands is very common, they can be grouped with political factors.
The marketing practices and product offered can be a reason for legal charges. Falsifying
discounts and tax evasion can cause major legal crisis.
FitSoul can take a close look at the problems and find solutions to each one of them.
Work on innovating of products to make them more comfortable and trendy (Jerez, 2021).
Immoral practices should not take place and market research should be done regularly to be
aware about the new entrants in the market (Zaihaliraya, Mustahna and Baharudin, 2021).
3. An analysis of limiting and enabling factors in relation to the exploitation of the opportunities
Exploitation of opportunities refers to developing a product or service by recognizing the
opportunity accessible in business and entrepreneurship, acquiring the befitting human resource
and planning for the company. It also includes brief perception and knowledge of the market and
the customer section, gathering the necessary fiscal resources and establishing the organization.
The opportunities for exploitation available to FitSoul Company are:1. Growing Market : With more and more people being extra conscious for their health and
joining gym these days, the demand of fitness clothing products in the market is
increasing. This has lead to a huge demand and growth for the fitness wear clothing
section in the market (Kakoyannis, 2018).2. Sweat Proof Clothing: The USP of the business of FitSoul company as a sweat proof
fitness wear clothing company is one of the most profitable opportunity available to the
business. This gives the business the chance to emerge as an organisation leading in the
fitness apparels that are sweat proof and hence generate huge market opportunity for the
company.
3. Location Benefit: The location of of FitSoul as a store is amidst the city centre of
Liverpool, UK. This is the most suitable location for their fitness wear clothing business

for them as the presence of an international stadium just around the store gives them the
benefit of 1 million foot fall per day affecting their revenues to a high point. The location
of the outlet will lead to a higher revenue generation as the presence of stadium will
definitely have a positive impact on the sale numbers of the business.
Limiting factors: These are a combination of any such factors that restrict and limit the
activities and procedures of the business organisation. It basically constitutes the activities that
are limited not enough to cater for the business needs and requirements to successfully run in a
normal scenario (Lindén and Peltonen, 2022).
The limiting factors for he business of FitSoul as a company are:-
1. Warehouse Product Damages: As a new entrepreneurship business, FitSoul has few
difficulties and issues associated with its warehousing facilities. The warehousing facility
of FitSoul lacks some facilities leading to be a limiting factor for the organisation. With
the company's new store opening in the area, the maximum products of the business that
are stored in warehouses lead to defect and loss for the business. It occirs due to the
problem of unsafe storing of products, general mishandling of the clothing packages or
some human errors (Schinnerl, 2021). This tends to occur as a limiting factor for FitSoul
as the company faces damages and loss of various company products such as the fitness
clothing or any customised products. This brings the company a loss in terms of growing
market opportunities in situations when the fitness products to be sold in the market
sometimes are not available when demanded.
2. Retail Space Problem: The retail store commenced in Liverpool, UK is the first sales
outlet of FitSoul company. Due to it being the first store launched, it lacks the proper area
for the retails store to function. This occurs as a major limiting factor when affiliated to
the opportunity of providing the fitness products of the business to the target customers.
As the space issue in the retail store will limit the number of customer that visit the outlet
for actual shopping or for window shopping's (Lovchikova and Lovchikova, 2020). This
problem will lead to less number of visits and can even impact he sales numbers in the
long run of the business.
3. Marketing Cost: The marketing cost associated to the fitness products of FitSoul is very
high as compared to similar companies that are running in the market. The reason behind
is the manufacturing being outsourced from other locations. Due to the small numbers in

production of clothing and customised products, it emerges as a strong challenge and a
tough limiting factor in the way of revenue generation for the business. This issue needs
to be dealt as soon as possible, otherwise this factor can lead to heavy loss in the revenues
and sales numbers of the company.
4. Data Limitation: Due to the FitSoul being a new entrepreneurial business in the market,
it has few limitations in terms of the data that the company has with respect to the target
customers, teir taste and the changing trends. Due to lack of data there may be few
products produyced by them wgich may not be a hit in the market. This will lead to amost
no revenue generation from those respective products (Lüttmer, J., 2018).
5. Limited awareness and capacity: The awareness among the customers and normal public
in relation to the fitness clothingsspecuially sweatproof clothings is very less. It leads to
them being ignorant ro such products launching and being sold in the market. This
ignorance may lead to a large customer section being unaware of the sweatproof fitness
products of the store. This unawareness may lead to loss in the sales number od the
company and act as a limiting factor for the store outlet.
Enabling factors: These are the forces that provide help any business modifications on the basis
of their respective level of availability. These are mostly external to the control and relation of
the entrepreneur but however play a crucial role in the entrepreneurs success (Muhammad Faiz
and et.al., 2021).
1. Work experience: The work experience of the owner or employees that the store outlet
may select, play a very important role in the operations and working envioronment in the
outlet of FitSoul. As if the work experience of the respective individuals in the
organisation is not enough, it may prove to be a harm for their business.
2. Recession or crisis: Any economic situation in the country is external to the control of
the organisation of FitSoul. Any recession or crisis in the economy will hugely affect the
operations of the business and the revenue it generates. Hence, the business should play
enough attention to such factors that can make or break the revenue and numbers in the
business (Mat Ariffin and et.al., 2019).

4. A consideration of the major functional elements of the business including production,
marketing, financial strategy/plan.
Production Strategy : The major functional product strategy would support the entire product
idea that is established. It helps to understand what is to be achieved starting from the products
vision to the minimum viable product that is attained after making. The production planning
involves having a vision for the kind of products that is to be achieved in the end. For FitSoul the
product vision is creating a clothing line of sweat proof fitness wears targeted for all the sections
of society who aim to go to gym for fitness. The next step is to decide for the business model
which will include the primary uses of the product, the investment that FitSoul will need. The
last step will need the company to position their brand and the product in the market and share
about the product and the company to the targeted customers in an effective manner (Mercado
Santana, 2018).
Marketing Strategy : The marketing strategy of FitSoul has four major steps. The company
initiated with doing customer segmentation to decide the type and variety of fitness wear to be
produced for the respective segmented groups. The next step involves targeting and positioning
the product in the market in such a way that it compliments to the product strengths of the
company's fitness wears. The next step in marketing strategy involves promotional techniques of
the company for marketing and promoting the products to the larger customer group. Hen comes
the point to monitor and evaluate for the strategies that the company applied and search to which
extent they were successful and what are the areas to be improved.
Financial Strategy : The financial strategy of the FitSoul company includes knowing the steps of
planning, apportioning, observing, controlling, and measuring the organisations operational,
functional monetary resources and capital resources. The purpose is to align the plan of action
and strategies with the long-term goals and increase the firm's profitability and market value,
maximizing the shareholders' wealth (Mohd Nata and et.al., 2021). It involves financial planing
with the assistance of strategic planning to understand the financial roadmap to follow and assess
and evaluate the resources that the company has and how to efficiently and effectively utilise
them to achieve and attain the company goals and objectives.
CONCLUSION
In this report, a business plan of Fitness gear has been discussed. Strategic plans has been
made to enter the competitive market. The working of the company formed has been explained

in detail to have a better understanding. SWOT and PESTLE analysis to examine the competitive
position and macro environment that can influence the plans. An examination of the limiting
factors that can hinder the opportunities has been discussed to ensure that the company makes
most from the opportunities. Additionally, Production, Marketing and Financial plans have been
made for smooth working of the venture and give overview of the plans made by FitSoul in order
to maximise profit, compete and grow in the economy.
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