Fitness First Business Plan: LSBM305 Small Business Management, London

This business plan outlines the strategy for a Fitness First startup in London, focusing on a sole proprietorship legal structure. It details the need for £20,000 in funding and aims to provide affordable, high-quality products to lower-income customers. The plan includes market research, a marketing mix (product, price, promotion, place, physical evidence, people, process), STP analysis (segmentation, targeting, positioning), management and personnel considerations, and risk assessment. The business canvas model is utilized to support the plan's viability. It concludes that a well-structured business plan is crucial for the company's long-term success and growth.

Business Plan

Table of content
 EXECUTIVE SUMMARY
 INTRODUCTION
 The Business Detail
 Market research and strategies:
 STP Analysis:
 Management and personnel:
 Risks associated with start up:
 CONCLUSION

EXECUTIVE SUMMARY
Retail sector is complex as well as international set of several kinds of methods that
are distributing goods to the consumers. It has a broad range of opportunities fore the
owners of the firms in order to establish the successful company.

INTRODUCTION
A business is termed as an institute or entrepreneurial existence that focuses on
professional, commercial as well as industrial practices as well. These businesses can
either be non profits or for profit entities. There are several kinds of businesses such
as corporations, limited liability firms and partnerships.

The Business Detail
Fitness First is the company that is following sole proprietorship legal
structure in their start up. In it the owner is solely accountable for
their losses, profit making and their decision making as well. The
respective firm is in need of 20000 for the effective working of their
business operations. The aim of the company is to provide top quality
products at very affordable price to their consumers in order to target
lower income customers.

Market research and strategies:
Marketing Mix
 Product
 Price
 Promotion
 Place
 Physical evidence
 People
 Process

STP Analysis
 Segmentation
 Targeting
 Positioning

Management and personnel:
 Reduce chances of miscommunication
 Clear Instructions

Risks associated with start up:
 Ineffective marketing
 Failure

Business canvas model

CONCLUSION
From the above report it is concluded that several activities of the business
very important in order to make the living of the people. In accordance to do this,
company need to make a proper plan of business that can assist them in success and
growth of the firm for the long period of time.

REFERENCES
 Almoamen, G.A., 2021. How Saudi Small Business Managers Increase Retail
Electronic Commerce Sales (Doctoral dissertation, Walden University).
 Berger-Grabner, D., 2021. Strategic Retail Management and Brand Management.
De Gruyter Oldenbourg.
 Božić, B., Kolić-Stanić, M. and Jurišić, J., 2021. The relationship between
corporate social responsibility, corporate reputation, and business
performance. Interdisciplinary Description of Complex Systems: INDECS, 19(2),
pp.281-294.
 Buccas, A., 2021. Exploring the perceived role of brand identity in growing small
business in the boutique retail jewellery sector (Doctoral dissertation, The IIE).