Comprehensive Business Plan: FitOn - Structure, Market, & Finances

This document presents a comprehensive business plan for FitOn, a fitness company specializing in face yoga and dietary plans, with its initial center in Queensland. The plan details the business structure as a sole proprietorship under Jon McKelly, outlining the services offered, target market, and marketing strategies, including online advertising and influencer marketing. It includes a SWOT analysis, competitive analysis, and financial projections, such as start-up costs, balance sheet forecasts, profit and loss forecasts, and break-even analysis. The plan also addresses operational aspects, sustainability, risk management, and legal considerations, aiming for a 10% annual growth and expansion into other countries, emphasizing customer satisfaction and high-quality services. The document also includes the company's vision and mission statements, and action plan, and supporting documentation, and references.

[Your Name]
[Your Title]
[Business Name]
[Main Business Address]
ABN: [ABN]
ACN: [ACN]
[FITON]
Business Plan
Prepared: [Date prepared]
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Contents
Business Plan Summary............................................................................................. 3
The Business..................................................................................................... 3
The Market........................................................................................................ 3
The Future........................................................................................................ 3
The Finances..................................................................................................... 4
The Business.............................................................................................................. 5
Business details................................................................................................ 5
Registration details........................................................................................... 5
Business premises............................................................................................ 5
Organisation chart............................................................................................ 5
Management & ownership................................................................................5
Key personnel................................................................................................... 6
Products/services.............................................................................................. 7
Innovation......................................................................................................... 7
Insurance.......................................................................................................... 7
WHS/Risk management....................................................................................8
Legal considerations ........................................................................................8
Operations........................................................................................................ 8
Sustainability plan............................................................................................ 9
The Market............................................................................................................... 11
Market research.............................................................................................. 11
Market targets................................................................................................ 11
Environmental/industry analysis.....................................................................11
Your customers ..............................................................................................11
S.W.O.T. analysis............................................................................................ 12
Your competitors.............................................................................................13
Advertising & sales.........................................................................................15
The Future............................................................................................................... 17
Vision statement.............................................................................................17
Mission statement........................................................................................... 17
Goals/objectives.............................................................................................. 17
Action plan...................................................................................................... 17
The Finances............................................................................................................ 18
Key objectives & financial review....................................................................18
Assumptions...................................................................................................18
Start-up costs for [YEAR].................................................................................19
Balance sheet forecast....................................................................................19
Profit and loss forecast....................................................................................21
Expected cash flow.........................................................................................22
Break-even analysis........................................................................................23
Supporting documentation......................................................................................24
References............................................................................................................... 25
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Business Plan Summary
FitOn provides the best quality, efficient and counselled services to all the people and commit
to provide excellent customer service. The team will ensure that customers get full satisfaction
and excellent services. The company is having its first centre in Queensland, it is owned by Jon
McKelly who has valuable 6-year experience in the industry. The team consists of 1 trainer and
1 customer service expert at the top management. The services being offered are face yoga,
dietary plans and overall growth. The overall, fitness sector is the biggest in Queensland and is
worth AUD 87 billion. FitOn provides unique face yoga exercises at reasonable prices for all
income groups. The marketing strategy is very simple which consists of online advertising,
influencer marketing and conducting campaigns. Based on the market, the company’s sales
target is set at AUD 3000 on regular days and on festivals AUD 4000 to gain appropriate profit.
The management expects to grow 10% every year and retain as many customers as possible
with increasing online engagement and expanding the business to other countries as well. The
set up cost is expected to be AUD 20000 which has been invested by the owner.
The Business
Business name: The proposed business name is FitOn
Business structure: Sole proprietor
ABN: 42 879 658 325
ACN: NA
Business location: Queensland
Date established: 20th June 2022
Business owner(s): Jon McKelly (Abdul Aziz and et.al., 2019)
Relevant owner experience: worked for 4 years as a dental assistant and 2 years as a
personal gym trainer.
Products/services: FitOn is providing facial yoga.
The Market
Target market:
The people looking to improve structural appearance of the face.
Marketing strategy:
Advertising and marketing through social media sites and making Amber Heard (Actor) and
Hrithik Roshan (Actor) as the brand ambassadors to influence the youth and make it a trusted
brand.
The Future
Vision statement:
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The company strives to be a well-known leader in the fitness industry and provide a well-
structured face to the customers (Boháčová, 2019).
Goals/objectives:
The mission is to provide the best quality, efficient and counselled services to all the people
and commit to provide excellent customer service. The long term goal is to reach the whole of
Australia and UK.
The Finances
The investment amount is AUD 20000 which can be used to set up a gym and office.
Additionally, most of the batches will be made available online.
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The Business
Business details
Products/services: The company is providing facial yoga.
Registration details
Business name: Proposed business name is Fit On.
Trading name(s): Fit On
Date registered: 20th June 2022 (Catteau, Leyronas and Loup, 2020)
Location(s) registered: Queensland
Business structure: Sole trader
ABN: 42 879 658 325
ACN: NA
GST: Yes, 24th June 2022
Domain names: FitOn.com
Licences & permits: Business registration, GST registration and establishment license.
Business premises
Business location: The shop is located in Queensland, little bit far away from hustle bustle of
the city. The yoga services can be provided with great efficiency where a quiet and serene
atmosphere is available. Moreover, services will be provided online to the customers using a
video conferencing application.
Buy/lease: The gym has been opened on the ground floor of the owners owned house.
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Organisation chart
Figure 1: Organisation Chart.
Management & ownership
Names of owners: Jon McKelly
Details of management & ownership: The owner will be managing the overall business
while a trainer will be appointed to take some classes. A customer service expert will be hired
to provide customer service.
Experience: Owner has an experience of as a dental assistant and 2 years as a personal gym
trainer (Colín-Rodea, ThoméOrtiz and Ávalos de la Cruz, 2018).
Key personnel
Current staff
Required staff
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Jon McKelly
Owner
Mr. Steve Benson
Trainer
Ms. Dart Love
Customer support
executive
Mr. John Lux
Accountant
Job Title Name Expected
staff
turnover
Skills or strengths
Trainer Mr.
Steve
Benson
12-18
months
5 years of experience as a gym trainer.
Customer
support
executive
Ms.
Dart
Love
18-24
months
3 years of experience in hospitality industry.
Accountant Mr.
John
Lux
24-36
months
5 years of experience as accountant of anytime fitness.

Job Title Quantity Expected staff
turnover
Skills necessary Date required
Helper 1 3-4 years Cleaning and
organising
July 2022
Recruitment options
Recruitment will be done through personal contacts in the industry and online portals.
Training programs
There will be a training programme for the trainer to learn face yoga in case he is unaware.
Skill retention strategies
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. Incentives on achieving
target. Timed batches for work life balance (González Repiso, 2020).
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Products/services
Product/Service Description Price
Face Yoga Exercises to reduce face fat and give shape to
the face.
200-300 AUD
Dietary foods Specially cooked food for needs. 15-20 AUD
Market position: The company provides budget services to satisfy the need of middle to high
class society. The prices are in accordance with the industry.
Unique selling position: Face yoga itself is a unique service, since a lot of people are
unaware of such a yoga.
Anticipated demand: Approximately 10-12 products will be bought by each customer in 3
months’ time and more after that.
Pricing strategy: Special discounts will be available on festivals while maintaining 30-40%
margin. A 10% discount will be given to the customers who signs up for a yearly membership.
Value to customer: Models, people who strive to be an actor and people who wants to have a
beautifully structured face. It will be a service that can change the face of beauty without
supplements (Jerez, 2021).
Growth potential: As the time passes, the company plans to start some fun activities and
other facilities on a bigger area. Providing after sale services to the customers like diet plans.
Home- delivery of cooked food will be made available. Increasing staff and opening up
branches in other cities as well.
Innovation
Research & development (R&D)/innovation activities
Feedback will be taken from the customers about their experience at the store and website,
quality check mails will be sent to them. Strong database of the customers will be prepared to
enhance the facilities and satisfy their needs. Full research about the industry will be done prior
to estimate pricing and the needs of the customers. Results will be recorded and posted on
social media pages to encourage people to join.
Intellectual property strategy
The logo of the company will be copyrighted to protect it.
Insurance
Workers compensation: Insurance of AUD 20 will be deducted from each and every
employee's salary.
Public liability insurance: Since it is a harmless work, owner doesn't want to give public
liability insurance.
Professional indemnity: AUD 10 will be deducted as professional indemnity (Jougleux, 2018).
Product liability: Compensation will be given to the customer in case there's any injury
caused due to yoga.
Business assets: The assets will be insured.
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Business revenue: Yes, the revenue of the business is safe from disasters, insurance has also
been done.
WHS/Risk management
Risk Internal or
External
Likelihood Impact Contingency
Plan/Strategy
Fire, burning
of products
and inventory.
Internal Highly Unlikely High Insurance against fire has
been done.
Theft Internal and
external
Likely Low Security guard and cameras
have been installed and also
insurance has been done.
Legal considerations
The change in taxes, policies of the government on the fitness industry will have an impact on
the business.
Operations
Production process
There is no production as the company is providing services.
Suppliers
The only supplier is yoga mats manufacturer (Langgong, 2018).
Plant & equipment
Equipment Purchase date Purchase
price
Running
cost
Computers 01/06/22 AUD 3500 AUD10
Furniture 01/06/22 AUD 3000 None
Vehicle 01/06/22 AUD 400 AUD 100
Yoga mat 25/05/22 AUD 250 None
Yoga equipment 25/05/22 AUD 600 None
Inventory
No inventory required
Technology (Software): Video conferencing application is needed.
Trading hours: The services will be given in 4 batches of 1 hour each per day.
Communication channels: The company can be contacted using phone number, email id,
website and by post office.
Payment types accepted: Online (PayPal, credit/ debit cards, mobile wallets) and cash
payments will be acceptable (Mackovík, 2019).
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Credit policy: The customers can pay in instalments but a 1.5% extra will be levied on the
fees.
Warranties & refunds: There are no warranties and refunds. In case someone doesn't want
to continue they can either transfer the membership with minimum charges.
Quality control: Feedback from customers will be taken on regular basis and results will be
noted every month.
Memberships & affiliations: Yes, the owner is a member of the trainers’ association which
consists of all the trainers and gym owners.
Sustainability plan
Environmental/resource impacts
No environmental damage.
Community impact & engagement
Community will be impacted by the enhancing of their life and the way they look.
Risks/constraints
There are legal and accident risks.
Strategies
Allowing customers to enjoy yoga at the beach side to improve life and breathing capacity of
people.
Action plan
Sustainability milestone Target Target date
Eco friendly equipment 80% reduction JAN 2023
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The Market
Market research
A market survey was conducted orally through friends and acquaintances to know about the
industry and its prospects (Mohd Hairuddin, 2020).
Market targets
A monthly target of AUD 3000 should be achieved and AUD 4000 during festivals.
Environmental/industry analysis
The population of Australia has been growing and people are focusing on their health as well.
There are a lot of gyms around the city but face yoga isn't available.
Size of the models and actors is a handsome amount, youth is focusing on their health more
which will help the company in engaging with their needs and satisfying them. FitOn is
providing face yoga services which can help in structuring face.
Your customers
Customer demographics
The people looking to improve structural appearance of the face.
Key customers
Models, people who strive to be an actor and people who wants to have a beautifully structured
face. It will be a service that can change the face of beauty without supplements
Customer management
Providing high quality services at reasonable prices and sending customers with special
discount codes on purchasing membership which will help in the accumulation of funds in a
shorter period of time.
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[Business Name] Business Plan [YEAR]
S.W.O.T. analysis
Strengths Weaknesses
Location
Celebrity endorsements
Reasonable product cost.
Not many qualified yoga instructors are available.
Opportunities Threats
Growing market
Emerging fitness and fashion market
Increasing knowledge on health (Mohd Razali and et.al., 2021).
Availability of supplements.
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