Are you about starting a personal training business? If YES, here is a complete sample personal training business plan template & feasibility report you can use for FREE.
There are so many folks these days that require the services of a personal trainer. This is really expedient in the world we live in because of the distractions that are everywhere. As such people really want to perform optimally and so they employ the services of a personal trainer. Good news is that the industry isn’t a very saturated one and so those who are thinking of entering the trade can tap into the goodies that it has to offer.
In starting a personal training business, it is very vital that you do all the necessary findings that is needed to make the business that you are about to launch in worth the while. After that is done, then you will very much need to put together a business plan.
One of the very shortcuts to writing a business is adopting the method of an already existing business plan that relates to the business that you plan to delve into. It is for this reason that this business plan template was put together. Here below is a sample personal training business plan;
A Sample Personal Training Business Plan Template
Table of Content
- 1. Industry Overview
- 2. Executive Summary
- 3. Our Products and Services
- 4. Our Mission and Vision Statement
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 8. Our Target Market
- 9. SALES AND MARKETING STRATEGY
- 10. Sales Forecast
- 11. Publicity and Advertising Strategy
- 12. Our Pricing Strategy
- 13. Startup Expenditure (Budget)
- 14. Sustainability and Expansion Strategy
1. Industry Overview
In the early days of human civilization, especially the period when they were very few formal schools, personal training has been in existence. Although it was only the rich and influential people in the society that could afford personal trainers or coach at that time, but that does not in any way stop this very old profession from prospering from one generation to another generation.
As a matter of fact, the professional is transforming from one form to another which is why you can now hire personal trainer in various aspect of your life.
To start with, what is the job responsibility of a personal trainer or a personal training firm? The core responsibility of a personal trainer or a coach as it is referred to in many quarters is to help their clients learn one or more skills (soft skills or technical skills) that will help them improve their productivity and capacity.
A personal trainer or coach helps in developing their clients in any skills and knowledge of their choice as it relates to specific useful competencies. The bottom line is that personal training has specific goals of improving one’s capability, capacity, productivity and performance.
The scope of the personal training industry is indeed a very wide scope because there are loads of skills or competence that an individual would want to learn or acquire.
For example; we have personal trainers that are specialized in helping people acquire various soft skills such as business etiquettes, different dance steps, public speaking skills, leadership skills, writing skills, interpersonal skills, customer services skills, financial management skills, management skills and interpersonal / relationship management skills et al.
There are also personal trainers who are specialized in helping people learn or acquire technical skills such as driving skills, computer programming skills / IT skills, swimming skills, plane/ drones flying skills, auto mechanic repair skills, electrical repair skills, wielding skills, and loads of other technical skills that a personal coach / trainer can teach a client. So also there are personal trainers that are specialized in wellness and physical fitness.
In Hong Kong, the Census and Statistics Department pegs the tutoring / private training industry as worth HK$400 million, .4 billion in india, and $12 billion in Japan. In California alone in the united states, there are over 34,000 registered tutors.
In fact, an educational market research and consulting firm states that revenue from tutoring, test preparation services, and supplemental content industry for kindergarten through 12th grade grew 6% in 2004 to 2005, rose and reached $21.9 billion.
Statistics has it that online tutoring / training had revenue of $115 million. In Pakistan alone, parents spent an average of $3.40 a month in 2011, while in India it was about $2 per month. Whilst in South Korea, 90% of students receive extra tutoring from tutorial schools, in Hong Kong; the rate is 85% of students.
No doubt, due to the fact that there is indeed a wide scope for personal trainers, there has been a tremendous demand for their services hence the industry is indeed highly thriving and creative. Most personal trainers are freelancers, making this industry a good one for entrepreneurs with special skills that is in high demand to leverage on the industry and make good money.
Entrepreneurs who want to set up a personal training business do not necessarily need to be professional trainers before they can kick start the business but if you have special certifications as it relates to the skills you want to teach, it will be to your advantage in the market place.
If you are talented in a particular field or you have a skill especially technical skills that is in high demand, you can successfully kick start your personal training business. Besides you don’t need to have a physical office or contact you clients physically as a personal trainer, you can leverage on the internet and also video / audio materials to train your clients.
Lastly, as a personal trainer the key attributes needed to be able to make good success from the trade is patience, enthusiasm, passion about the specific subjects / skills to be tutored and constant positivity. You are also expected to be highly proactive; you would need to be good at planning, preparation, and certain other organizational skills.
It is one thing to have a skill and it is another thing to know how to teach people the skills which is why you must constantly get feedbacks from your clients to be able to measure their progress and your performance.
2. Executive Summary
Pick ‘a’ Brain™ Finishing School is a personal training institute that is specialized in training its clients on various soft skills and improving their competence, capacity and productivity.
The scope of our soft skill training covers areas such as business etiquettes, different dance steps, public speaking skills, leadership skills, writing skills, interpersonal skills, customer services skills, financial management skills, management skills and interpersonal / relationship management skills et al.
Our business will be located in – between a well – populated residential estate and a business district in Smethport – Pennsylvania, United States of America.
Pick ‘a’ Brain™ Finishing School is a client-focused and result driven personal training business that provides broad-based learning approaches and experience at an affordable fee that won’t in any way put a hole in the pocket of our clients (students and organizations alike).
We will offer standard and professional training services in a highly secured and conducive learning environment to all our students. We will ensure that we work hard to meet and surpass all our students’ expectations as it relates to their career and educational goals whenever they hire our services.
At Pick ‘a’ Brain™ Finishing School, our students’ overall best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professional personal trainers / coaches in various skill set areas that are well experienced and passionate in imparting knowledge and skills to students at various learning ladder.
Pick ‘a’ Brain™ Finishing School will at all times demonstrate her commitment to sustainability, both individually and as a personal training organization, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our students’ needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our students.
Our overall business goal is to position our personal training business to become the leading personal training / coaching brand in the personal training cum coaching industry in the whole of Smethport – Pennsylvania, United States of America, and also to be amongst the top 10 personal training and coaching business in the United States of America within the first 5 years of operations.
This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are enthusiastic and confident that Smethport is the right place to launch our personal training cum coaching business.
Pick ‘a’ Brain™ Finishing School is founded by Dr. Crawford Dollars and he will run the business with his business partner for many years Dr. Abel Washington. Dr. Crawford Dollars is a renowned personal effectiveness coach and he has well over 20 years of experience as a personal trainer both in the United States of America and Canada.
He has several coaching and personal training certifications, he is certified NPL practitioner and he is a member of many relevant organizations both in the United States and on a global level.
3. Our Products and Services
Pick ‘a’ Brain™ Finishing School is going to offer varieties of personal training and coaching services within the scope of the personal training and coaching industry in the United States of America.
Our intention of starting our personal training business is to help in developing our clients in any skills and knowledge of their choice as it relates to specific useful competencies; we want to help our clients develop their capability, capacity, productivity and performance and of course to also make profits from the personal training cum coaching industry and we will do all that is permitted by the law in the US to achieve our aim and business goal.
Our service offerings are listed below;
- Business etiquettes
- Different dance steps
- Public speaking skills
- Leadership skills
- Writing skills
- Interpersonal skills
- customer services skills
- Financial management skills
- Management skills
- Interpersonal and Relationship management skills
- Online Coaching Services
- Retailing of Self – help Books and Materials
4. Our Mission and Vision Statement
- Our vision is to build a highly competitive and effective personal training business that will become the number one choice for both individuals and corporate organizations in Smethport – Pennsylvania and the whole of the United States of America
- Our mission is to provide affordable professional and highly effective personal training / coaching services to a wide range of clients that cuts across different divides.
- Our overall business goal is to position Pick ‘a’ Brain™ Finishing School to become one of the leading personal training brand in the industry in the whole of Smethport – Pennsylvania, and also to be amongst the top 10 personal training and coaching brand in the United States of America within the first 5 years of operations.
Our Business Structure
Pick ‘a’ Brain™ Finishing School will build a solid business structure that can support the growth of our personal training business. We will ensure that we hire competent hands to help us build the business of our dream.
The fact that we want to become one of the leading personal training brand in the industry in the whole of the United States of America makes it highly necessary for our organization to deliberately build a well – structured business from the onset. Below is the business structure that we will build Pick ‘a’ Brain™ Finishing School on;
- Principal Partner / Chief Executive Officer
- School Administrator
- Personal Trainers for Various Skill Sets
- Accountant / Bursar
- Client Service Executive
- Front Desk Officer
5. Job Roles and Responsibilities
Head of the Tutorial College/School Coordinator:
- Responsible for providing direction for Pick ‘a’ Brain™ Finishing School
- Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for handling high profile clients and deals (clients such as Top Government Officials, Politicians, Superstars, and Celebrities et al)
- Responsible for fixing fees and signing business deals (partnership)
- Responsible for signing checks and documents on behalf of the tutorial college
- Coordinates all arms of the business and develop curriculum for the school
- Evaluates the success of the business
- Reports to the board of Pick ‘a’ Brain™ Finishing School
- Responsible for overseeing the smooth running of HR and administrative tasks for Pick ‘a’ Brain™ Finishing School
- Designs job descriptions with KPI to drive performance management for personal trainers (coaches)
- Regularly hold meetings with key stakeholders (clients and member of the school board) to review the effectiveness of the schools’ Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defining job positions for recruitment and managing interviewing process
- Carrying out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Oversees the smooth running of the daily activities of Pick ‘a’ Brain™ Finishing School.
Personal Trainers/Coaches for Various Subjects
- Effectively train clients on a special soft skill sets as assigned by the school coordinator
- Ensure that students abide by the rules and regulations of Pick ‘a’ Brain™ Finishing School
- Evaluates and document the progress of students under his or her care
- Contributes his/her quota towards growing Pick ‘a’ Brain™ Finishing School
- Receive complaints from students and channel it to the appropriate quarters
- Handles any other duty as assigned by the school coordinator.
- Identifies, prioritizes, and reaches out to new students, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, execute and evaluate new plans for expanding increase sales
- Documents all customer contact and information
- Represents Pick ‘a’ Brain™ Finishing School in strategic meetings
- Helps increase sales and growth for Pick ‘a’ Brain™ Finishing School.
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensuring compliance with taxation legislation
- Handles all financial transactions for Pick ‘a’ Brain™ Finishing School
- Serves as internal auditor for Pick ‘a’ Brain™ Finishing School
Client Service Executive
- Welcomes students and visitors by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with students on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the school coordinator in an effective and timely manner
- Consistently stays abreast of any new information on the schools’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to students when they make enquiries
Front Desk Officer
- Receives Visitors/students on behalf of the organization
- Receives parcels/documents for Pick ‘a’ Brain™ Finishing School
- Handles enquiries via e-mail and phone calls for Pick ‘a’ Brain™ Finishing School
- Distributes mails in the organization
- Handles any other duties as assigned by the school authority
6. SWOT Analysis
Pick ‘a’ Brain™ Finishing School engaged the services of a core professional in the area of business consulting and structuring to assist our organization in building a well – structured personal training and coaching business that can favorably compete in the highly competitive personal training and coaching industry in the United States and the world at large.
Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Pick ‘a’ Brain™ Finishing School. Here is a summary from the result of the SWOT analysis that was conducted on behalf of The Pick ‘a’ Brain™ Finishing School;
Our core strength lies in the power of our team; our workforce. We have a team that are considered experts in the industry, a team with excellent qualifications and experience in personal development and coaching.
Aside from the synergy that exist in our carefully selected faculty members and our strong online presence, Pick ‘a’ Brain™ Finishing School is well positioned in a community with the right demography and we know we will attract loads of students from the first day we open our doors for business.
As a new personal training and coaching school in Smethport – Pennsylvania, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients in the already saturated personal training and coaching industry; that is perhaps our major weakness.
No doubt, the opportunities in the personal training and coaching industry is massive considering the number of individuals and corporate organizations who would want to acquire new soft skill sets and to perform excellently well in their jobs and personal life. As a standard personal training and coaching school, we are ready to take advantage of any opportunity that comes our way.
Every business faces a threat or challenge at any part of the life cycle of the business. These threats can be external or internal. This shows the importance of a business plan, because most threats or challenges are to be anticipated and plans put in place to cushion what effect they might bring to the business.
Some of the threats that we are likely going to face as a personal training and coaching school operating in the United States of America are unfavorable government policies that might affect business such as ours, the arrival of a competitor within our location of operations and global economic downturn which usually affects spending / purchasing power.
There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.
7. MARKET ANALYSIS
- Market Trends
One thing is certain, the trend in the personal training and coaching industry is such that if you want to be ahead of your competitors, you should be able to acquire as much certifications as possible and you should be able to have loads of testimonies from your students.
The truth is that, if you student experienced huge difference in their life as a result of enrolling in your personal training and coaching school, then they will be compelled to help promote your organization. Another notable trend in this industry is the influence of technology; the advent of technology is responsible for the increase in income generated by personal development coaches all over the world.
With technology, it is no easier for personal trainers to train students that are thousands of kilometers away from them. Tools like video calling/Skype, YouTube, DVDs and Webcast et al are being used by personal trainers to train students in different parts of the world.
8. Our Target Market
The target market for a personal training and coaching school is dependent on the king of training the school offers. Pick ‘a’ Brain™ Finishing School is a training school that is specialized in empowering students with basic soft skills that will help them improve their capacity, capability, efficiency and productivity at work and in their private life.
As a standard personal training and coaching school, Pick ‘a’ Brain™ Finishing School offers a wide range of personal development training hence we are well trained and equipped to services a wide range of students (celebrities and non – celebrities alike).
Our target market as a personal training and coaching school cut across people of different class and people from all walks of life. We are coming into the personal development and coaching industry with a business concept and company’s profile that will enable us work with the students at different learning stages and different status. Below is a list of the students that we have specifically design our tutorial services for;
- Working Class Adults / Corporate Executives
- Business People / Entrepreneurs
- Government Officials
- Public Figures
- Applicants / School Leavers
- Sports Men and Women
- College Students
No doubt, the personal training and coaching industry is indeed a very prolific and highly competitive industry. Clients will only hire your services if they know that you can successfully help them acquire a new skill set that will help them to be effective at work and in their personal life.
It is the practice for personal trainers and coaches to acquire as much certifications as it relates to their area of specialization; it is part of what will make them stay competitive in the industry
We are quite aware that to be highly competitive in the personal training and coaching industry means that you should be able to deliver consistent quality service, your students should be able to experience remarkable difference and improvement and you should be able to meet the expectations of your clients at all times.
Pick ‘a’ Brain™ Finishing School might be new Smethport – Pennsylvania, but the management team and the owner of the business are considered gurus in the industry. They are people who are core professionals, licensed and highly qualified personal trainers that can successfully build soft skills in people with zero proficiency to a 8 or 10 on a scale of 10 within a short period of time.
These are part of what will count as a competitive advantage for us. Aside from our robust experience and expertise as personal trainers and coaches, we have a very strong online presence that will enable us train clients in different parts of the world from our online portals.
Lastly, our employees (personal trainers and coaches) will be well taken care of, and their welfare package will be among the best within our category (startups personal training and coaching businesses in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
We are mindful of the fact that there is stiffer competition amongst personal training and coaching schools in the United States of America, hence we have been able to hire some of the best marketing experts to handle our sales and marketing.
Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of Pick ‘a’ Brain™ Finishing School.
We will also ensure that our students’ becomes experts with the skills they acquire; we want to build a standard and first – class personal training and coaching school that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).
Our goal is to grow Pick ‘a’ Brain™ Finishing School to become one of the top 10 personal training and coaching schools in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in Smethport – Pennsylvania but also in other cities in the United States of America.
Pick ‘a’ Brain™ Finishing School is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our personal training and coaching school by sending introductory letters alongside our brochure to corporate organizations, households and key stake holders in Smethport – Pennsylvania.
- Print out fliers and business cards and strategically drop them in offices, libraries, public facilities and train stations et al.
- Use friends and family to spread word about our personal training and coaching school
- Post information about our personal training and coaching school on bulletin boards in places like schools, libraries, and local coffee shops.
- Placing a small or classified advertisement in the newspaper, or local publication about our personal training and coaching school
- Using tutorial referral networks such as agencies that will help match students with our personal training and coaching school.
- Advertise our tutorial school in relevant educational magazines, newspapers, TV stations, and radio station.
- Attend relevant educational expos, seminars, and business fairs et al
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied students
Sources of Income
Pick ‘a’ Brain™ Finishing School is established with the aim of maximizing profits in the personal training and coaching industry and we are going to go all the way to ensure that we do all it takes to attract students on a regular basis. Pick ‘a’ Brain™ Finishing School will generate income by offering the following training / coaching services;
- Business etiquettes training
- Different dance steps
- Public speaking skills
- Leadership skills
- Writing skills
- Interpersonal skills
- customer services skills
- Financial management skills
- Management skills
- Interpersonal and Relationship management skills
- Online Coaching Services
- Retailing of Self – help Books and Materials
10. Sales Forecast
One thing is certain, there would always be corporate organization and individual students who would need that extra coaching or push in other to acquire the required soft skill set that will enable them become peak performer in the career and in their life. This is the major reason why the services of personal trainers or personal coaches will always be needed.
We are well positioned to take on the available market in Smethport – Pennsylvania and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow our personal training and coaching school and our student base.
We have been able to critically examine the personal training and coaching market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to similar startups in Smethport – Pennsylvania.
Below is the sales projection for Pick ‘a’ Brain™ Finishing School, it is based on the location of our personal training and coaching school and of course the wide range of trainings that we will be offering;
- First Year-: $100,000
- Second Year-: $350,000
- Third Year-: $750,000
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
11. Publicity and Advertising Strategy
We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to become the number one choice for both corporate clients and private students in the whole of Smethport – Pennsylvania which is why we have made provisions for effective publicity and advertisement of our personal training and coaching school.
Below are the platforms we intend to leverage on to promote and advertise Pick ‘a’ Brain™ Finishing School;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community based events / programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
- Install our Bill Boards on strategic locations all around Smethport – Pennsylvania.
- Engage in road show from time to time in targeted neighborhoods
- Distribute our fliers and handbills in target areas
- Contact corporate organizations by calling them up and informing them of Pick ‘a’ Brain™ Finishing School and the services we offer
- List our personal training and coaching school on local directories / yellow pages
- Advertise our personal training and coaching school in our official website and employ strategies that will help us pull traffic to the site.
- Ensure that all our personal trainers, coaches and staff members wear our branded shirts and all our vehicles are well branded with our schools’ logo et al.
12. Our Pricing Strategy
Generally for personal training and coaching business both per hour billing and flat fees on a weekly or monthly basis applies. As a result of this, Pick ‘a’ Brain™ Finishing School will charge our students flat fees except for few occasions where there will be need for us to charge special students on hourly basis.
At Pick ‘a’ Brain™ Finishing School we will keep our fees below the average market rate for all of our students by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to all our students at regular intervals.
We are aware that there are some students that would need special assistance, we will offer flat rate for such services that will be tailored to take care of such students’ needs.
- Payment Options
At Pick ‘a’ Brain™ Finishing School, our payment policy will be all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;
- Payment by via bank transfer
- Payment via online bank transfer
- Payment via check
- Payment via bank draft
- Payment via mobile money
- Payment with cash
In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.
13. Startup Expenditure (Budget)
In setting up a personal training and coaching business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a higher amount of capital as you would need to ensure that your employees are well taken care of, and that your training school’s environment is conducive enough for the students to learn.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The start – up capital for a home based personal training and coaching business might fall between $500 and $2,000, while that of a medium and large scale would definitely be higher.
The materials and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a personal training and coaching business; it might differ in other countries due to the value of their money. However, this is what it would cost us in the United of America;
- Business incorporating fees in the United States of America will cost – $750.
- The budget for Liability insurance, permits and license will cost – $3,500
- Acquiring an office space or warehouse that will accommodate the number of students that will come to learn for at least 6 months (Re – Construction of the facility inclusive) will cost – $35,000.
- Equipping the office (computers, printers, projectors, markers, pens and pencils, furniture, telephones, filing cabinets, and electronics) will cost – $10,000
- Launching an official Website will cost – $500
- Amount need to pay bills and staff members for at least 2 to 3 months – $70,000
- Additional Expenditure such as Business cards, Signage, Adverts and Promotions will cost – $5,000
While a home tutor might not have to incur all these expenses but going by the above report, we will need an average of $150,000 to start a medium scale personal training and coaching business in the United States of America.
Generating Funding/Startup Capital for Pick ‘a’ Brain™ Finishing School
Pick ‘a’ Brain™ Finishing School is a business that will be owned by Dr. Crawford Dollars and his business partner for many years Dr. Abel Washington. They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings and sale of his stocks
- Generate part of the start – up capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about $50,000 (Personal savings $35,000 and soft loan from family members $15,000) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
It is easier for businesses to survive when they have steady flow of business deals / customers patronizing their products and services. We are aware of this which is why we have decided to offer a wide range of personal training and coaching services and other related services to corporate clients and individual clients
We know that if we continue to deliver excellent and effective personal training and coaching services, there will be steady flow of income for the organization.
Our key sustainability and expansion strategy is to ensure that we only hire competent and selfless trainers and coaches create a conducive working environment and employee benefits for our staff members. In the nearest future, we will explore the options of either selling out franchise or expanding our scope beyond Smethport – Pennsylvania to other major cities in the United States of America.
We know that if we implement our business strategies, we will achieve our business goals and objectives in record time.
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of All form of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Generating part of the start – up capital from the founders: Completed
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of Logo for the school: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, office equipment, electronic appliances and facility facelift: In progress
- Creating Official Website for the business: In Progress
- Creating Awareness for the tutorial school in Smethport – Pennsylvania: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in various industries: In Progress
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