Market analysis and business plan for a gym

Market analysis and melodic phrase plan for a gymStayfit gym is a privately owned business which is positioned at 15 Menai Road, Menai. The estimated possibility date is August 2010. The establishing business, Stayfit gym is sanctified to generate the best personal fittingness service. The mission is to rancider the general overt with the allow forpower to set reachable goals and to reach ultimate health and fitness level. The business will take a holistic approach to lifestyle, health and fitness management and work rough the clock to provide the domain with practical and innovative fitness programs that flexibly put together into busy lifestyles.Stayfit gym will include of 1-20 employees making it to be a small business. Stayfit gym will be registered as a sole trader proprietorship (Maroutcha Hadwan) meaning it is an incorporated business with one owner. The owner is responsible for all decisions made within the business and is able to retain all profits. Funding for th e business is through the owners equity and silver and money borrowed from pecuniary institutions. An advantage of a sole trader is that all profits go to the one person unlike a partnership the profits made argon split evenly amid all partners in the business. The risks in collapseing this business as a sole trader are that the owner of the business is personally responsible for the debt incurred by the business (unlimited liability). In the event that the business is unable to meet its financial obligations, the owner must take responsibility for finding funds to pay finish off all debts, the owners personal assets are all at risk of the business does not succeed.Purpose of PlanPlanning is measurable to guide the business, the purpose of this business plan of that it gives clear direction for the rising of Stayfit gym, it similarly increases awareness of opportunities arising in further future growth. It helps the business prevent distress and to achieve goals. Stayfit gym holds m whatsoever different goals such as personal, social, and financial which consist of the following goalsPersonal GoalsUpholding a good protrudeBeing a sole trader ( being their own boss)Satisfaction from your workSocial GoalsHelping the general public improve their fitnessTo help children over come obesityFinancial GoalsGaining maximum wealthMaking a great profitSituation analytic thinkingSWOT AnalysisThe SWOT analysis provides the business with an chance to examine the strengths and weaknesses Stayfit secondary school must address. It as well as allows the business to examine the opportunities presented to Stayfit Gym as well as possible threats.StrengthsWeaknessKnowledgeable and friendly caterTop of the line equipmentFlexible operating hoursComplementary serviceWomens roomFree parking for all gym membersChildmindingNewnessViable workers whitethorn leave the gymMembership feesHigh health care costsPoor brand imageHigh staff turnoverOpportunitiesThreatsOpening muc h(prenominal) gyms in the futureGrowing population interested in fitnessBuy out a competitorGrowing economyIncreasing high health conscious(p) populationNew exercise trendsNew organisation health care regulationsDecease in the number of competitorsDeclining economyLocal competitorsChange in government regulationsEquipment shortageDecreasing local populationCompetitors AnalysisThe three main competitors for Stayfit Gym areFitness First MirandaGoodlife Gym MenaiContours IlawongFitness FirstAs fitness first being a well known Gym nationwide, it then has the major go on Stayfit Gym. As Fitness First being the main competitor because they can offer reform prices and more services, product and mystify more capital behind them and are able to take more risks than a newly established Gym like Stayfit. An advantage for Stayfit Gym is that Fitness First doesnt not offer flexible contracts, like Stayfit Gym, as for suit at Syatfit Gym we do not charge adjunctioning fees, as for fitn ess first do.Goodlife GymGoodlife Gym is another competitor which also has an influence on Stayfit Gym for it being located nearby. It also influences Stayfit Gym as it is well known in the area, and has been open for a long time period of time. This gives a reason why Stayfit Gym offers better and suitable pricing which will benefit those who are willing to lose slant for an affordable price.ContoursLike any other competitor, Contours is also well known throughout Australia, as well as the local community. Unlike Fitness First, and Goodlife Gym, Contours is a circuit gym as well as an all ladies gym, this being one their weaknesses which benefits Stayfit Gym. Although, Contours offers those women who are not confident and comfortable working out in front of men the opulence and comfort to work out, this strength is a major disadvantage towards Stayfit Gym as the majority of women may prefer this environment.Market AnalysisStayfit offers everyone, no payoff your age, anyone look ing to loose weight anyone looking to get fit, and anyone looking to stay fit With Australia being the fattest nation on earth there is an ever more increasing need for easily accessible gyms with these facilities like Stayfit Gym who target and encourages people to exercise and get fit, as well as the opportunity to have fun.As the main aim of this business is to overcome obesity, Stayfit Gym mainly targets those who are overweight, obese, and morbidly obese. Statistics show that the main reason why Australias decided to essence a gym and take over a healthy life style is to loose weight and this is shown in the table below.For further information lower the following websitehttp//www.executiveresults.com.au/health-and-fitness-statistics.cfmThe Marketing MixProductPriceStayfit Gym aims to provide top quality and safe equipment, which benefit members in weight loss.Stayfit Gym offers acuteness and a discount pricing, as it is competing with other gyms who offer the same facilities and services as Stayfit Gym but for a better price.Discount pricing is offered for those who are students, and off-peak gym use, the prices reflect the quality of the equipment and service.PlacePromotionThe upcoming Gym will be located on 15 Menai Road, Menai. The population of this community has freehanded by 5% each year for the past three years, giving Stayfit Gym a better opportunity to gain more members of the public and customers to join and become apart of the Stayfit family.Stayfit Gym works to get on there services throughout advertising ads on local billboards, handing out flyers also by scope up stands in local centres. Stayfit also wishes to promote their gym through T.V commercials as well as radio broadcasting.Market SegmentationThe market segmentations for Stayfit Gym customer consists of the following geographic, demographic and behavioural factorsGeographicalThe immediate target region of Stayfit Gym is Menai, Illawong, and Alfords Point.As the population of the se areas continue to increase, this will have a positive impact towards Stayfit.DemographicStayfit Gym targets both males and females from 15years and over.Income range of $35,000 $75,000.BehaviouralRecognises that they need to improve their fitnessThose who have recognised that they need to lose weightThose who are willing to enjoy extreme sportMarketing Strategies and ObjectivesMarketing ObjectiveMarketing StrategyOvertake competitorsKeep an update competitor composeOffer better pricing to the public (6months)Price levelMaintain a price level lower than competitors as then it will be harder for the competitor (4months)DiscountsOffer a range of discounts (9months)Online access to the gymTo build up an online website of the gym which will be easy for the members to access and also helps promote the business. (2months)EquipmentTo provide the gym with more equipment, and to improve facilities(12months)Sales ForceEmploy telemarketing staff (13months)Product AnalysisStayfit Gym provid es individuals with the opportunity to exceed their fitness expectations, which are delivered through expert coaching, high-quality equipment, convenient scheduling and great exercise programs. The equipment division of Stayfit Gym offer the largest range of quality fitness equipment from the worlds leading brands, includingTechnogymCybexPrecor propensityLife FitnessEquipmentPositivesNegativesCardioTreadmillsElliptical cross-flight simulatorsExercise bikesStair climbersSummit trainersHaving a different range and variety of cardio equipment benefits Stayfit Gym, as having more facilities available for the public will then attract more people to join Stayfit.A negative of cardio equipment is that when equipment brakes or is miss used, also safety issues, for example falling off equipment, this can give a bad reputation for Stayfit.StrengthChest pressBiceps pressTriceps pressShoulder pressBench press squinty chest pressLeg pressDumbbellsTorso rotationChin dipIso gluteLateral chess pres sVertical Ab trainerRowerHaving a wide range of strengthening facilities will also have a great benefit on Stayfit as other Gyms may not have the same equipment available.A negative of strengthening facilities is that when one equipment brakes or is miss used, also safety issues, for example falling off equipment, this can give a bad reputation for Stayfit.Objectives and strategiesStayfits primary goal is to create a community committed to best functional fitness.ObjectivesStrategiesOur monthly object lens is to generate at least 20 new members.This will be done through advertising Stayfit, also free weekly trials of the gym andStayfit aims to open and run a facility at full capacity within the first year with 150-200 members.This will be carried out by providing new members better opportunities and pricing.Better membership deals by the second year of operationsOffering on-peak and off-peak membership, this will be better for people who want to use the gym during hours when not bu sy. For example, during the daytime when school kids are at school.To franchise Stayfit in other areas towards the further futureThis will be done by upholding the right image and keep a good reputation for Stayfit.To make people fit and healthyThis will be done through providing the right exercises, staff and classes that will help the general public stay fit and healthy.To make profit and pay off all debts within 1st two years of inceptionThis will be done by having more members entering the Gym, and with that money Stayfit will then be able to payoff debtMore classes available by 6 months of operations (zumba, urban dance, and etc)By hiring staff that are able to carry out these classes.Provide the only fitness facility truly dedicated to solving the fitness needs of our customersThis will be done through providing the highest quality equipment available, constantly keeping our staff up to date on certifications, providing a clean and crowd-free gym.Description of product/servi ceAt Stayfit Gym we provide you with comfortable surroundings, with the latest facilities and equipment to facilitate your training and exercise needs. Stayfit also aim fix that the members receive a fantastic exercise experience. Stayfit aims to provide the following classes/sessions free weights, deliverboxing, personal training, cardiovascular, and group cycling we also offer professional instruction, well-balanced and sweet workouts which focus upon strength gain, aerobic conditioning, weight loss and increasing fitness levels. Stayfit Gym also provides a womens only room, including both cardio and strengthening equipment. Stayfit Gym also provides childminding, for those who have young children and want to achieve the ideal fitness levels.Our services are directed at maximizing your health and fitness levels in a safe, productive and exciting environment to give you a fantastic health and fitness experience.We also offer a range of drinks to freshen in between workouts, towe ls also a wide range of protein shakes and supplements, Stayfit also offers free and convenient private parking for all members of the gym.PricingNO joining fees or administration feesFree weekly trial pass for new members $59012 Months up front $59012 Months off peak $5406 months $3503mothns $2201month $7510 day gym pass $60Casual Visit $1010% Discount for students Under 18 years oldTrading HoursMonday to Friday 5am 10pmSaturday 7am 7pmSunday mankind Holidays 8am 5pmWorkout TimetableMondayTuesdayWednesdayThursdayFridaySaturdaySunday6.00am bole PumpBody BalanceBody PumpFat Burner7.00amBody AttackBody CombatBody BalanceSpin9.00amSpin1.00pmSpinBody CombatFat BurnerBody PumpBody Attack3.00pmKick packing materialKick Boxing5.00pmFat BurnerBody BalanceBody Attack7.00pmKick BoxingBody PumpSpinSession/Class timetable available for members and general publicClass DescriptionBody Pump Non-impact class created to shape and tone the entire body, using weights and barbells.Body Attack Hig h intensity strength, aerobics and stabilisation exercises.Fat Burner Standard high energy aerobic exercise.Body Combat aerobics based on a variety of exercises, such as Thai Chi, Karate, Boxing and Taekwondo.Spin Calorie and fat burner cycling exercise.Body Balance A class combining Yoga, Pilates and Tai Chi.Kick Boxing Circuit kick boxing, using high energy boxing techniques and stations.For those who are members of Stayfit Gym all classes are free, and for those who wish to take part of these classes pay $5 per class.Staffing RequirementsThe manager, who will also be the owner of Stayfit Gym (Maroutcha Hadwan), will be qualified to hold the following certificates present in Fitness award in Personal prepFirst Aid CertificateDiploma in FitnessIt is preferred that the manager has prior experience in field, as Stayfit Gym is dedicated to provide a diverse range of programs suitable for all people.Job TitleQuantitySkills, Qualifications and ExperiencesReceptionist1Computer skillsCo mmunication skillsSocial skillsFirst Aid CertificateChild minding2At least 2 years experience prior tooCertificate in child careCertificate in First AidPersonal trainers7First Aid CertificateCommunication skillsCertificate in fitnessCertificate in Personal reproductionSpecialized in karateSpecialized in boxingSpecialized in aerobicsSpecialized in cyclingSpecialized in body grammatical constructionMust have at least a year experience prior to working at Stayfit Gym, as we are dedicated to provide the public with the best of our ability.Dieticians2First Aid CertificateMust have at least 1-2 years experienceCertificate in dieticianSpotters9First Aid CertificateSpecialized in YogaSpecialized in PilatesSpecialized in Tai ChiSpecialized in cyclingCertificate in fitnessSocial skillsMust have at least a year experienceFinancial ForecastsRevenue Statement for Stayfit Gym Pty LtdFor the period ending 01/08/2011Cash settle StatementsCash Flow Statement for Stayfit Gym Pty LtdFrom period end ed 01/08/2012Opening Cash Balance $415,000.00This projected cash return statement shows that this upcoming business will be Surplus, as of the period ended 2012 whereas the closing chase balance was a greater amount of money than the opening cash balance.Critically Review of the Plan and ProcessThroughout this business task I managed to meet all deadlines and make sure everything was up to date. My weaknesses throughout this assignment was the Market Analysis and Financial Forecast, where as I was unsure how to complete both sections. In relation to Market Analysis, I incur that I havent covered all sections in this heading. For financial forecast I first started of with balance sheet, but i was unable to complete this section as my balance sheet was not balanced so I then chose to complete the cash flow statement and revenue statement, I also struggled to accomplished these two finical records.Overall my progress within this assignment was satisfactory, and I am happy with my ov erall work, as I never knew I was opened to completing this task meeting the criteria.IndexDescription of Business Ownership2Purpose of Plan3Situation Analysis4-9Swot Analysis4Competitor Analysis5Market Analysis6 -8Product Analysis9Objectives and Strategies10Description of Product/Service10 -11Pricing11Trading Hours11Class Timetable12Staffing Requirements13Financial Forecasts14 15Revenue Statement14Cash Flow Statement15Critically Review of Plan and Process 16