Career Path of Being an Entrepreneur in Business Plan

Excerpt from Business Plan :

career path of being an entrepreneur in the health and fitness industry. In pursuing my career in the field of health and fitness I aim to open a personal training studio that offers the clients personalized care and approach and helps them to stay fit and healthy along with alleviating the stress and pressures of day-to-day life.

As also discussed in detail in part one, my marketing objectives and business plan is quite clear, whereby during the first 12 months of my career I would like to start and own a fitness and training center offering various specialized health and fitness services to my clients. I would also provide my clients with value added services like physical therapy and rehabilitation services.

As far as the three-year approach is considered, after the three years of my business I see myself approaching new markets and expanding my clientele and business in various new areas. This expansion will not in any case effect the quality of services provided to the clients.

The levels of income that I would like to earn after starting my career and throughout different levels of my career are:

a. $30,000

b. $50,000

c. $160,000

I would like to work in the southeast region, with an emphasis in Miami. I would like to remain here for both the 12-month and 3-year time frame.

3) List of References:

Active Marketing Group (2007). Health Club Industry Review. [report] Active Marketing Group.

Biz Plan Corner (2013). Sample Business Plan. [report] Miami: Biz Plan Corner.

Bizplancorner.com (2013). Sample Fitness Center Business Plan Free | Gym & Health Club Business Plan Example. [online] Retrieved from: http://www.bizplancorner.com/fitness-business-plan.aspx [Accessed: 27 Oct 2013].

Fitness.gov (2013). Facts & Statistics - President's Council on Fitness, Sports & Nutrition. [online] Retrieved from: http://www.fitness.gov/resource-center/facts-and-statistics / [Accessed: 27 Oct 2013].

Health Council of South Florida (2007). Miami Dade County - Community Health Report Card. [report] Florida: Health Council of South Florida.

Ibisworld.com (2013). Gym, Health & Fitness Clubs in the U.S. Market Research | IBISWorld. [online] Retrieved from: http://www.ibisworld.com/industry/default.aspx?indid=1655 [Accessed: 27 Oct 2013].

Ibisworld.com (2012). Fitness Industries Pump Up Revenue. [report] Los Angeles: IBIS World.

International Health, Racquet & Sportsclub Association (2013). The IHRSA Trend Report. 3. [report] IHRSA.

Kratzman, V. And Stamford, F. (2002). U.S. Fitness Industry Markets - Overview and Entry Strategies. 127. [report] Finland: Tekes, the National Technology Agency of Finland.

Miamigov.com (2013). City of Miami - Planning Department. [online] Retrieved from: http://www.miamigov.com/Planning/pages/services/Census2010.asp [Accessed: 27 Oct 2013].

Miamigov.com (2013). A Practical Resource Guide to Open New Business in the City of Miami. [report] Miami: The City of Miami's Office of Grants Administration - Economic Initiatives.

Quickfacts.census.gov (2013). Coral Gables (city) QuickFacts from the U.S. Census Bureau. [online] Retrieved from: http://quickfacts.census.gov/qfd/states/12/1214250.html [Accessed: 27 Oct 2013].

United States Census Bureau (2007). Economic Census: Local Business Snapshot. [report] Miami: United States Census Bureau.

Walsh, K. (2013). Global Health Club Industry Proves Resilient. [report] HRSA Global.

4) The target market for my health and fitness club will be organizations and high schools located in the Coral Gables area of Miami city. The total population of the specific area is around 59,085 in the year 2010 out of the total population of 399,457 of Miami city. Moreover, the area has around 40,599 households of a total of 158,317 households in the entire Miami city. (Miamigov.com, 2013 and Quickfacts.census.gov, 2013) Moreover, it has been observed throughout the years that the health and fitness sector in Florida State has witnessed considerable growth over the period of time and is expected to grow further in coming years. The U.S. health care industry has grown constantly over the number of years and showed a growth rate of approximately 10% for the last fifteen years, where in the year 2010 the total number of health clubs in U.S. reached 29,750 having approximately 45.3 million members and generating annual revenue of $19.5 billion. (Biz Plan Corner, 2013)

Moreover, out of these 29,750 health clubs approximately 2000 health clubs are situated in the state of Florida. Researches and figures also prove that the total industry covers only around 14% of the total population of U.S. And thus there is enough room for growth and expansion and market will take long to reach its saturation point. (Biz Plan Corner, 2013)

Thus my choice of Miami as the prospective location for my health and fitness club is quite appropriate as market is quite lucrative and shows potential for growth. Furthermore, my health and fitness club will approach moderate to low income group.

5) As also explained in the above paragraph, the target market is initially the Coral Gables area of Miami City having the population of 59,085 as per the 2010 census. Specific attention and focus will be given to the organizations and high schools located in that area with major focus to the moderate to low income group. Furthermore the total population of Miami cit as per the 2010 census was 399,457. (Miamigov.com, 2013 and Quickfacts.census.gov, 2013)

Another important aspect t note in this regard is that by the year 2007 only 387 active health clubs were present in Florida State out of which around 49% were operating in the city of Miami. (Active Marketing Group, 2007)

6) Health and fitness services are usually high priced and memberships fees of health clubs in the city of Miami serving the households having an average income of around $76,000 a year. (Active Marketing Group, 2007) In this regard one aspect to note is that the health costs in U.S. because of obesity and over weight problems are increasing day by day. As per U.S. government official fitness page the yearly costs associated with obesity are around $150 billion and these will continue to grow. (Fitness.gov, 2013)

With so high costs associated with health and fitness and increasing need of the consumers to be healthy and maintain their weight, a health club offering quality services in low prices will quickly gain clientele.

7) As discussed in the above parts, the main aim of my health club will be to provide quality and customized health and fitness services to my clients who would not be a burden to their pockets and help them fight off the problems and costs associated with the problems of obesity. Furthermore, in today's fast paced business and educational environmental, the clients will find my health and fitness club a place to relax and enjoy and will get rid of the pressures and tensions of the day-to-day tough life and routine. Thus they get many benefits out of one place, they save extra costs, remain in shape, maintain their weights, get a relief from stress and tension, get the customized services they want and if needed get the rehabilitation services and get rid of drug addiction!

8) List of References:

Active Marketing Group (2007). Health Club Industry Review. [report] Active Marketing Group.

Biz Plan Corner (2013). Sample Business Plan. [report] Miami: Biz Plan Corner.

Bizplancorner.com (2013). Sample Fitness Center Business Plan Free | Gym & Health Club Business Plan Example. [online] Retrieved from: http://www.bizplancorner.com/fitness-business-plan.aspx [Accessed: 27 Oct 2013].

Fitness.gov (2013). Facts & Statistics - President's Council on Fitness, Sports & Nutrition. [online] Retrieved from: http://www.fitness.gov/resource-center/facts-and-statistics / [Accessed: 27 Oct 2013].

Health Council of South Florida (2007). Miami Dade County - Community Health Report Card. [report] Florida: Health Council of South Florida.

Miamigov.com (2013). City of Miami - Planning Department. [online] Retrieved from: http://www.miamigov.com/Planning/pages/services/Census2010.asp [Accessed: 27 Oct 2013].

Miamigov.com (2013). A Practical Resource Guide to Open New Business in the City of Miami. [report] Miami: The City of Miami's Office of Grants Administration - Economic Initiatives.

Quickfacts.census.gov (2013). Coral Gables (city) QuickFacts from the U.S. Census Bureau. [online] Retrieved from: http://quickfacts.census.gov/qfd/states/12/1214250.html [Accessed: 27 Oct 2013].

United States Census Bureau (2007). Economic Census: Local Business Snapshot. [report] Miami: United States Census Bureau.

9) By targeting organizations, my health and fitness club, will provide services to individuals and organizations (for their employees) that will help the individuals to be healthy and smart and the organizations to have healthy and active employees working with them. The main objective of the club will be to provide quality services to all the clients at low costs so that the club's memberships keep on increasing and the business continue to grow and expand bringing in a steady flow of income.

10) In order to compete in an already established market which is already in growing stage, I will adopt the market challenger strategy. That is I will give a tough competition to the business rivals (in my case by bringing a trend of providing health and fitness services at costs lower than the norms). Since, the objective of my club is to grow and expand and I plan to do that on a constant basis and that will be achieved by having a comprehensive marketing mix. Furthermore, my marketing practice will be client oriented and my main aim is to provide quality services to my clients that will not only win their loyalty, but also help me…

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