For your first assignment, you will be filling out a Business Planning Worksheet
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For your first assignment, you will be filling out a Business Planning Worksheet. Using the provided template, you will work on outlining some initial information that you’ll use to create a Business Plan for an existing business (one you currently own or work at) or one that you hope to create. Within the template, you’ll first identify the Business Structure of your company whether it’s a sole proprietorship, partnership, corporation or other, and explain why you chose that structure. Next, you’ll provide a brief product description that explains your product or products and the need that they fill in the market. After that, you’ll list the price per unit that your products will be sold for. Then, you will identify the Direct and Indirect costs associated with the business, and determine potential profits using the provided formula. Lastly, you will research and identify an accounting software program that would be suitable to record, summarize, and report your business transactions. You’ll also discuss why you chose it.
Below is the Marketing plan that will help you with the Business Plan also the WORK SHEET that you need to complete the Business Plan
In the first box, you will answer the question: Who is Your Target Market? In this area, include information about who your target market is and what they like and don’t like.
The business that I want to start is diet planning. Diet planning is an important part of personal training and keeping fit. The right food is necessary so as to achieve the bets results. I will approach this idea by creating a meal time-table and selling it to individuals who want to know the right food to eat. The target market for this product is women between the age of 21-40. Women in the United States today want to be fit and avoid being overweight which comes with various health complications. The people who want to be fit also want to know what to eat. The women in this age group sometimes sees that working out does not have results because it does not come with the right meal plan. A diet plan will be a useful tool in this regard.
In the second box, you will answer the question: What is your Message to your Target Market? In this area, craft the message that you want to convey to your target audience. Talk about what you have to offer and how it appeals to the target customers.
The product that I want to offer is a diet plan to compliment the exercise that my clients engage in on a daily basis. Living healthy includes eating the right food in addition to exercising on a regular basis. The diet plan will tell you what to eat, how to eat it, and when to eat it to maintain optimal health. The diet plan will also ensure you get the optimal nutritional value from food.
In the third box, you will answer the question: What Media will you use to reach your Target Market? In this area, you will simply list the media that you will utilize to reach your target customers. Will you use social media, email marketing, events, etc.?
There are limitations in budget and, therefore, social media will be used as the main media to reach the target market. Social media sites like Twitter, Instagram, Facebook, and Twitter will be used for this business. An online presence is critical for any business dealing with health issues as the health conscious are mainly tech-savvy individuals. Social media also provides room for two-way communication with the clients.
Next, you will list your Top Five Action Steps. Here you will simply list your top 5 steps for crafting your Marketing Message and getting it out to prospects. What actions will you take to make it happen and to put your plan into motion?
Top Five Action Steps:
1. Step 1
Write up a diet plan.
2. Step 2
Identify the target audience.
3. Step 3
Pilot the diet plan with a few potential clients.
4. Step 4
Set up social media accounts for the business.
5. Step 5
Boost the posts to reach potential clients in the local area.