Posted: February 28th, 2023

business project part 4

this is a continuation on the project we have previously worked on BFIT – PLEASE SEE ATTACHED.

CONTINUATION OF BFIT PROJECT – TIMES NEW ROMAN, 12 FONT, DOUBLE SPACED.

Executive Summary

The executive summary appears in the beginning of the plan but is written last. It should provide a short, concise and optimistic overview of your business that captures the reader’s attention and gives them an interest in learning more about it. The executive summary needs to be at least 2 paragraphs (each paragraph should be minimum 5 to 6 sentences). It should not be more than 1 page long.

· Describe your mission — what is the need for your new business?

· Introduce your company, the management and ownership.

· Describe your main product and service offerings.

· Briefly describe the customer base you will be targeting and how your business will serve those customers.

· Summarize the competition and how you will get market share (what is your competitive advantage?)

· Briefly outline your financial projections for the first few years of operation.

Management Summary

Should be at least 1 page long with following information:

· Ownership Structure: Describe the legal structure of your company (e.g. corporation, partnership, Limited Liability Company, or sole proprietorship). List ownership percentages if applicable

· Management Team: Describe managers and roles, key employee positions, and how each will be compensated.

· External Resources and Services: List any external professional resources required, such as accountants, lawyers, consultants, etc.

· Human Resources: List the type and number of employees or contractors you will need and estimate the salary and benefit costs of each

· Advisory Board (if required): Include an advisory board as a supplemental management resource if applicable

· An Advisory Board is like a management think tank; the members of your board will provide you with additional advice to run your business profitably and well. If you choose your board members carefully, they can also provide expertise that your internal management team lacks.

· When selecting people to serve on your Advisory Board, you obviously want people who have a genuine interest in seeing your business do well and have the experience and expertise to provide good advice. Recently retired executives or managers, other successful entrepreneurs, and/or vendors would be good choices.

Business Description

Should be at least 1 page long with following information:

· Describe the overall nature of the industry, including sales and other statistics

· Include trends and demographic, economic, cultural, and governmental influences

· Describe your business and how it fits into the industry

· Describe the existing competition

· Describe what area(s) of the market you will target and what unique, improved or lower cost services you will offer

Business Plan Development Project

Part

Isabella Petrafeza

2/09/2023

Task: Development of Business Plan Components for a Web-based Business

Continue with the Business Plan

. Competitive Positioning

Complete the Competitive positioning table. Describe each aspect in minimum 1 to 3 sentences. Note:. Listing or describing in few words for aspects that are applicable – will be accepted. You need to have at least two Competitors in the table.

-Competitive Positioning Table

2. Milestones and Action Plan

Complete the Milestone and Action Plan table. You need to have at least one Milestone and at least 3 actions for it. Explain each aspect (Milestones, Action Plan #1, #2, #3) in of 1 to 3 sentences.

-Milestone 1

Due date

 09-Feb-23

 09-Feb-23

3. Financial Plan

Complete the Profit and Loss Mini-budget table. On the expenses you can show expenses for minimum of 5 areas (you can choose from the list shown in the table).

-Mini-Budget Table

300

300

0

209

209

0

0

0

0

References

Chen, Y. (2020). The Impact of E-Business on Small Businesses. Journal of Small Business Management, 58(3), 431-447. doi: 10.1111/jsbm.12236

Kim, J., & Lee, J. (2019). Factors Affecting the Adoption of Web-Based Business Models in Small and Medium-Sized Enterprises. Journal of Small Business Management, 57(1), 77-94. doi: 10.1111/jsbm.12227

Smith, A. (2018). The Future of E-Commerce and the Impact of Web-Based Business Models. Journal of Business Research, 81, 9-17. doi: 10.1016/j.jbusres.2017.08.013

Kaur, A., & Gupta, S. (2017). A Study on the Impact of Web-Based Business Models on the Growth and Development of Small and Medium Enterprises. Journal of Small Business Management, 55(4), 489-503. doi: 10.1111/jsbm.12200

2

Business Plan Development
Term Project – Part 1

Isabella Petrafeza

January 22, 2023

1. Business Description

a.
Business name: BFIT

b.
What type of business? BFIT is an online platform via an app. The app will enable users to exercise at any time of the day, wherever they are. There will not only be guides, but visual recordings as well of all exercises. Users will be able to choose the length of the workout and what muscle they want to focus on. The only equipment needed is resistance bands a set of dumbbells.

c.
Vision statement: “Look good, feel good, do good – it all starts with YOU”

d.
Mission statement: To allow all ages and stages to stay fit and consistent no matter where they are in life.

2. Value Proposition

Need: Individuals, especially those working in offices, have little time to take part in physical exercise. They find it hard to plan and create time to visit settings such as gyms or attend clubs to get an opportunity to participate in the exercise. However, BFIT offers a chance to overcome these barriers. BFIT, as an online platform application, enables users to exercise at any time of the day, wherever they are. The tool will guide them and offer visual recordings of their heart rates, activities, and physical fitness. The program will give the users a chance to choose the length of workout and the muscle they prefer to focus on.

Solution: Success in physical activity and exercise requires knowing essential vitals. The proposed program helps individuals monitor their physical fitness, activities, and heart rate. This gives an opportunity of making the necessary adjustment in case the exercise is not beneficial.

Product/Services Feature: BFIT is an online platform via an application. It offers guidelines to the users about the exercise. It records vitals that guide on the need to adjust the exercise plan. It also advises the muscle to focus while planning the length of the workout.

Advantage: The advantage of BFIT offers flexibility to the users. In this case, it makes it possible for them to participate in the exercise program at any time and wherever they prefer to practice. It allows the users to choose the length of the workout and the muscle they prefer to focus on. The other advantage is that it offers the users the opportunity to view the programs they have made in terms of exercise and allows them to make the necessary adjustments to attain the targeted objective.

Benefit: The application will improve the physical fitness of the individuals. It will help reduce chronic diseases such as obesity, hypertension, and diabetes. This is because it reduces the high cases of sedentary lifestyle linked to office work or limited time taking part in the exercise. It will also boost the economy of the individuals and the country as people will remain healthy and actively participate in nation-building activities.

3. Customer Target Market

Public Relations: The application is a promising tool aimed at increasing adherence to physical exercise at home, places of work, and anywhere a person feels they can engage in exercise activity. Therefore, it is essential to create awareness about the existence of the BFIT program. The focus groups, polling, interviews, questionnaire, and field experiments will be used as tools for public relations.

Advertisement: It will be achieved through the use of social networking. The YouTube advertisement, use of Facebook, partnerships with widely recognized sportsmanship individuals, use of sports events or activities, and advertisement on international business television networks will be adopted as practical approaches.

Marketing: The marketing program will focus on the targeted market, creating a website with easy scheduling, maximization of the SEO, starting a fitness blog, building a social media presence, and launching the fitness challenge. It is also essential to build a community through a specific club to attract more people, share the message, host live videos, and provide behind-the-scenes content.

Sales: The selling will be promoted by creating an online store using a platform that supports digital, subscription production, physical, and VOD.

The list of prospective customers: The targeted customers are individuals at risk of a sedentary lifestyle and have low chances of participating in the exercise. Those working full-time in the offices are also targeted. The target is also the individuals with risks of obesity, diabetes, and other chronic disease caused by poor involvement in exercise activities. Individuals with chronic conditions such as hypertension, diabetes, and obesity are also targeted.