your knowledge into a real-world situation. All assignments

BUS12 – Business Name: Email address: Assessment Assignment – Business plan and meeting Assignments may include short answer questions or longer answer questions and are designed to test how you apply your knowledge into a real-world situation. All assignments are completed as a Microsoft Word document and are submitted to an assessor through My eCampus. Your assessor is looking for how you apply your knowledge and how you think critically about the topic area. Steps to complete this Assignment i. Start with Research Before commencing your business plan, it is best to ask yourself – and brainstorm – some serious questions about what your business is going to set out to achieve. Whilst this research component may seem large and overwhelming, you will be doing yourself a very big favour. If you complete the preliminary work (research of your product/service/customer), writing the business plan will be much more effective and efficient for you. How are you going to discover all of the information for the following set of research questions? Here are some ideas to help you get started: • Surveys • Interviews • Existing data • Council websites • Industry consultations • Cold calling, mystery calls • Google • Google keyword planner searches ii. Commence writing your business plan Follow the following steps for an effective and efficient approach. a. Throughout this document, you will see [text written in brackets like this]. Such text is a guide only and should be deleted once answered or if not needed. Some questions in this business plan may not apply to your business structure. These questions will state that they are optional. All other questions are mandatory. b. Begin your business plan – Go to question 1. Ignite your business plan with a cover. c. Complete ‘The Business’ – Go to question 3, and complete each of the business components. d. Complete ‘The Market’ – Go to question 4, and complete each of the market components. e. Complete ‘The Future’ – Go to question 5, and complete each of the future components. f. Complete ‘The Finance’ – Go to question 6, and complete each of the finance components. g. Add supporting documents – Go to question 7, and attach any documents you have that will strengthen or enhance your business plan. h. Wrap it all up with ‘The Business Summary’ – Go to question 2, and complete each of the business summary components. This will be a brief of everything that you have covered in all the above steps. i. Review your processes and information – Go to question 8. and 9. Set a meeting with someone who is supporting your study journey, and create an agenda. After the meeting, produce the minutes taken, and include for assessment both the agenda and minutes.iii. Submit your work iii. Submit your work The following table of contents can be used to navigate to elements of your assignment Business Plan Contents The Business Plan Build Commences. 3 Business Plan Summary 4 The Future 5 The Business 6 The Market 16 Finances 19 Supporting Documentation (mandatory) 29 Assess & Review your business plan by conducting a meeting 30   The Business Plan Build Commences. 1. Ignite your business plan with a cover. This is the first page someone reading the business plan will see. Complete each of the components in the below box. [Insert your business logo] [Your Name] [Your Title] [Business Name] [Main Business Address] ABN: [543 7875 874] [Business Name] Business Plan Prepared: [Date prepared]   Business Plan Summary 2. Use as few words as possible. You want to get to the point but not overlook important facts. This is also your opportunity to sell yourself. You ideally want to write this section last because it is a summary of each of the sections elaborated further on in the document. The Business Business name: [Enter your business name as registered in your state/territory. If you have not registered your business name, add your proposed business name.] Business structure: [Sole trader, partnership, trust, company.] ABN: [Registered Australian business number] 543 7875 874 ACN: [Registered Australian company number if applicable] 154 5421 214 Business location [Main business location] Date established [The date you started trading/propose that you started trading ] Business owner/s [List all of the business owners.] Relevant owner experience [Briefly outline your experience and/or years in a relevant industry and any major achievements/awards.] Products/ services [What products/services are you selling? What is the anticipated demand for your products/services?] For example, how many sessions will a client buy in 6 months or 12 months] The Market Target market [Whom are you selling to? Why would they buy your products/services over others?] Marketing strategy [How do you plan to enter the market? How do you intend to attract customers? How and why will this work?] The Future 3. Complete the components of this business plan in the following box. Vision statement [What is your business’s vision statement? It should briefly outline your future plan for the business and include your overall goals.] Mission statement [What is your business’s mission statement? I.e. How will you achieve your vision?] Goals/objectives [• • What are your goals. Write down your short, medium, and long-term goals. • What contingencies are in place for when targets are not being met? I.e. if you don’t reach your short term goal by destined date, what is your plan B? • Is there a succession plan? • What activities will you undertake to meet your goals] Goals Short Medium Long term 1. 2. 1. 2. 1. 2. Action plan Milestone Date of expected completion Person responsible [What are the business milestones that you need to complete starting from today?] [When do you expect to complete them?] [Who is responsible for delivering this milestone?] Eg. Reach 1000 likes on business facebook page By February 2017 Business owner   The Business 4. Complete each of the business components in the following box. Business details Product/ services [What products/services are you selling? If you have more than one product/service, describe each one separately. What is the anticipated demand for your products/services?] For example, how many sessions will a client buy in 6 months or 12 months] Registration details Business name [Enter your business name as registered in your state/territory. If you have not registered your business name, add your proposed business name.] Trading name/ names [Registered trading name/s]/ If business name varies from the name you intend to trade under Date registered [Proposed registration date- this will be before you commence trading Location registered [State/s you are registered in] /[proposing to be registered in] Business structure [Sole trader, partnership, trust, company. Why have you chosen this structure for your business? What are the benefits? • Risk management reasons • Tax requirements • Cost to set up • Legal requirements] ABN [Registered Australian business number] or fictitious ABN] ACN [Registered Australian company number if applicable] GST [If registered for Goods and Services Tax, date registered] Will you be registered for Goods and Services Tax? If you run a business, you must register for GST if your GST turnover is at, or above the GST turnover threshold, that is, it is $75,000 or more. Domain names [Registered domain names, Will you start a website? If so you will need to purchase a domain name.] Licenses and permits [List all the licences or permits you have registered. E.g.: • Business name registrations • Association licence/s • Music licences • Program licences • Working with children permit • Franchisee licences • Council approvals] Business premises Business location [Describe the location and space occupied/required. • What is the size of the space you occup
y/require? • Which city or town? • Home, Studio, Gym, Outdoors/mobile/ Collaborative work space? • Where in relation to landmarks/main areas? • If you have a retail business, where are you in relation to other shops? • What is the retail traffic like?] Lease/ownership Choose one of the following: Lease type ✓ 1. The business premises will be leased on a 3 year lease for $40,000 per annum. The lease provides for an initial 2 month free rental period whilst you get the business off the ground. 2. The business will be run from a small shop currently owned by the business owner. The shop was previously used as an investment and is fully owned. 3. The business will operate outdoors, and there will be no costs for leasing. Organisation chart [Outline your business hierarchy in the chart below or include your own. You may like to refer to your ‘Key Personnel’ section to make sure they match up.] Note: If you are a sole trader you may use your name for multiple or roles within the organisation.   Management and ownership Name/s of owner/s [List all of the business owners.] Details of management and ownership WILL YOU? • Be an owner of the business, and employ a manager and staff. • Be an owner, and manager, and employ staff, • Be an owner, manager, and trainer within your business (most small business start off these way and progress upwards) Other _____________________________ Experience [• What experience do the business owner/s have? • How many years have you owned or run a business if applicable ? • List any previous businesses owned/managed if applicable • List any major achievements/awards in any relevant industries or areas. . • What other relevant experience do you have?] Key personnel Current staff [List your current staff in the table below. If you are a sole trader, list your outsourced contractors] Job title Name Skills or strengths [e.g. Marketing/ Sales Manager] [Relevant qualifications in Sales/Marketing. At least 5 years’ experience in the industry. Award in marketing excellence 2007.] E.g. Personal Trainer Tom Working one on one with clients, running group circuits and outdoor sessions. E.g. Gym Instructor Add Add Add Required staff [List your required staff or contractors in the table below. What are your staffing requirements? Whom will you need to help/work for you? If you are a sole trader assume that your business is successful and you are required to employ contractors. • Write out their job description/role. • Will they be employed or contracted? • Any specialists – Designer and Marketing – Accounting – Mentors – Actors/Models]   Job title Quantity Expected staff turn-over Skills necessary Date required [e.g. Office Manager] [1] [2-3 years] [Relevant qualifications in Office Management. Min. 2 years’ experience] [Dec 09] Recruitment options [• How do you intend on obtaining your required staff or contractors? • Advertising in the local paper, online advertising, and/or training current staff members?] Training programs (optional) [• Are there any training programs you will be organising in the event you cannot find the required skills? • Are these in-house training programs or programs run by external providers? • What training will you as the business owner/manager undertake to keep your skills current?] Skill retention strategies [• What procedural documentation will you provide to ensure the skills of staff are maintained? • Do you have an appropriate allocation of responsibilities? • How are responsibilities documented and communicated to staff? • What internal processes will you implement to regularly check that the current skills of staff members are still appropriate for the business?] Products/services [What is the product/service that you are providing to the target audience? You will need to do this for each product/service that you are going to offer. This question requires a minimum of two products or services. NB: Each product/service should be individually documented They each solve a separate problem for the individual and need to be treated as such. Start with one product/service at a time, and then repeat this whole process.] Product/ service Description Price [Personal Training] [One on One training 30 minute weight loss program] [$80.00 including GST if applicable]   Market position [• Where do your products/services belong in the market? – Are they high-end, competitive or budget? – How does this compare to your competitors?] Unique selling position [• How will your products/services succeed in the market? • What gives your products/services the edge compared to your competitors?] Anticipated demand [• What is the anticipated quantity of products/services your customers are likely to purchase? • For example, how many sessions will a client buy in 6 months or 12 months?] Pricing strategy [• Do you have a particular pricing strategy? i.e. entry price, middle of the range price and high end? • Why have you chosen this strategy?] Value to customer [• How would you like your customers/ clients to perceive your products/ services provided by your business? Why? Example: High cost because you get what you pay for, Value for money or Competitive price – No Frills. • Are they a necessity, luxury or something in between?] Growth potential [• What is the anticipated percentage growth of the product in the next 12 months and beyond? • What will drive this growth?]   Innovation Research & development (R&D)/innovation activities [Which R&D activities from the list below will you implement to encourage innovation in your business? • Surveys • Interviews • Existing data • Council websites • Industry consultations • Cold calling, mystery calls • Google • Google keyword planner searches Intellectual property strategy (optional) [• How do you plan to protect your innovations? • List any current trademarks, patents, designs you have registered. If this does not apply to your business explain why. • Do you have confidentiality agreements in place?] Insurance Worker’s compensation [Provide details if you have workers compensation insurance (hint you should have this). This is mandatory if you have employees.] Public liability insurance [Provide details if you will have public liability insurance (hint you should have this)? This covers any third party death or injury. It can be sourced through registration with Fitness Australia or Physical Activities Australia Professional indemnity [Provide details if you will have professional indemnity insurance (hint- you should have this)? This covers any legal action taken out as a result of your professional advice. It can be sourced through registration with Fitness Australia or Physical Activities Australia.] Business assets Provide details if you will insure your business assets in the event of a fire, burglary, or damage? For example: building, contents, motor vehicles. This may be required as part of any business loan.] Business revenue [Provide details if you will insure your business in the event of business interruption where you cannot trade because of a particular event and are unable to make money   Risk management [List the potential risks (in order of likelihood) that could impact your business.] Describe the Risk Rate the Likelihood Impact Strategy [Description of the risk and the potential impact to your business] [Highly Unlikely, Unlikely, Likely, Highly Likely] [High, Medium, Low] [What actions will you take to minimise/ mitigate the potential risk to your business?] Eg. Old electrical cable. Death due to electrocution Highly Unlikely High Equipment electrically safety tested, and cords checked in weekly equipment check EG. Work becomes stressful and staff has panic attack relating is time off work over more than 7 days. likely Medium • Ensure staff sticks to employed hours. • Staff have monthl
y meetings for debriefing. • Most staff are outsourced. Add Add Legal considerations [Choose which laws may be relevant to your business. If you are unsure look up the act online. Explain in a couple of lines how the act relates to your business and how you will cater for it. You can find information on these at http://www.comlaw.gov.au/Home. This is not designed to be exhaustive in terms of the Act’s and Law’s relevant to your business, we recommend you seek legal advice from an appropriately qualified professional before starting a business.] Act/LAW Relevant to business Why? Privacy Act Yes Maintaining client and staff records. Will ensure client and staff privacy is maintained securely and not provided to third parties. Will not source information from clients or staff not relevant to their dealings with the business. Competition and Consumer Act 2010 Yes Personal Training will not engage in misleading conduct. Marketing materials will not include any deceptive or misleading information. Contracts will be fair. Australian Contract Legislation Yes Valid contracts will be made with members. All terms and conditions will be provided to the member in the contract. Personal training will fulfil all services to a satisfactory standard as specified in the contract. Workplace Health and Safety Act Disability Discrimination Act 1992 Human Rights and Equal Opportunity Commission Act 1986. List others if relevant. Operations Production process [• What is the process involved in producing your products or services? This process will vary depending on your product or service. • Here are some examples of questions you may consider: • Is there a manufacturing process? Who is involved in the process? Are there any third parties involved? • What is involved in delivering the service to your customers from initial enquiry to the business with the way through to the delivery and payment of the service? Are you the only point of contact, or are there others?] Suppliers (mandatory) [• Who are your main/preferred suppliers? For example a sole trader may purchase their fitness equipment from a supplier • What do they supply/sell to your business? For example: Hart sport supplies fitness equipment to the sole trader to use during boot camp sessions.? • How will you maintain a good relationship with them?]The service to your customers? Are you the only point of contact, or are there others?] Assets and equipment [List your current office and equipment requirements. These can include vehicles, computer equipment, phones and fax machines, training equipment, and assessment equipment.] Equipment Purchase date Purchase price Running cost Treadmill 01/09/2016 $5,245.00 $100 PA Functional Trainer 01/09/2016 $2,290.00 $100 PA Computer Add Add Technology (Software) [• What technology do you require? • For example: website, point of sale software, or accounting package? • What will be the main purpose for each? • Will they be off-the-shelf or purpose built? • What is the estimated cost of each technology solution?] Trading hours (mandatory) What are your trading hours? What are your expected peak trading times? Which times do you expect to be more profitable? How will this change over different times of the year, and how will you accommodate these changes?] Communication channels (mandatory) [• How can your customers get in contact with you? • These channels may include: telephone (landline/mobile), post box, shopfront, email, fax and/or Internet blog/social networking website.] Payment types accepted (mandatory) [• What payment types will you accept? • Cash, credit, cheque, gift cards, PayPal, etc.] Credit policy (mandatory) [What is your credit policy for clients? How long is the credit period, e.g. 7, 14, 30 days? What are your collection strategies/procedures?] Cancellation policy (mandatory) [What period of time will you give clients to cancel a session (eg. 24 hours before). If they do cancel after this time what will be the terms (eg. The client can reschedule the session within the week or they will lose their session as they did not give the required notice. )] Refunds (mandatory) [What is your business’s refund/exchange policy? According to Competition and Consumer Act 2010, this is a mandatory consideration and must have a policy designed] Quality control (mandatory) [Describe your quality control process. • What checks or balances do you have in place to ensure the product or service you offer is produced to the same standard of quality? • What steps do you take to meet product safety standards?] Memberships and affiliations: • [Is your business a member of any particular industry association or club? • Do you have any business affiliations with any other organisation? For example, a gym in another state?] Sustainability plan Environmental/resource impacts [Describe the impact your business could potentially have on the environment. What can you put in place to limit your businesses impact on the environment?] E.g. Whether particular training sessions could contribute negatively on the local water supply.] Community impact and engagement [• How does your business affect the local community? • How can you engage the community in minimising your impact?] Risks/constraints [List any risks/constraints to your business resulting from this environmental impact.] Strategies [• What strategies will you implement to minimise/mitigate your environmental impact and any other risks to your business? • What environmental audit will you conduct? • Outline your environmental management system?]   The Market 5. Complete each of the market components described in the following box. Market research Question. Answer. Who uses the products? Describe who your niche market are. Who decided on the purchase? The decision maker; Husband, wife, mother, father. Who buys from me? Identify the characteristics of your current market? (If no current clients just leave blank) Where do customers seek information? Online/ Offline/ Newspapers etc Where are potential customers? Are your customers residential or working? Where do they hang out? What benefits do they seek? What are their goals, and obstacles? What price are they willing to pay? What are their incomes, what is affordable? (Great way to find this information is interviewing your target market, for the assignment you can just estimate) What is the demand for your product/ service? Is your target market a large niche? Are there many businesses currently servicing your niche? What is unique about your product/ service? Why should your market buy from you? Customer management [• How will you maintain a good relationship with your customers? • How will you keep your customers coming back? • Have you introduced customer service standards? Why, why not? • What particular code of practice will you follow for your business within the Fitness Industry? S.W.O.T. analysis [Dot point each of your businesses strengths, weaknesses, opportunities, or threats in the table below. Remember that you are in your business, so you are also using this S.W.O.T. to analyse yourself. Be critical, and ask opinions from those who know you. Consider: You, the product/service, and your business.) Minimum of 5 answers per quadrant. Strengths Weaknesses 1. Good team 2. Quality employees 3. Add 4. Add 5. Add How will you develop your strengths? How will you expose your competitor’s weaknesses? 1. Not so computer savvy 2. Small business 3. Add 4. Add 5. Add How will you improve and prevent your weaknesses? Opportunities Threats 1. The community needs a fresh face in the business 2. Operate in an affluent suburb 3. Add 4. Add 5. Add How will you explore and undertake opportunities? 1. Competitors are next door 2. Council licensing fees 3. Add 4. Add 5. Add How will you prevent threats? Your competitors [• How do you rate against your competitors for value for money, customer service, convenience and quality? • How can your business improve
on what your competitors offer? Why/why not? • Who else is selling this product/service or one similar in your area? Who is your competitor? • What price is your competitor’s product/service? • How similar is your competitor’s product/service to your offering? Why? • Where are your competitor’s gaps? How could they be servicing their customers better? • Concerning your product/service, how is it/will it be different? How can you do it better? What is your unique selling point? • Is your value in offering greater than your competitor’s? How can you add more value without it increasing your costs?]   Competitor details [List at least 2 competitors in the table below. Complete the table in its entirety] Competitor Est. date Size Value to customers Strengths Weaknesses [Competitor name] [When were they established?] [Number of staff and/ or turnover] [Unique value to customers. E.g. convenience, quality, price or service?] [What are your competitor’s main strengths?] Eg. strong brand name [What are your competitor’s main weaknesses?] Eg. Competitor is highly priced which excluded some of the market for the service Add Add Advertising & sales Advertising and promotional strategy [What strategies do you have for promoting and advertising your products/services in the next 12 months?]List four. Planned promotion/ advertising type Expected business improvement Cost ($) Target date Print media advertising, online advertising, mail-out, giveaway, media release or event.] How do you expect it will improve your business success What will this promotion/advertising campaign cost? [ How long will this promotion/advertising campaign run for Add in local school newsletter increase in sales and brand awareness to families $50 November for 4 weeks Add Add Add Add Complete table in its entirety Channel type Products/services Percentage of sales (%) Advantages Disadvantages [e.g. Shopfront, Internet, direct mail, export, or wholesale] [List all the products/services sold via this channel.] [What percentage of overall sales do you expect to sell via this channel?] [What advantages are there of using this channel for these products?] [What challenges do you expect to face using this channel? How will you overcome them?] Example: website Gym memberships 10% Can reach a large audience, 24 hour presence online Marketing and development expenses are ongoing. Will need to schedule regular website maintenance and review competitors online offerings regularly Add Add Add Finances If you are unable to see or use the embedded Excel Spreadsheets available to you in this section for you to complete, please use the Excel Spreadsheet provided separately to this Assignment Document. To submit multiple files, you will first need to place both files into a Zip Folder. Instructions for how to do this for both Microsoft and Apple Mac users has been provided to you by using the following link. http://www.wikihow.com/Make-a-Zip-File 6. Complete the components of this business plan in the following box and spreadsheets. Key objectives and financial review Financial objectives [Briefly outline how much profit you intend on making in a particular timeframe. How much money will you need upfront? Where will you obtain these funds? What portion will you be seeking from other sources? How much of your own money are you contributing towards the business?] Assumptions Note: The financial tables on the subsequent pages are based on your financial considerations for the following question: [List your financial considerations. These can include seasonal adjustments/down time, drought, interest rates, growth or holidays, etc.] Start-up costs Please select the start-up costs table that is relevant to your business structure . [Double-click the table below to enter your details, or attach your own start-up costing sheet at the back of this business plan. If some costs do not relate to your business, insert $0.] Balance sheet forecast [Please select the balance sheet forecast table that is relevant to your business structure. Double-click the table below to enter your details or attach your own balance sheet forecast at the back of this business plan. If some costs do not relate to your business, insert $0.] Profit and loss forecast [Please select the profit and loss forecast table that is relevant to your business structure. Double-click the table below to enter your details or attach your own profit & loss sheet at the back of this business plan. If some costs do not relate to your business, insert $0.] Expected cash flow [Please select the expected cash flow table that is relevant to your business structure. Double-click the table below to enter your details or attach your own expected cash flow sheet at the back of this business plan. If some costs do not relate to your business, insert $0.] Record Financial Year to Financial Year ( July to June )     Break-even analysis [Please select the break-even analysis table that is relevant to your business structure Double-click the table below to enter your details or attach your own table. Complete the break-even analysis before answering the questions below. How much weekly revenue is required to meet your break-even goal? I.e. How long until you have covered your costs and begin to make money from your business? 1. Divide total start-up costs by total weeks before break-even date = $…. 2. How many sessions will you need to facilitate each week so that you make weekly revenue targets? • Divide weekly revenue by price of product/service = units/amount of sessions 3. Is this a realistic weekly figure? 4. Will you adjust this figure in initial weeks so that you allow for growth/profit?]   Supporting Documentation (mandatory) 7. Please supply any supporting documentation to add to this business plan, list and describe it in the table below. These may include resumes, inventory list, survey/questionnaire, and/or financial documents. Supporting Documentation (minimum 2) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.   Assess & Review your business plan by conducting a meeting 8. Gather two or more people together, and review your business plan. In the box below, write an agenda with the provided template, using information that your participants will need to know. Make sure to distribute this agenda and provide a copy of your business plan to be reviewed before the meeting. [INSERT BUSINESS NAME] [PURPOSE OF MEETING] Held on [INSERT DATE, TIME] Held at [INSERT LOCATION] 1. Welcome and apologies 2. Minutes from previous meeting 3. Matters arising from previous meeting minutes 4. Correspondence in/out 5. General business a. [insert business] b. [insert business] c. [insert business] 6. Other business 7. Next meeting Produce your minutes from the meeting using the template below. Remember to distribute a copy to attendees as well as those who sent their apologies. [INSERT BUSINESS NAME] [PURPOSE OF MEETING] Held on [INSERT DATE, TIME] Held at [INSERT LOCATION] Present: [INSERT NAME/S] Apologies: [INSERT NAME/S] Chairperson/Host: Meeting was chaired by [INSERT NAME] Minutes of previous meeting: The minutes of the previous meeting were accepted as a true and accurate record of events. Moved: [INSERT NAME] Seconded: [INSERT NAME] Matters arising: [INSERT ANY MATTERS ARISING FROM PREVIOUS MINUTES] Correspondence: [INSERT ANY CORRESPONDENCE] Moved: [INSERT NAME] Seconded: [INSERT NAME] General business: 1. [INSERT MATTER #1] 2. [INSERT MATTER #2] 3. [INSERT MATTER #3] 4. Other Business Next meeting: [INSERT NEXT MEETING DATE] Meeting close: There being no further business, the meeting closed at [INSERT CLOSE OF MEETING TIME]. Signed Chair/Host ________________________ Date ______________________ Refer to your learner guide for terminology and information about how to conduct a meeting.

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