IA03

Personal Business Plan
Mission Statement

     The goal of my business is to improve the lives and bodies of customers through physical therapy and personal training. 

Business Environment 

     My business will be in the health care industry and will focus mainly on physical therapy and personal training. The health care industry is always growing and the demand is growing even larger now that the baby boomer generation is aging. Economically, changes occur in my industry when there are changes in insurance and government decided health care. People have to choose recovery options based on what they can afford and what insurance and the government is willing to give them. 

Entrepreneurship and Strategy

     My business's ideal market is athletes. I hope to practice and train athletes in order to improve their abilities to compete at a high level. In my opinion, the most difficult part of advertising and selling my services would be persuading my first client to choose me over my competitors. In order to get myself started I would do a lot of promotion through social media and try to become known among athletes. I would advertise to teams and give team discounts. I could also use social media to do contests and raffle away free sessions. I would make all of these advertising efforts in hope that I could create relationships with potential clients and turn them into frequent customers. 

Management 

     Being the owner of my own practice would make the head PT and trainer, and I would do most of the appointments personally. I have a passion for fitness and helping others, so I would enjoy doing both training and physical therapy. I would hire a secretary to organize appointments and keep me on an efficient schedule. I would make sure to start small, like Granville stated, and make sure I am comfortable with how things work before I begin to expand and take on more employees or clients. 

Marketing

     I would use social media (Instagram/Twitter/Facebook) to do a lot of my advertising. I would also rely on word of mouth from happy customers to spread my information to more clients. My target market is athletes who in need of either physical therapy or personal training. Once I had a client, I would create a personal plan for them in order to provide them with the needed steps to achieve their desired outcome. Patients would promote me based on my reputation and the results they see with my help.

Accounting and Finance

    Once I start my business, I will need to work to pay off any loans (school or business). I will also need to pay the rent and for any equipment I need in my facility. I would need to pay a secretary as well. I would need to use my own savings and any money I make from my business to pay this off. The sooner I can break even, the sooner I will begin to make a profit. 

Information Systems and Operations

     I would use excel spreadsheets to organize finances and schedule appointments. I would also use a google drive to organize patients' information, that way everything is organized and can be accessed quickly. 

Sources

Employment by major industry sector. (2017, October 24). Retrieved November 18, 2018, from      https://www.bls.gov/emp/tables/employment-by-major-industry-sector.htm

Granville, K. (n.d.). How to Manage Your Career. Retrieved November 18, 2018, from https://www.nytimes.com/guides/business/manage-your-career?smid=fb-nytimes&smtyp=pay&smvar=guides

Comments

Post a Comment

Popular posts from this blog

IA04

     I attended several meetings for the exercise science club throughout the semester. A majority of the meetings are to discuss fundraising and upcoming events. We sold shirts and sweatshirts for a fundraising event and also have many events coming up after winter break. The meeting is usually conducted by one of the four student officers, and occasionally one of the exercise science department staff attends.      These meetings are a good way for me to expand my network and meet people who share my major and passion for fitness. I am able to discuss ideas and ask questions to my peers who know more and have experience with things. I also can build relationships with future and current professors who can help me later in life.      These meetings allow me to connect with people and build a network, similar to what an entrepreneur would need to do to start up a business. Networking is needed for any aspect of business and creating a relati...
Read more

IA05

     The guest speaker I enjoyed most was Kip Soteres. I really enjoyed Kip's presentation and it was honestly the only presentation that I remember. Kip is an expert in communication and explained the key points of communication. He explained that communication is a competition for peoples' attention, and to get your point across, you need to keep peoples' attention. He also explained how crucial it is to have good communication skills within a company.      Communication between employees within a company is imperative, without it, companies could have major incidents. Manufacturers could order incorrect amounts of materials and not produce the right amounts of products to meet the demand. This could cause a shortage or surplus and it would ultimately cost the business money.      Forbes.com says that communication is the base of a successful business; when all employees are aware of their role in the process, things work better. Informat...
Read more

IA01

Caleb Lehman IA01 https://www.economist.com/business/2018/09/26/michael-kors-splurges-on-versace      The American brand Michael Kors took a bold leap as a company by buying out Versace for $2.1 billion on September 25th. Michael Kors made such a move in order to bring the brand to the level of some of the top European designers. With the acquisition of Versace and Jimmy Choo (bought for $1.35 billion in 2017), Michael Kors changed its name to Capri Holdings. Although the buyout seems as a good move for the company, Michael Kors shareholders were not convinced, and share prices fell by nearly a tenth. There was also disapproval voiced by Versace customers who feared the brand would become "tacky" and lose the original luster.      Capri Holdings will be considered a merger company; the result of one company buying another company and creating a new one. Michael Kors' motivation for the merger was to attain new markets and distribution Chanels, MK wante...
Read more