1. Business Profile

Question 1: What is your business' legal trading name?

 

Question 2: What is your chosen business structure? (e.g. sole trader, trust, etc.)

 

Question 3: Complet the table below indicating your chosen business location and premises type. 

Business Location	Country
	State/Territory
	City, Suburb
	Premises Type

Question 4: Provide a one-paragraph summary of your business overview i.e. what your business does and what it offers.

 

Question 5: The following questions relate to key internal stakeholders within your business venture.

 

1. You, as the owner (or one of the owners) of your fitness business are the primary internal stakeholder. As the business owner, list a minimum of two (2) of your primary goals, interests and objectives concerning your start-up business venture.

1
2

 

1. Consult with any other internal stakeholders within your business (employees, other owners) and confirm their support of the business plan thus far. If all internal stakeholders agree to the business plan and the associated outcomes, select the left checkbox. If one or more internal stakeholder does not agree with the business plan and planning outcomes, select the right checkbox and complte the follow-up question below.

 

 

All internal stakeholders agree to the business plan and planning outcomes

At least one internal stakeholder does not agree to the business plan and planning outcomes

 

If applicable, which aspects of the business plan and planning outcomes are still being confirmed by all internal stakeholders? 

 

 

 

 

Question 6: Your customers and your competitors are two key external stakeholders. For each external stakeholder, list one (1) primary goal and/or objective concerning your start-up business venture. 

Customers
Competition

 

 

1. Business Goals
   Question 1: List two (2) major business goals within the first 12 months of operation. These goals need to be SMART goals - specific, measurable, achievable, realistic and time-bound.] For each goal, list two (2) objectives.

Goal 1	S
	M
	A
	R
	T
Objectives	1
	2

 

Goal 2	S
	M
	A
	R
	T
Objectives	1
	2

 

Question 2: Based on your identified business goals and objectives, list three (3) physical resources required to begin business operations.
1
2
3

 

Question 3: Based on your identified business goals and objectives, describe at least one (1) legal or compliance requirement that your business must comply with relating to:

1. Environmental law

 

 

 

 

1. Workplace health and safety responsibilities relating to duty of care

 

 

 

 

1. Workplace health and safety responsibilities regarding the identification of hazards and risk management

 

 

 

 

1. Equal opportunity in the workplace (specific to your state or territory)

 

 

 

 

1. Industrial/Employment relations

 

 

 

 

 

 

1. SWOT Analysis
   Question 1: Conduct a SWOT analysis of your business by listing three (3) strengths, weaknesses, opportunities and threats relevant to your business venture.

INTERNAL
Strengths	Weaknesses
EXTERNAL
Opportunities	Threats

 

1. Products & Processes

Question 1: Identify your product mix and product volumes by using the table below to conduct a product mix analysis. Adjust the table as required by adding or deleting rows or columns to suit your business products and/or services. Ensure that your product mix is relevant to your identified target audience and relates to the business goals and objectives identified above. 

 

[Product Line 1]	[Product Line 2]	[Product Line 3]
[Product #1]	[Product #1]	[Subline #1]	[Subline #2]
[Product #2]	[Product #2]	[Product #1]	[Product #1]
[Product #3]	[Product #3]	[Product #2]	[Product #2]

 

Question 2: Research and evaluate the costs and benefits of available distribution channels and indicate your chosen distribution channel within the questions below.

Select one (1) checkbox indicating the distribution channel you intend to use to deliver your products or services to your target audience.
	Direct
	Virtual Distribution
	Other (please describe):

 

1. Research and evaluate the cost of using this distribution channel. Describe the costs below. Note: there may be ongoing costs of gym use for example.

 

 

 

1. Research and evaluate the benefits of using this distribution channel. Describe the benefits below.

 

 

 

Question 3: Describe methods of operation of your business venture. In the table below:

1. Name and describe two (2) processes or procedures relating to your business operations:

Procedure 1
Description

 

Procedure 2
Description

 

1. Name and describe two (2) standards or policies for your business operations.

Policy 1
Description

 

Policy 2
Description

 

Question 4: Research and evaluate two (2) customer service strategies that suit your target market. In the tables below:

1. Describe the strategy
2. Provide an estimated weekly time commitment (time cost) i.e. how long will you spend implementing each strategy on a weekly basis e.g. 1 hour per week
3. List one (1) benefits of implementing each strategy

 

Customer Service Strategy #1
Strategy Description
Estimated Weekly Time Cost
Benefit

 

Customer Service Strategy #2
Strategy Description
Estimated Weekly Time Cost
Benefit

 

 

1. Financial Plan

Question 1: Determine your business start-up costs and sources of finance according to your business goals and objectives.

 

1. Determine your start-up business costs by completing the table below. You do not need to complete the entirety of the table, just complete what is applicable to your business venture. Add rows as required.

 

Start-Up Costs
Item	Cost ($)
Business set up (ABN, Name registration, etc)
Industry Registration fees (e.g. Network, Fitness Australia)
Professional insurance
Uniforms
Office consumables
Training equipment
Initial marketing and promotional activities
Franchise fees
Other - [describe other costs here]
TOTAL COST	$

 

1. Determine source/s of finance (i.e. funding requirements) for the required liquidity by entering the amount of funding that you require next to the required source/s. Note, the total amount required should equal that of your startup costs identified above.

 

Source	Amount Required ($)
Personal Savings	$
Friends or Family	$
Bank Loan	$
Venture Capital	$
Other (please describe):	$

 

 

Question 2: Calculate the prices of your offered products and services.

 

1. First, determine your monthly ongoing costs by completing the table below. You do not need to complete the entirety of the table, just complete what is applicable to your business venture.  Complete this based on your predicted first month of operation.

 

Monthly Ongoing Costs
Item	Cost ($)
Motor vehicle expenses
Phone
Rent / Mortgage
Utilities (elec / gas / air con..etc)
Professional Development
Office consumables
Insurance (Professional and business-related)
Marketing and promotional activities
Other - [describe other costs here]
TOTAL COST	$

 

1. Next, determine your monthly profit target and projected monthly income target during the first year of business operation.

First identify how much profit you intend to make each month (Hint: be conservative initially). Then, determine your monthly income target by adding your monthly ongoing costs identified above with your profit target.

Monthly Profit Target
Projected Monthly Income Target

 

1. Now, determine an appropriate price for your offered products and/or services to reach the profit target identified above at minimum. To do ths:

• List your offered products and/or services in the respective tables below, as identified in your product mix analysis. You are required to list all variations (e.g. 1on1 personal training - 30 mins). Add or delete rows as required.
• Determine how many monthly sales are required of each product and/or service, and at what price, to reach your projected monthly income target at minimum.

Products
Product Offering	Monthly Sales	Unit Price	Total Monthly Income
		$	$
		$	$
		$	$

 

Services
Service Offering	Monthly Sales	Unit Price	Total Monthly Income

 

Projected Monthly Income

 

Question 3: Using your financial projections identified above, prepre your cash flow projections and budget targets across the first six-month period of business operation.  To enable ongoing monitoring of your financial performance, complete the Cashflow Forecast Spreadsheet ( at the end of page ). Your projected monthly income and outgoing expenses must align with the figures calculated throughout Questions 1 and 2.

 

 

1. Business Support

Question 1: Support personnel are external people or organisations that provide support to a business through the provision of specialist services and advice based on business needs. In the space below:

1. List two (2) specialist services required for the success of your business
2. Provide an approximate cost for their services
3. Select an appropriate fee structure based on your research

 

Specialist Service	Cost	Fee Structure
	$		One-off		Ongoing		No Fees
	$		One-off		Ongoing		No Fees

 

 

Question 2: Provide two (2) reliable sources of business advice in the table below that would be beneficial to your business venture.

1
2

 

1. Risk Management Plan

 

You are required to analyse your business plan to develop a risk management strategy for your business venture, based on your business goals, activities and products and/or services offered. You will use the Business Risk Register Form to identify and assess business risks and record appropriate control measures. 

 

Step 1: Identify three (3) internal business risks that relate to your business venture, and record these in Table 1 of the Business Risk Register form.

Step 2: Identify three (3) external business risks that relate to your business venture, and record these in Table 1 of the Business Risk Register form.

Step 3: Assess each of the six (6) risks identified by:

1. Determining the likelihood of their occurrence. Record the level and descriptor in Table 1 of the Business Risk Register form (e.g. 3 - Likely). ( refer at the end of the page )
2. Determining the consequence of their occurrence. Record the level and descriptor in Table 1 of the Business Risk Register form (e.g. 4 - Severe).
3. Determining their level of risk and risk rating. Record each in Table 1 of the Business Risk Register form (e.g. Level of Risk = 4, Risk Rating = Low)

Step 4: Prioritise the business risks identified by ordering them from most severe (#1) to least severe (#6) in Table 2 of the Business Risk Register form. 

Step 5: Once the risks have been prioritised, identify one (1) control measure for each, by:

1. Ticking the check box indicating the type of control measure implemented (e.g. Transfer Risk).
2. Providing a 1-3 sentece description of the control measure (e.g. By purchasing cyber Insurance, the risk of social media marketing disruption, via account failure or hacking, is transferred thereby reducing financial loss).
   
    
3. Non-Conformance Plan

You are required to review your completed business plan and assess the likelihood of non-conformance in each component of the plan. You will use the Business Risk Register form to assess possible business non-conformances and record appropriate contingency plans.

 

Step 1: Review the five (5) scenarios presented in Table 3 of the Business Risk Register form. These scenarios represent potential non-conformances throughout each major aspect of your business plan.

Step 2: For each scenario, determine the likelihood of its occurrence. Record the level and descriptor in Table 3 of the Business Risk Register form (e.g. 3 - Likely).

Step 3: Develop a contingency plan to address each non-conformance listed i.e. what workplace processes, systems or plans can be put in place to manage the non-conformance should it occur in the future.

 

Purpose of the form: To be used by Fitness Professionals to identify, assess and prioritise business risks.

 

               TABLE 1

Risk	Likelihood		Consequence		Level of Risk	Risk Rating
	Level	Descriptor	Level	Descriptor
Internal
External

              TABLE 2

Risk		Control Measure
1	Most Severe		Eliminate		Reduce Likelihood		Reduce Consequence		Transfer Risk
		Describe:
2			Eliminate		Reduce Likelihood		Reduce Consequence		Transfer Risk
		Describe:
3			Eliminate		Reduce Likelihood		Reduce Consequence		Transfer Risk
		Describe:
4			Eliminate		Reduce Likelihood		Reduce Consequence		Transfer Risk
		Describe:
5			Eliminate		Reduce Likelihood		Reduce Consequence		Transfer Risk
		Describe:
6	Least Severe		Eliminate		Reduce Likelihood		Reduce Consequence		Transfer Risk
		Describe:

         TABLE 3

Non-Conformance Scenario		Likelihood		Contingency Plan
		Level	Descriptor
1	Business Location: Your intended business location or premises is no longer available for business operation.
2	Business Resources: One or more of your required physical resources is no longer available or accessible upon the commencement of business operations.
3	Offered Service: You receive a client complaint regarding a delivered service.
4	Start-up Cost Finance: Your source/s of finance to fund your start-up costs falls through and is no longer an option.
5	Predicted Income: After 6 months of business operation, you are failing to meet your predicted monthly income, and are not making an adequate profit margin.

LEVEL	LIKELIHOOD	DESCRIPTION
4	Very Likely	Happens more than once a year in your industry
3	Likely	Happens about once a year in your industry
2	Unlikely	Happens every 10 years or more in your industry
1	Very Unlikely	Has only happened once in your industry

LEVEL	CONSEQUENCE	DESCRIPTION
4	Severe	Impact likely to cause business to stop trading or significant financial loss
3	High	Major impact on business with large financial loss
2	Moderate	Moderate impact on business with some financial loss
1	Low	Insignificant impact on business with minimal financial loss

Level of Risk = Consequence x Likelihood

RISK RATING	DESCRIPTION	ACTION
12-16	Severe	Needs immediate corrective action
8-12	High	Needs corrective action within 1 month
4-8	Moderate	Needs corrective action within 3 months
1-4	Low	Does not currently require corrective action

 

CASHFLOW FORECAST

CASHFLOW FORECAST	Month 1	Month 2	Month 3	Month 4	Month 5	Month 6
OPENING BALANCE	$0	$0	$0	$0	$0	$0
Cash Incoming
Sales - Personal Training Services
Sales - Group Training
Product Sales
Other income
Projected Total Monthly Income	$0	$0	$0	$0	$0	$0
Cash Outgoing
Purchases (stock etc)
Utilities (electricity, rates etc)
Telephone
Rent
Motor vehicle expenses
Registration and Insurance
Wages
Other expenses
Total Outgoing	$0	$0	$0	$0	$0	$0
Monthly Cash Balance	$0	$0	$0	$0	$0	$0
CLOSING BALANCE	$0	$0	$0	$0	$0	$0