Final Reflection

The most dreaded experience was the elevator pitch... I didn't even do the first one, the second one was cringey and the third one was much better. 

Interviewing other people for this class was super awkward at times... But I have become more comfortable talking to people, because I realize were all humans, and people are more relatable than I thought... lol
I don't have one experience that stands out the most, but I feel like the class overall, made me break down my vision/thoughts into real life concepts, and then put them all together.  It makes me feel as if my business plan is much more real, and much closer to being established than before this semester when it was just a thought floating around in my mind.

I think in some ways I have moved closer to an entrepreneurial mindset, but not in the general sense. I don't think I'm very creative in finding opportunities in everyday life, I think I just found an opportunity that is personal and holds value to me.  I feel more like an entrepreneur in the sense that my business concept is way more real, and like I said, not just a thought floating around in my mind.  I'm also a firm believer in the law of attraction and speaking things into existence, so I think this class will be the first step in me really truly building my brand and my coaching business.  That is way more than I expected to get out of this class.  Someone told me it was an easy A, and I definitely didn't think this class would be so insightful... But I was pleasantly surprised.

I think students will get the most out of this class if they have something they are truly passionate about and actually want to pursue in real life, like myself.  As opposed to identifying a random need in everyday life and making stuff up for each assignment they don't actually care about enough to pursue outside of this class.  I know not everyone has this, and I guess they could still benefit from the latter, but I would encourage students to turn their passions into their business plan, rather than creating some imaginary product.

Venture Concept #2

*If you've read this before, to save you time, I didn't change anything*

1. Opportunity:

The opportunity I’ve chosen to pursue with my business plan is providing the service of fitness coaching.  The need is fitness coaching.  The niche I’m targeting is those who need a coach because they want to compete.  These individuals have an extremely specific goal, with a time-frame, the dedication and financial means to pursue it.  This need can also pertain to individuals who struggle reaching their fitness goals on their own and simply don’t know where to start, or need the motivation and accountability that a coaching service would provide them.  All of these people have a few things in common- they need help achieving their fitness goals, they have a specific goal, they have the determination and financial means required to achieve this goal. 

This market is not defined geographically- as this could pertain to people all over the world.  My market may be defined demographically, in that I presume most of my clients will be female.  Typically in the fitness industry males work with male coaches and females work with female coaches – not always, and I would coach males as well, but for the MOST part, my market will be female.

Since there will be an application process to work with me as a coach, and individuals must fit certain criteria, and I plan to target a specific niche, my opportunity may not be considered “big.” At least in terms of number of clients who will receive this service.  Quality of service provided also matters so I can’t take tons of clients at once.  So because of this selective and limited process, my opportunity is not “big.”

Innovation:

My innovation is the service of fitness coaching.  This service already exists so it is incrementally innovative.  When a client applies and is selected for fitness coaching with me, they will receive specifically tailored nutrition and training regimen from me.  They will receive specific macronutrient targets to hit daily, and prescribed resistance training and cardio workouts to suit their goals.  They will have weekly communication with me via email where they will send me data (weight, macros, training) from the week, along with progress photos and a video clip discussing how they felt during the week.  I will respond to this with any needed adjustments and advice for the following week.  This exchange will continue for the agreed period in which they paid for coaching.

This service will be pretty costly. It will cost $100 per week for the agreed upon duration, so 24 weeks = $2400.

Because this service is so limited, specific, and expensive, I will also sell non-customized workout plans on my website for a one-time purchase of $50-$100.  I also plan to sell Ebooks, such as “Tracking Macros for Beginners” and “How to grow your Glutes: A scientific approach” as educational material.

Venture Concept:

Because of my knowledge, degree, certifications, and experience I will successfully get people to their fitness goals.  When I do that, they will be pleased with their results and write testimonies that I can share on my website and social media accounts to prove my credibility to others.  This will create interest in me as a coach and my fitness coaching service.

I think people will switch to my service over other coaches’ services because well, there are some truly shitty coaches out there.  Lots of competition prep coaches prescribe overly restricted meal plans to competitors and have them doing hours of fasted cardio and other bullshit that isn’t scientifically proven effective.

With my scientific evidence based approach to diet and exercise, clients of mine will receive the best possible service with the least amount of suffering.  They will be educated as to why I implement the strategies I do and how they work.  I won’t blindly prescribe them hours of cardio and a diet of straight tilapia and asparagus.  This service will be innovative due to my scientific approach.

Price is important in my concept, as lots of people can’t afford coaches.  But then again, lots of people can.  And based on what I’ve heard from other coaches, if everyone says ‘yes’ to the price of your service you’re too cheap.  Also, when there is somewhat of a financial investment in one’s fitness goals, it serves as another means of motivation and accountability for the individual.  Sounds weird, but it’s true.  So I plan to have pretty high prices, that not everyone can afford, but is still reasonable and comparable to other coaches’ prices in the industry.

·      Most important resource- My experience, and the result I get my clients.  Competitors can’t copy that without my past experiences and knowledge.  The proof is in the pudding.

·      What’s next- When I build my brand large enough, I plan to sell merchandise.  Maybe some branded apparel, along with gym accessories- resistance bands, shaker cups etc.

·      What’s next for me- I love this question.  In five years I hope to have built my personal brand so large that I’m a well accredited and sought after coach with clients competing at the pro level. I also want to be a pro level competitor at that point in time, and be selling lots of Ebooks, and workout guides on my website educating and helping people reach their fitness goals. Further down the line when I’m ready to have a family and settle down a little, I want to own my own gym.  Building this brand will allow me the financial means to open a gym which is my end goal. 

2. I didn't really receive feedback to change anything in my business plan.  I received comments agreeing that my experience will be my most valuable resource and that my pricing makes sense.  They also agreed that selling other forms of cheaper options and merchandise is a good idea.

3.  I honestly haven't changed anything based on the feedback I've been given.  Im not saying this is a perfect business plan and it doesn't need to be edited... I just haven't found those things yet.  I'm sure along the way I will, and I'm ready and willing to make changes as they come!

Exit Strategy

My business isn't really something I can sell.  I plan to be a coach for a long time.  This job is one I can do from anywhere in the world, anytime, from my laptop, so I plan to do it as long as I can.  Further, I imagine marrying someone with very similar interests as me (my bf now is also a bodybuilder) and I want to build a brand together, coaching clients and working together.  Again, since we can do this anywhere, on our terms, I can see this being our career for years to come.  Later on down the road I want to open my own gym, and settle down and have a family.  But even then I could keep my business(es).  I kinda just plan to feel this one out as I go.

This isn't a very specific exit strategy, but I love what I do and can do it from anywhere, anytime, and plan to do it as long as I can, or as long as I enjoy it.  If I have established enough other revenue generators by the time I settle down and have a family, then I'll probably slow down on the coaching somewhat.  But either way, I think the entrepreneurial life is one that will allow me to have the time to focus on a family the way I want, rather than working a 9-5 and hardly being around.

I don't think my exit strategy has really influenced any of my decisions this far.  As I've mentioned I want to grow my personal brand, coach clients, then expand to selling other things like ebooks, workout plans, challenges, merchandise and eventually opening a gym.  Once I have those things generating revenue I may do less one-on-one coaching and focus more on my family.  Overall I think since this business idea is a service, it isn't something I could sell, and I think mostly my goals for my personal life shape my goals for my business in the future.

Reading Reflection 3

The Art of Social Media: Power Tips for Power Users, Guy Kawasaki

1) What was the general theme or argument of the book?

This book is basically explaining advice/tips for developing a successful social media account.  The book addresses 4 topics: how to build a foundation, how to feed the content monster, how to attract more followers, and how to integrate social media and blogging.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
This book somewhat connected with what we've learned in this class because we've leaned about marketing our audience.  And depending on your product/service social media could be a HUGE marketing tool for a lot of people's businesses.  Mine for example targets the fitness industry, and social media is pretty much a cornerstone in building a successful business in the fitness industry now a days.  If you aren't relevant and popular on social media today, you won't really be recognized in the fitness industry.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
I would make students create an Instagram profile or Facebook page for their business plan.  This would include a proper profile photo, bio- including links to email/website/blog/linked in profile etc.  Then 3-5 posts relevant to their business plan with the intention of marketing.  I would encourage students to create their own business graphics, using an app like Canva.  I would include all of these components because they are all tools that students would benefit from learning, and could potentially help them market and grow their business in the future.

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

One thing that was an "aha" moment for me was when he explained profile photos.  He said that a good profile photo is important for building a foundation, and that a good profile photo should be your face, should be asymmetrical, and it should be bold- convincing people you are likable, trust worthy and competent.  I picked up my phone and went on Instagram after this and that was when I said "aha."  Do it now, you'll get it too.

And lastly one thing I thought was good advice was to only "go three rounds."  What he means by this is if someone is commenting on your content being negative/hating etc.  Only go three rounds of engaging with them.  If they comment something negative (round1), you can respond something back(round 2), if they comment back (round 3), don't reply.  That's it, 3 rounds.  He explains that you should treat your social media platform as a linked in account, in the sense that you handle it responsibly, professionally, and with integrity.

Celebrating Failure

I'm going to tell you the story of my failures at UF as an engineering major, and why they were the best thing that ever happened to me.

To preface this story, let's go back a few years. 

I was always the "smart kid."  From the time I was in second grade I was in the school's gifted program, I went to an IB middle school, I dual enrolled in high school, and graduated as valedictorian with a 5.3 GPA and 36 hours of college credit.  I always loved math.  In first grade I used to do my math assignments as fast as I could and ask the teacher for extra problems to solve.... NERD, I know.

In addition to this, my Dad was a mechanic and I'm his only child so I grew up working on cars.  When I got into high school we had academies to choose from, almost like choosing a major in college.  I chose both the engineering and automotive academies.  Putting two and two together I decided I wanted to be an automotive engineer and design car engines.

I was ecstatic to get accepted to UF, and was so ready to move out of my small town and go to college.  Since school had always come so naturally to me, I thought "this will be a breeze."

LOL is all I have to say about that one.

You know when you have your whole life figured out (or so you think) and then it. all. falls. apart....

Yeah, I immediately felt like a tiny minnow lost in the ocean when I began taking classes with thousands of students in auditoriums here at UF.  My first semester I dropped calculus 1 and failed chemistry 1.  It was such a shock going from being the smart kid with her whole career planned out, to being a failure...

I retook those classes and passed.

I retook calculus 2 THREE TIMES, before passing, and then took differential equations back home at FGCU and got an A (eye-roll).

In case you can't tell I am extremely hard headed and was not going to let someone tell me I couldn't do something, I wasn't going to accept failure, give up, or change my major unless it was on my terms.

Some time went by, and I had 2 years of college under my belt.  I thought I had it figured out.  Then physics two and statics showed me I still knew nothing.  In addition, I rushed an engineering fraternity, thinking it'd be a great networking opportunity for me, I'd make smart engineering friends, get internships, etc.

Then I got voted out of the fraternity during my pledge semester.  FAILURE STRIKES AGAIN.

This was it.  This was the turning point for me.
This whole time I was struggling in engineering, I was working out 6 days a week, weight training, doing cardio, meal prepping, teaching my friends about health/fitness etc.  It was m hobby, my passion.
I finally decided I had enough with engineering, it wasn't for me.  But I also knew I couldn't change my major to something like business, or something else I wasn't interested in... SO I decided it was time to turn my hobby and my passion into my career.  I didn't know how, but I decided to go for it and figure it out along the way.

So in summary... all of these FAILURES made me feel discouraged, and lost, and like my life was falling apart, when really it was falling together.

That cliche saying "when one door closes, another one opens"...  I believe it.

I now LOVE what I'm studying.  I appreciate school, my major, my classes and my professors everyday.  I'm succeeding and have made the dean's list two semesters in a row.  I got a really competitive internship position at a gym!  I'm a certified personal trainer, I'm already selling workout plans, training clients in person, and helping people with their diet/nutrition.  My interests/hobbies/passion have become my life.  And now I'm a freaking entrepreneur, building my own brand so I never have to work a day in my life.  How freaking cool is that?

I now tell this story with pride.  I'm not shameful of my failures.  I'm grateful that this is how things turned out.  And in turn, in the face of struggle and adversity, I now have more confidence that everything's going to be okay, even if I don't know what that looks like yet.

Putting it all Together

Opportunity:

The opportunity I’ve chosen to pursue with my business plan is providing the service of fitness coaching.  The need is fitness coaching.  The niche I’m targeting is those who need a coach because they want to compete.  These individuals have an extremely specific goal, with a time-frame, the dedication and financial means to pursue it.  This need can also pertain to individuals who struggle reaching their fitness goals on their own and simply don’t know where to start, or need the motivation and accountability that a coaching service would provide them.  All of these people have a few things in common- they need help achieving their fitness goals, they have a specific goal, they have the determination and financial means required to achieve this goal. 

This market is not defined geographically- as this could pertain to people all over the world.  My market may be defined demographically, in that I presume most of my clients will be female.  Typically in the fitness industry males work with male coaches and females work with female coaches – not always, and I would coach males as well, but for the MOST part, my market will be female.

Since there will be an application process to work with me as a coach, and individuals must fit certain criteria, and I plan to target a specific niche, my opportunity may not be considered “big.” At least in terms of number of clients who will receive this service.  Quality of service provided also matters so I can’t take tons of clients at once.  So because of this selective and limited process, my opportunity is not “big.”

Innovation:

My innovation is the service of fitness coaching.  This service already exists so it is incrementally innovative.  When a client applies and is selected for fitness coaching with me, they will receive specifically tailored nutrition and training regimen from me.  They will receive specific macronutrient targets to hit daily, and prescribed resistance training and cardio workouts to suit their goals.  They will have weekly communication with me via email where they will send me data (weight, macros, training) from the week, along with progress photos and a video clip discussing how they felt during the week.  I will respond to this with any needed adjustments and advice for the following week.  This exchange will continue for the agreed period in which they paid for coaching.

This service will be pretty costly. It will cost $100 per week for the agreed upon duration, so 24 weeks = $2400.

Because this service is so limited, specific, and expensive, I will also sell non-customized workout plans on my website for a one-time purchase of $50-$100.  I also plan to sell Ebooks, such as “Tracking Macros for Beginners” and “How to grow your Glutes: A scientific approach” as educational material.

Venture Concept:

Because of my knowledge, degree, certifications, and experience I will successfully get people to their fitness goals.  When I do that, they will be pleased with their results and write testimonies that I can share on my website and social media accounts to prove my credibility to others.  This will create interest in me as a coach and my fitness coaching service.

I think people will switch to my service over other coaches’ services because well, there are some truly shitty coaches out there.  Lots of competition prep coaches prescribe overly restricted meal plans to competitors and have them doing hours of fasted cardio and other bullshit that isn’t scientifically proven effective.

With my scientific evidence based approach to diet and exercise, clients of mine will receive the best possible service with the least amount of suffering.  They will be educated as to why I implement the strategies I do and how they work.  I won’t blindly prescribe them hours of cardio and a diet of straight tilapia and asparagus.  This service will be innovative due to my scientific approach.

Price is important in my concept, as lots of people can’t afford coaches.  But then again, lots of people can.  And based on what I’ve heard from other coaches, if everyone says ‘yes’ to the price of your service you’re too cheap.  Also, when there is somewhat of a financial investment in one’s fitness goals, it serves as another means of motivation and accountability for the individual.  Sounds weird, but it’s true.  So I plan to have pretty high prices, that not everyone can afford, but is still reasonable and comparable to other coaches’ prices in the industry.

·      Most important resource- My experience, and the result I get my clients.  Competitors can’t copy that without my past experiences and knowledge.  The proof is in the pudding.

·      What’s next- When I build my brand large enough, I plan to sell merchandise.  Maybe some branded apparel, along with gym accessories- resistance bands, shaker cups etc.

·      What’s next for me- I love this question.  In five years I hope to have built my personal brand so large that I’m a well accredited and sought after coach with clients competing at the pro level. I also want to be a pro level competitor at that point in time, and be selling lots of Ebooks, and workout guides on my website educating and helping people reach their fitness goals. Further down the line when I’m ready to have a family and settle down a little, I want to own my own gym.  Building this brand will allow me the financial means to open a gym which is my end goal. 

What's Next

Existing Market. 

Step 1: 

I've mentioned this in previous posts. The main focus of my business plan is to provide the service of one on one coaching for clients with specific goals, 100% dedication, and the financial means to afford coaching.  Since this is a small niche, I plan to differentiate my offered services by selling non-customized workout plans on my website.  This product will still apply to the same market- people with fitness goals- but it is a cheaper option that requires less dedication, commitment etc.

Step 2:

I spoke to three friends of mine who all have very specific fitness goals and currently have, or have had coaches in the past. When I explained to them my business plan (which several coaches/social media influencers have already proven to be successful when executed properly) here are what they suggested was next for me:

Merchandise -  One of my friends mentioned selling branded merchandise.  Again, imagine Steve Cook selling swoldier nation T-shirts and bicep blasters, or Katy Hearn selling resistance bands and hoodies.

Ebooks- Another friend suggested selling Ebooks such as nutrition guides, How to track your macros, what to know before competing in the NPC, and other relevant fitness subjects.

App- The last friend suggested creating an app with follow-along workouts, or an interactive discussion board for fitness questions/answers.

When I explained offering both one on one coaching and the less epensive, one time purchase workout plans, they said it was a great idea.  They all agreed not everyone needs or has the money to pay for a coach so this is a great option to offer.  They also said that I can do that, and sell merchandise, Ebooks, or have an app, in addition to my plan, (and one day I hope to offer all of the above.)

Step 3: 

I believe all of these ideas are relevant and make sense in my business venture, and existing market.  I think over time as I build social media platforms and gain a following/audience I can slowly incorporate these ideas and further differentiate my offered products/services.

New Market.

Step 1: 

Since my existing market is those who have very specific fitness goals, have the time and dedication to pursue those goals, and have the financial means of doing so, the radically different market would be overweight individuals, maybe people who have never been in a gym before, who don't understand the general concepts of nutrition, and don't have financial means to hire a coach.

Step 2: 

To target this market I could (this is pretty out there but hang with me) travel to big cities/highly populated areas and hold free fit-camps... For example, hold a free workout session, with a Q&A seminar, and possibly even partner with healthy food services in that area and/or supplement companies to give out free samples.  This would provide value to this market by providing education about health/fitness and available services in their area, as well as serve as a marketing tool for my personal brand and the businesses that participate.

Step 3: 

I spoke to two "un-fit" individuals who I think would fit in this market and one suggested offering  a free week of workouts, or few free weeks of coaching for them to see if they like it and can stick to it before they purchase something.  I thought this was a good idea that could easily be done.

The other individual said my plan sounded good, and that they would be interested in something like that in their area.  They did not make suggestions as to what to adapt about my business plan.

Reflection:

Before this I hadn't truly considered this market.  I always thought I could help the overweight population get healthier and lose weight, but I didn't think about strategically marketing them since my personal interest is in competing and that's a very small and specific niche.  

Surprisingly I do think this market is as attractive as my existing market, because theres the potential to really change and impact peoples lives in a big way.  I will definitely consider this moving forward with my business plan and try to offer lots of free and introductory options and try to market this market more (lol).