1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?
I am a "fit-repreneur"... In other words, fitness is my life, and I plan to make it my career. I am about to graduate with a B.S. in applied physiology and kinesiology with a specialization in health and wellness. I am an ISSA certified personal trainer. I am an NPC bikini bodybuilder, flexible dieter, and invest pretty much all of my free time into educating myself more about fitness.
Fitness has been my life since I was 16, and now I plan to make it profitable. This business idea will allow me to do what I love everyday and educate people about what I am passionate about, and make a living.2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).
I'm offering a service of fitness-coaching to clients. This service is to solve their problem of not being successful in accomplishing their fitness goals on their own. Whether that be because they don't know what to make of all the contradictory information available about health/fitness, or they lack accountability etc. They will receive nutrition and training plans, motivation and guidance from me, and become educated about these things along the way.
In addition to the service of coaching I will also offer non-customized training/nutrition programs to target people with different financial resources, or different goals.
3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?
All of my customers are passionate about their own health/fitness, and are seeking to improve their physique. I anticipate most of my customers will be female.
I'm offering the most expensive option (personalized training & nutrition with check-ins) to only those who are really serious about their fitness goals. This will likely be females looking to compete, or looking to improve their physique for a special event.
In addition, I will offer different degrees of customization to meet the different needs of potential customers people. So people who have less specific fitness goals, fitness beginners, or those who want guidance but not a coach can buy plans through a website as well.
All of my customers are passionate about their own health/fitness, and are seeking to improve their physique. I anticipate most of my customers will be female.
I'm offering the most expensive option (personalized training & nutrition with check-ins) to only those who are really serious about their fitness goals. This will likely be females looking to compete, or looking to improve their physique for a special event.
In addition, I will offer different degrees of customization to meet the different needs of potential customers people. So people who have less specific fitness goals, fitness beginners, or those who want guidance but not a coach can buy plans through a website as well.
4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.
I plan to grow my social media platforms (Instagram and YouTube) where my audience will be able to see that I am knowledgeable about health and fitness and not just some Instagram model selling a workout plan she didn't even write. In addition, my audience will be able to see my credibility through my personal physique and experience competing, and I will have a section of my website dedicated to client testimonials/transformations where potential clients can see the success others have achieved while working with me.
*Basically think of your favorite IG model/fitspiration/YouTuber and how they grow a large social media following, and then direct their audience to their website to purchase X.
5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?
Overall, I have the knowledge/credibility from my degree and PT certification. As well as my own experience and physique as a testament to my credibility.
I'm going to separate myself from other fitness coaches by expressing my concern for my clients well being, building relationships with them, and approaching their fitness goals in a way that works for THEM. I don't send the same plan to everyone and expect them to see results, I don't push unhealthy restrictive eating habits, or excessive cardio on my clients. I help them to achieve their goals in a healthy way and build a foundation of trust with them, and provide them motivation and support along the way. I believe my values and practices will separate my from others, and the success I help others achieve will be a further testament to my work.
Overall, I have the knowledge/credibility from my degree and PT certification. As well as my own experience and physique as a testament to my credibility.
I'm going to separate myself from other fitness coaches by expressing my concern for my clients well being, building relationships with them, and approaching their fitness goals in a way that works for THEM. I don't send the same plan to everyone and expect them to see results, I don't push unhealthy restrictive eating habits, or excessive cardio on my clients. I help them to achieve their goals in a healthy way and build a foundation of trust with them, and provide them motivation and support along the way. I believe my values and practices will separate my from others, and the success I help others achieve will be a further testament to my work.
Evaluation:
I believe these elements fit together... I personally don't see any holes in this business plan. I know this works because I'm not the first person to build this kind of business. I've personally worked with coaches and purchased plans, so I know that this actually works.
I believe these elements fit together... I personally don't see any holes in this business plan. I know this works because I'm not the first person to build this kind of business. I've personally worked with coaches and purchased plans, so I know that this actually works.
Feedback memo:
The feedback I received was that if I want to be successful I have to truly differentiate myself from others in the fitness industry and I think that's a great point. There's a lot of other fitness coaches out there so why would someone choose me as their coach? I don't have the best answer to this yet other than my raw passion will be displayed through my work, and I believe once I help others to be successful and they provide testimonies, it will prove my credibility and make others want to work with me.
The feedback I received was that if I want to be successful I have to truly differentiate myself from others in the fitness industry and I think that's a great point. There's a lot of other fitness coaches out there so why would someone choose me as their coach? I don't have the best answer to this yet other than my raw passion will be displayed through my work, and I believe once I help others to be successful and they provide testimonies, it will prove my credibility and make others want to work with me.
Hi Megan! It seems as if you are very self-aware of who you are and what your talents are. It is great that you are studying something that pertains to your actual career, and even greater that you used it as a business concept for this class. Although it is difficult to differentiate yourself, you are already doing a great job by simply knowing yourself. Showcase that through your work, and the rest will follow through.
ReplyDeleteTo me this assignment was a weird one because we basically had to do it all over again, but not much had changed. I think you did a great job though by incorporating the feedback form Idea Napkin One, into this new revised version. I can really see anything I'd change, just continue to follow your passions and hopefully it works out!
ReplyDeleteI agree that your business plan seems very safe, since it has been proven to provide success to good coaches. It is great that you are aware about the saturation in this market. You hit the nail on the head by saying that your passion could set you apart. Also, testimonies from your clients would be extremely useful as well.
ReplyDelete