2. Undertake research for the business plan.

You must consider:

• Any relevant organisational or legislative frameworks
• Business vision, mission, and values
• Business requirements
• Market requirements
• Competitor information
• Pricing information.

BUSINESS PLAN:

Business Plan: Launching a Virtual Personal Training Service

Description of the Business: The business will offer virtual personal training services to clients who want to improve their fitness and health. The virtual personal training service will provide online consultations, fitness assessments, personalized training plans, nutrition guidance, and progress tracking to clients. The service will be accessible to clients through an online platform, allowing them to train from anywhere with a personal trainer.

Products and Services: The services that the business will offer include:

• Online consultations and fitness assessments
• Personalized training plans
• Nutrition guidance
• Progress tracking
• Access to a personal trainer through an online platform

A. Financial, Human, and Physical Resources: Financial:

• Initial investment of $50,000
• Monthly operating costs of $10,000 Human:
• 3 certified personal trainers with experience in virtual training
• 1 customer service representative Physical:
• Computer hardware and software for virtual training
• Office space and equipment

B. Relevant Legislation: The business will comply with the following regulations:

• Health and Safety regulations
• Data Protection regulations
• Consumer Protection regulations

C. Marketing: The business will use various marketing strategies to attract clients, including:

• Social media advertising
• Google AdWords
• Influencer marketing
• Referral program
• Email marketing

D. Budgets: The budget for the first year of operation is as follows:

• Salaries and wages: $150,000
• Marketing expenses: $50,000
• Operating expenses: $120,000
• Equipment and technology expenses: $30,000
• Total budget: $350,000