IA03
Personal Business Plan
Mission Statement
Our mission is to provide a fun and engaging environment for people ages 5 all the way up to 25. We want every customer to have completed or learned something at Hit or Miss during their visit.
Business Environment
The industry that I will be competing in is the sports/fitness industry which is very hard to start up. The name of my business is Hit or Miss. Hit or Miss is a sports facility that has certified coaches and personal trainers to help train athletes in areas that they need improvement or want to learn new skills. The Hit or Miss facility is a baseball and softball facility that also has a gym that is accessible twenty-four hours a day. For supply and demand in the sports industry, it changes with the seasons. When baseball and softball are in season around the spring months, there will be an increase in the number of people that come to Hit or Miss. Therefore, in the spring months, we will be bringing in more revenue in comparison to the winter months.
Entrepreneurship and Strategy
As the CEO of the startup Company Me, the challenges that I envision "promoting" and "selling" Product ME is the initial startup. In the sports and fitness industry, it is hard to promote your business because people think its just like every other one they've seen before. My business will be different from the others due to the fact that we will have certified coaches who are experts in baseball and softball and hours to accommodate our customer's busy lifestyles. Being an entrepreneur can be very challenging without any experience owning your own business beforehand. An entrepreneur is defined as someone who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it (Collins, 2017). Being a risk taker is a challenge in itself because things could go exactly as planned or they could go the totally opposite direction. I think once you get in the routine of things it will be easier because you're used to doing certain things every day.
Management
As the general manager of Hit or Miss, I will uphold our mission statement and make sure our customers are always satisfied. If a customer is not satisfied they will receive a full refund and a letter from me explaining how we are going to improve the way we operate at Hit or Miss. Customer loyalty is one of Hit or Miss's top values. If our customers are not satisfied, then myself as the top manager is not happy. The core values of Hit or Miss are fun, learning, and results. These may seem like vague core values but let me explain them. The first core value is fun because we want everyone to enjoy themselves when they come to Hit or Miss. It is a very laid back atmosphere and all of the employees are happy to assist you if you have any questions. The next core value is learning. When a customer comes to Hit or Miss our number one goal is that they leave with some new knowledge of a certain skill or how to improve on something. Our certified coaches are there to help you succeed and will never make you feel bad about yourself if you are doing something incorrectly. Our approach is to help improve your skills and build on them. Our last value is results. Hit or Miss we can track your progress with our computer system. If you start coming to Hit or Miss in the middle of the summer and by the time it comes to winter we can show you how you have improved in certain areas and what areas you can put a little work in. We do this through our very advanced technological system. We have live footage from every session you take at Hit or Miss and it is stored in our system for the customer's benefit. After a session, we can email you the footage from your session and you can see what you accomplished. We will set weekly, monthly, and yearly goals for employees to complete. When an employee completes goals consistently and goes above and beyond, they will be rewarded and recognized.
Marketing
As far as promoting Hit or Miss, I would create a website as well as business cards to hand out at local businesses near Hit or Miss to network and let people know about my business. Social Media will be a big part of promoting my business. There will be a Facebook, Twitter, Instagram, Snapchat, and a professional website advertising Hit or Miss. My potential customers can range from five years old all the way to twenty-five years old. My target audience/market is the younger generation due to the fact that sports are a huge deal in this day and age. Having a facility to practice and train that is accessible at very convenient times makes it perfect for my customers.
Product - The product/service that Hit or Miss is providing is individualized learning at your own speed. You can schedule an appointment or register for one of the classes that we offer with our certified coaches in baseball or softball. If you would like to get a good workout in, we also have personal trainers that can work with you towards your goals.
Price - Prices will be very affordable considering we a new business and we want to get a lot of people in the door. As we start getting a steady customer base we want to create a weekly, monthly, and yearly plan for our customers to take advantage of. Instead of paying for individual sessions with the coaches, you can go for one week and pay one rate. You can also do this with the monthly and yearly option also once we get a steady customer base.
Place - Our location is in Verona which is located about twenty-five minutes from Pittsburgh. We chose this location because it is located in a great area. There are many high schools, middle schools, elementary schools, and also colleges that are very close by. Since our target market is aged five to twenty-five, we thought that this area would be perfect to launch our new business.
Promotion - For promotions, we are going to offer a free clinic to anyone ages five to twenty-five the day of our grand opening from 3 pm to 5 pm. Also, we are going to have weekly specials that will be promoted through all of our social media platforms as well as flyers that will be hung around the community. We are also going to have an email club that is free to sign up for and you will receive weekly specials and updates about Hit or Miss.
Accounting and Finance
To manage investments we plan on being on top of everything. We plan on hiring an accountant to make sure no numbers are messed up due to mistakes or errors. Also, on a weekly and monthly basis, we will be planning out everything that we need for the business and how much the cost of each item is. I will create a financial plan for Company Me by making sure we have enough money to cover expenses and if we do not I will figure out a way to cut out certain things that are not necessary.
Assets
Cash: $10,000
Accounts Receivable: $8,000
Inventory: $12,000
Supplies: $5,000
Total Current Assets: $35,000
Liability and Owners Equity
Liabilities: $3,000
Owners Equity: $5,000
Information Systems and Operations
As the CIO of Company Me, the information systems tools and analytics that I would consider using to optimize my productivity and operational efficiency would be Google Analytics. Google Analytics would help me keep track of the website traffic.
References
Karen Collins. (2017). Exploring Business. Boston, MA: FlatWorld
Mission Statement
Our mission is to provide a fun and engaging environment for people ages 5 all the way up to 25. We want every customer to have completed or learned something at Hit or Miss during their visit.
Business Environment
The industry that I will be competing in is the sports/fitness industry which is very hard to start up. The name of my business is Hit or Miss. Hit or Miss is a sports facility that has certified coaches and personal trainers to help train athletes in areas that they need improvement or want to learn new skills. The Hit or Miss facility is a baseball and softball facility that also has a gym that is accessible twenty-four hours a day. For supply and demand in the sports industry, it changes with the seasons. When baseball and softball are in season around the spring months, there will be an increase in the number of people that come to Hit or Miss. Therefore, in the spring months, we will be bringing in more revenue in comparison to the winter months.
Entrepreneurship and Strategy
As the CEO of the startup Company Me, the challenges that I envision "promoting" and "selling" Product ME is the initial startup. In the sports and fitness industry, it is hard to promote your business because people think its just like every other one they've seen before. My business will be different from the others due to the fact that we will have certified coaches who are experts in baseball and softball and hours to accommodate our customer's busy lifestyles. Being an entrepreneur can be very challenging without any experience owning your own business beforehand. An entrepreneur is defined as someone who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it (Collins, 2017). Being a risk taker is a challenge in itself because things could go exactly as planned or they could go the totally opposite direction. I think once you get in the routine of things it will be easier because you're used to doing certain things every day.
Management
As the general manager of Hit or Miss, I will uphold our mission statement and make sure our customers are always satisfied. If a customer is not satisfied they will receive a full refund and a letter from me explaining how we are going to improve the way we operate at Hit or Miss. Customer loyalty is one of Hit or Miss's top values. If our customers are not satisfied, then myself as the top manager is not happy. The core values of Hit or Miss are fun, learning, and results. These may seem like vague core values but let me explain them. The first core value is fun because we want everyone to enjoy themselves when they come to Hit or Miss. It is a very laid back atmosphere and all of the employees are happy to assist you if you have any questions. The next core value is learning. When a customer comes to Hit or Miss our number one goal is that they leave with some new knowledge of a certain skill or how to improve on something. Our certified coaches are there to help you succeed and will never make you feel bad about yourself if you are doing something incorrectly. Our approach is to help improve your skills and build on them. Our last value is results. Hit or Miss we can track your progress with our computer system. If you start coming to Hit or Miss in the middle of the summer and by the time it comes to winter we can show you how you have improved in certain areas and what areas you can put a little work in. We do this through our very advanced technological system. We have live footage from every session you take at Hit or Miss and it is stored in our system for the customer's benefit. After a session, we can email you the footage from your session and you can see what you accomplished. We will set weekly, monthly, and yearly goals for employees to complete. When an employee completes goals consistently and goes above and beyond, they will be rewarded and recognized.
Marketing
As far as promoting Hit or Miss, I would create a website as well as business cards to hand out at local businesses near Hit or Miss to network and let people know about my business. Social Media will be a big part of promoting my business. There will be a Facebook, Twitter, Instagram, Snapchat, and a professional website advertising Hit or Miss. My potential customers can range from five years old all the way to twenty-five years old. My target audience/market is the younger generation due to the fact that sports are a huge deal in this day and age. Having a facility to practice and train that is accessible at very convenient times makes it perfect for my customers.
Product - The product/service that Hit or Miss is providing is individualized learning at your own speed. You can schedule an appointment or register for one of the classes that we offer with our certified coaches in baseball or softball. If you would like to get a good workout in, we also have personal trainers that can work with you towards your goals.
Price - Prices will be very affordable considering we a new business and we want to get a lot of people in the door. As we start getting a steady customer base we want to create a weekly, monthly, and yearly plan for our customers to take advantage of. Instead of paying for individual sessions with the coaches, you can go for one week and pay one rate. You can also do this with the monthly and yearly option also once we get a steady customer base.
Place - Our location is in Verona which is located about twenty-five minutes from Pittsburgh. We chose this location because it is located in a great area. There are many high schools, middle schools, elementary schools, and also colleges that are very close by. Since our target market is aged five to twenty-five, we thought that this area would be perfect to launch our new business.
Promotion - For promotions, we are going to offer a free clinic to anyone ages five to twenty-five the day of our grand opening from 3 pm to 5 pm. Also, we are going to have weekly specials that will be promoted through all of our social media platforms as well as flyers that will be hung around the community. We are also going to have an email club that is free to sign up for and you will receive weekly specials and updates about Hit or Miss.
Accounting and Finance
To manage investments we plan on being on top of everything. We plan on hiring an accountant to make sure no numbers are messed up due to mistakes or errors. Also, on a weekly and monthly basis, we will be planning out everything that we need for the business and how much the cost of each item is. I will create a financial plan for Company Me by making sure we have enough money to cover expenses and if we do not I will figure out a way to cut out certain things that are not necessary.
Assets
Cash: $10,000
Accounts Receivable: $8,000
Inventory: $12,000
Supplies: $5,000
Total Current Assets: $35,000
Liability and Owners Equity
Liabilities: $3,000
Owners Equity: $5,000
Information Systems and Operations
As the CIO of Company Me, the information systems tools and analytics that I would consider using to optimize my productivity and operational efficiency would be Google Analytics. Google Analytics would help me keep track of the website traffic.
References
Karen Collins. (2017). Exploring Business. Boston, MA: FlatWorld
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