Neuro Fitness is a business that will deal with selling of workout and nutritional supplements that stand out more than other competitor businesses. The business will be located less than a mile away from a popular gym with the main objective of selling vitamin supplements to people and advocating for healthier lives among people. The business premise will have a smoothie bar where people could have a healthy drink of their choice in order to restore their energy after workouts at the gym.adequately accommodate around 10-15 vehicles and will suit all the customers that visit Neuro Fitness. As such, the distance from thestore will be in an all in one shop category, which offers a variety of products and services that other shops lack. These aspects make my business unique, and more preferable compared to those of the competitors.
Mission Statement: Our mission is providing every customer with the most effective ethical representation possible and assisting them attains their goals of having a healthy life.
Objectives: have certified personal trainers who provide guidance to the customers about the healthy supplements. To that end, we understand our customers needs, which helps us to provide effective, quality, and honest services. Neuro Fitness has a great potential for becoming the prime store that will beat any other competitor in all ways as we believe in providing high-quality healthy supplements in a comfortable atmosphere.
As much as advertising will yield the results in at a slow pace, the reputation of the business will still be evident from the skills shown by the personal trainers and their diverse knowledge on health issues. More also, there will be different samples from popular products available in the store for people to enhance trials by incorporating other healthy supplements. Consequently, this will be like advertising other popular companies that could appreciate this aspect by promoting the business through offering better deals. As such, the larger companies could provide the products at a subsidized price, which means that the business will be able to make higher profits as well as offer them at a reasonable price.
Raising my capital
The start-up capital could be obtained from the financial institutions in the form of a loan, or by borrowing some money from my relatives as well as from friends. With that, I will rent a nice place that is close to a well-known gym center for a period of around one year to determine how much the business will make while in that particular location. By researching on what is mostly consumed within the first six months, it will be easier to estimate the amount of inventory required as well as the finances to be used.
How to reach my goals and people to assist me
To reach my goal, I will employ around ten employees and two qualified managers to maintain the store records, check on the financial statements, and ensure that the business operations are aligning with the set objectives. Among the ten employees, four of them will operate on a full-time basis, to ensure that the business never lacks experienced trainers at any given time, while the rest are part-time workers. With time, I will look for a good friend who has a vast knowledge of supplements and on how to run such a business, and then I will collaborate with him/her. More also, getting a reliable supplier will be beneficial to the business because the prices for the supplements are usually quite high, and they go bad quickly, leading to losses. Therefore, a reliable supplier will help reduce the costs incurred in losses through cost sharing or replacing the products.
My business uniqueness
At Neuro Fitness, the equipment will be advanced to levels that will enhance the provision of quality services as well as remodeling of the store to effectively accommodate the needs of the customers. Moreover, the business will provide detailed information on all the supplements for the consumers to see and make the right decisions concerning what supplements to purchase.
Marketing analysis and plan
Most of the people who attend the gym are miIDle-aged individuals who, with a little motivation will prefer to purchase the Neuro Fitness products. The company will have special deals every day for different supplements where the promotion will be based on the quantity an individual buys. As such, the more supplements a customer buys, the better the deal they will get from the company. Subsequently, I will have a stamp card and other rewards system where a customer gets $10 store credit for every $100 they spend.
Completing the balance sheet, the income statements, and the cash flow statement is an essential step when developing a companys financial reports as they show the amount of cash that is entering and leaving the company. With these, I will be able to understand the operations of the business as well as allow other larger companies to trust and support my company.
Start-up budget (capital)
|Monthly Costs||Cash Needed to start ($)||Actual Cash Spent ($)|
|Salary of owner||800||700|
|All other salaries and wages||1000||1200|
|Taxes and other social security||100||140|
|Legal and other professional fees||400||250|
|Fixtures and Equipment||3000||3300|
|Decorating and Remodeling||1000||400|
This information helps the owner budget the amount of capital they will require to start the business as well as be able to monitor the expenses. As such, the total of both the one-time costs and the monthly costs give you the initial capital to commence the business.
Income Statement for Neuro Fitness Company
For the year ended 31 Dec 2015
|Sale of supplements||12500|
|Income from services offered||6000|
|Purchase of the supplements||7500|
Profitability of the business will be estimated by deducting the expenses of the business from the total income. Income is that revenue gene
Balance sheet for Neuro Fitness Company
For the year ended December 31, 2015
|Total current assets||6300|
|Total fixed assets||3000|
|Total current liabilities||4200|
|Total liabilities and equity||9300|
This balance sheet is the book value of the company, which shows the differences between the assets and the liabilities. It displays the amount of money that the company remains with after paying off all the debts and is a good reflection of the companys financial strength.
Cash Flow Statement
Neuro Fitness Company
For the year ended 31 Dec 2015
|Cash flow from operations||($)|
|AIDitions to cash:|
|Decrease in Accounts Receivable||5000|
|Increase in Accounts Payable||1500|
|Increase in Taxes Payable||140|
|Subtractions from cash:|
|Increase in Inventory||(300)|
|Net Cash from Operations||16390|
|Cash flow from Investing:|
|Cash flow from financing|
|Cash Flow for FY ended 31 Dec 2015||15790|
This key accounting report represents the amount of money (cash) that flows or that gets in and out of the business. The information or data obtained above will assist me in evaluating my companys operations, investing criteria and how to finance the different projects.
SBA. (n.d.). Estimating Startup Costs | The U.S. Small Business Administration | SBA.gov. Retrieved from https://www.sba.gov/content/estimating-startup-costs
Ittelson, T. R. (2009). Financial statements: A step-by-step guide to understanding and creating financial reports. Franklin Lakes, NJ: Career Press
Barringer, B. (2008). The truth about starting a business. FT Press.
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