Economic Business Project

BY: Ella Starnes and Daniela Sanz

Hola Fitesson Gym

Phone Number: 586-164-2686 Address: 5592 Main St, Lexintgon, MI Email: hola.fittness.gym@gmail.com Website: https://www.holafitnessongym.com

Hola Fitnesson Gym

Gym business

Requirements

COMPARISON

PROCESS

MAP

Our business

service/good

DATA

Partnership

TIMELINE

Important

THANKS

Why a partnership?

In our business we would like to form a partnership because we are two people who have the same ideas and thoughts in order to start a business. We would discuss who is better at certain things in order to form an agreement to and obtain a balance between the two people owning the gym and how much each one would earn. Our partnership costs with two people within the business would be 50-50%.

Advantages and Disadvantages:

Advantages: Gym ownership allows for fostering a community of health - concious individuals and potentially reaping significiant finacial rewards. Other examples of advantages: Passion for fitness and health, community building, influence on health and wellness.

+info

Disadvantages: The need for substantially upfront inuestment and challanges of manitaining a consistent client base. Other examples of disadvantages: The cost of mainitianing a gym may be expensive at times, epecially if you need to purchase equipment. You may need to also hire staff that will help you run the gym, this may also add to the expenses becuase you will need to pay them.

SUCCESSFULLY

• Make a business plan.
• Secure funding.
• Surround yourself with the right people.
• Follow the right legal procedures.
• Establish a location.
• Develop a marketing plan.
• Build your customer base.
• Plan to change

LEGALLY

• Tax numbers
• Business name registration
• Incorporation number
• Partnership agreement
• Data protection and privacy compliance.

CORRECTLY

• Conduct market research
• Write own business plan
• Business location
• Structure
• Name
• Register your business
• Federal and state tax

Requirements

What is the structure of a gym partnership:

A gym parthnership typically involves a cooperative relationship between two individuas within a fitness industry. This can take on various forms of collaborating, for example a fitness coach may partner with a local gym, a nutritionist may seek to form a partnership with a fitness studio and lastly a gym may choose to collaberate with a corporate entity to offer individuals with a wellness of employee program. The final goal of all of this is to create a win - win situation between both partys that will benefit each of the groups.

+info

The finances would be lead by Daniela because she has more knowledge in that area, while Ella would direct all the commertial products.

Who does what in our buisness:

ROLES: -Daniela Sanz: Personal Trainer and Group Excerise Coach A Personal Trainer is the process of providing an individual with the education of a personal asspect of health, fitness and excersise. A Group Excersise Coach is also the process when someone organizes as well as leads a group excersise class. -Ella Starnes: Nutrition Coach and a Strentgh & Conditioning Coach A Nutrition Coach is the process of helping clients or individuals by educating them about how to make healthier and smarter food choices that might help improve overall health and wellness. A Strength and Conditioning Coach is the process of being responsible to help clients or individuals establish as well as maintain a strength and conditioning program for all sports.

TEAM

Our business, would start with both of us being the face of the brand. Showing the people our lifestyle and how to become a person like us. We will recomed our products (goods) and classes(service) in our social media to atract consumers and start to gain money. After all this process when we would start gaining money, we will delagate the tidious chores to thirds people to help us. Then we would pay more people to be our teacher or trainers when we first open our gym. We will contract people to help with our website, a manager to recomed us what is the best for the brand, a photographer for good pictures in our social media,,, At the begining of the business we only would need two people (us) to start, one we have our gym we would need around 10 trainers and 2 people on the counter two solve any questions of the cosumers. Then we would need 3 people in our store to manage the saling part of the merchandicing and protein.

• Click calculator to see the details.

REQUIREMENTS FOR A BUSINESS:

ORGANIZATION

FINANCIAL

• Financial management/ accounting sistem (transactions)
• Bank acount
• Method of paying bill
• we are gonna use: youtube, instagram, tiktok...

LEGAL

• Business idea
• Legal structure
• Name
• Register business
• Apply licence and permits
• Location
• Register and report business taxes

What kind of licence do we need?

We need unless one licence to be able to open a business in Michigan legally. There are state license and fillings required to start a general partnership in real estate. We will also need some education to be able to create a business in this case it has to be approved Pre- licensing education. In order for Ella to be a nutritionist and a strength and conditioning coach she will need to have earned credentials through a nationally recognized licensing body, pass a NSCA-CSCS exam and obtain a Bachelor degree in a related field. In order for Daniela to be a personal trainer and a group exercise coach she will need a NASM Personal Trainer certificate and she will need a highschool degree as well.

Do we need a location?

In the beginning of our buisness we will not need a location because we hope to start a channel and create fitness videos and encourage people to follow us. With this we hope to start earning some money and then be able to open and afford are own buisness at a specific location. We also may need to secure a conventional loan from the bank.

+info

GOOD OR SERVICE?

GOOD

• Protein
• Merchandicing
• gym clothes

SERVICE

• Yoga classes
• zumba
• gym

We hope to own our fitness buisness and gym instead of renting it!

We are going to first going to need a buisness license that will allow us to be able to start and manitain our own fitness buisness within the desired local area and state. The cost to opperate our own fitness buisness and gym is going to be around the average price of a Boutique Fitness Studio, which is around $100,000 - $250,000. We hope to slowly start our fitness buisness by making fitness videos online and gaining follwers that want to join us on our fitness app first in order to gain money as well as customers that will help our fitness buisness and gym to succeed. In the future we hope to possibly either open our fitness business and gym in more locations and or make our buisness more bigger than before.

What are the levels of investment in our fittness business?

What happens if it's fails?

• Ella: If our plan fails I plan to go back to school and further my degree and become a Registered Pediatric Nurse Practinioner for the adolecent youth and work in a bigger hospital.
• Daniela: If our plan fails I would go back to school to get a degree in mechatronic engineer. To learn computer science and robotics.

Thank you!

Got an idea?

Use this space to add awesome interactivity. Include text, images, videos, tables, PDFs... even interactive questions! Premium tip: Get information on how your audience interacts with your creation:

• Visit the Analytics settings;
• Activate user tracking;
• Let the communication flow!

Got an idea?

Use this space to add awesome interactivity. Include text, images, videos, tables, PDFs... even interactive questions! Premium tip: Get information on how your audience interacts with your creation:

• Visit the Analytics settings;
• Activate user tracking;
• Let the communication flow!

Got an idea?

Use this space to add awesome interactivity. Include text, images, videos, tables, PDFs... even interactive questions! Premium tip: Get information on how your audience interacts with your creation:

• Visit the Analytics settings;
• Activate user tracking;
• Let the communication flow!