Ch. 18 Business Fundamentals Flashcards
What are the two options you have as a personal trainer for starting a business?
Direct employment
Independent contracting
When creating a business plan, what all should be involved?
Executive summary - brief outline of the business and an overview of how the business fills and need within the marketplace
Business description - provides details for the business as outlined in the executive summary, including mission statement, business model, current status of the market, how the business feels a need, and the management team
Marketing plan - specifies how prospective clients can become paying clients
Operational plan - describes the structure of how a business will operate, including an organizational chart that identifies key decision makers and the employees responsible for executing those decisions
Risk analysis - This applies more to independent contracting and involves trainers categorizing risks using the SWOT analysis (strengths, weaknesses, opportunities, threats)
Decision-making criteria - a detailed cost benefit analysis that demonstrates that the financial benefits of operating the business outweigh the financial risks
