By Jim Gallagher, President Jim Gallagher Consulting.
In part two of business plan basics, we will continue to explore the parts of a business plan. In case you missed part 1, click here to read that article.
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Marketing Plan and Analysis: “Build it and they will come” is not a good marketing strategy. You may be the best personal trainer in the world, but unless you have a solid marketing plan, chances are that your business will fail. The marketing plan and analysis section includes details about your target market and everything you will do to attract, retain and sell to your customers. Show any research about your target market, demographics, market size, potential market share, as well as customer and industry trends. Describe how you will position your club or studio. Include your primary target market or market niche. Include your sales process, and any tools such as social media, referral system and advertising and public relations that you will use to attract clients. Your pricing structure should also be included in the Marketing plan and analysis section.