This question contains multiple parts; be sure to answer all of them. First, what exactly is a business model? What should it specify? Next, suppose you are planning to start a personal training business. Third, write a one-paragraph business model.
What will be an ideal response?
A business model outlines the need the firm will fill, the operations of the business, its components and functions, and the expected revenues and expenses. It also describes the industry you're entering, how your product will be different, how you'll market to customers, how you're qualified to run the business, and how you will finance your business.
Answers will vary regarding the business model for the personal training business, but here is one suggestion.
Jake's Personal Fitness will cater to the needs of busy professionals who want to begin an exercise regimen for any reason, whether they are looking to lose weight, tone up, or fight diseases like Type II diabetes. There is significant competition in this business, so I will distinguish my business by making large companies' human resource departments for my first sales calls. I will propose that they offer a small space in their building in which I can offer personal training to their employees at the employees' convenience—they will not even have to leave their workplace in order to accomplish their fitness goals. I am qualified to run this business because I have a certificate in personal training from the National Association of Sports Medicine, and I have worked at a local gym for more than three years, watching how the trainers get results with their clients. I will finance my business primarily out of my savings; I will need to invest in weights and other equipment that I will bring with me from location to location. As the business becomes more successful, I will invest in additional equipment to help my clients meet their goals.
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