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Running a CrossFit Facility Tips and guidance on how to open and operate a CrossFit gym.

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Old 03-15-2008, 10:01 PM   #11
Mark Reinke
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Re: Create a Small Business HELP

I created one of these using Business Plan Pro. I had limited knowledge of the whole process prior to writing our plan up, which ultimately got shot down by lenders. However, I gained a lot of useful insight throughout the writing of our plan, and came out the other end thinking about much more than I intended. Check out that software, as it was extremely helpful, and easy to use!
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Old 03-16-2008, 05:17 AM   #12
Tarun Suri
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Re: Create a Small Business HELP

Unfortunately it costs more money than I can afford now or any time in the near future
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Old 03-29-2008, 03:40 PM   #13
Tarun Suri
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Re: Create a Small Business HELP

Update time!!

Okay guys, I currently have around 20 pages complete of my Business plan of the estimated 30-35. The due date is on Thursday so I really need to pick up the pace. While I'm working on the parts that only I can complete, I'm hoping I can get some help with some other parts. But first, let me share with you what I have so far.
Business Plan - CrossFit Ile Bizard

1. Executive Summary.
-Complete.

2. Company Summary
-Add start-up Cost after Section 7 is finished.

3. Services
-Too much information. Remove much.
-Add T-Shirt sales
-Add prices.

4. Market Analysis Summary
-50% done. Finish content.
-Add graphs and charts.

5. Strategy Implementation Summary
-Will do. Expected 3 pages.

6. Management Summary
-Will do. Expected 1-2 pages.

7. Financial plans
-Create Cash Flow statement
-Create Income Statement
-Create Balance sheet
Expected 5-7 pages


8. Miscellaneous things
-Add more footnotes.
-Add more endnotes.

Optional
-Add maps appendix
-Create logo
-Create pamphlet

WHAT I NEED FROM YOU GUYS:
Help on section 7. Financial Plans.
I wonít actually be doing that until another 3 days from now, but I would like to have as much information as possible for when I get there. I have so much to do and so little time.
Your contribution would be so influential to my grade and the quality of my work!!
After finishing Section 7, I can finish section 2 and add the start-up costs.
What Iím looking for is not numbers!! Not necessarily, if you want to give them, feel free

What I need is a list of accounts (things to add).
The following is what I feel is necessary to add. Please correct me, but most importantly add what you believe is missing.

1. Start-up Costs:
-Legal (document costs and permit fees)
-Exercise Equipment (list detailed in 3.0 Services intro)
-Flooring (the paving that needs to be done) (Do lifting platforms include in there?) (Assume 2500 sq feet box of which only 2000 is used to floor, the rest is office use so no flooring)
-Promotional costs (I will take care of)
-Rent?

2. Income Statement (Expenses):
-All of start-up costs?
-Management salaries and wages
-More?

3. Balance Sheet:
-Exercise equipment only for assets?
-Cash
-Loans Payable (Do I need to show how I finance? How SHOULD I finance?)
-Equity (my investment?)
-More?

4. Cash Flow
- I think I got this one.

YOUR HELP IS DESPERATELY NEEDED.
EVEN IF YOU CAN INPUT JUST A LITTLE, PLEASE DO. IíM DESPERATE!!!
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Old 03-29-2008, 09:22 PM   #14
Randy Tarasevich
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Re: Create a Small Business HELP

Your Income Statement is going to be your revenue - expenses, and make sure it is for a specific time period (usually 1 month, sometimes a year). So you will have to have to include revenue from sales of all products and services sold, and all expenses (rent, utilities, legal, insurance, education, equipment, etc.) If you are making t-shirts, include cost of production. Note this does not include money made through interest or sale of stock, just revenue.

Hope this helps a little. All of your numbers are going to be hypothetical anyways, but you can try to get them as accurate as possible.
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Old 03-30-2008, 05:10 AM   #15
Tarun Suri
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Re: Create a Small Business HELP

Thanks Randy.

I know the revenue part is going to be way easy. It'll pretty much take in consideration my membership revenue and T-Shirt sales. As for expenses though, I totally forgot about utilities and insurance. Thanks for reminding me.

Utilities would be considered as heating and electrical, right? Anything else in that category? I'm not even remotely sure, how I'm going to be able to estimate insurance. I never had any so I'm not sure how the premium would be calculated upon.

Another start-up cost I just remembered to add: Website. If I were to make the most basic website/blog, how much would that cost? Imagine something like http://www.crossfitflood.com/.
There's the basic 5 page website, and then it links to a blog (typepad or whatever that is).
How much would that cost? I wouldn't need to pay for any graphics/layout, I can create that myself.

What would my assets be comprised of?
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Old 03-31-2008, 08:15 PM   #16
Michele Weeks
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Re: Create a Small Business HELP

There are agencies that specialize in fitness clubs (Insure Your Club and Marine Agency are two that come to mind right now -- do an online search for them.) Just call them and give them exactly what you have in your mock biz plan for size, equipment used, etc... They can give you an estimate.
Also, there is liability insurance, theft, fire, flood, business interruption, etc.

Utilities can include electric, gas, oil, water, internet, telephone and just call your local utility companies and they can give you an estimate based on the size of the building and business rates.

Revenue can also include private training sessions, locker rental, snack/drink sales, class fees, etc.

Good luck. Sounds like you're really on your way!
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Old 03-31-2008, 08:37 PM   #17
Tarun Suri
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Re: Create a Small Business HELP

Wow! Thanks so much for all the info!

Update: Currently 27 pages in, with no financials done yet. Financials should be started tomorrow. Expect pro forma financial statements (cash flow, income statement and balance sheet) for the next five years. Some small modifications to content, have it proof read, make it pretty and I'm all done. Oh and maybe a logo and brochure if the time permits

Starting Thursday night, yo guys can post here if you want a copy of the finished product.
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Old 03-31-2008, 11:39 PM   #18
Andrew Craig
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Re: Create a Small Business HELP

Tarun,

would love to get me a copy Sounds like you have done a lot of work on this.
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Old 04-01-2008, 05:12 AM   #19
Rolando Ezequiel Martinez
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Re: Create a Small Business HELP

I would like to see it.
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Old 04-01-2008, 07:23 AM   #20
Tarun Suri
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Re: Create a Small Business HELP

Sure thing Rolando and Andrew. Anyone else need it, just post here. I'll mass mail everyone when the time comes

can anyone help me extimate costs? Specifically:
-Flooring 2k sq feet
-Adding lifting platforms (5 would be my estimate for 2k sq foot)
-An estimate of prices or sources where I can get the prices of cheap yet reliable training equipment (barbel, plates, plyo boxes, ropes, kettlebells). Anything traditionally found in a CF facility.

I plan to do my own research on the forums for the last part, but I won't be able to get to it until late tonight.
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