Mission/ Purpose
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Experience a welcoming environment of peaceful, organic growth to raise the vibrations of wellness in all aspects of life through yoga, meditation, and community engagement.
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Project
Description and Project Product
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The project will create a yoga studio that welcomes all fitness levels and backgrounds to add in yoga as part of their physical practice.
The studio offers a variety of universal yoga classes for everyone to get a taste of the different forms such as Hot Yoga, Vinyassa Yoga, Restorative Yoga, and Yoga Strength.
The plan is to complete the work required to open the studio will include creating a business plan, identifying partners with agreements, sourcing materials, developing financial projections, identifying a location and networking resources. To complete the work we will look for partners and other instructors with complementary skill sets then divide tasks among the team.
Deliverables to educate the community on the best practices of yoga will be Yoga 101 workshops, 200 RYT Certifications, Free Community Classes, Instructional Videos to practice at home and Audio Meditations to use intention setting for the yoga practice.
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Objectives
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The objective to open Sure Movements Yoga is to bring a quality transformational experience to the Batavia, St. Charles & Geneva area in IL. The Yoga practice is on the rise and the market has been saturated with diluted versions of traditional yoga.
Business Objectives:
· By June 2016 have critical mass met of 100 members
· Run first teacher training program in Oct 2016 with a min of 6 participants
· By January 2017 have profitable mass of 250 members reached and Achieve sales in excess of $60,000.
· Increase customer base by 25% by the end of the second year of operation.
· Increase sales by 15% by the end of the second year of operation.
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R - Business Need
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As leaders in this growing trend and healthy lifestyle our objective for Sure Movements Yoga is to assist students in the development of physical, mental, and spiritual well-being: a truly priceless health advantage. Through the principles of yoga, we teach practical skills for reducing stress and anxiety, and improving overall quality of life and provide the spiritual tools for personal empowerment. Sure Movements Yoga features certified, professional instructors, progressive teaching methods, and a non-competitive welcoming atmosphere.
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S - Milestones
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What are the key milestone dates associated with the project? Milestones may show the completion of a set of major deliverables or phases. List at least 10 milestones and provide estimated end dates for each. Milestones must have associated dates.
1. Licensing – September 2015
2. Permits – October 2015
3. Build Completion - November 2015
4. Furnished/Operational including all supplies – December 2015
5. Grand Opening – January 2016
6. Acquire 300 Customers – December 2016
7. Achieve Sales of +$60,000 – December 2016
8. Customer Database Increase of 25% - December 2017
9. Sales Increase of 15% - December 2017
10. 250k Loan Payback – January 2018
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S & C - Budget
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What is the estimated budget for this project? Do not research your project cost; this is an estimate. This does not need to be close to your project’s actual costs when your project planning is complete in Week 6. This is an order of magnitude estimate.
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Estimated Staff Labor
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$48,000
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Estimated Marketing/Signs
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$8,300
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Estimated Materials
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$7,500
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Estimated Contractors
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$140,000
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Estimated Equipment and Facilities
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$46,200
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Estimated Travel
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$0
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Total Estimated Cost
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$250,000
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S - User Acceptance Criteria
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What are the minimum success criteria as defined by the key stakeholders? How will you monitor and measure the project quality? How will the project owners determine if the project is a success or not? These must be detailed and measureable.
Success Criteria:
Total Project Cost doesn’t exceed the initial budget of $250k
The actual opening schedule is within 30 days of projected grand opening of January 2016
Customer Database includes 300 clients by the end of 2016
Yoga Class capacity supports 3 instructors fulltime November and December of 2015
Addition of 2 instructors to yoga team by Grand Opening
Development of Instructor Training Program by Grand Opening
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High-Level Project Assumptions
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1. The loan of $250k will cover the expenses for the build and operations of the first year.
2. The primary investor will have a full return of their loan by 2018.
3. The ideal location would be on Randall Rd in Batavia to pull from other surrounding highly populated cities.
4. The 3 core instructors will produce a brand that can be passed along to others through the teacher training program.
5. At Sure Movements Yoga the class formats and set to be safe and highly effective workouts that also include a dogma of food for thought.
6. The studio will have enough interest by Fall of 2016 to run a teacher training program to make the studio a more profitable business.
7. The critical mass to float operations is 100 members expected to be reached by June 2016.
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R - High-Level Project Constraints
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1. Obtain 200 Hour Training Program instructor certification from a Yoga Alliance affiliated institution.
* $3,000+
2. Yoga Alliance Registration
* $100 registration fee
* 4 mandatory continuing education credits each year
3. Obtain Business License
4. Obtain State Tax ID and Federal Tax ID
5. Acquire Insurance coverage.
6. Building rental leasing agreement.
* 5 year lease, first 6 months free
* 7 – 12 months $3500 each month= $21,000
Each year rent will go up by 5%
7. Business permits
* Safety and Health Standards
8. Building permits
*Building Inspections
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S - Exclusions and Boundaries
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1. Nutritional Supplements
2. Financing
3. Communal Partnerships
4. Client Planning
5. Facility Maintenance
6. Daily Hassles (Operational Hiccups)
7. Miscellaneous Expenses
8. Exit Strategy
9. Apparel/Equipment Sales
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Major Risks
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1. Yogi Construction has all the resources to build the inside of the studio with budget.
2. The stakeholders are vulnerable to the construction timeline. Each day of construction an overhead is still due without any money coming in.
3. Permits from the city are required for every step and have various costs and fines if not followed properly.
4. The build out is a large cost to the stakeholders of SMY and the building owners lacks high risk.
5. The building owner still receives rent come month six even if the studio is not functional.
6. The bank loan is at a very large risk so the interest rate is much higher for a fitness facility.
7. The transition of instructors relying on a paycheck of SMY puts pressure on the stakeholders to keep construction accountable for an expected timeline.
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KEY STAKEHOLDERS
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Project Manager Authorty Level
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Project Core Team
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Finance
Quality
Contractors
Inspectors
Instructors
Marketing
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Subject Matter Experts (SMEs)
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Yogi Construction includes plumbing, electric, build and operational equipment
Fast Signs exterior signs on monument, can lighting & window clings with company logo and slogan.
Mind Body Online includes the set-up of class schedules, retail and customer interactions
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APPROVALS
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Type Name
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Signature
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Date
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Project Manager Approval
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11/5/15
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Customer/Sponsor Approval
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11/5/15
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