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Small Business Interview

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Jacqui C

on 1 October 2012

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Transcript of Small Business Interview

Danzfit Small Business Interview 1. Business Overview
Business Owners
Market and strategies Small business located primarily in the north-eastern suburbs of Melbourne
Created in September 2009 by 2 women: Joan Audino and Maureen Nixon for the sole purpose of offering Zumba® Fitness Business Overview “Latin-inspired dance-fitness program” created by Alberto Perez in the 1990s
Features easy-to-follow dance steps and high-energy Latin and international music
Designed around the concept of a “fitness party” where participants join in a fun, exhilarating atmosphere Maureen experienced the program in the USA
Research - becoming a worldwide phenomenon, not yet well known in Australia
Popularity predicted to last only approximately 2-3 years
Average life span of a small business is 10-15 years Males and females from socially and culturally diverse backgrounds
Ranging from school aged through to senior years
Including students and schools, young mums, working men and women, mature adults, semi-retired and retired individuals Market Strategies Business Background
2009 October – Bundoora
2009 November – Abbotsford
2010 February – Prahran & Essendon
2010 April – East Doncaster
2010 July – Wantirna
2010 September – Preston
2010 November – North Balwyn
Mid 2010 – Our Lady of Mercy College Employ solid instructors who are engaging and demonstrate expertise
Establish a website, facebook and twitter
Design attractive flyers and distribute in mailboxes
and shops
Offer discounts and rewards to loyal customers Business Owners Joan Audino & Maureen Nixon Both in their 60s
Maureen – Bachelor in Nursing, Master of Science, Associate Degree in Physical Education, Certified Project Management Professional
Joan – Education Diploma, Small Business Training Certificate, experienced in running small businesses
Both qualified Zumba® instructors Background Mature, experienced and knowledgeable in
health and fitness
Highly professional, have a strong work ethic and high expectations
Have a love of life and are personable, assertive and competitive
Both owners have supportive and helpful families and friends Business Owners Joan Audino & Maureen Nixon Strengths Weaknesses Lack knowledge and skills in social media and information technology
Often too trustworthy of others No employees
9 contractors and a pool of 5 substitute contractors
All Zumba® instructors, paid for the time they are required
Interviewed - certified, hardworking, committed, knowledgeable, pleasant personality
All contractors sign an agreement outlining their responsibilities, remuneration and other conditions Business Position Employees ABS 1321.0, 2001
Small business - employs less than
20 people
Non-employing business - sole proprietorships and partnerships
without employees ABS 8127.0, 2006
32% of business operators are female
31% of female business operators are aged 50 years and over Initially had little competitors – one of the first businesses in Victoria to offer Zumba® classes
Soon, more people got certified and many established their own businesses and worked in gyms Competitors Increased the pay of contractors to keep most talented, experienced and popular instructors
Was able to retain staff despite them receiving offers from other businesses.
Offered discount membership cards and rewards to keep customers
Closed 5 unpopular locations Strategies Began earning profits 4 months after opening the first venue
Positioned as the leading business in Zumba® services for approximately 6 months
At its peak, Danzfit was running 24 classes at 9 different venues each week
Quick expansion required modifications in the business plan
Competition increased – business began to lose customers
Too many venues – profits were being re-invested into those that failed
Attempts to increase customers through advertising failed
Decided to close 5 venues Business Life-cycle Strengths Skilled and engaging instructors
Most venues in excellent locations
Friendly owners, excellent customer service
Time and energy invested into research and marketing
Detailed business plan – communication plan, schedule plan, risk plan and cost-forecasting plan Weaknesses Use of social media restricted - limited skills and knowledge
Various inappropriate and unsuccessful venues Business Business Challenges Risks Operations – unsuitable instructors and venues
Recognising limitations – waiting too long to close venues
No significant financial risk – start-up investment only cost approximately $6,000 Strategies Identify early to avoid or remove
1. Analyse data for each venue every 4 months – determine need for action
2. Establish a course of action with set time frames
3. Changes are then implemented if required
4. Conduct interim reviews to evaluate effectiveness Future Outlooks Continue running Danzfit until no longer profitable and then close the business
Would like to sell the business, but unlikely due to limited tangible assets
Both owners are nearing retirement age and are seeking more flexibility and time to spend with their families 2. Business Position
Business life-cycle
Strengths and weaknesses
3. Business Challenges
Future Outlooks Overview Form relationships with shop owners to increase referrals
Identify network through women groups and diverse groups – Chinese, Lebanese, gay community
Send letters to schools presenting the fitness program, explaining its health, social and psychological benefits
Identify community events and hold live demonstrations Strategies ABS 8129.0
40% of small businesses have web presence
95.3% of small businesses in the arts and recreation services industry have web presence ABS 8686.0
There are 9,256 Australian businesses and organisations who provide sports and physical recreation services
54.1% are for profit, 39.4% are not-for-profit, and 6.5% are government organisations Business Owners Joan Audino & Maureen Nixon Hours Initially 58-60 hours per week
At present, 20-25 hours per week ABS 8127.0, 2005-06
67% work 35 hours or more per week (full-time)
33% work less than 35 hours per week (part-time)
Full transcript