Business plan development part 2

Business Plan Part 2 Student’s Name Institution Affiliation Course Title Instructor’s Name Date Business Plan Part 2 Executive Summary My Yoga Network is a business founded by Ram Bhakt in Long Beach, California. It was founded as a business committed to leading and changing the yoga market through holistic healthcare and promoting people’s well-being. People engage in yoga mainly because it is a calming and peaceful sensation that helps them grow physically, emotionally, and psychologically fit. For My Yoga Network, incorporating technology in such exercises does not only simplify yoga. My Yoga Network plans to implement three primary types of yoga technology in different exercises to benefit customers. First, the Nadi X wearable technology will be implemented to help beginner practitioners experience yoga more simply. My Yoga Network will also implement yoga Smartwatches. Yoga practitioners will wear them on the wrist and help them measure their heart rate, physical well-being, and calories, allowing them to keep up with their mental and physical conditions. The planned use of yoga technology in My Yoga Networks in the form of yoga smartwatches, wearable, Nadi Technology, and interactive yoga mats indicates the increase of technology in the industry. The choice of technology by My Yoga Network is based on the industry needs, meeting the needs of the client or practitioners, low maintenance, considered leading edge, ability to upgrade, ease of use, and functionality. With extensive knowledge and experience in various fields, such as healthcare administration, management of organization, and technology, the My Yoga Network leadership team is well-placed to steer the company forward. In My Yoga Network, the management structure is hierarchical, involving a chain of command from the CEO at the senior management levels and executives in the advisory board, and extends to general employees. The board of directors at My Yoga Network is composed of the advisory board, CEO, and executives. The company’s CEO is Mr. Ram Bhakt. The other directors include Jaime Lewis, Anita Schill, Adhana McCarthy, and Claudia Cardin-Kleffner. The advisory committee of My Yoga Network comprises five members who engage in activities such as studying critical issues that impact the company, reviewing staff recommendations and reports, conducting independent research, and hearing public testimony. The key management personnel to be added to the leadership team are the chief financial officer and operations manager. Considering the management team lacks these two essential officials, the company needs to add the CFO to its top-ranking officials to help manage its finances. After hiring stellar candidates, My Yoga Network plans to create and manage the compensation initiatives by determining the payroll and rewards system. The company plans to have different options for paying yoga staff by candidly conversing with the team. The yoga industry is experiencing significant interconnected developments in globalization and commercialization. My Yoga Network understands these concepts, and it plans to create concepts of yoga and remediate them to suit the changing political and social needs through new discourses and institutions. THE COMPANY My Yoga Network is a business founded by Ram Bhakt in Long Beach, California. It was founded as a business committed to leading and changing the yoga market through holistic healthcare and promoting people’s well-being. Bridging the gap in the yoga industry is the company’s primary goal. It provides a company with skilled yoga therapists and experienced medical professionals who can help people attain holistic wellness and healing in California and beyond (Myyoganetwork.com). The company hopes to make the communities thrive by providing them with a platform to understand the life-changing potential of participating in yoga therapy. TECHNOLOGY PLAN Role of Technology in the Business People engage in yoga mainly because it is a calming and peaceful sensation that helps them grow physically, emotionally, and psychologically fit. For My Yoga Network, incorporating technology in such exercises does not only simplify yoga. Still, it creates a platform for the customers to achieve the perfect yoga experience with the correct posture and current balance. Technology plays a significant role in yoga exercises as it makes the practices enjoy and achieve peacefulness of consciousness and awareness. When yoga meets technology, numerous things happen in the business, and it has presented modest ways to improve yoga practice. The company plans to incorporate interactive clothes in yoga that will help customers be aware of their body positioning. Through technology, the company plans to integrate technology-advanced shoe inserts, t-shirts, and yoga pants to be combined with software in customer’s tablets or phones to improve their experience. My Yoga Network also plans to incorporate wearable technology to help customers keep fit and healthy. Wearable applications or gadgets will provide users with a platform to monitor their levels of calories, blood pressure, heart rates, sports, and fitness. The company plans to implement Nadi X wearable technology to make yoga simpler for people and help fix yoga postures. It will help students and customers participate in yoga exercises to adjust their position and become yoga warriors effectively. Description of Technology and Uses 2990850106997500My Yoga Network plans to implement three primary types of yoga technology in different exercises to benefit customers. First, the Nadi X wearable technology will be implemented to help beginner practitioners experience yoga more simply. Furthermore, the Nadi X technology can help practitioners fix their yoga postures by providing yoga pants to enhance this activity. Yoga activities such as the crow pose, and the Nadi X technology improve downward dog as they create the feeling of having an instructor in the body. Yoga pants and trousers enhanced by the Nadi X technology are designed with integrated electronics that help provide practitioners with real-time feedback through mild vibrations. The technology is fitted into the body through pulse clips behind the knee and helps power the yoga pants to produce vibrations with the aid of an iPhone app called Pulse. Every time a yoga practitioner moves out of position, the frequency of vibrations intensifies, compelling them to adjust. 061912500My Yoga Network will also implement yoga Smartwatches. Yoga practitioners will wear them on the wrist and help them measure their heart rate, physical well-being, and calories, allowing them to keep up with their mental and physical conditions. The wristwatch is wearable technology that will help practitioners measure their stress levels during yoga lessons using machine learning technology. The company also plans to implement interactive yoga mats, one of the industry’s most exciting technologies. The company will implement such items to create an environment where the company instructors improve yoga practice, and they will have sensors synchronized with smartphones or tablets. Global Technology Concerns The planned use of yoga technology in My Yoga Networks in the form of yoga smartwatches, wearable, Nadi Technology, and interactive yoga mats indicates the increase of technology in the industry. In other words, companies in the industry are moving to incorporate digital tools into traditional practices to improve yoga practice and advance practitioners’ mental and physical well-being. With these technologies, yoga centers tend to create a platform for meeting the varied needs of contemporary practitioners as they provide them with immersive experiences, tailored yoga experiences, and real-time feedback. However, excessive reliance on these technologies is a global concern as practitioners tend to divert from the core principles of yoga. Yoga technologies are also associated with data privacy issues while gathering and storing practitioner data. Furthermore, technology in the yoga industry has enabled people to easily access sophisticated instruments regardless of socioeconomic background, making yoga practice accessible and affordable, hence increasing competition. Technology Plan The choice of technology by My Yoga Network is based on the industry needs, meeting the needs of the client or practitioners, low maintenance, considered leading edge, ability to upgrade, ease of use, and functionality. Summary of 2-Year Technology Budget Table SEQ Table \* ARABIC 1: Technology Budget Software/ Technology 2024 2025 Nadi X Technology $299 $430 Jeevah Smartwatches $4,699 $5,000 Interactive Yoga Mats $6,570 $7,000 Tablets $6,000 $5,970 Phones $4,560 $4,970 Training $1,050 $990 Security $890 $890 Hardware $2,390 $2,390 System Maintenance $450 $560 Tech Support $1,200 $1,350 Totals $28,108 $29,550 MANAGEMENT AND ORGANIZATION Management Team And Roles 246634091440000With extensive knowledge and experience in various fields, such as healthcare administration, management of organization, and technology, the My Yoga Network leadership team is well-placed to steer the company forward. Led by the company CEO and Chairperson, Mr. Ram Bhakt, the company team exemplifies a dedication to quality and innovation that creates a platform that shows the company toward attaining its vision and goals. As the company’s CEO and chairman, Mr. Ram Bhakt’s primary role is to head to the board of directors and oversee the yoga center’s day-to-day operations. He also generally manages the company by providing it with strategic direction to the board. Avish Jain, the Chief Product Officer (CPO), has the responsibility for the strategic direction of the yoga service the firm offers practitioners. His role includes giving a product vision engage in product marketing, project management, product development, and product design. In My Yoga Network, John Davenport is the chief marketing officer who oversees the planning, execution, and development of the company’s advertising and marketing initiatives. His role in the company is vital as it creates a platform for growth and enhances the business strategy’s creative influence. The advisory board comprises Jaime Lewis, Anita Schill, Adhana McCarthy, and Claudia Cardin-Kleffner (Myyoganetwork.com). The advisory board in the company helps decision-makers make informed decisions, provides critical thinking, and provides current knowledge to improve the yoga center. Management Structure and Style In My Yoga Network, the management structure is hierarchical, involving a chain of command from the CEO at the senior management levels and executiv...