Train For Aim (TFA) is an Egyptian fitness business founded by childhood friends to prepare athletes for endurance races through group training sessions. TFA's competitive advantages include its focus on building community and giving members shared training goals. The founders conducted market research and saw opportunity in Egypt's growing interest in health and fitness. TFA has experienced success due to its differentiated approach of motivating members through collective aims and a sense of belonging.

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“!An!inspiring!story!and!a!successful!business.”!
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By#Yasmin#Abdallah#
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Dr.#Ashraf#Sheta#
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ENTR:203#
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Table of Contents
How it all started………………………………………………….………….. 3-4
Entrepreneurial Profile ……………………………………………………… 4-5
A closer look at TFA………………………………………….………………. 5-6
Mission Statement, Core Values and Vision……………………………........ 6
What makes TFA better than its competitors?……………………………... 7-9
Feasibility Analysis ……………………………………………………….….. 10-12
Legal Form……………………………………………………………………..13
Nature of the business………………………………………………………….13
TFA’s services………………………………..………………………………...14-15
TFA Marketing…………………………………………….………………… 16-19
Pricing Strategy ……………………………………………………………… 19
Financial Analysis………………………………………….………………… 19-22
The Funding Plan…………………………………………………………..... 22-23
TFA’s Location Strategy…………………………………………….………23
TFA’s Team ………………………………………………………………… 23-25
Recommendations For TFA …………………………………………..……25- 26
Personal Experience ………………………………………………………… 27
TFA Testimonials …………………………………………………………28

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A story worth reading
The Entrepreneurs and the Idea
With the new emerging trend of being health conscious, it was no surprise that an array
of fitness businesses have suddenly penetrated the market. In Egypt, the idea of healthy lifestyle
was one that did not gain popularity until recently. This has encouraged many young
entrepreneurs to ride this emerging wave, and reap its benefits. . Whilst all seem to be replicas of
one another, it was Train For Aim (TFA) that was truly able to introduce a differentiated
concept. TFA is an Egyptian home-grown business that has healthy living and group exercise as
its core fundamentals. Their entrepreneurial spirit combined with new mindset of the Egyptian
population has resulted in a successful business that is rapidly growing and reaching new
heights. Childhood friends, Abdellatif Waked (Tino) and Ayman Hakky, were able to transform
a simple and crucial activity into a profitable business. Athletes from an early stage, the duo were
determined to compete in a triathlon, a multiple-stage race consisting of swimming, cycling and
running. Triathlons are an Olympic sport that became official in 2000, and is one of the fastest
growing sports globally.
After searching for such an offering, the two concluded that this was a missing aspect of
Egypt’s business terrain. And so, the two friends started training together to compete and take
part in the race. However, they realized that their training sessions were becoming increasingly
demotivating and both strongly believed that training with a group of friends would inspire them
further. To remedy this, the athletes started encouraging close friends to join their daily
exercises. Affirming their initial belief, the two realized that exercising in a group positively
impacted both their productivity as well as their dedication. Tino highlights that they “started to
get more motivated, more interested and our friends were really supportive. The team spirit was
very encouraging and having a clear aim for training was even more exciting”.
As a result, their friendly sessions started gaining popularity, and so the duo took it upon
them to introduce it the local market and share the encouragement and pleasure they were
feeling, and hence gave birth to TFA. Train For Aim is an organization focused on bringing both
amateurs and professionals to a healthier lifestyle, by preparing them to participate in local and
international races such as marathons, duathlons and triathlons. Their motivation was not only to

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take part in a triathlon but also to introduce this idea in the Egyptian society; and what makes
them both successful entrepreneurs is their passion about sports as well as their business acumen.
For them it is not a matter of gaining money or opening a business as much as their belief in their
idea and their passion and love for sports; they want people to love it as much as they do. Their
creative thinking has surely helped them in building such an innovation.
The Entrepreneurial Profile
The interview was conducted with Tino Waked. Ayman, Tino and Donia the TFA founders,
graduated from the German school (DEO) in Cairo, which is where I got to know them.
Ayman Hakky (Co-Founder) is a previous member of the Gezira Water Polo First Team.
Ayman represented the Club in national and international competitions for 7 years winning many
awards. Ayman participated in his first triathlon in Trinidad & Tobago during 2011, representing
Egypt and his current employer BP, which inspired him to bring the sport home and create the
team.

5. 5!!
Tino Waked (Co-Founder) is a previous Football professional and representative of the
Egyptian Junior National Team. Tino captained Rutgers University Varsity team from New
Jersey in the NCAA, and was part of the All-American Athletic/Academic Team in 2008. Prior
to that, Tino represented Egyptian club Enppi U-18 team for 3 years, winning the Egyptian Cup
in 2006 and the National Egyptian League in 2007.
Donia Scarello (Co-Founder) a professional Golf Player and part of the Egyptian Female
National Team is also one of the Co-Founders of TFA. Donia managed to win the Female
African Golf Championships, and represented the Female Lynn University Golf team from
Florida in the NCAA. Donia is a Certified Spinning and Pilates instructor.
Recently they added the experienced athlete Ezz Khalil to their team to play the role of the head
coach. Ezz is a previous handball player and boxing professional. He won more than 10 titles
with Al Ahly handball team. He specializes in high intensity interval trainings, TRX trainings &
weightlifting, as well as keeping up with the latest research on nutrition and weight loss.
A closer look at Train For Aim
Train For Aim is a sports organization that offers multi-disciplinary training, which prepares
athletes for participation in different endurance races and collective aims. They believe that
having a motive or “Aim” makes athletes more committed and inspired to take part of the
organization. Most importantly they believe that working for a goal makes athletes work harder
on exercising and exceeding their potential by taking their exercise to another level. It makes the
TFA members actually see that they can actually do much more than they think they are capable
of.
Each TFA training cycle lasts about 2-3 months and ends with a specific collective “Aim” -
which can vary between representing Egypt at the World Triathlon Championship in London,
climbing the Highest Mountain in Africa, or running a marathon in Luxor. This also plays
psychologically in the athletes mind making it harder to quit as the cycle is not for too long and
as they go every time the “Aim” becomes closer, and are always intrigued by the various aims.
Their core value does not only lie on motivating the athletes to train and commit to sports; they
believe that by creating a sense of community and having a “TFA family” is an important factor
that makes each member more loyal, more committed and more importantly having fun while

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training. Surely, athletes can also join TFA to achieve their own personal exercise goals and get
the benefit of the TFA General Fitness Sessions and Nutrition Plans. However, TFA core values
and culture is simple, as it focuses more on having a goal and maintaining the quality they have
achieved so far to make one wants to be part of the TFA family; thus, they focus more on the
customer satisfaction and assuring to try to help each member achieve his goals.
The TFA culture mainly consists of strength, endurance and discipline. They started off by
targeting only former athletes and then changed their channel to amateurs as well and not just
former athletes; and they work on teaching them how to build up an athlete’s character, which
includes strength, endurance and discipline.
When asked about the vision and mission statement of Train For Aim, Tino replied by the
following:
Vision
"Our ultimate goal is to prepare future Egyptian champions and equip them with all the
necessary training to succeed at the top level"
Mission
TFA’s mission is to achieve the following two main targets:
True Athlete Program; A program that provides technical and financial support to aspiring
professional Egyptian Athletes across different sports. Technical support will be provided in the
form of specialized one-on-one fitness-and in some cases sports training (e.g. swimming) by
TFA. Financial support will be provided through fundraising, sponsorship deals, and TFA’s
backing to ensure adequate care and preparation for aspiring professional Egyptian Athletes to
represent Egypt internationally.

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TFA Sports Academy; A full-fledged sports academy, which includes swimming, running,
cycling, adventure training prep, and other sports activities in one central location to act as the
hub for all aspiring athletes.
What makes TFA better than its competitors?
Competitive advantage
TFA’s competitive advantage is mainly their “Aim”. They are introducing the idea and
opportunity for athletes to take part of races nationally and internationally. This is something
other sports organizations do not have; even if some of their athletes are able to travel or take
part in a competition they believe it is still not their goal in the first place. They believe that they
focus more on creating a sense of belonging to a TFA member, making them feel that they
belong to something that matters and that together they can achieve and accomplish many things
they never thought would be possible. Research scientists have been trying to find out how
human beings can reach a level of happiness and satisfaction in their lives; according to
psychological and anthropological research there are two key components for one to reach
happiness, which are love and work. The reason for these two factors is the fact that work gives
the people the sense of achievement in their lives and that they are living for a reason; love is an
important element to reach happiness because it gives humans a sense of belonging. For TFA
these are the exact two mechanisms they are focusing on “ we want each of our TFA members to
have a goal and our goal is to make their dreams come true” explained Tino.
The SWOT analysis
Strengths
• Brand loyalty: TFA has so far
created a sense of family and real
meaning of commitment, which is
one of their great benefits.
• The cycles last from2-3 months,
therefore there is always an
opportunity to take place I a
Weaknesses
• Competition: many sports
organizations are opening
nowadays
• It is a small market with limited
customer pool.
• Location: TFA is currently only

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Goals& Objectives
Physical expansion:
competition
• Aims vary greatly from one cycle to
another increasing their customer
target segment.
• TFA has an agreement with the
Egyptian Triathlon Federation to
oversee all amateur/semi-pro
athletes.
• The fact that there is an aim; you
are putting your fitness to a good
use and not just training to be fit.
• There are several disciplines and
activities in TFA. (fitness &
endurance, cycling &
spinning…etc)
operating in Zamalek; although
many of the TFA members live far
away and still manage to attend
daily; it is surely a disadvantage for
many who are not capable of
coming and those who aren’t
members of the club.
• Members have to have a Gezira
club membership as it takes place in
the club. Although they can pay for
a ticket it is surely an
inconvenience for non-members.
Opportunities
• Expansion: TFA plans to expand in
other locations other than Zamalek.
• The triathlon federation gives TFA
the opportunity to compete as part
of the Egyptian national team in
international competitions.
• Expanding in the international
market and branding.
• Race and event organizations.
Threats
• There are many sports
organizations opening everyday;
although they don’t have the same
concept it is still a threat to TFA.
• Seasonality is also a threat given
that people train more in the
summer.
• Maintaining the TFA quality while
expanding is also one of the threats.

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-Expansion in 6 October location by November 2013 to cater to growing member base and
accommodate non-Gezira Club members. Partner with leading Organization/Community in 6
October to maintain niche TFA customer base and quality of training & athletes.
- Expansion in Kattameya location by July 2014 to address customer base in that area, while
maintaining quality and niche TFA community
Triathlon awareness:
- Triathlon Factory expansion in the two additional locations; providing running, swimming, and
cycling training in both 6 October and Kattameya after successfully launching of TFA General
Fitness Sessions there first
- Raising awareness of the sport in Egypt through organizing the first international triathlon in
Egypt in 2014.
Race Organization:
- Race Organization in different endurance sports, mainly Triathlons and Marathons. Agreement
already in place between TFA and the Egyptian Triathlon Federation to co-host the 1st
African/Arab Triathlon Championships in Egypt (Sharm El Sheikh) in March 2013.
- Expansion in international Race Organization is an important part of TFA’s short & long-term
objectives.
Competitive strategy
When asked about their competitive strategy, Tino clarified the following:
“We distinguish ourselves by having an Aim, and building a sense of community. That’s why we
don’t rush our expansion like our competitors. We are focusing more on perfecting what we
already have and maintaining our quality before thinking of expanding and taking our business to
the next level.” This strategy has shown to be successful as many of the TFA members live in
other areas and still manage to come even if it is a discomfort to them. This is one of our “Aims”
Tino believed, and it shows the kind of commitment a TFA member has; as well as the
importance of feeling that one belongs to something that matters; and is doing something for a
goal. These two factors are the advantages of TFA and they have been able to tackle them
perfectly.

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Before Entering The Market: The Feasibility Analysis
Industry and Market feasibility (Five Forces Model)
1. Rivalry among companies in the industry
For the Entrepreneurs the industry was attractive as they saw they have an edge over the
competitors. The industry they entered is a small industry that is still very young in Egypt and
therefore it contains a small amount of competitors. They saw the opportunity of the fact that the
competition they had did not challenge the same concept they believed in, which made it more
attractive for them to enter the market with a new notion.For them the idea was so exciting and
simple that they believed they already had an advantage. Moreover, since they are all former
athletes they already had enough knowledge from different backgrounds and already had many
connections in that area. Furthermore, the sports industry in Egypt is growing fast; and lately it
has become a trend and many people are more prone to promoting fitness and a healthier
lifestyle, which also made it interesting for them to enter this industry. Thus, they saw the
opportunity in entering a small industry they already know about, with a small amount of
competition through introducing a new, different concept to this market. And that is exactly what
they have accomplished.
2. Bargaining power of suppliers
The suppliers that were required to provide the service were mainly equipment merchants as well
as venue suppliers. The founders search for both equipment manufacturers and equipment
suppliers needed for training. Venues such as Gold’s Gym and Bodyshapers, both popular gyms,
were also necessary.
3. Bargaining power of buyers
The cost of switching is low due to the high number of competitors who have a similar business
model as well as service traits. For instance, CrossFit, a global training brand, offers their
sessions for a similar price at the same venue. This indicates that buyers have tremendous power
as they can easily switch while avoiding any financial or logistical disturbances. This has
encouraged TFA to further hone their service and guarantee that their value proposition enables
them to garner loyal followers. By ensuring high customer satisfaction, deduced through a

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friendly atmosphere and noticeable results, the brand was able to strengthen their position on the
competitive landscape. Furthermore, as TFA appeals to a wide range of segments, including
triathletes, fitness enthusiasts and juniors, they are able to spread this risk across a range of
markets.
4. Threat of new entrants
The threat of new entrants is very high because the barriers to enter the market are minimal.
Start-up costs are very low and license to operate are not a necessity. Given the increasing
popularity of this industry coupled with lack of expenses many are encouraged to attempt to
penetrate the market. In addition, the multiple locations available to host these activities as well
as the lack of legal work required has also contributed to this. To counteract this, the brand
equity TFA has managed to create resulting in loyal consumers have allowed them to withstand
these constantly emerging rivals.
5. Threat of substitute products or services
Operating in a highly fragmented market, with many small competitors has made it easy for
consumers to find a substitute services. The existence of both direct and indirect competitors has
forced TFA to differentiate their market offering to ensure that they are able to survive. .
Product/service feasibility
No formal research took place. However, primary research was undertaken in the form of asking
close friends if they would be interested. Since they belong to the same customer segment that
they are targeting, it was easy to understand the traits that would appeal to them. This allowed
them to determine the degree to which the service will appeal to their target market. Moreover,
by trying out a range of exercises they were able to assess which one is most popular and
appealing to their clients. In addition, the low start up costs and daily expenses associated with
providing the service, they are able to guarantee a steady profit.
Financial feasibility
! Capital requirements –there is almost no capital requirements to open the business; the
only thing needed are equipment for training (if necessary). All other costs are mostly
based on profit sharing and there is currently no infrastructure in place.
The trainers (2 Fitness, 2 swimming, 1 cycling) – 25% of revenues of the training

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Equipment – 10%
Future: 20% in certain locations
Investment costs: 30,000
! Estimated earnings – forecasted income statements
! Revenues :
! 2013 (e): EGP 250,000
! 2014 (e): EGP 550,000
! 2015 (e): EGP 900,000
! Return on investment –
! Costs = 49%
! 51% profit margin
! Profit : 125, 000
! ROI / E = ( 125,000/ 30,000) = 416%
The competition
CrossFit is a core strength
and conditioning program.
CrossFit methodology
involves constantly varied,
high-intensity, functional
movements.
Stallions is a programs
designed to improve the
overall fitness by targeting
all the components of
fitness, including:
endurance, speed, power,
flexibility, agility, balance
and co-ordination.
The BootCamp is a core
strength and conditioning
program, designed to
optimize physical
competence in each of ten
recognized fitness domains.

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As seen each one of these sports organizations focuses on different disciplines and has a different
concept. They all promote fitness and healthy lifestyles in a different form. However, surely they
are still considered a threat to each other and a direct competition as they are all in one small
market and targeting the same segment.
Since TFA has more than one discipline; they face many indirect competitors. Examples of those
are swimming academies, which are a competition for the TFA swimming academy. Moreover,
Cairo Runners, which is an organization that meets weekly to run are also an indirect
competition for TFA. As for cycling and spinning; Tino states that GBI and other cycling clubs
is also considered to be an indirect competitor to TFA. Other indirect competitors take place in
the Gezira sporting club, where the TFA team meets for training, such as the club’s gym,
kickboxing classes, tennis, aerobics/Zumba classes and pretty much anything that is sports
oriented could be an indirect threat to TFA.
The competition has not been a direct threat to TFA, as they have already established an identity
and a brand name; and it is surely known that they benefit from a different concept than all sports
organizations in that market. The competitors might differ in their training concept ; but for TFA
having an “Aim” and having taken part in triathlons and already boosting a strong track record in
international competitions gives them an edge in the market.
TFA’s Legal Form & Ownership
TFA is registered as an Egyptian limited liabilities company. It is a registered company under
commercial law #159 – Year 1981. In the near future TFA is planning to change the legal form
into a joint stock company to have more opportunities in the future. The process of undergoing
the legal forms for TFA wasn’t difficult. By preparing all the paperwork and legal documents
needed they did not face any obstacles.
TFA have put together the following to go through the registration process:
- Proof of location
- Rent contract

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- ID copies of all shareholders
- Power of attorney to do all the paper work
- Open bank account with TFA name and put in it the minimum capital requirement of 600
LE.
The nature of their business is a partnership. TFA’s ownership is divided among their team. A
controlling majority of 37 % is owned by Ayman Hakky and 33% by Tino Waked, 15% by Ezz
Khalil and another 15% by Abdelaziz Hakim (Head of Operations).
TFA’s Services

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TFA offers many services and sports offerings that help both promote a healthier lifestyle and
being a professional athlete.
Their current offerings are:
- General Fitness Sessions: Outdoor group fitness sessions are 60- 75min, combining high
intensity intervals with strength and toning training. The exercises are designed to make the
athlete fitter, faster, stronger, and provide a good fitness base for any cross-functional sport.
General sessions are offered starting Sundays to Thursdays twice a day ( mornings and
evenings).
- Triathlon Factory: TFA has been committed to promoting the Triathlon Sport in Egypt
(Triathlon involves swimming, cycling, and running in immediate succession – it is the fastest
growing sport in the world). TFA trains athletes on the three triathlon disciplines and has an
agreement with the Egyptian Triathlon Federation to oversee all amateur/semi-pro athletes.
- Swimming Academy: TFA’s Swimming Academy is led by two national Egyptian swimming
champions, and features state-of-the-art training techniques and swimming equipment.
- Nutrition Programs: another important service TFA provides is the customized one-on-one
Nutrition plans, led by their certified Nutritionists, complement the athlete’s goals and provide a
solid cornerstone to any athlete’s fitness regime.
- Adventure Branch: TFA recently launched its ‘Adventure Branch’, which combines extreme
exercise activities with unique adventure travel experiences around the world . Their first trip
involved climbing Kilimanjaro, the highest mountain in Africa.

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TFA’s Marketing Plan
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The marketing strategy in any business is a crucial part of their success. The entrepreneur
must be able to attract the customer and make their offerings appealing to the consumer, in order
for their business to grow. Attracting the customer is just a step of the marketing plan, since any
business must try and create a sense of loyalty and commitment in their customers to be able to
have a competitive advantage over their competitors.
In the case of TFA, their market research before entering the market was minimal, yet extremely
important. Tino explained that they came to learn the strategies as well as mistakes their
competitors made to make sure they have a successful marketing plan that would enable them to
conquer the market.
Thus, with their market research they were able to collect the data they need and clearly define
their objectives as well as their competitive advantage. TFA entered the market with an idea that
wasn’t available in the market, by introducing the idea of triathlons, marathons and taking part in
international competitions. They managed to create a niche and were successful in attracting a
tremendous amount of people. Their main focus was the customer relationship management, as
they saw it was something missing in the Egyptian market. Hence, they wanted to develop a
long-term relationship with their customers by making sure they achieve their own goals and are

17. 17!!
satisfied with what they are offered, for them to return and become TFA regulars; or more
importantly a part of the TFA family.
Demographically they started in Gezira Club in Zamalek, as they thought it was the most
localized place where they already had their connections and will be able to find the customers
that would be attracted to being part of a sports organization. Lately, to expand their market TFA
has opened a branch in Palm Hills Club in 6 October to increase their customer base.
TFA’s target segment are mainly athletes or anyone interested in sports for that matter; they first
started off with targeting the youth or people from the ages of 18 to 30. However, they found that
many people in other age groups were equally interested as well, which made their target
segment even wider. “Many of the TFA members are older than the age group we thought would
show interest, a lot of our members are mothers and even 50 year old men, who have become a
part of our family and are as dedicated as any other age group”, explained Tino. Moreover, many
youngsters were equally interested in participating in the training, which is why they opened a
TFA juniors branch, especially dedicated to them to make sure the fitness sessions are
appropriate for their age category.
For any entrepreneur to have a successful business plan, they must be able to answer the key
customer question ‘what is in it for me?’ and that is exactly what TFA has focused on by making
their whole identity revolving around training for an actual aim and not just merely for training
purposes. Having a sense of achievement and making the customer feel like they are achieving a
certain goal made it easier for TFA to create the sense of commitment and emotional bonding
with their customers. Thus, they were able to create an identity for their business as well as a
unique selling proposition that gave them the edge in the sports industry.
The fact that TFA offers many different sports departments and not only general fitness, such as
swimming, cycling and running; enables to attract a larger amount of customers that may be
interested in other sports than high intensity trainings that are already offered with other sports
organizations.
TFA also hosted a charity event as an awareness campaign. The event is held annually for the
breast cancer foundation, where TFA organized the whole setting and called it ‘Train For The
Cure’, which definitely gave them a boost and expanded their target segment. Although it wasn’t
in their original marketing plans yet; TFA’s many accomplishments have led them to take the

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lead in press marketing, by which many magazines wrote articles about their achievements in
several competitions.
Another important factor in their marketing techniques is embracing the social networking
landscape. Nowadays social networks are the fastest growing marketing strategies as well as
crucial to any business. TFA has focused on Facebook as well as Instagram, the two most
popular social networks today to promote themselves and create a brand identity. This has
successfully worked for them in bringing more customers and creating more recognition for their
business. Therefore, they were able to create a marketing campaign that did not acquire costs and
still was able to make their target market grow faster.
Tino explained that the social networks has made it a lot easier for them in saving time as well as
cost and yet still gave them the full advantage they were looking for. They promote each aim or
goal every other month to motivate people to participate and be part of the coming competitions;
they also post pictures of previous competitions they attended to create more awareness and
attraction for their customers. Moreover, they praise one of their TFA members each month for
having achieved his or her goal and working hard by giving them the title of ‘athlete of the
month’, which created a stronger bond between them and their customer as well as motivating
the rest of their team. Furthermore, the social networks has made it a lot easier for them to get
immediate feedback from their customers and track their followers to make sure they are on the
right track.
Tino elaborates that the technique they focus on the most is the word of mouth tactic, which he
believes to be the most efficient strategy of all , as they focus on giving their members what they

19. 19!!
exactly need which subsequently leads them to bring more people in. Thus, TFA mainly follow
informal marketing techniques to promote their brand and expand their market.
TFA’s Pricing Strategy
Since sports organizations have been a trend in Egypt for a
while now, TFA had to take their competitor prices into
account and accordingly decide on the approximate amount
they want to set depending on whether they wanted to match
them or beat them. Thus, with knowing the competitor’s
prices they were able to figure out the perceived value of how
much the customer is willing to pay. Surely, their costs were
another key factor in determining the price to make sure they
make the intended profit to at least break even.
TFA decided to lower the price than their competitors,
because they wanted to make sure that their members can
afford to pay for their aims and trips; and wouldn’t be demotivated to participate in such
competitions due to the expenses.
However, they faced a problem in their pricing strategy when launched in 6 October, as the Palm
Hills Club takes a large percentage from their profit. So they faced a hassle in putting the same
price like in Gezira club, therefore it is more expensive in palm hills.
The Financials
*Confidential
TFA is entirely financed by equity, as the start up cost wasn’t a burden for the owners; they
didn’t need help from any financial institutions. The biggest chunk of their expenses are their
employees’ salary, which is paid as a percentage of the sessions’ income, as well as Training
Equipment, which they purchase once every beginning of the month. Other expenses may
include marketing, such as Facebook ads, flyers or binders; they also have their very own TFA
merchandise, which they pay for.

20. ! 20!
!! !! !! !! !!
!! Income' !! !285,905!! !!
!! !! !! !! !!
!! Expenses' !! !136,615!! !!
!! '' !! !! !!
!! Profit' !! !149,290!! !!
!! !! !! !! !!
!! Margin' !! 52%! !!
!! '' !! !! !!
!! Dividends' !! !32,500!! !!
!! '' !! !! !!
!! Cash' !! !116,790!! !!
!! '' !! !! !!
'' '' '' '' ''
Income Statement & Ratios:
TrainForAim Income Statement for 2013
in EGP
Revenues 285,905
Cost of services sold (COSS) (62,695)
Gross Profit 223,210
Selling, General & Admin expenses (73,920)
Net profit before taxes 149,290
20% taxes (29,858)
Net profit after taxes 119,432
Dividends (32,500)
Net Profit 86,932
TrainForAim Financial Ratios for 2013
Ratio Value
COGS/Revenues 21.93%
Gross Profit Margin (GPM) 78.07%
SG&A/Revenues 25.85%
Dividends payout ratio 27.21%
Net Profit Margin (NPM) 30.41%
TFA has been established in 2013, during which it had satisfactory operational performance. The
company was capable of generating a net profit after taxes of EGP 119,432; out of which it paid
dividends of EGP 32,500 (27%).

21. 21!!
The company has a solid cost structure; whereby COSS/Revenues ratio stands at 22%; yielding a
GPM of 78%. SG&A recorded 26% of revenues; yielding a NPBT margin of 52%.
Assumptions and forecasts:
Since the company is recently established, it is currently in the introduction/growth phase.
Accordingly, the company is projected to grow exponentially for the coming couple of years
until it reaches the maturity stage, during which the growth rates will be relatively stable.
That being said, the following are the assumptions adopted for 2014 and 2015:
Income Statement Item Projections
2014 2015
Revenues 15% 12%
COSS/Revenues 22% 22%
SG&A/Revenues 26% 23%
Dividends payout ratio 30% 30%
TFA Income Statement for 2014 & 2015
in EGP 2014 2015
Revenues 328,791 368,246
Cost of services sold (COSS) (72,334) (81,014)
Gross Profit 256,457 287,232
SG&A (85,486) (84,696)
Net profit before taxes 170,971 202,535
20% taxes (34,194) (40,507)
Net profit after taxes 136,777 162,028
Dividends (41,033) (48,608)
Net Profit 95,744 113,420
TFA Projected Financial Ratios for 2014 & 2015
Ratio 2014 2015
COSS/Revenues 22.00% 22.00%
Gross Profit Margin (GPM) 78.00% 78.00%
SG&A/Revenues 26.00% 23.00%
Dividends payout ratio 30.00% 30.00%
Net Profit Margin (NPM) 29.12% 30.80%

22. ! 22!
Revenues are projected to grow at 15% and 12% in 2014 & 2015 respectively, as the company is
still in the introduction/growth stage; hence growing exponentially.
COSS are expected to maintain the same ratio of revenues; yet they are growing in absolute
terms at 15% & 12% in 2014 & 2015 respectively.
SG&A/Revenues in 2014 is expected to remain at the same rate of 2013 as the company is still in
the second year of operations; hence needs to spend heavily on marketing. In 2015, the ratio is
expected to decrease slightly as marketing expenditure is reduced.
Dividends payout ratio is expected to remain at the same level of 2013
TFA’s Funding plan
It is a self-sustainable organization and there weren’t any costs needed in the beginning
due to the fact that it was self-sufficient. For the aims, and team trips those are funded through
sponsors, such as Nike, Delta, Goodcals, Arkan and nestle. However, each aim has its own
sponsors with different packages. For instance, Nike provides the team with free training clothes
as their sponsor. Other sponsors pay a certain amount of money as part of the sponsorship deal
where in return they get many benefits such as exposure on their website and social network
accounts as well as the merchandise. A cerain percentage goes to the Magdi Yacoub Heart
Foundation for charity. At the same time, TFA is looking for an official partnership sponsor
throughout the year, which they believe would have a mutual benefit and through it they would
be able to achieve much more such as funding for their ‘True Athlete Program’.

23. 23!!
When doing the sports complex in their future, they plan on increasing the capital and looking
for sponsors or investors to help finance the expansion.
TFA’s Location strategy
Choosing the location for start-up business is a vital part of the business plan. By
choosing the right location, the business is able to attract the right customers. As mentioned
above, TFA started their fitness trainings in Gezira club in Zamalek, where they were able to
target the exact customers they wanted. Because the entrepreneurs were already members in the
club and had already been part of their sports teams; it was very convenient for them to choose
this location as they already had many connections there. Choosing Zamalek as their main
location was very beneficial and was definitely the perfect decision, not only because it is a
centeral location, but also because it is one of the most popular areas in Egypt where they were
able successfully expand their market. Moreover, the only direct competitor in the club is
CrossFit; hence, having another alternative for those who aren’t fond of their training was very
favorable to them. More importantly, members of Gezira club are already aware of sports
organizations, which also made it easier for TFA. Additionally their location offered the facilities
they needed for their training sessions. Thus, the people in their demographic area already led the
lifestyle they wanted to promote and had quickly found the idea of TFA interesting.
They decided to expand in 6 October and not in another area because they found many people
that are interested in that location. However these individuals were not members of Gezira club,
which restricted their potential customer reach. In addition, many of their already existing
members live in 6 October, which was more convenient for TFA.

24. ! 24!
The Team who built it all
As mentioned above, TFA completes a horizontal growth model in different sports in
order to increase the variety in their aims and goals. TFA has many different branches; starting
from general fitness, swimming, cycling , running and nutrition. Each one of their departments
has its own specialized head that is responsible for it. They make sure that each head is
specialized and certified for the department they are responsible for to ensure being professional
and giving the customers what they exactly need. Therefore, they have a specific selection
process where they only hire those who are professionally certified to train or work for them. An
example of such are the coaches of the swimming team who are both previous national
champions, which certifies them to lead their swimming team.
TFA is divided into several branches of which both Ayman and Tino the Co-Founders are
responsible for. They divided the set of the branches for each one of them to be more efficient.
Their team is divided as the following:

25. 25!!
As noted above each one their team members is professionally certified for the
department they are responsible for; which qualifies them to work for TFA without having to
undergo additional specialized training; their selection process emphasizes that their employees
must be professionally qualified, loyal and committed to their work. So far all of their employees
are people they have previously known, which ensured their loyalty and commitment from the
beginning. Surely, their time management is another crucial factor in the selection process.
Tino#Wakid#
(Co:Founder)#
AbdelAziz#
Hakim#
Operations!&!
Finance!Director!
Ezz#Khalil#
General!Fitness!
Head!Coach!
Omar#Wahdan#
Nutrition!
Ayman#
Hakky(Co:
Founder)#
Donia#
Scarello#(Co/
Founder)!
Cycling!(!indoor!
&!outdoor)!
Mahmoud#
Abdelhakim#
Triathlon!&!
Running!
#
Mohammed#
Moussa#&#
Hassan#Kordy#
Swimming!
Dina#Targam#
Marketing!
Director!

26. ! 26!
The Coaches and the management team take a percentage from the training sessions; and in case
of compensation they increase their percentage and give them a bonus depending on their work
each month. Each coach takes a 25% from the revenue they generate from their training sessions
and in case of bonuses they bump the percentage to 30%. However, the Co-Founders still do not
take a set salary.
The only problem TFA faces with their team is the fact that they all work in the TFA company as
a part time job, which surely affects them in their time management. However, so far this has not
affected the efficiency of their work because they make sure to only hire those who are not only
certified to do the job but also those who are passionate enough and not only applying for the
sake of the job or the money. What all TFA team members have in common is their love and
passion for their work as well as the will to take the risk of taking the responsibility for the job
even though it is only a part time position. Each one of their managerial team members takes
their job as something they enjoy doing and surely do take it as a priority. Because this
organization is built on a sense of friendship and family any disputes between them are settled in
a decent manner; they all have respect for each other and all share the common interest of
wanting what is best for the organization.
Recommendations for TFA
• Should hire more than one head coach for any emergencies and for their future
expansion plans as well. They should also train the coaches to match the head
coaches qualifications to make sure they all have the same quality and caliber.
• Should strive to maintain the same quality and identity while expanding, by keeping
their competitive advantage of not only having an aim but also keeping the sense of
community within their TFA members.
• Expand in more areas when they are ready for this step to increase their market share
and customer reach. Places such as Katameya or Helipololis.
• Focus on promoting their other sports departments, such as swimming and cycling as
it is considered as one of their competitive advantages that are absent in the Egyptian
market.
• Develop their website to be more informative and professional

27. 27!!
• Should not become business oriented and keep their main focus on having a good
sense of community and helping their members achieve their different goals.
• Hire people to their team to take a full time job to make their work more productive
and efficient.
• Add a training session specialized for weightlifting to gain more competitive
advantage over the competitors; since many people choose other organizations
because TFA does not focus on weight lifting as it does on cardio workouts.
My personal Experience with TFA
Having been a TFA member for a month made it possible for me to understand more
about their organization, as it wasn’t just about the research. I was able to actually experience
what is written in the interview and was able to judge the organization from the inside. I have
always been a fan of sports but never actually had the guts to become one of their members; as I
simply thought it would be too hard for me. I had always heard my friends talk about it and they
always tried to convince me to participate but I never really thought about it up until I decided to
write my research paper about it. Because there are a lot of sports organizations nowadays I
couldn’t really decide on which one I wanted to choose and the TFA members had always
claimed that it is different than all the other trendy sports organizations. I remember two months
ago when one of their members came to me and convinced me to try it out, he had told me that
being a TFA member has changed his life not just from the outside but from the inside as well;
and to be honest I didn’t take him seriously and I even thought it was a bit absurd. However,
after becoming part of the TFA team I believe in everything this sports organization claimed to
be because it has transformed my life in so many ways from something as simple as just being a
more active and energetic person, to the fact that now I feel a sense of commitment to something
which I usually find hard to do. It is definitely more than just a sports organization; it is a life
changing community. It isn’t just being a part of an organization it is being part of a family.

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Selected TFA Testimonials
Great practice, good company
"Thanks guys for all the great practices and good company while working out
without all of you this wouldn't have been possible. The cup is for all of us and the
hard work we put in". - Yasmin
World Championship! "I just completed the sprint distance ITU World
Triathlon in London elhamdullah, thank you Train For Aim for helping me make
this dream come true". – Omar
Climbing the Highest Summit in Africa! "TFA with your training,
guidance, and help, I was able to climb Kilimanjaro even though I am 47 ! Thank
you for your excellent organization, fun company, and crazy ideas for making me
get out of my comfort zone and enjoy a life changing journey". - Ali