Assignment 29 - Venture Concept No. 2 "Fitness Ease" app

This revised venture concept added information on ways to ensure everyone can succeed with this healthy lifestyle regardless of where they are from, and a plan to guarantee some level of success for all customers who follow the app.

Opportunity:

People who are attempting to reach their fitness goals and maintain a healthy lifestyle have the under-met needs that my business idea targets. This need is due to a lack of an app that both combines one's diet and their workout routines. Both of these factors attribute to living a healthy lifestyle and by combining them in one app, this will allow for a calculated plan that is unique to the individual's body and ultimate fitness goal. The forces in the environment creating this opportunity is the fact that competitors focus on one factor without incorporating the other factor into the plan. Additionally, it is difficult to be knowledgable on both workouts and healthy diet plans, but if one possesses that knowledge their fitness goal will be achieved easier, and they will be able to maintain it. Geographically, this market relates to everyone on the globe, but more specifically, I would target Gainesville, Florida and then move to the rest of Florida. Eventually, I would attempt to broaden it to the rest of the nation. Demographically, this market is primarily college aged individuals, but other people can be a part of it as well, including middle aged adults and retired individuals. Currently, I would say that customers are not completely satisfying the need, and if they are it is only short term. I do not think most customers would be opposed to a new method of reaching their fitness goals. I believe this opportunity is very large. People always want to get healthier and in shape, especially for events such as a pool party, or the beach, or general life activities. Furthermore, I believe this window of opportunity will only be open for a few more years. After this, other people will realize the need and begin developing their business ideas and opportunities.


Innovation:

I plan on creating an app that combines and calculates one's diet and workout routines to generate a unique plan to assist the individual with reaching their fitness goals and maintaining their healthy lifestyle. This app would specifically calculate the best diet one should have regarding their goals and calculate the amount of carbs, proteins, fats, etc. that the person should be having on the daily. Additionally, by coordinating that with the person's goal, the app would create a specific workout plan that best targets what the individual wants to achieve, whether that be losing fat or gaining muscle. I am selling an app for smart phones that would initially cost ten dollars, and then every month would cost two dollars to continue the membership. The rate that is being charged is also dependent on my guarantee claim.


Venture Concept:

My innovation will address the opportunity by incorporating both factors together in order to allow the customer to actually reach their goals and manage them. Instead of getting confused, stressed, and skeptical, the customer will have an easier time with their workout routine. Customers will buy this innovation because it will be marketed in a manner that explains the concept in simple terms. The customers will realize that instead of being left without a clue of how to reach their goals, the app will serve as a personal trainer that is much cheaper. Customers would switch to this product because of how personalized the app is. I do not think it will be very hard to get them to switch. Currently, there are no competitors that incorporate diet and workout into one app, the competitors focus on one aspect and disregard the other, leaving it up to the customer to figure it out. In defining the business concept the only roles that factor in are price points, customer support, and the customer experience. These roles are large, because I plan on focusing on the customer and ensuring that they have positive experiences with the app. Organizing the business would not be very difficult due to the service being electronically, on one's phone. I would hire a lot of employees though, in order to ensure that the customers do not have any issues or complaints. I would tailor the app to be unique to each customer based on external factors like their home environment. Rural, suburban, and urban lifestyles differ drastically, and the app would play these factors into the equation of how to achieve their health and fitness goals. Additionally, I would guarantee that after 5 weeks of following the routine implemented by the app, if the customer sees no sign of improvement, they would get the next three months of membership free of charge.


Minor Elements:

My most important resource will be the time dedicated to creating the business idea and ensuring that the customers do not have any negative experiences with the app. This would be the venture's "secret sauce". This will make it hard for competitors to copy my success.

What's next for the venture is complicated. I would intend on creating a new service that is aimed at the existing customers. This service would be to organize specific meals and recipes to ensure that the customers are following their fitness plans. This service would ultimately describe what the customer should buy at the grocery store and how to prepare and cook the given meals. A factor this would depend on is the living environment of the customer. The meals would be tailored to their setting, culture, and personal dietary restrictions.

In five years with this venture, I would like to have it open up to the national scale and help people from all over the country reach their fitness goals. In the next decade, I am hoping that this venture takes off and gains popularity from various segments.


Summary of Feedback:
I received tons of feedback that allowed me to create a stronger venture concept for my business idea. A good portion of the feedback explained how my dedication, time commitment, and experience would allow for my business idea to be popular and successful. On top of this, I also received feedback on ways to change and improve the opportunity. In this venture concept, I included methods of attracting all types of people regardless of where they come from. Now it does not matter if the customer is from a major city or a rural town. Wherever the customer is from, the app will create a routine that is tailored to their setting. Additionally, I now have created a personal guarantee for customers. For customers who have been following the plan strictly, if they have not seen any signs of improvement, they will be able to continue their membership for three months free of charge.


Change in Venture Concept:
In this venture concept, I included methods of attracting all types of people regardless of where they come from. Now it does not matter if the customer is from a major city or a rural town. Wherever the customer is from, the app will create a routine that is tailored to their setting. Additionally, I now have created a personal guarantee for customers. For customers who have been following the plan strictly, if they have not seen any signs of improvement, they will be able to continue their membership for three months free of charge. My opportunity and innovation sections have stayed relatively the same, but my venture concept and minor elements section has improved and strengthened due to the feedback I received.