Opportunity:
Jobs are becoming
more sedentary and health awareness is on the rise. Time is an increasingly
scarce resource. My need applies to people who have very busy work schedules,
maybe kids, and can’t seem to find the time to fit the gym into their day to
day life. Currently my customers are giving up chunks of their day commuting to
and from the gym. Some of them go to group fitness classes, like Orange Theory,
Crossfit, or Soul Cycle. These classes are only available at certain times of the
day however and have limited class sizes so customers have to be on top of
their schedule or they might not get in. Some customers are very loyal to their
fitness communities, but others would opt for more convenience. Geographically,
my market will begin in the continental United States. Demographically, I’m
targeting middle and upper-class professionals of all fitness levels who want
an engaging workout available to them at any time from the comfort of their
home. These people don’t want to plan their schedule around their workout, they
want their workout to work around their schedule. This is a big opportunity
because group fitness and digital fitness are both on the rise. This is a
combination of both. I believe this window of opportunity will be open for a
while because there is a growing awareness of the benefits of exercise and
physical activity. The fitness industry has been growing over the past two
decades, even during times of recession.
Innovation:
My product
is a new fitness machine that offers access to fantastic instructor led fitness
classes on your time and your schedule. My product resembles a treadmill with a
24 x 36-inch HD touch screen where participants can select a workout that’s in
line with their fitness goals and their schedule. For example, if they only
have 30 minutes and want to focus on strength training, they can select that
option. The treadmill’s track is made of recycled plastic so it’s easier on the
joints and it’s environmentally friendly. This fitness machine has a basic
workout and a subscription-based workout. The basic workout includes an HD scenic
course that comes in different levels and lengths and is included in the
initial price of $3,200. For an additional monthly subscription fee of $30 a
month, users can have access to live-streamed or pre-recorded fitness classes
held by top fitness instructors around the clock. Users can access these
classes on their fitness machine, iOS devices, or smart TV. Finally
the HD treadmill has fitness tracking so it stores your
fitness data and tracks your progress.
Venture Concept:
The customers that
use my product have a hard time sticking to their current workout regimes
because they have busy schedules. They would switch to my product because they
want an engaging workout machine that they can use around the clock from the comfort
of their home or office. Unlike a gym membership, my workout machine’s
subscription can be used by the entire family. The biggest competitor for my
product would be the Peloton treadmill. The two products are very similar
however, what differentiates my product is that my treadmill is priced at
$3,200 while the Peloton treadmill is priced at $3,950. Additionally, my
treadmill has a wider selection of built in non-subscription-based content than
the Peloton treadmill. In terms of packaging and delivery, we ship and install
our fitness machines directly to your house and explain the software to you.
Minor Elements:
My most important
resource is my network of contacts. I have contacts in the fitness industry
that can help me fine-tune ideas for my product. I also have contacts in the
computer software and hardware industries that can help me come up with
appealing and user-friendly software and hardware for my product.
The next steps for
my venture will be reaching lower income demographics and creating an online
platform for users. At first, I’ll reach a lower income demographic at first, I’ll
do this by setting up affordable payment plans for my HD treadmill that goes as
low as $50 a month. Eventually I want to manufacture a less expensive version
of the HD treadmill.
My
feedback was overwhelmingly positive in this concept. I received the feedback
that there is a major opportunity for my business and that making my treadmill
out of recycled plastic is both innovative and environmentally friendly. I decided
to add fitness tracking to my venture concept and creating an online platform
for users as part of what’s next.
