24A: Venture Concept 1

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 beautiful 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.

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 step for my venture will be reaching lower income demographics. At first, I will 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.