Venture Concept No. 1

Opportunity

I think the great thing about my product is that the opportunity lies within an already large audience that, if given motivation, can easily become even larger. The already existing audience being anyone who works out at all. In America, more so than anywhere else, there is an issue with weight problems and a lack of motivation to go to the gym. Everyday there are tons of people who want to go to the gym but don’t because they don’t want to have to talk to anyone face to face out of embarrassment. My product would alleviate that issue and potentially add those people to the opportunity audience. The people that don’t go to the gym simply because they don’t want to wait in a line or think that it’s too busy also join the audience. And, of course, everyone that already goes to the gym, whether they be a casual gym goer or a more hardcore dedicated one, are in the audience.

Innovation

The specific product I will be supplying is a mobile app used to make the process off signing in, and potentially out, of gyms much easier. The concept is to have a very localized location radius around the outer walls of any set gym, where when a customer with the app walks in, the app automatically signs them in, and the same thing for when they walk out. There are multiple options with selling the product. One of these options is selling it to individual customers who are also customers of the gym and maybe charging the gym itself a fee. The other option is to make the app free to the actual gym goers and require the gym to pay a price to use the product at their location. With both of these options there is also the choice of making the product a one-time fee or requiring a monthly fee to continue use.

Venture Concept

The product will meet a convenience desire for many customers but also increase competitiveness between gyms. In many cases if people are deciding between two gyms to potentially pay for a membership at, and all other factors are similar, the deciding factor could be whether or not the gym is a user of this app. For the gym goers, they see it as a way to get in and out faster and to not have to talk to anyone if they just want to mind their own business. For gyms, they see it as a way to attract customers, and a way to increase the speed at which people flow through the gym on busy days.

Three Minor Elements

I think the most important resource will be to maintain high passion and drive. At first the product might get shot down or rejected but I think once it picks up and the train gets rolling that gyms around the country will eventually be flocking to hop on.

The concept of an app being able to sign someone in and out simply based off of location could be useful in many other industries. For example, if a professor had his/her students download the app, they could take attendance without any extra time required.

Hopefully this can become a self-sustaining venture. It will probably require constant attention to keep up with competitors and the technological world since it is changing so fast. I think the important part of this venture, though, is the exposure to all the different aspects of the entrepreneurship world to help avoid some mistakes in future ventures.