Venture Capital Revised

Venture Capital Revised
Opportunity

There is an opportunity in this market for a personalized trainer app that takes out the middleman and gives consumers a customized workout plan directly at the fingertips without having to meet with a trainer, saving them both time and money. This is for young adults and millenials who want to get fit but save the time and money it takes to do so. With the rise in fitness and being in shape ever so prevalent in social media and pop culture, there is demand to get that perfect body now more than ever. The market for a product like these includes young adults all over the U.S., specifically towards anyone trying to get in shape or workout. Customers satisfy the need for workout plans by simply going to trainers, and while some remain relatively loyal as they’ve gone to the same trainer for a while, those looking to cut down time and money would be willing to switch for a cheaper product. This opportunity is pretty big as many people are trying to workout and it could be advertised well with the rise in young social media promoters. This opportunity could be open for a short period time, as undoubtedly in this age of advancement and new technology someone will come with a product before me and dominate the market.

Innovation

My innovation is an app called FitTrend, which acts a personal trainer and creates customized plans. The way it works is a consumer downloads the app for free, then can either sign up for a one week free trial or just pay the one month 15 dollar subscription. Then, they input all their data, such as their height, weight, how often they work out, and any other relevant data and send into our app. Afterwards, an algorithm created by a team of personal trainers, statisticians, and physicians gives them a workout plan customized to their data for one month. The user can then follow that plan and log the data in the app, which also has tutorials on each exercise and how much your suppose to do. They can then track their improvement as they workout and renew their subscription each month. What would separate

Venture

I think consumers want to switch to this product because its a cheaper and quicker way while still providing a quality a workout. This would be hard to switch older users committed to a personal trainer already, but for young adults with no set option it would be easy for them to join if they see the benefits. Competitors of these market are those with other workout apps such as the full fitness app or body builder app, and each have their weaknesses or strengths. They have more brand recognition, which gives them an advantage in terms of market presence and brand name. However, neither of them are labeled as a personal trainer app, and are simply just workout apps, which creates a niche in the market for me. The role of price points defines the biggest role, as it depends on how much money I’m going to need in order to be properly charging consumers. Something I think I would really benefit from is stressing customer service, as I think that’s a key area that I would be losing by switching to the mobile app. I don’t think I would be able to have it be 24/7, as it would be too expensive and I need to keep costs low. I would, however, pay a bit extra for better workers, as I’m losing the face to face interaction which is a large point of training. For that reason, I would want every interaction the customer have with one of our workers to be extremely positive to make sure that we’re not seen as only app but something more.

Minor Elements

My secret sauce would be how available my workout app would be, letting consumers have a professionally designed workout plan right at their fingertips.

The next product I think I would aim to build off would be maybe a protein bar or protein shake that acts a supplement to the workout plan.

In five years I want my business to have grown and have users of all ages across the U.S. I can make a positive impact in the world by making people healthier and doing good for America.

Feedback
Most of my feedback was good, as a lot of people liked the idea of a mobile app for working out because it was accessible and easier. I got a lot of positivity about my venture, as multiple people commented and said that it was in depth and a great opportunity if I can execute it well. The only thing I received was just to realize how saturated the market was and that I needed to seperate myself from the other apps, which is something I definitely think I can do. My biggest thing that I changed based on my feedback was simply stressing customer service more than I did the first time, where I remarked that it wouldn’t be important. I decided that if I could maximize every positive interaction with my workers that it would give me an edge over other competitors, and give hope for the future.