The Business Idea Fundamental Objectives of THE GYM - Case Study Example

Case Study Case Study The project In my life, those closest to me think of me to be an energetic fun of games. I revel in games more than whatever else which might be available since it is a spot where I can brush off additional vitality. Growing up, I have tried out mainly sports like basketball, swimming and athletics, all of which I was required to go to the gym. Early on when preparing at the exercise center in the place where I grew up, it went to my consideration that the center had restricted space to suit all who needed to prepare fundamentally throughout surge hours. There were no enough instructors to serve the clients, thus there were several cases of minor and major injuries uncured especially by beginners and elderly clients. A couple of years down the line, still nothing was done. Since that time which was something like 4 years back, I have had this thought in my mind that one day I could open up another wellness focus in my neighborhood which will have the capacity to meet the necessities of the individuals. The interest has expanded from that point forward due to expanded populace, subsequently expanded weight for another wellness focus. The goal of this strategy for success was to survey the potential interest for running a Fitness Center inside this area. My other aim was to establish if the set Fitness Center can be able to generate and sustain profits from its services. It is my belief that there is a market opportunity in my neighborhood mainly due to increase in population and visible saturation of existing centers (Markides, 2008). I used the structure which is explained in the book, Principles of Marketing by Philip Kotler and Gary Armstrong in making of this marketable strategy. I utilized SWOT and Porters Five Force investigation in the estimation of interior and ecological position available. There was an assessment of the marketing environment as well as possible strategies which can be used so as to achieve the market share which was assessed through a variety of channels of advertisement. The research mainly used secondary data (Craig & Douglas, 2005). It is assessed to cost something like 250,000$ as startup, which will be subsidized through gurus and credit. This startup capital will back remodels of the premises and importing various the supplies required and others will be purchased generally. With the set premises in deals and expense, my exercise center is prone to create misfortunes all around the introductory stage or start of the venture three years on average, and I have a five year plan for which the business will have fully picked. It is my estimation and conclusion that with given premises, there is no base for wellness and in addition different wellness Center inside my neighborhood. Furthermore, it would be advisable for the founders to evaluate the operation of well serviced fitness Center in this area which would be much more cost efficient (Langston & Lauge-Kristensen, 2002). Thus, in the first three years of its existence, there would have been an addition of a strong management to augment the operations of this Fitness center, and at the same time, there will be a continuation of provision of members with high quality facilities as well as customer service within this tight knit “community” environment. The short term goal is to focus on the development of a larger floor plan so as to meet the demand of increasing numbers of members. Working in conjunction with the various stakeholders and investors as well as services on joint projects, the Fitness center will promote fitness and stress relief particularly for college and high school students within the locality during exam periods as well as providing a healthy extracurricular activity (Council, 1994). Keywords: business plan, fitness center, marketing strategy, SWOT analysis, Porters Five Force analysis Contents/Outline 1. Introduction 2. Research methods 3. Objectives 4. Shortcomings 5. The business field and industry i. The business idea Fundamental Objectives of THE GYM Ii. Fundamental objectives of THE GYM 6. Opportunities on the market and vision 7. Uniqueness of THE GYM 8. The Market Demand 9. SWOT analysis 10. Conclusion 1. Introduction Because of the progressing innovative and social progressions, solid living especially through activity is relentlessly on a decrease and activity has bit by bit get less and less some piece of our normal exercises. In our society, there has been a movement from physically extreme work over to working for the most part in office settings throughout the day. Also, students are now prone to sitting all day long with their computers and other gadgets such as video games and cable TV. All these especially recreational and entertainment activities has made people inherently very unfit on a physical level and dietary with all the fast foods circulating. Accordingly, individuals have been directed to search out electives in activities like going to wellness classes at wellness focuses. The primary address that this marketable strategy will answer is the practicality for running a Fitness focus in my neighborhood. To answer this, it is paramount to characterize the examination material with considerably further sub inquiries, for example, the accompanying: What are the market opportunities? What is the size the market, how big is it? Evaluations of SWOT analysis. The principle reason for THE GYM is to help the inhabitants for a quality wellness focus that is client determined with the primary point being to help those that are in awful wellbeing state, basically on a physical level to begin in improving their life (Campbell, 2010). 2. Research methods In order to write a very efficient business plan, it is essential to adhere to certain regulatory framework like those explained in the above stated book. Below is a definition of the research process of the five steps. The main step is the most paramount one and can end up being harder than anticipated to characterize however thus, the examination destination is: The Business Plan Next step is creating the exploration arrangement, clarifying and also plotting the sorts of information and sources required in the advancement of this strategy for success. The third step is information accumulation which is generally dependent upon optional information. By optional information, I mean data gathered for the utilization of purposes other than making of this marketable strategy. I will depend basically on sources from course readings taught at my college, reports made and distributed by organizations and also the welfare service and solid sources on the web. I will use auxiliary information since it is moderately simple to get a hold of and at low out of pocket. All participation and deals in the budgetary arrangement will be drawn from assessments dependent upon optional information. Some essential information will additionally be accumulated by heading off to the wellness focuses officially found in the zone and survey how extensive or packed they are and in addition their PR and the state of their gear and offices. Essential information is the information which is gathered to help in straightforwardly tackling the issue which is close by. When all information will have been gathered, it will be audited and exanimated with a discriminating perspective point. After all the four steps, the fifth and final step will be the interpretation and reporting on the findings (Hill, Thompson, & Williams, 1997). 3. The Plan The fundamental target of this strategy for success is to make cost dissection and show if there is a practical business for running a wellness focus in the said territory with impressive benefits. This business plan will be a basis for applying for funding from financial institutions and services as well as potential investors. In this marketable strategy there are all center capacities of the business in territories, for example, general operations, advertising and budgetary arranging (Kaplan & Norton, 1998). 4. Inadequacies • Legal matters were not looked. • The numbers that the figurings will be manufactured will simply be estimations. • It is troublesome to gauge deal without first having led a statistical survey. 5. The industry i. The idea The GYM will extinguish the thirst of those looking for another and better wellness focus. At THE GYM the primary thought is to join an inclination of solace and physical wellness in the meantime. By pointing at these two objectives in a bound together congruity, my trust is that every customer will feel at home and enhance their sound lifestyle. The Fitness Center will be completely prepared and capable productively serve upwards of 50 to 70 individuals at once. The teachers will additionally be degree holders in PR and wellbeing and sustenance to give guidance and help those that need to begin while serving the customers in a great way. At least there will be 5 teachers at the heart stimulating exercise region and 5 at the weights division. ii. Major Objectives of THE GYM The Gym’s arrangement will be to have especially qualified representatives who produce incredible client esteem and have the chance of further growing their learning base at THE GYM. • Provide roomy office with quality gear to meet high client requests. • Build great client esteem by offering top notch administration. • Develop a solid brand name. • Create a component of uniqueness through joining together Fitness and client mind. 6. Open doors available and vision The Gym’s target market has been on an enduring expanding over the previous decade. There has additionally been an expanded arousing around the nearby government about awful physical state of its natives particularly scholars where there are numerous instances of weight, high circulatory strain joint inflammation in addition to different diseases which occur as an aftereffect of fortunes of activity and bad lifestyle. There has additionally been and increment medicinal services take accordingly. I could utilize THE GYM as an open door to attempt to get subsidizing from the legislature since I will be focusing on those that are in awful physical state subsequently help them begin with the backing of experts. At last this might prompt lessening in social insurance consumption for the legislature. 7. Uniqueness of THE GYM These elements are what will make THE GYM special available in the zone it will be spotted: • Combination of wellness and excellent client mind. • Available cards for membership, three month, six month or one year membership cards. • An all-round client direction through the starting period of working out. 8. The Market Demand With the heightening mechanical achievement and social changes, these previous decades exercise has dwindled at an exceptionally disturbing rate. Our society has moved from work compelling work over to sitting before workstation screen scarcely moving at all subsequently individuals have been searching out plan B at wellness focuses. THE GYM wellness focus will have an age cutoff of 16 years. From the year of 1998 to 2011 the number of inhabitants in 16 years of age and more seasoned in this area has gone from 3.791 individuals to 4.983. This is a 24% expansion in the business size or around 1,7% increment a year. The late five years there has been a 10% expansion in this business sector size, masters have referred to that the populace has gone from 4.507 in the year 2007 to 4.983 in the year 2011. From this figures then it is practical to make the inference that at the end of this showcasing arrangement, which ought to take about five years, the business sector size could be around 5.425 people. 9. SWOT examination: SWOT investigates the inner and outside environment of an organization to land at its qualities, shortcomings, open doors and dangers. At the point when selecting a method, an organization ought to attempt to take favorable circumstances of its authoritative qualities and ecological factors (Nelson, 1991). Strength Superb and fitness combination customer service center Weakness No spa Good Location Not very sufficient knowledge of the market demand High level of service quality At the start unable to offer variety of classes such as Zumba, Pilates and Spinning Multiple payment agreements Uncertainty in finance Opportunities Threats Summer courses for children High investment capital Co-op. with fitness centers in Reykjavík Seasonal demand Expansion if demand increases Newcomers on the market Governmental funding Constantly new substitutes emerging 10. Conclusion Through the above briefly outlined plan I feel confident that even though it may seem to be a complex process to start and run such a business venture, it is possible to achieve such an eager attempt. I have examined the business sector, imagined an objective, and arranged appropriately (Berger, 1996). This business wander might be a sound financing on the grounds that the projections and the patterns are exceptionally ideal. Although realistically speaking, we success is no guarantee, but as the adage goes, “A hero is one who knows how to hang on one minute longer” .This is the entrepreneurial spirit that I will carry throughout the life of this fitness center (Hirsch, 2010). References Berger, B. G., 1996. Psychological benefits of an active lifestyle: What we know and what we need to know. Quest, 48 (3), 330-353. Campbell, F., 2010. The social determinants of health and the role of local government London: Improvement and Development Agency. Craig, C. S., & Douglas, S. P., 2005. International marketing research. New York: John Wiley & Sons. Council, S., 1994. The role of schools in the vocational preparation of Australia’s senior secondary students. Canberra: Australian Government Publishing Service. Hill, C. E., Thompson, B. J., & Williams, E. N., 1997. A guide to conducting consensual qualitative research. The counseling psychologist, 25 (4), 517-572. Hirsch, Y., 2010. The Capitalist Spirit: How Each and Every One of Us Can Make a Giant Difference in Our Fast-changing World. New York: John Wiley & Sons. Kaplan, R. S., & Norton, D. P., 1998. Putting the balanced scorecard to work. The Economic Impact of Knowledge, 315-24. Langston, C. A., & Lauge-Kristensen, R., 2002. Strategic management of built facilities. London: Routledge. Markides, C. C., 2008. Game-changing strategies: How to create new market space in established industries by breaking the rules. New York: John Wiley & Sons. Nelson, R. R., 1991. Why do firms differ, and how does it matter? Strategic management Journal, 12 (S2), 61-74. Read More