24A – Venture Concept No. 1

Strength Systems

 (1) Opportunity

 There is great demand for larger gym facilities at the University of Florida.

Currently, the main gym offered to students at the University of Florida is Southwest Recreation Center. While this building looks large and impressive from the outside, you'll quickly realize upon entering that the space is utilized incredibly inefficiently on the interior. The most popular and most heavily utilized space in the building, the weight room, is just one small area tucked away in the back of the massive complex. Since the room is so small and the number of students who attend this university is so large, individuals are packed like sardines whenever they try to get a workout in. As a student at this school who regularly attends Southwest Recreation Center, I know for a fact that one of the biggest complaints is the lack of supply of gym space. Furthermore, I am proposing that a second gym space gets opened up in Gainesville. Currently, the window of opportunity for this venture is around 3 years, as the school is starting to develop their own plans to alleviate this issue.

 (2) Innovation

 The venture I'm proposing will be solely centered around a facility that offers more than ample space for its users. There is undoubtedly a huge demand for more space resulting in an incredibly lucrative market thats not being tapped into in the slightest.

This venture would produce revenue by selling gym memberships to Gainesville residents. While Southwest Recreation Center is technically free for students, I strongly believe students would be more than willing to pay a fair monthly rate for a less crowded gym space. While a crowded workout area seems like a trivial, "first world" problem, it actually presents many roadblocks. If a student attended my gym instead of Southwest Recreation Center as it currently stands, said student would be saving a large amount of time and would be incredibly more efficient. My venture, eliminating the time spent doing nothing waiting for equipment, would open up a lot more free time for my customers. This would allow my customers to do more of what college kids do during their four years on campus. If these individuals were to save ~30 minutes a day as a result of my venture, which is completely reasonable, they would easily be saving 100+ hours per year.

 (3) Venture Concept

 The current main competitor to this venture would be Southwest Recreation Center. However, they don't pose as much of a threat, as their glaring weakness is what gave birth to the concept of this venture. The only other competitor I can think of potentially would be Gainesville Health and Fitness. However, this facility isn't much of a threat at all, as offer non-college friendly rates and have a customer base that's noticeably older in average age. My venture will solve these two issue's, innovating while considering college-friendly wages and college student demographics.

Pricing is important in the sense that it will lock in the first wave of customers that are decide they are willing to switch from Southwest Recreation Center to this facility for a fair rate. After that, location is very important as it could easily improve upon its main competitor. Southwest Recreation Center is currently located by Archer in Gainesville. While it was probably cheaper for the University of Florida to construct the facility in the area, it's far away from where most students live. This is a problem because many student's don't have cars and rely on other, less-reliable means of transportation. If this venture was opened up closer to where students actually live, not only would it save students time, but it would allow the individuals without long-distance transportation means to still workout,

Comments

Post a Comment

Popular posts from this blog

6A – Identifying Opportunities in Economic & Regulatory Trends

Opportunities in economic trends 1. Home building in the United States has reached its highest levels since June 2007. I found this opportunity/economic trend in the Wall street Journal. I believe this information presents an opportunity as there somehow has to either be an increase in supply or building efficiency to meet this higher construction demand. The prototypical customer would be real estate developers. I think this opportunity might be difficult to exploit as the real estate development business has high barriers to entry.  I saw this opportunity because I believe the housing market will continue to be successful going forward, whereas some people thing an economic recession is coming soon.  2. This past summer, job openings slowed as the labor market cooled down. I found this opportunity in the Wall Street Journal. An opportunity exists as a slowing labor market means theres a growing supply of labor. The customer is labor employers. The opportunity coul...
Read more

29A – Venture Concept No. 2

Image
1) My venture concept is to open a new gym facility that's accessible to college students in the Gainesville, Florida area. My concept is a great opportunity due to the limited options students have when it comes to selecting a facility. Currently, there's only one main gym, Southwest Recreation Center, and it's always packed due to the number of students trying to use it. This disincentives exercise and makes the whole workout experience unenjoyable as there's always people close to you and you always have to wait an unreasonable amount of time for equipment. If a new facility was created, students would flock to it in an attempt to avoid the crowds that come along with the current facility, and the venture would experience great success. This new venture could take advantage of the current low rate environment by taking on a low cost of debt. 2) I received a lot of good feedback based on my previous venture concept description. Many of my classmates brought to my at...
Read more

4A – Forming An Opportunity Belief

Beginning point  I believe there is an opportunity for more gym space at the University of Florida Describe your belief The unmet need at this university is excess weight room space. Students at this university have this unmet need, as they experience long lines and crowded spaces whenever they use the limited weight room space available. The need has come from a combination of a growing student population and a fixed amount of weight room space. In an attempt to meet this need now, students are trying to go to the gym during times of the day where its least crowded, at the expense of having the freedom to go whenever they want. I am 95% sure that the opportunity for more weight room space exists. In order to identify prototypical customers, I surveyed individuals who were at University of Florida's Southwest Recreation Center. Iteration (Customer) No. 1 Answers to Questions: The first customer said that the exact nature of the need is simply for more gym space. They said ...
Read more