25A – What’s Next?

Existing Market

The next step involving my venture would be to get the operation up and running, This would entail successfully obtaining a gym space and filling it with all of the amenities highlighted in post 23.

I received mixed feedback from the individuals that I interviewed in my market. All three of the customers told me that I shouldn't rush on selecting a location for my facility, and that I should take my time and make sure the selected location is flawless.

Based on the feedback I received, I won't rush the process of getting my venture operating. When it comes to selecting the location of the facility, I will take my time and make sure the decision is well-informed. Finding the right location will pay great dividends going forward

 New Market

 My venture might see success a different college campus

In order to succeed in this new market, my venture might have to differentiate in ways that are different from what I mentioned before. The core competency of having a non crowded facility might not be demanded as much in other locations. Maybe other locations value equipment quality more than facility capacity.

The customers I interviewed agreed in my suspicion that solving the capacity issue might not be as successful in locations other than Gainesville. The offering should adapt to offer improvements in other areas.

No market is the same. It makes you realize how tailored your idea has to be to the area you're in. I can only imagine how much this complicates things when trying to expand on a large scale. 

Comments

  1. Michael LombardoNovember 17, 2019 at 4:33 PM

    Hey Michael,
    I too received a lot of helpful feedback with my venture concept that will help me prepare for the future. I like how you have decided to not rush into the whole business venture ad waiting on feedback from professionals. Choosing the perfect location can make or break a business especially a gym facility. Also, expanding to other college campuses could be a great idea and fairly easy to decipher which colleges are lacking in gym space.

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  2. Nick DiprimaNovember 18, 2019 at 11:43 AM

    Hey Michael, I think you have a solid plan laid out in terms of what to do going forward. I think potentially expanding your idea to other college campus's is a solid idea. I think if you do use this approach, it's important to get an idea of what the students in that university want. Perhaps through a survey, you could find out how they feel about space and then make a decision afterwards if it would be a good move or not.

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