Entrepreneurship and Business Development: Feasibility Study of Online Personal Trainer and Competitive Analysis
Verified
Added on  2023/06/10
|14
|4114
|396
AI Summary
This report discusses the feasibility analysis of the online personal trainer venture, competitive analysis, Osterwalder's business model canvas, business and marketing strategies, financial techniques, planning tools, and decision-making models used to assess and mitigate risks.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Entrepreneurship and Business Development
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
TABLE OF CONTENTS 1. INTRODUCTION.......................................................................................................................3 MAIN BODY...................................................................................................................................3 2. Feasibility study of online personal trainer.............................................................................3 3. Competitive Analysis...............................................................................................................5 4. Osterwalder’s business model canvass....................................................................................7 5. The business and marketing strategies that entrepreneurs follow to find success...................8 6. Financial techniques, planning tools and decision-making models that can be used to assess and mitigate risks.........................................................................................................................9 7. CONCLUSION..........................................................................................................................12 REFERENCES..............................................................................................................................13
1. INTRODUCTION The development of the entrepreneurship is a process where the skills and the knowledge of the entrepreneurs are enhanced with the help of various training and classroom programs along with the main idea behind this program is to develop or increase the number of the entrepreneurs in the world. This report will discuss about the feasibility analysis of the online personal trainer venture by using the relatable conceptual frameworks along with the views that the entrepreneurs are known as the engines of creativity and innovation, a competitive and STP analysis in finding the opportunities gap in the market with the supporting analysis with the related information taken from the extensive market research, osterwalder's business model canvas along with a porter's value chain that discuss the business model, the marketing and the business strategies which the entrepreneurs uses for finding the success along with the common mistakes that the entrepreneurs make at the initial stage and the strategies which are used for the consolidation, underperformance and growth. This report also discuss the financial techniques, the planning tools and the decision-making models which can be used for accessing and mitigating the risks (Purwanto and Wibowo, 2018). MAIN BODY 2. Feasibility study of online personal trainer Conducting a preliminary analysis The outlining of the plan of the project must be done where it should be emphasized on the unsolved need and then it must be determined if the feasibility factors are expensive or not, whether they are able to use the market in an effective manner and much more. Preparation of the projected income statement This step needs to perform in a backward way by beginning with what is the expected income from the project and about the requirement of the project funding which is the foundation of the income statement (Turkina, 2018). Conducting market survey or research Another step is carrying out the research of the market which helps in determining the success of the feasibility analysis. If any organisation do not have the appropriate resources for conducting the research of the market then it is recommended to hire for an external firm in doing so. Planning operations and business organisation
3. Competitive Analysis Identifying the competitors The initial step for performing a competitor analysis is to recognise the competitors that are the other online personal training. In order to find these competitors, using the websites or performing a web search like the Product Hunt and the Crunch base will assist in finding the same kind of the services and the products and do the research of the market. Analysing the online presence of the competitors After the identification and the organisation of the competitors, now is the turn to assess the online presence of these competitors by analysing if their websites are functional, the ways in which they are shopping on their website and how many times they are engaging with their customers. Checking the online reviews For this purpose, the sites such as the Facebook, Yelp and the Google must be visited in order to read the reviews of the customer for the services of the competitor. Also, if the other online personal trainers have the Twitter or the Instagram accounts then it must be considered the ways in which they reply to the queries of the customer along with their negative comments. Talking to the customers of competitors Connecting with the customers directly and looking at who they are, their requirements and wants and the reason they had a negative experience with the competitor. Making those customer feel that their needs will be fulfilled and then showing gratitude to them for their time and effort and provide them improved customer service. Identifying the weaknesses and strengths After performing the research, compiling that at one particular place and then examining the strengths and the weaknesses of the competitor. By using this information for the purpose of the improvement of the venture and then emphasizing on the particular areas which can be capitalizes (Kawasaki, 2019). Using the research tools Doing a competitive analysis is important for the development of the business. Although, it can consume a lot of time but there exists various online research tools that will make this process more effective and can also assist in finding the competitors, keep a record of their content and accordingly examine their results or outcome.
STP Analysis Segmentation Making friends This can be done by looking over at those group of the consumers that are less interested in the benefits of fitness being offered by the gym. In this context, the market segment of making friends looks the online personal trainers as the opportunity to combine with people with same kind of the goals and lifestyle along with making new friends. Losing it Losing it refers to the objective of losing the weight. It is common for the online fitness trainers to be specialised in the weight loss programs. For the best marketing approach, it is necessary to welcome these customer and to have the developed programs for coming up to the requirements. Taking shape This market segment includes the consumers that are interested in enhancing the body look with the help of the training and the kinds of the body sculpture. This particular segment includes the younger demographic but also has the males and females in equal proportion (Rakhmonovna). Targeting ï‚·People who want to enhance their fitness levels ï‚·People who want to lose weight ï‚·People who want to tone up their muscles ï‚·People who are preparing for the competition ï‚·People who are rehabilitating after surgery or injury ï‚·Old people who are looking for low impact workout ï‚·People who have any kind of disability Positioning ï‚·The positioning of the online fitness trainers includes the ï‚·Cost driven positioning ï‚·Niche program specialization ï‚·Lifestyle specialisation ï‚·Avatar focused specialisation ï‚·Quality of service positioning
4. Osterwalder’s business model canvass Value proposition It means the products and the services that the organisation tends to provide to its customers to fulfil their requirements. It is different for every particular organisation because it differs the competitors. Value preposition in the fitness industry can be done with the help of the Market research, being passionate about helping the others, defining the particular problem that is being solved, listing the benefits and using the story telling. Infrastructure The main elements of the infrastructure includes the main activities that create the value preposition, the main resources which are being used for the creation of value for its customers and the important partner networks along with the things that encourage them for being a part of the business model. After taking all these elements into account, the organisation provides its value preposition (Szerb and Trumbull, 2018). Cost structure The cost structure includes all the monetary costs that the business takes on when taking all the operational activities under the model. The cost structure can be fixed costs which are used for the purpose of payment to the salaries, rent for the premises, variable costs, economies of scope and scale (Gregori and Holzmann, 2020). Customers The customers includes the segments of the customers that classify the overall market in recognising and describing the target customers in a specific manner, the channels of delivery helps in the connection of the value preposition to the customer segment and the type of the relationship between the customers and the business such as the self service, long term, co creation and the transactional (Akpan, 2021). Revenue streams It specifies the ways in which the organisation makes the money with the help of its target market. For instance, the businesses can develop the profits with the help of the sale of a particular product, by selling the regular service as the subscriptions, leasing or providing on rent the assets like the charging fees, licensing and the car. Porter’s value chain Begin by laying out the value chain of the industry
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Comparison of the value chains of the rivalry firms so as to understand the variations in the costs and the prices. Comparing the firm in the elite personal training case study value chain to the value chain of the industry The designing of the alternative value chain and the selecting those areas where the scope of the improvement is there. Two or more than that optional value chains must be compared which will offer better information in the industry. Zero in on price drivers that have a increased current or potential influence on differentiation The pace drivers in the value chain must be aligned. These pace drivers are known as the expectations of the customer which they are willing to pay more such as the customers want to pay more for the better exercises in the online training sessions (Meyer, 2018). Zero in on cost drivers that pays the emphasis to those activities that outline a large or developing percentage of the costs If a particular strategy specifies the cutting cost to make the revenues then the training should emphasize on those areas which are not contributing value to the expectations of the customers and the costs which exists there and the reason behind that is the operational inefficiencies. The primary activities involved in the porters value chain are the inbound logistics, operations, outbound Logistics, marketing and sales along with the services. 5. The business and marketing strategies that entrepreneurs follow to find success The business and the marketing strategies that the entrepreneur use in order to become successful is by using of the social media by being authentic and posting the thoughts, posting the products, posting whatever is relevant and useful which would also assist the public to know about the business and the industry, by using the direct messages on the social media platforms such as the snap chat and the Instagram, creating the video tutorials by using the search engines such as the YouTube and making the authentic videos and posting them, blogging by answering on the applications such as the Quora and the Reddit, comprehension of the search engine optimisation by creating the content for the people which is also insightful as well along with unique, engaging and conveying, leveraging the influencers, creating a great lead magnet, using the facebook advertisement with the help of re targeting, by using the LinkedIn, development of the affiliate program, using of the email marketing sequences (Ikebuaku and Dinbabo, 2018). Common mistakes that first-time entrepreneurs make
The most common mistakes that the entrepreneurs make at the initial stage of the entrepreneurship is not doing the research which involves not being able to do the enough market research before starting the venture or the business as it requires deep understanding or knowledge about the market, knowing the ways in which the services or the products can be compared to those of the competitors, not thinking about the scale as scaling is very important in the creation of the extra income without adding any kind of the new costs and also scaling is considered to be the most important factor in the success of the business, underestimating the mindset which will assist in thriving the business, lack of the marketing where most of the entrepreneurs do not have the enough knowledge about the marketing where they fell short and hinder the potential success of the organisation, not having enough financial cushion as without the enough financial cushion , it will be difficult to cover the expenditure at this particular time period. Acknowledging the parts where the entrepreneur have sufficient money to cover the expense can assist in emphasizing on the other elements of the business (Sebikari, 2019). Strategies used for growth, consolidation and underperformance For the purpose of the growth of the business which includes taking in consideration the conditions of the market such as the market share, new markets, diversification, acquisition, purchasing of the franchise, franchising the business, strategic partnerships along with the repositioning and efficiency. Strategies that are related to the consolidation includes the statutory consolidation, statutory merger, stock acquisition and the variable interest entity. The brand consolidation strategy includes keeping both the brands, fusion of the brand, stronger horse, new brand, the strategies related to the HRM includes the corporate cultures, structure of the organisation, benefits and the compensation and the human resource policies. The strategies used for the underperformance includes believing in the employees, setting them up for the success, being transparent and showing them with care, developing the reason for the underperformance, training the complete team, setting the expectations in clarity, asking for the feedback of the leader and coming up to the employees for the discussion of their job performance. 6. Financial techniques, planning tools and decision-making models that can be used to assess and mitigate risks Root cause analysis It is a kind of a systematic process which is used in identifying the main risks in the project. This kind of the tool specifies that is used for that particular type of the problem which has already
arised. It can be implemented to examine the risks by moving through the objectives of the root cause analysis that asks about the happening, the way in which it happened and the reason why it happened. The time when these questions are being answered or addressed then a plan of action is being developed in order to avoid the from happening it again. SWOT analysis Itincludesthestrengths,weaknesses,opportunitiesandthethreatswhichassitsinthe identification of the risks. For the application of this tool, first it is necessary to address the strengths and the weaknesses. After that the opportunities and the threats which will help in doing the analysis and the cross reference. Risk assessment template for the IT This tool provides the listing of the risks in numbered way in a systematic order. It offers the space which contains the collection of the risks of a particular project that assist in the implementation of the project and keeping the record of the risks of the project that is also useful in implementing the project and the tracking of those risks which can become the reality. Risk register It is kind of similar to the risk assessment template. It offers the space for explaining the potential effect on the project and the planned outcome is for the purpose of tackling with the risk that happens. Also, the risk register permits the particular project to give the most concern to the risk, make an owner responsible for solving that risk and also provide the place where the notes can be added as required (Ratten and Jones, 2018). Probability and impact matrix Another technique for the project managers is the impact and the probability matrix which assist in giving the concern to the risk that is crucial. This tool mix the impact and the probability scores of the single risks and then accordingly provide them with ranks on the basis of their severity. In this manner the risk can be comprehended in relation to the big project so if any case the risk happen then there will be a plan for reacting to it or not. Risk data quality assessment With the help of this technique, the project managers use the information which has been collected for the specific risks that they have recognised. This is used to find the levels to which the data about the risks is related to the particular project manager. It also assists the project
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
manager in comprehending the accuracy, quality, reliability and the integrity of the risk relevant to the gathered information about it (González-Tejero and Molina, 2022). Brainstorming To start the process of brainstorming, the risks which can influence the project must be examined. This process begins with analysing the documentation of the project, going through the past information and the lessons being learned feom the same kind of the projects, reading the organisational process assets and the articles. Anything which can offer information about the issues and the problems which might happen at the time of the implementation of the project. After completing the research, begin the brainstorming with anyone who might have the information. Another variant of this tool of the Delphi technique which means that when a particular request is being sent to the experts then they give the reply as anonymously. Or even the project manager can also take the interview of the team members, experts, stakeholders along with other individuals who have the experience in same kind of the projects (Trapp and Kanbach, 2021).
7. CONCLUSION From the above report it has been discussed about the feasibility analysis of the online personal trainer venture by using the relatable conceptual frameworks along with the views that the entrepreneurs are known as the engines of creativity and innovation, a competitive and STP analysis in finding the opportunities gap in the market with the supporting analysis with the related information taken from the extensive market research, osterwalder's business model canvas along with a porter's value chain that discuss the business model, the marketing and the business strategies which the entrepreneurs uses for finding the success along with the common mistakes that the entrepreneurs make at the initial stage and the strategies which are used for the consolidation, underperformance and growth. This report also discuss the financial techniques, the planning tools and the decision-making models which can be used for accessing and mitigating the risks. With the assistance of the entrepreneurship development programs, the speed at which the new businesses are being developed is becoming improved than it was earlier and if it is seen from a big picture then this particular program develops the employment opportunities and improves the economy of the nation along with the organisation.
Szerb, L. and Trumbull, W.N., 2018. Entrepreneurship development in Russia: is Russia a normal country? An empirical analysis.Journal of Small Business and Enterprise Development. Trapp, C.T. and Kanbach, D.K., 2021. Green entrepreneurship and business models: Deriving green technology business model archetypes.Journal of Cleaner Production.297. p.126694. Turkina, E., 2018. The importance of networking to entrepreneurship: Montreal's artificial intelligence cluster and its born-global firm element AI.Journal of Small Business & Entrepreneurship.30(1).pp.1-8. Urbaniec, M., 2018. Sustainable entrepreneurship: Innovation-related activities in European enterprises.Polish Journal of Environmental Studies.27(4). pp.1773-1779.