OnFitWorld Business Idea Potential and Feasibility

Introduction

One of the first tasks facing a business schematic developer is studying, comprehending, and analyzing research. The analysis results determine many aspects of the project: industry requirements, customer interactions, and idea implementation. The development of a new business concept should begin with a feasibility analysis. Based on such a study, a decision must be made to proceed or reconsider the project. The previous paper considered creating a small business in the fitness industry and the basic principles of this idea. This paper will investigate the feasibility of various aspects of OnFitWorld, namely, the state of the market industry, service in general, the potential for profit, and entrepreneurial readiness.

Industry and Market Feasibility

Business planning is a type of managerial activity that aims to create strategies for the organization’s development and set goals and objectives. It clarifies the organization’s mission, its primary objectives, and how to achieve them (Burns, 2016). The fitness industry is actively developing; many new brands appear every year as the number of consumers increases. The market for fitness services is suitable for opening a new company. COVID-19 has affected the fitness industry considerably. The flow of clients has decreased, and many gyms have closed. Despite this, companies adjust to the problem and find new ways to attract clients. These things prove the feasibility of building a business in this industry. The company OnFitWorld will start its activities online, which lets it make classes safe for users and attract an audience from all over the world.

Service Feasibility

Fitness involves a system of exercises designed to maintain and improve the body’s physical endurance as well as adjust characteristics such as appearance and body weight. Fitness and sports clubs provide a wide range of services, attracting consumers of different age groups interested in various sports activities. Many people resort to fitness services because they care about their health and want to keep themselves in shape, which can be challenging considering the conditions of isolation and quarantine (Anderson et al., 2021). This situation confirms the appropriateness of the services provided in this area. An essential advantage of OnFitWorld is that customers can receive benefits remotely anywhere in the world and at a convenient time. Therefore, the services that will be provided by considering the business idea are feasible.

Financial Feasibility

In a market economy, the success of both the firm’s activities and the individual entrepreneur is primarily determined by how the professional management approaches the choice of strategy and tactics of its conduct. Minimizing the risk can conduct a financial feasibility analysis, which focuses the small business owner’s attention on the cash flow of profit before taxation (Turner & Endres, 2017). It is essential to determine how much money will be needed to implement the idea, the sources, forms, and dynamics of funding, and the payback period of investments at the initial stage.

Since fitness provides a wide range of services that people around the world are interested in, it provides a demand for the product and stable and ever-growing profits for organizations in this industry. OnFitWorld plans to start its business online, which will alleviate the cost of renting a gym and expose the product to a large global audience. In the initial stages, to reduce overall costs, one person can handle the marketing function. The team of trainers can consist of up to two people if necessary to carry out training at different times of the day for an international audience. Legal advice and documentation will also be considered. Thus, given these aspects and the flexibility of the business idea itself, one can conclude that it is financially feasible.

Entrepreneurial Readiness

The key to starting a new project is business readiness. A successful entrepreneurial activity requires the presence and sufficient development of specific competencies: individual features, and several legal, financial, and economic nuances. It is essential to consider the advantages of a career as an entrepreneur and understand the difficulties encountered at the first stages (Scarborough & Cornwall, 2015). To launch a plan requires preparation in various areas: advertising, financial strategy, personnel search, and legal aspects. To start the OnFitWorld company, one should also consider psychological readiness. Entrepreneurship readiness is defined as the totality of personal qualities that distinguishes people ready for entrepreneurship as exceptionally competent to observe and analyze the environment (Schillo et al., 2016). Thus, to create a business project, one must have a highly creative and productive capacity. These qualities will help use the abilities for self-actualization and business start-up. Therefore, based on the available attributes, there is sufficient entrepreneurial readiness to implement the discussed business idea OnFitWorld.

Conclusion

The fitness industry is actively developing, highly demanded by consumers, and contributing to the execution of state policy on the popularization of physical culture, sports, and healthy lifestyles kind of entrepreneurial activity. Based on the information presented in this paper, the fitness business has the potential for profit in today’s world. Online fitness training makes the sport available to the public all over the world and at the time convenient to the client. Thus, OnFitWorld’s project is feasible, has the necessary capacity to make a profit, and does not require significant changes. However, regardless of how things develop, the business should be flexible and adjust to the new realities.

References

Anderson, D. J. F., Kim, A., & Zhang, J. J. (2021). The fitness industry in the USA. In J. García-Fernández & P. Gálvez-Ruiz (Eds.), The Global Private Health & Fitness Business: A Marketing Perspective (pp. 69-75). Emerald Publishing Limited. Web.

Burns, P. (2016). Entrepreneurship and small business. Palgrave Macmillan Limited.

Scarborough, N. M., & Cornwall, J. R. (2015). Entrepreneurship and effective small business management. Pearson.

Schillo, R. S., Persaud, A., & Jin, M. (2016). Entrepreneurial readiness in the context of national systems of entrepreneurship. Small Business Economics, 46(4), 619-637.

Turner, S., & Endres, A. (2017). Strategies for enhancing small business owners’ success rates. International Journal of Applied Management and Technology, 16(1), 3. Web.

Cite this paper

Select style

Reference

BusinessEssay. (2022, November 7). OnFitWorld Business Idea Potential and Feasibility. https://business-essay.com/onfitworld-business-idea-potential-and-feasibility/

Work Cited

"OnFitWorld Business Idea Potential and Feasibility." BusinessEssay, 7 Nov. 2022, business-essay.com/onfitworld-business-idea-potential-and-feasibility/.

References

BusinessEssay. (2022) 'OnFitWorld Business Idea Potential and Feasibility'. 7 November.

References

BusinessEssay. 2022. "OnFitWorld Business Idea Potential and Feasibility." November 7, 2022. https://business-essay.com/onfitworld-business-idea-potential-and-feasibility/.

1. BusinessEssay. "OnFitWorld Business Idea Potential and Feasibility." November 7, 2022. https://business-essay.com/onfitworld-business-idea-potential-and-feasibility/.


Bibliography


BusinessEssay. "OnFitWorld Business Idea Potential and Feasibility." November 7, 2022. https://business-essay.com/onfitworld-business-idea-potential-and-feasibility/.