Analyise my business idea

[Dmp991]

Hello everyone. So I wanted to get some opinions from you all about a business venture I'm already well into the process of creating. Obviously I can't give all the details but a general overview should suffice....

This year more than any our fitness, health, mental wellbeing and overall quality of life has been hit hard. You can't go to the gym, sometimes you can't even go outside, so although this idea has been in my pipeline for some time actually I think now is a better time to launch than I could have foreseen. So the idea is this... We all have goals right? Lose weight, get fit, gain more confidence, quit smoking or improve our mental wellbeing. But these things are all really hard to do and usually expensive.

So what if you had an app on your phone, with a detailed plan customised to your exact goals, but not only that, but also customised to you personally (so it considers your lifestyle and even your biological make up to create a plan that will work for you), supported by over the phone guidance and advice if you need it.

All for just a few pounds a month. You get the benefit of a fitness coach and a lifestyle coach - without the extortionate costs. Not just advanced AI, but a real qualified person helping to create your plans and being there for you when you call too.

Guys and girls, do you think this is a good business idea? The app is built, passed stage 1 testing and into stage 2. Website is almost there too. Let me know what you guys think....

Ps. Willing to speak to potential investors too, just drop me a line.

 

[Mr D]

This is better than existing apps in that field?

As a website it sounds good. As an app? Maybe it's just my age but I would not bother with it for a few pounds a month.

 

[Dmp991]

Thanks for your feedback, so basically the app is more diverse than existing apps on the market, in that it's not just some computer AI thing, it's a platform to reach a real person. That person being a fitness coach or a lifestyle coach (depending on your need).

Existing fitness apps are pretty much one size fits all, with some customisation available and usually are pretty expensive for what they are ranging from £10 a month upto £60 a month for Adidas!

But we aren't just offering 'fitness', whatever your goal, be it fitness, weightloss, better sleep patterns, smoking cessation, mindfulness or better mental health, we guide you to your goal using the app as a medium of communication alongside live chat on the website and our phone lines.

Oh and customised diet plans too, forgot about those! All for £5 a month. When you reach your goal you get £10 back.

 

[Mr D]

Thanks for your feedback, so basically the app is more diverse than existing apps on the market, in that it's not just some computer AI thing, it's a platform to reach a real person. That person being a fitness coach or a lifestyle coach (depending on your need).

Existing fitness apps are pretty much one size fits all, with some customisation available and usually are pretty expensive for what they are ranging from £10 a month upto £60 a month for Adidas!

But we aren't just offering 'fitness', whatever your goal, be it fitness, weightloss, better sleep patterns, smoking cessation, mindfulness or better mental health, we guide you to your goal using the app as a medium of communication alongside live chat on the website and our phone lines.

Oh and customised diet plans too, forgot about those! All for £5 a month. When you reach your goal you get £10 back.

Seriously? 10 quid back when you reach a goal?
I have achieved one goal in 20 years and pleased with the progress.

And you have sufficient staff and data to do all that on such a low figure?
Plus marketing.

 

[Dmp991]

This is exactly why we are looking for views here... What would you do differently?

Seriously? 10 quid back when you reach a goal?
I have achieved one goal in 20 years and pleased with the progress.

And you have sufficient staff and data to do all that on such a low figure?
Plus marketing.

 

[Mr D]

I would not offer money for goals completed. Perhaps a badge on the app instead?
Look at audible for example, multiple badges people can get.

 

[The Byre]

What is your marketing budget?

 

[Dmp991]

I would not offer money for goals completed. Perhaps a badge on the app instead?
Look at audible for example, multiple badges people can get.

Okay thank you that's a very interesting idea and will definitely look into that.

 

[Dmp991]

What is your marketing budget?

Our budget currently is exceptionally tight. However we do have a small marketing budget. Fortunately I have some experience in this field, I've built the website from scratch myself therefore reducing costs there. In terms of marketing specifically - we have a small budget to cover direct marketing (ie. Flyers, newsletter subscription, etc) as for paid advertisment on social media - I've done this in the past with Facebook and with Google Ads, I don't find either to be cost effective. I believe you can market on social media for free just as effectively as paying for it, it's just more time consuming.

 

[fisicx]

There are loads of lifestyle apps and websites. One more isn’t going to set the world alight. If you want this to scale you need money for marketing and to pay the coaches. And on that point, how will you assure these coaches are properly qualified? What sort of liability insurance heave you got?

 

[Dmp991]

There are loads of lifestyle apps and websites. One more isn’t going to set the world alight. If you want this to scale you need money for marketing and to pay the coaches. And on that point, how will you assure these coaches are properly qualified? What sort of liability insurance heave you got?

You make an excellent point, the market is flooded with 'fitness experts' who's only qualification is they signed up to their local gym! It's full of the 'Juice Plus' type companies, look on Google Play Store or on IOS its full of fitness apps.

Don't just look though, download them to your phone. Like most apps, 75% of them are naff, don't work or don't seem to serve a purpose because they are made by some student in Taiwan and nobody really bothers with it.

The other 25% (equating in the case to perhaps 5 or 6 good apps) are either expensive or free. There doesn't seem to be any middle ground, but that's almost besides the point. The point really is that we have a USP despite being another 'lifestyle app'. If you download the Adidas Fitness app, you can make a fitness plan with some fancy videos to watch, filmed in some swanky gym whilst you attempt to recreate the scene in your front room to the amusement of your family. You get to pay £60 a month for the privilege! And that's about all you can do. You can probably also connect that smart watch and heart rate monitor that you don't have. I don't know.

Our app is far more than that. The app isn't the business, its just a vessel for the business to work with its clients. The true value comes from the service. The information you see on our app comes from a professional who's actually analysed your profile, a profile compiled using the answers you gave to over 30 questions that build an intricate picture of you physically, mentally and to your lifestyle without ever meeting you face to face. The value comes from being able to talk to your coach over the phone when communicating through an app isn't personal or humanised enough.

In regards to our coaching staff, we are still building that team, however due diligence is carried out on all applicants, they require industry approved qualifications in their relevant field (whether that's fitness, mental health, dietary, etc) and we are fully covered by relevant public liability and employers liability cover.

 

[fisicx]

Great. But unless you have oodles of cash to spend on marketing no one will ever know how good it is.

I agree you can do low cost or free marketing but the returns on this are tiny. You need thousands of people downloading and using the app to make it viable. You don’t get this by posting on FB.

 

[Bob Morgan]

Mmmmm 'Analyise!' I will add that to my Analyse, Advice and Advise Collection!

 

[Mark T Jones]

Being blunt, you’ve invited us to analyse your business idea, but have explained an app idea without a business attached to it

You have suggested that your target market isn’t individuals but organisations who will build it into their programme (I think?) Who are those organisations? Have you spoken with them? What are the price points? What is the direct competition in that segment?

As others have said, there are hundreds of fitness apps. The biggest of all marketing challenges is re-educating customers. Plus, sorry to say, programming skills are freely available - the skill to turn a programme into a successful business are harder to come by

 

[mattk]

How will your business model work? If the cost is £5 a month and it takes a coach an hour to write my customised plan, then they are working for less than minimum wage.

Similarly, if for my ongoing £5 a month I want a 10 minute consultation per week with my coach, then that's 40-50 minutes per month again at less than minimum wage.

 

[The Byre]

Plus, sorry to say, programming skills are freely available - the skill to turn a programme into a successful business are harder to come by

THIS!

Writing apps and building websites is a consumer activity. Writing good apps and websites that convert is a job for professionals.

The same applies to marketing. Your first task is targeting prospects and that ain't that easy. Random and untargeted ads on Faceoff or MyGoogle are about as useful as a bucket of warm spit.

Targeting is not easy - if it were easy, all those pointless spam emails that clog up inboxes would never happen!

Also what @mattk writes is relevant - the figures have to make sense. They have to pass what I call 'The Back of the Envelope Test' and that is not always as easy as it seems.

 

[estwig]

Sounds like utter nonsense to me, your promising too much for the money. The sensible people will see this straight away and avoid you, this will leave you with idiots and people looking to bleed you dry.

You client base will end up consisting of tyre kickers and numpties.

 

[billybob99]

You probably didn't need an app to validate this idea.

Could have saved that cash and bought a slick bean to cup machine.

 

[JustGettingOnWithIt]

Just to give you something positive. I like your ability to tell a story which may suit the social media people you are going to target. The hardy business people on here can see through it but the twitterers like stuff like that.

My concerns here would be that you are entering a competitive market so your marketing budget will be huge. My guess would be 50% of your turnover and more to start with.

I would also agree with billybob99 that you don't need an app for this. You will be sat along side the other really poor apps on Play Store or whatever so it may be tricky to dis-associate the reputation that the other rubbish apps have. You could knock up a website in a couple of hours and get going.

I got a Samsung smart watch a while ago and there are loads of lifestyle resources that I don't have to pay anything for. Can you compete with that?

I would also be concerned that you are trying to be all things to all people to start with. You are spreading yourself very thin with "Lose weight, get fit, gain more confidence, quit smoking or improve our mental wellbeing" Start with one of these. Become brilliant at this and then move on to the next thing.

My other concern would be that you pay your professionalls fairly and look after them otherwise you won't have a business. I would imagine a stopping smoking nurse earns more than the minimum wage? What is your client to professional ratio? 1 to 50 or more? This again adds to your financial bottom line so you need to make sure your business model is sound and you can pay the many bills you will have too.

Thanks for the invitation to invest but it isn't for me.

 

[japhyryder]

Yes, to echo others, this is a good idea but to actually make this sell would require immense marketing budget. A brilliant digital strategy would be needed to get this going also..

 

[Lucky8]

OP, this sounds like a marketplace for wellbeing professionals, is that what it really is?

Let's say I want all these aspects of my life to be better. I create an account, and then..?

 

[BusterBloodvessel]

And so the UKBF merry go round continues.

“please rate my idea”

“no not like that. I’m going to disagree with every negative you throw at me. Please just agree with me it’s an amazing app invention”

 

[The Byre]

And so the UKBF merry go round continues.
“please rate my idea”
“no not like that. I’m going to disagree with every negative you throw at me. Please just agree with me it’s an amazing app invention”

Thus it was - thus it always will be!

This happens when someone has an idea in a bubble of ignorance and without the checks and balances of others, some of whom are more experienced or who have knowledge the idea needs to be put into shape. It is all part of the insidious Dunning-Kruger syndrome. Not knowing enough to realise that you do not know enough.

Each and every business 'idea' must have the five things that signal success (predictable profit, awareness of risk, USP, plan B, market testing) and it is not unusual to find fairly advanced business plans that do not have one of those five things.

"But you must admit that it's a great idea!"

"Yes, but then, forming an over-80s nudist leapfrog team is also a great idea!"

I wish our OP the best of luck. And I hear that the over-80s nudist leapfrog team are holding a bring-and-buy sale - I'm not so interested in what they bring, as what they bring it in.

 

[JustGettingOnWithIt]

"Yes, but then, forming an over-80s nudist leapfrog team is also a great idea!"

Thank you. You made me laugh out loud for the first time in ages.

 

[BustersDogs]

A friend of mine lost weight and improved fitness with an app from a fitness coach which included her exercise programmes, help with diet and nutrition and support from the business owner, a few months ago.

I don't think this is a new idea...​

 

[HazzKan]

I suggest you join some small communities that can be packed with value.