Discussion and reply

Writing a business plan is your map to how you are going to operate.   Regardless of whether you are interested in taking over an existing  business or starting a new one; they both have challenges that you will  need to overcome in order to succeed.  Discuss one of the challenges in  starting a new business and how you may be able to address that  challenge with a well-designed business plan.  Your challenge can be  unique to either a start-up or on-going business or both.
Post by classmate
 
I  wanted to look at what challenges a gym might have to consider as they  were building a business plan.  I live in a town of approximately 3,000  people and our county has about 92,000 people that live in it.  One of  my concerns as I was building a business plan is do we have enough  prospective clients in the area to support another gym.  Currently there  are two gyms in the town one being a small hometown gym and the other  being a name brand gym.  To verify if we were in a city that had the  personnel to support a third gym I would use a mixture of qualitative  and quantitative methods.  Investopedia states that “Qualitative  analysis uses subjective judgement” (Smith, 2021).  Gym use and  percentage of people going to a gym can change based on the state, class  level and overall desire to go to a gym driving more subjective data.   We then would need to look at the world today to see what people’s  comfort level of going to the gym is.  With COVID numerous people  started buying their own gym equipment because gyms were not open.  Will  this factor be an issue trying to open a gym?  We would need to look at  overall percentages of people that go to a gym to determine if we even  have the population to support those numbers.  To gather this info I  would need to use multiple different judgement models to gather this  information.  I could use historical data to determine the average  number of gym members and then survey data to determine out of those  members how many have built their own gyms or are no longer going to a  gym.  These baseline numbers should give me an idea if we have the  population to support our business.
Paul
Smith, T. (2021, April 22). Qualitative Analysis. Retrieved from Investopedia: https://www.investopedia.com/terms/q/qualitativeanalysis.asp