Question

imagine a small business that you would like to open (Gym). Give a comprehensive overview of the opportunities and challenges facing the business. This might include (but not limited to) discussions of your business's customers, revenue sources, business model, competition, operating environment, marketing efforts, information technology, management structure, etc., etc. s. Be creative. Be concise.

Answer 1

Some of the opportunities that are there for the business to grow are:

- The customer base could be huge as the business we are entering into the fitness industry and now more people are interested in ensuring that they take care of their health.

- The amount of revenue that can be earned is big since the investment is just one time and rest is always the cost per person which is less.

- We can use social media and digital platforms to initially market since most of the audience and probable customers lie there and hence it is a cost effective and easy way to reach them.

Some of the challenges that the business might face are:

- The environment in which we will operate is dynamic, it could be situations when the number of people are more but there could be days when the count is less so we have to keep compensating for the operating margin and profit percentage.

- The competition is also quite considerable so it can pose to be a big challenge because in this case most of the competitors are offering similar services at similar price so differentiating and choosing one becomes difficult.

- The hierarchy would be difficult terminating since it is not a formal chain of business to start with and hence a structure if not formed can create chaos in the long term.