MYOKraft - a fitness centre chain for the age group 55+
Studierenden Start-Up / Sommersemester 2017
Problem and Need
The underlying megatrend of an aging population bears special challenges to our society. Due to continuous medical progress, the average life expectancy is ever rising. People live longer but need to maintain a certain fitness level to prevent diseases. That leads to rising public and personal cost for health and well-being. Of course, insurance companies are challenged by those changes, too. However, there is only a small number of sports facilities tailored to the needs of this growing group, comprising 31% per cent of our society. Especially senior citizens must overcome high hurdles before they can enjoy the benefits of working out: Firstly, when they signup, they have to work out alone, which is intimidating. Secondly, they are afraid that they embarrass themselves, because they are not familiar with the physical activities and lost strength. Lastly, the lack of routine combined with weak physical status promote injuries.
Solution and USP
The solution to this problem is building up a health and fitness center chain tailored to the needs of an aging customer group. Our services include experts such as physiotherapists and sports scientists readily available for assistance and to elaborate individual workout plans and thus a high level of guidance. Additionally, we are providing the customers the possibility to socialize with peers through a rich program of additional activities and a café to gather before or after training, since the community is key to customer retention. Ultimately, the training is going to be fast and effective through circle training to keep up the motivation. There is no Gym chain in Austria, that is especially tailored to the needs of the age group 55+ and is available in many locations. MYOKraft will build up a network of customers and develop a well-recognized brand within Austria and the DACH region. Therefore, we believe we can build a competitive advantage.
Senior citizens benefit in particular by having new social hotspots in their communities, where they can socialize and increase their fitness level at the same time. All that in combination with an appropriate environment, classes and equipment. In general, the offerings of the gym will be specifically tailored to the needs of the elderly including a joint-friendly environment, personal assistance, coordinated training and continuous support.
Target Market and Competition
People of the age 55+ make up 31% (20,4 Mio) of the population in the D-A-CH Region of 98,2 Mio. Of those live 18,6 Mio. in agglomerations of at least 50k inhabitants. The targeted membership price is 60 € per month or respectively 720€ per year, resulting in a market potential of 13,4 € Billion. We see some competition in the gym chain Kieser Training. However, they focus on big cities, large locations and on clients 35+. In addition, some elderly might favour gyms where a lot of young people are. If local sports clubs have fitness equipment with low member fee, they might constitute competition as well, but we suppose that we will convince most elderly due to our tailored services. Local physiotherapists, can be competition but also facilitators, if we manage to collaborate with them. Joining forces can be mutually beneficial for both parties when it comes to building up and maintaining a strong customer base.
Team and Skills
We are a team of four Business students currently studying the Masters program SIMC at WU Vienna. Besides personal interest in the field of health and sports amongst all of us, our team holds a certified gymnastics trainer, former professional volleyball player and a co-founder of a company operating in the fitness sector. Therefore, we can build on important knowledge, experience, as well as access to a network in the Austrian and German fitness sector.
Our next steps are of operational nature: Elaborating a ready-to-grow concept for our fitness centre chain, opening the first location as a pilot studio and performing an in-depth analysis of the studio as a foundation for our MYOKraft franchise concept.