Business Plan for Virtual Space

Executive Summary

Virtual Space is a proposed gym and fitness center aimed at promoting health and wellness amongst the people of the UAE. However, this particular facility will not just offer fitness training and products to the clients; we intend to offer a completely new experience in our customers’ journey towards fitness and wellness. Aside from just getting the best in fitness training equipment and providing professional guidance on the client’s progress and fitness goals, the facility will offer the client a chance to pick the ambience within which to train. This will involve HD TVs and 3D glasses that will allow our clients to train in whichever virtual environment they choose for the day. This environment could be anywhere and include anything, from a rainforest in the Amazon to the freezing lands in Antarctica or even inside a national park full of wild animals. The aim is to tap into the 60% market that is seeking physical activity but cannot get it for one reason or another. The approximated startup capital is about $4,100,000 and the company should be able to breakeven within its first two years of operation. The main factors that will determine this business venture include the unique fitness-training concept that involves changing scenery instead of just training in the monotonous fitness center environment. The fact that the company will be hiring some of the most highly qualified fitness training personnel in the industry, the prices that will be remain reasonable and affordable, an d the high quality equipment at the facility center will also ensure that our customers have the best technology for their training programs. Generally, this business is aimed at changing the definition of fitness training in the Abu Dhabi market and beyond.

Business Profile

Virtual Space is set to bring a different experience to the fitness and wellness setting in the UAE, starting with Abu Dhabi. Virtual Space will be a gym and fitness center aimed at promoting health and wellness amongst the people of the UAE. However, this particular facility will not just offer fitness training and products to the clients, we intend to offer a whole new experience in our customers’ journey towards fitness and wellness. Aside from just getting the best in fitness training equipment and providing professional guidance on the client’s progress and fitness goals, the facility will be offering the client a chance to pick the ambience within which to train. This will involve HD TVs and 3D glasses that will allow our clients to train in whichever environment they choose for the day. This background could be anywhere or anything, from a rainforest in the Amazon to the freezing lands in Antarcticaor even inside a national park full of wild animals. We will even be able to give our clients the illusion of training under water with this kind of technology. The idea is to make each training session feel like an adventure, so that beyond just getting fit and healthy, our customers will also be able to focus on having as much fun as they can.

Mission, Vision, Goals and Objectives

As a business, Virtual Space strives to encourage people to make smart fitness and wellness goals and to stick to them until they are accomplished. Considering its intended location at the central business district of Abu Dhabi, this facility will be looking to cater to the busy members of the society who can only spare an hour or two in the morning before going to work or school or in the evening after the day’s activities before going home. The fitness center will offer many fitness and wellness programs that are tailored to the needs of the client in question. The mission of the company is to eliminate the boredom and routine in fitness training for better and effective exercising.

Regarding the vision, it should be noted that the UAE fitness and wellness market is growing significantly, as more people start paying attention to their weight in order to avoid or manage lifestyle health concerns that are associated with physical inactivity. The UAE economy dictates that most of the people living in UAE spend their time indoors either working or studying. This means that the majority of the population is physically inactive for most of the day. With a readily accessible fitness center in the city, it is expected that these individuals will look to reduce the risk factors associated with heart disease, high blood pressure and other ailments by joining us on their journey to physical fitness. As such, our vision is to redefine the fitness and wellness industry by using fitness programs that will revolutionize fitness training in Abu Dhabi and the rest of the Middle East.

The goals and objectives of this business venture are not purely for profits. As a health enthusiast, I would personally like to see more people in Abu Dhabi setting fitness goals and being able to achieve them. I would like to hear about a lowered prevalence of heart disease and other health problems associated with inactivity in this region so that the government can focus on other pressing issues instead of spending so much time and resources on efforts to fight obesity (Butalia, 2014). As argued by Butalia (2014), the 20% prevalence for obesity in the adult population of the UAE is excessively high and Virtual Space would like to play a part in lowering this number by offering a fitness-training program that is conveniently accessible and adventurous to such a degree that the gym members are motivated to come back. For the profits component however, the business seeks to break even within two years of opening, maintain sustainable profit margins by offering the customer value for their money and offer a wide array of products and services in order to cater to a larger fitness and wellness market in Abu Dhabi and beyond.

Business Philosophy

The core values of this business will be drawn from two basic philosophies. First, the customer will dictate the direction of the business. If there comes a time when our customers want to be trained at home or in their offices, we will find a way to provide this service. Our main aim is to please our customers as we help them to achieve their fitness goals. This means that we should be able to accommodate changing schedules, limited budgets, health related limitations and any other need as dictated by our customers, in consultation with our experts. The second philosophy is that our employees are our business associates. The fitness industry involves many interpersonal relationships and thus it thrives on the ability of a company to form lasting working relationships with its members. To do thus, we will need to hire the best fitness trainers in the industry, not just in terms of qualifications or experience, but also those who are outgoing, interactive and inspiring employees to work with our clients, motivating them to focus on their fitness goals while also pushing them hard enough to get them to put more effort into their workout sessions. This means we will have to invest heavily in our recruitment, selection and training practices with respect to our HR approach.

Target Market

A recent report published in Middle East Online indicates that over 60% of all adults in Abu Dhabi have been advised by their doctors to engage in some vigorous physical activities at least three times a week (Qscience, 2015). This figure includes many in the Abu Dhabi population who spend all their time in the city, working, studying or combining both work and school (Qscience, 2015). Others simply lead a sedentary lifestyle indoors and away from physical activity as they subscribe to all the conveniences of technology and a relatively good economy. This business will target the people who are spending too much time watching TV or playing on the computer at home and encourage them to step out and get physically active. In addition, the business will look into the individuals with a busy lifestyle especially those who require fitness training at their convenience whether early in the morning, late into the night, and over the weekends. Eventually, we will also cater to those who want our physical fitness training services, but who will be unable to come to our facilities. This means scheduling home and office visits, and producing fitness training software and portable guides. The aim is to tap into the 60% market that needs physical activity but cannot get it for a variety of reasons. Rather than focusing on the 20% that is obese or suffering from diseases associated with a lack of physical activity, this business is going to take a preventative approach. The businesses core focus is to encourage the Abu Dhabi population to get fit now instead of waiting for the potential heart attack to happen (Benjamin, Edwards, Ploeg & Legault, 2014). While the business will be located at the heart of Abu Dhabi, we will not limit our target market by geographical radius. We will be open for business to any member from any part of the world provided they are interested in achieving physical fitness in style.

Products and Services

In order to reach the set goals and objectives, this business will offer five different products and services. These include gym memberships, personal training, physical fitness assessments, nutritional supplements and snacks, and nutritional consultations. Gym memberships will be the company’s main offering. Customers will be able to purchase a membership for a duration that they find convenient and practical. Many fitness centers demand long term membership contracts. However, since the majority of the UAE population consists of foreign students and tourists or expatriates who are in the area for a limited period, it would be difficult to get convince to buy a long-term membership. Therefore, we will offer a variety of memberships that best serve each individual client including weekly, monthly, 6-month and annual plans.

Personal training on the other hand focuses on giving the client individual attention, helping them with their goal setting, and constantly pushing them towards their training goals and objectives. This is particularly useful for customers with specific needs like weight loss, sports training or those who aspire to become bodybuilders. Personal training is a vigorous service that is built on strong interpersonal skills and strong rapport with the clients. This means that the customers will be getting personal trainers to take them through the fitness-training program at their convenience. Customers who opt for personal training will obviously have to pay extra fees in addition to their regular membership since their training is more customized and flexible than it would otherwise be in the regular membership category.

The physical fitness assessment is also a very important service in the fitness and wellness industry. Customers generally need to know their progress, their potential and their limits when it comes to physical fitness and activity. This means that they will need to be assessed regularly by a certified fitness expert from the moment they start their fitness journey through their progression.

Nutrition is an important part of staying fit. This is especially true for sports-oriented customers as well as bodybuilders and those looking to lose weight. We will offer nutritional supplements like protein shakes, amino acids and creatine based on the demands of our customers. For those less interested in supplements, we will offer protein-packed snacks like nuts, bars, and meal replacement bars as well. As for the drinks, we will focus on energy drinks and healthy juices and fruit extracts aimed at keeping our clientele refreshed and powered while they work out within the facility. Drinking fountains will be provided within the facility since we recognize the importance of staying hydrated while working out.

Most of our clients will be looking to maintain a healthy body weight. This means that they will require additional consultations with respect to their diets in order to compliment the work done in the gym. Nutritional consultation will be offered for such clients, as well as those who are looking to build muscle, tone their bodies or generally lose weight and look better. Nutritional consultation will also be offered to non-members at an extra cost within the facility and we plan to hire some of the best nutritional experts in the industry to attend to our clients.

Market Overview

About 1.5 million live in the Abu Dhabi area proper, which is closer to the heart of the city and the intended location of Virtual Space. In order to fully understand what market environment this business will be operating in, it is crucial to understand that the annual population growth rate is about 8%, and that 80% of the people in this region are actually expatriates who are in the region for work and who have lived there for decades. Medical tourists are also common in this part of the country. In addition, out of this 1.5 million, 20% are considered obese and thus in dire need of physical fitness programs that will help with weight loss (Bates, 2008).

Industry Trends

While people are constantly signing up for gym memberships, the difficulty has always been in retaining new customers and encouraging to reach their fitness goals instead of dropping out along the way. In addition, customers are increasingly looking to partake in fitness activities that are both fun and convenient. However, unfortunately, most people in Abu Dhabi generally find it to be a difficult inconvenience to go to the gym during the week.

Competition

Abu Dhabi Country Club, Al Wahda Health Club and Lifeline Gym°° are the largest and fiercest competitors in the Abu Dhabi fitness industry. These three fitness facilities command a 75% share of the current fitness market in the city. This means that they are all well established and effective in their marketing strategy. The table below shows how they would compare against Virtual Space once we are up and running. ‘Importance to the customer’ here is a measure of the significance a particular factor is in influencing the customer’s choice of a fitness training facility. The rating is done on a scale of 1 to 5 where one is least significant and 5 most significant.

Environmental Analysis

Understanding the environment that Virtual Space will be operating in is essential to the future of the business. This is because the environmental conditions will determine the business strategies and practices once the fitness center enters the market. Knowing what the business is getting into is also a good way to ensure that it succeeds.

Porter’s Five Forces Analysis

Porter’s five forces analysis is aimed at ensuring that all the competitive factors that can have an impact on a business are considered. This makes the five forces analysis the best tool for understanding the external environment within which the business is operating. In this case, the gym will be located in the Al Mushrif area of Abu Dhabi in the UAE.

Threats of new entrants (barriers to entry). A fitness center is always expensive to launch, meaning that the threat of new entrants is limited economically. With the increasing growth in the industry however, this might change. Profitability is a considerable motivation even when the barriers to entry are as steep as they are in the fitness industry. This means that Virtual Space should not get too comfortable once in the market. Other than striving to out-compete the current fitness centers, this business will also try to build customer loyalty in order to discourage new competitors from entering the market.

Supplier power. UAE’s manufacturing industry is highly competitive. This means that there are many willing and able suppliers that a business can depend on. As such, the supplier power is limited and the business is able to negotiate and even change suppliers at will. At Virtual Space, we will try to keep our suppliers for as long as they give us reasonable prices. We will however not hesitate to change them when they become difficult and unreliable. With a low supplier power, the business is likely to spend less on operational costs.

Buyer power. With so many fitness centers in the UAE, it is important to pay attention to buyer power. The industry mainly features small buyers, but together they have a lot of power over the businesses. Most fitness centers are expensive because the economy allows it. However, we do not intend to test the waters on buyer power. This is why our prices will be reasonable for the standard gym membership, the nutritional supplements and snacks, nutritional consultations and physical fitness assessments. For the personal training however, it will depend on the level of fitness the individual member is hoping to achieve. Since personal trainers are paid by the hour, the total cost will depend on the customers rather than on the business.

Threat of substitutes. Health, fitness and wellness in Abu Dhabi is not just about going to a fitness center. There are many substitutes that people can opt for. With doctors in the region recommending at least three physical activities per week however, it may be impossible to totally substitute the fitness center. People could go for charity walks over the weekend, join sports clubs, go hiking, swimming, run marathons, triathlon challenges, cycling trips and many other options but most of them obviously cannot do these three times a week since they have to be at work or in school too. Therefore, while there are many substitute products in the industry, none of them can match the convenience of a fitness center.

Competitor rivalry. Currently, Abu Dhabi Country Club, Al Wahda Health Club and Lifeline Gym° are the leading competitors in the industry. Their rivalry is rather fierce, seeing as they have all embarked on vigorous marketing campaigns over the past few years. Each of the gyms is trying to position itself as the premium brand for UAE’s fitness industry. Therefore, industry currently has a lot of competition but with minimal differentiation. This is why they need a game changer like Virtual Space to up the standards of the fitness industry in the UAE.

Current Market Objectives and Performance

Abu Dhabi has been described as a running city because of the number of running events that take place in the city each year and turnout is always high. The residents of city comes out in its entirety to participate or just to watch and cheer on the competitors. This means that a great number of city dwellers are interested in sports and fitness. This explains why businesses like Abu Dhabi Country Club and Al Wahda Health Club are increasingly growing and expanding their market presence. In January 2015, most of the fitness centers in the larger UAE and especially in the major cities like Dubai and Abu Dhabi experienced up to a 40% increase in memberships. With the country’s high rates of obesity, this is understandable.

SWOT Analysis

Strengths. The first strength that this business will be concerning the unique fitness concept embedded into our program. We will be taking our customers through an adventure in different sceneries of their choice so that they options beyond just working out in the fitness centers all the time. Moreover, while the adventures will be virtual they will be enough to make the fitness training sessions more fun for all those involved. No other fitness center is currently offering this kind of combination, meaning that we will have the privilege of introducing this new, fun-filled fitness program in the Dubai market.

The business is crafted around the current health situation in the UAE. This means that the programs made available are specifically meant to help the customers promote their physical activity in order to keep them healthy and safe from the medical conditions that are connected to physical inactivity. As an all round fitness establishment, we will be able to attract and retain customers with our wide range of quality products and services that are likely to have a significant impact on the overall fitness of Abu Dhabi and the UAE as a whole. With this kind of focus, we are likely to be able to attract a majority of the city’s adult population that is looking to avoid becoming part of the 20% that is considered obese. We will also gain clients who are already practicing good exercise habits.

Al Mushrif is a convenient location at the heart of Abu Dhabi. As a result, the facility will be easily accessible for the customers even when they have to go to school or work. With limited accessibility challenges, our location will ensure that we attract a large clientele in the larger Abu Dhabi area. People are generally drawn to convenient locations whether they are shopping, having fun or getting fit. This means that our customers can access the facilities on their way home or to work or school since we are in the vicinity of so many schools and offices.

Aside from having the very best equipment in the industry, Virtual Space will also feature some of the most highly qualified personnel in the region. This is in line with our objective of offering effective and impressive fitness training to the people of Abu Dhabi. The facility will also be creating customized fitness programs in line with the indications from the customer’s physical assessments (Bates, 2008). This will make our programs effective while also keeping our customers safe from overworking themselves based on their physical condition and fitness level.

Weaknesses. First, it can be noted that our business is focusing on fitness. This means that we will not include a wellness spa as part of the Virtual Space package. This is considered a weakness because most of the competitors offer spa services in order to attract the customer base that is more focused on a whole health and wellness package. A spa is however not in our line of interest since we focus on getting people in Abu Dhabi out of the obesity range and into a healthy body weight range in the long term (Butalia, 2014). This means that we will not be in a position to take advantage of the spa segment of the health and wellness industry.

Our business model is effective for training sessions conducted within the fitness center. This means that we might not be able to offer the fun experience for customers who opt to be trained outside the facilities. Customers seeking private lessons in their homes will thus have to settle for a normal workout as they train with their fitness instructors in whichever environment they choose.

Fitness training standards were recently upgraded and standardized within the UAE. As such, most of the current fitness training personnel are considerably unqualified. This means that the business will have to scramble for qualified fitness trainers in the industry, making the services even more expensive than they were initially.

Opportunities. January is the best month for fitness centers, considering that a lot of people are looking to lose weight and get fit and healthy for the rest of the year. By focusing on marketing the facilities before January, the business should be able to take off with a good number of customers. This will also work to the advantage of the company seeing as all the strategies are currently aimed at retaining our customers. With the right incentives, and the fun-filled fitness training adventures, the facility should be able to maintain a majority of the January customers for a better part of the year.

A growing population means a growing customer base. Moreover, as the world becomes more globalized, people in the UAE are taking up bad American habits especially with respect to fast food and sugary soft drinks (Webster, 2015). With this change in habits, it means that body weight will continue to be a major concern to the people of the UAE. With our comprehensive fitness training system, we will be able to expand and take on more customers in various parts of the UAE and at some point, the rest of the Middle East too.

Health and fitness is becoming a concern for everyone in the UAE and beyond. With the increasing access to health-related information, more and more people today are aware of the connection between health diseases and physical inactivity. In addition, in order to avoid these lifestyle-related health problems, people are incorporating gym memberships into their basic expenditure as they strive to stay fit and avoid a majority of these challenges. This means that the growth trend in the Abu Dhabi fitness market will not be declining any time soon.

The government is increasingly becoming concerned about the health of the citizens of the UAE. This is why there have been a number of initiatives in the recent past aimed at encouraging the citizens to participate in many physical activities. With the support of the government, the fitness industry in the UAE is likely to grow in leaps and bounds over the next few years. We also hope to take advantage of this by expanding and being able to cater to a larger market.

Threats. Starting a fitness center is a very expensive venture. This is considering the amount of money required to acquire and furnish a location, buy the right equipment, market the facility and attract enough customers to make the business sustainable until it can break even. Most fitness centers go out of business before such entities start making profits because the cost of opening the center may not be recovered as fast as most business owners anticipate. Considering that we will be installing impressive entertainment systems in our facility, the starting capital will be much higher than the average for most fitness centers.

Substitute products, such as the weekend sporting or involving corporate activities like hiking, team building and charity walks may also take away some of our business as the customers make it a point to attend these every week. Most people assume that if they can get physically active at least once a week they would be fit enough medically. So our gym will need to continue to motivate our clients to stay with the fitness program not only during their initial training but even after they get fit enough to participate in these activities. At the same time, the gym will be attracting new members to make up for those who choose not to stay.

Matching Strengths to Opportunities

The first strength is the unique fitness concept embedded into our program. This can be matched with the fact that more people are getting conscious about their body weight and thus require a fitness system that is both fun and effective. The business will look to combine fun and fitness in a way that will encourage the health conscious members of the society to participate in fitness programs as regularly as possible (Bates, 2008). By getting the customers to enjoy their fitness training, the business will encourage them to spread positive word-of-mouth about Virtual Space to their friends and family too thus expanding market awareness and hopefully, the customer base too.

The business is crafted around the current health crisis in the UAE. Moreover, considering that the government is increasingly becoming concerned about the health of the citizens of the UAE, the business can look into collaborations with the public sector to offer gym memberships as a part of the benefits package for government employees. This will however only be a start and with time, the business will approach companies in the private sector. The idea is to capitalize on the government’s interest in improving the health and fitness of the Abu Dhabi population, starting with their own employees.

Aside from having the very best equipment in the industry, Virtual Space will also feature some of the most qualified personnel in the region. In addition, with health and fitness becoming a concern for everyone in the UAE and beyond, it can be expected that customers will know exactly what they want and how to get it in terms of fitness. This means that we will be able to use the expertise of our highly qualified personnel and the privilege of the good quality infrastructure to satisfy the dynamic needs of our clients. Training and development will thus have to be a mandatory part of our HR approach.

Converting Weaknesses and Threats into Opportunities

The first weakness is with respect to the business’ focus on fitness rather than also dealing with wellness products and a spa. A majority of the adult population in the UAE is focused on fitness too. This means that the business can convert this weakness into a strength by being dedicated to the fitness of the customers. The focus in this case should enable the business to offer the best programs and services since they can invest all the available resources into the fitness industry.

Since the fitness training standards were recently upgraded and standardized within the UAE and the personnel are currently very highly qualified, the business is certain to get the very best in terms of services for the customers. This can be used as an advantage to boost customer satisfaction and generally ensure that the customers’ individual fitness goals are achieved.

Substitute products means that the customers have alternative physical activities to partake in, and in this case, these activities are mostly limited to the weekends and holidays. The business however will work with clients in order to prepare them for these events. For example, the organized walks and runs are a great opportunity for the business, as well as a challenge for the customers. By training them specifically for their chosen sporting events, Virtual Space will be promoting an all year round partnership with fitness enthusiasts amongst the customers.

Marketing Plan

Value Proposition

Three major factors will define the value proposition at Virtual Space. First, the unique fitness-training concept that involves changing scenery instead of just training in the monotonous fitness center environment will contribute greatly to the company’s appeal. Secondly, the company will hire some of the most qualified fitness training personnel in the industry. This will ensure that the customers are guaranteed to get their money’s worth in fitness training programs. The high quality equipment at the facility center will also ensure that our customers have the best technology for their training programs.

Marketing Strategy

This business will focus first on the people living in Abu Dhabi. This means that all the marketing will be limited to the city, covering offices and schools as well as public places and restaurants. The idea is to let everyone in Abu Dhabi know that they have the option to train and gain physical fitness within an interesting environment right at the heart of Abu Dhabi. While targeting everyone between 18 and 60, the fitness center will exploit both the new media and the traditional media in order to communicate with the market. This means using social networking sites as much as the print and broadcast media. The idea is to get the people to understand that fitness training does not have to be boring. This means that while they may feel obliged to get fitness training in order to stay healthy, they can have great fun while doing it. The marketing strategy used by Virtual Space will thus be telling the market that they have a choice to mix fitness and fun if they purchase membership at the gym. The first session will also be free as the customers can test the facility before they can purchase a membership.

Branding

Initially, we will only have t-shirts and wristbands for our staff members. With time however, we will offer more merchandise bearing the Virtual Space name and logo in order to promote the brand. We will also look to collaborate with some of the local sponsors of the sporting events held in the city. Currently, we are working on an interactive website as well as business pages on the social media networks. All these will be aiming to promote the Virtual Space brand not just to the people of Abu Dhabi but to the rest of the world as well.

Marketing Objectives

As a startup, this business will focus on creating market awareness within the Abu Dhabi area in the first six months of operation. Given that Abu Dhabi is a large city filled with many busy people, getting through to them will not be as easy. The business is however prepared to do all that it takes, including participating in the Fitness Awards, sponsoring a few of the local charity walks and runs, and holding a few free sessions to introduce the public to fun-filled fitness training. Once the market awareness is satisfactory, we can the focus on aggressive customer loyalty programs among other things.

Marketing Mix

Product – Since our focus is on fitness, our products will mostly include fitness programs that are tailored to the needs of the customer. This could entail activities like cycling, running, pilates, boxing, weight lifting, mixed martial arts and yoga. The business will also be offering personal training, physical fitness assessments, nutritional supplements and snacks as well as nutritional consultation. A wide range of products will in this case ensure that we satisfy all of our customers’ needs in as far as fitness training is concerned.

Pricing – With premium prices and flexible membership, Virtual Space aims to attract the high end section of the fitness industry. The business may also introduce specific packages for events training once we are able to create partnerships with the local sporting events organizers. Generally, however, our products will be priced within a reasonable range considering the high quality services that will be offered, with the customers having the ability to choose how high they would like to go on their fitness program spending.

Place – The first location is in the Al Mushrif district at the heart of Abu Dhabi area. This area is highly accessible for anyone who spends his or her time in Abu Dhabi. The business will thus be convenient for customers from all parts of the city and beyond. In time, we will seek to expand into other parts of the city and the country as well. However, currently, Virtual Space will focus on the citizens of Abu Dhabi in order to combat obesity.

Promotion – The new and traditional media will be our primary strategy in terms of promoting the Virtual Space brand. We will also be holding events and encouraging sampling for our first time customers in order to let them experience fun-filled fitness training for themselves. Generally, the business will focus on introducing the brand to the Abu Dhabi fitness market. This will include using newspapers, magazines, social media, vehicle wraps, billboards and brochures as well as fliers, caps, t-shirts and branded water bottles and wristbands.

Implementation Timetable for Virtual Space

This project entails creating a world-class fitness training facility in the heart of Abu Dhabi. This will involve a comprehensive remodeling of an existing commercial building within the Al Mushrif area. As such, the first line of action in the implementation phase of this project will be the remodeling. This will be carried out by a professional contractor, in consultation with an interior designer. For a modern and yet functional look, the fitness center will adapt a design that will allow it to look welcoming and comfortable without having it be too large. Considering that Abu Dhabi is a growing city, it would be impractical to dedicate more than 5000 square feet of space to this project. The current contractor is already set to begin the remodeling project in January 2016. This means that the site will be prepared all through January although the actual construction work is likely to start in February. If everything goes according to the prepared Gantt chart for the remodeling process, the buildings will be ready by the end of April. This will also include inspection of the property and certification, as well as furnishing. The fitness center will then be opened in May for the first clients. The marketing however is set to begin as soon as possible considering that the market needs to be prepared early in order to get a good following and to generate demand for the business.

Table 2: implementation timetable for Virtual Space

Evaluation and Control

For accountability reasons, all those in charge of the various departments and activities within the Virtual Space business will be required to provide quarterly financial reports that are aimed at evaluating the progress of the business and identifying possible challenges that could be handled for better performance. This means paying more attention to the managerial components within the business in order to ensure that it is running smoothly and the performance is consistently at its optimal state. In order to monitor the implementation process, the management of this business will use a Gantt chart prepared during the project-planning phase. A Gantt chart is a timetable that lists the responsibilities within a given project, their timelines and the people in charge of these responsibilities. With the help of a Gantt chart, the coordinator will be able to monitor all the relevant activities, while also knowing who to contact in the event that a deadline is not met. Gantt charts provide a detailed overview of the project in question, thus allowing for effective monitoring of the project. For this particular project, the management team will play the role of project managers. The implementation phase involves numerous activities including remodeling, marketing, and interior design among other things. This means that the business will have to consider the services of various types of professionals including contractors, interior designers, building inspectors among others. Each of these will be allowed to carry on with their duties in the organization. However, there will be a monitoring authority aimed at checking regularly to ensure that everything is being done on time. Moreover, once the project is ready, this monitoring authority can focus on the overall management of the business. The idea is to keep everyone in check and avoid unnecessary delays in the business plan implementation phase. Expenses and other overheads will also be monitored as shown in the figure below.