Business plan " FitIA"

BUSINESS PLAN “FITIA” Author: Xavier Fuster Moll Tutor: Carlos Martín Barrios DOUBLE DEGREE IN BUSINESS ADMINISTRATION AND LAW DA0249 - FINAL DEGREE PROJECT ACADEMIC YEAR 2024-2025 INDEX A. INDEX OF FIGURES ............................................................................................... 6 B. INDEX OF TABLES ................................................................................................. 7 C. INDEX OF GRAPHICS............................................................................................. 8 1. INTRODUCTION ...................................................................................................... 1 1.1. Justification for the choice of topic ................................................................ 1 1.2. Main objectives of the project ......................................................................... 2 1.3. Methodology ..................................................................................................... 3 1.4. Relationship with the subjects of the degree ................................................. 3 2. EXECUTIVE OVERVIEW ......................................................................................... 5 2.1. Identifying the market opportunity .................................................................. 5 2.2. Competitive advantage .................................................................................... 6 3. BUSINESS DESCRIPTION ...................................................................................... 7 3.1. Project description ........................................................................................... 7 3.2. Mission, vision and values of the business.................................................... 7 3.2.1. Mission ........................................................................................................ 7 3.2.2. Vision ........................................................................................................... 7 3.2.3. Values and corporate culture ....................................................................... 8 3.3. Business concept ............................................................................................. 8 3.4. Market delimitation ........................................................................................... 9 3.5. Target audience .............................................................................................. 12 3.6. Value proposition ........................................................................................... 13 3.6.1. Differentiation from the competition. Innovations in the sector .................... 14 3.6.1.1. Immersive experience through virtual reality and the use of 360° projections ........................................................................................................ 14 3.6.1.2. Immersive experiences through aromatherapy and other sensory techniques ........................................................................................................ 15 3.6.1.3. Integration of training assistance through artificial intelligence ............. 15 4. BUSINESS MODEL DESIGN. THE FITIA CANVAS MODEL ................................. 16 4.1. Key Partners ................................................................................................... 16 4.2. Key Activities .................................................................................................. 17 4.3. Key Resources ............................................................................................... 17 4.4. Value Proposition ........................................................................................... 17 4.5. Customer Relationships ................................................................................ 18 4.6. Channels ......................................................................................................... 18 4.7. Customer Segments ....................................................................................... 18 4.8. Cost Structure ................................................................................................ 19 4.9. Revenue Streams ........................................................................................... 19 5. ANALYSIS OF THE ENVIRONMENT ..................................................................... 21 5.1. Analysis of the fitness and wellness sector ................................................. 21 5.1.1. Trends in the fitness market ....................................................................... 25 5.2. Análisis del entorno general. Análisis PESTEL ........................................... 26 5.2.1. Political factors ........................................................................................... 26 5.2.2. Economic factors ....................................................................................... 27 5.2.3. Socio-cultural factors.................................................................................. 28 5.2.4. Technological factors ................................................................................. 29 5.2.5. Environmental factors ................................................................................ 31 5.2.6. Legal factors .............................................................................................. 32 5.3. Analysis of the competitive environment ..................................................... 34 5.3.1. PORTER Analysis ...................................................................................... 34 5.3.1.1. Bargaining power of customers ........................................................... 35 5.3.1.2. Bargaining power of suppliers ............................................................. 35 5.3.1.3. Threat of new competitors ................................................................... 36 5.3.1.4. Threat of substitute products ............................................................... 36 5.3.1.5. Rivalry between competitors ................................................................ 37 5.3.2. Local market analysis................................................................................. 37 5.3.2.1. Direct competition ................................................................................ 37 5.3.2.2. Indirect competition ............................................................................. 38 5.4. SWOT analysis ............................................................................................... 39 5.4.1. Weaknesses .............................................................................................. 39 5.4.2. Threats ...................................................................................................... 39 5.4.3. Strengths ................................................................................................... 40 5.4.4. Opportunities ............................................................................................. 40 6. MARKETING MIX STRATEGY ............................................................................... 41 6.1. Service ............................................................................................................ 41 6.1.1. Weight training and free weights area ........................................................ 41 6.1.2. Guided classes with immersive technology ................................................ 42 6.1.2.1. Immersive spinning classes ................................................................. 43 6.1.2.2. Yoga, Meditation and Mindfulness ....................................................... 43 6.1.2.3. Virtual Reality Guided Lessons ............................................................ 43 6.1.3. Personalised training and nutrition plan with artificial intelligence ............... 44 6.2. Price ................................................................................................................ 45 6.2.1. Membership prices ..................................................................................... 46 6.2.2. Price of additional services ........................................................................ 47 6.2.3. Combined packages .................................................................................. 47 6.3. Promotion ....................................................................................................... 48 6.4. Placement ....................................................................................................... 51 7. HUMAN RESOURCES STRATEGY ....................................................................... 52 7.1. Organizational chart ....................................................................................... 52 7.2. Description of the jobs and job profiles sought ........................................... 55 7.3. Recruitment and selection ............................................................................. 56 7.4. Training ........................................................................................................... 57 7.5. Evaluation ....................................................................................................... 58 7.6. Remuneration ................................................................................................. 59 8. OPERATIONAL PLAN ........................................................................................... 63 8.1. Location .......................................................................................................... 63 8.2. Size and distribution of facilities ................................................................... 69 8.3. Equipment ....................................................................................................... 73 9. FINANCIAL PLAN .................................................................................................. 89 9.1. Initial investment ............................................................................................ 89 9.2. Estimated costs .............................................................................................. 93 9.2.1. Fixed costs ................................................................................................. 94 9.2.2. Variable costs ............................................................................................ 95 9.2.3. Total costs ................................................................................................. 97 9.3. Estimated income ........................................................................................... 99 9.4. Financing plan .............................................................................................. 106 9.5. Calculation of investment-related indicators ............................................. 112 9.5.1. ROI .......................................................................................................... 112 9.5.2. ROA ......................................................................................................... 112 9.5.3. IIR (TIR) ................................................................................................... 113 9.5.4. NPV ......................................................................................................... 114 10. LEGAL ASPECTS .............................................................................................. 114 10.1. Choice of legal form ................................................................................... 114 10.2. Necessary licences .................................................................................... 115 11. CONCLUSIONS ................................................................................................. 117 11.1. Main challenges and key aspects to consider ......................................... 117 11.2. Improvement points and future opportunities ......................................... 118 11.3. Possible future lines of work ..................................................................... 119 12. BIBLIOGRAPHY & REFERENCES .................................................................... 121 13. ANNEX ............................................................................................................... 127 A. INDEX OF FIGURES Figure 1: FitIA’s logo .................................................................................................. 8 Figure 2: Porter's 5 Competitive Forces Model ...................................................... 34 Figure 3: FitIA SWOT Analysis................................................................................. 40 Figure 4: Passeig Francisco Brines nº2, Oliva........................................................ 64 Figure 5: Carrer Escritor Gabriel Miró, Oliva .......................................................... 65 Figure 6: Avinguda del Llaurador, Oliva ................................................................. 66 Figure 7: Dimensions of the building in Passeig Francisco Brines nº2, Oliva ..... 67 Figure 8: FitIA weight training area layout. ............................................................. 70 Figure 9: Distribution of the FitIA directed classes area. ....................................... 71 Figure 10: Distribution of FitIA common areas. ...................................................... 71 Figure 11: General layout of the gym ...................................................................... 72 Figure 12: General layout of the gym ...................................................................... 72 Figure 13: ProForm Vue ........................................................................................... 84 B. INDEX OF TABLES Table 1: Relationship of the work with the degree subjects .................................... 3 Table 2: Evolution of the population of Oliva ......................................................... 10 Table 3: Age distribution of the population of Oliva .............................................. 10 Table 4: FItIA's CANVA model ................................................................................. 19 Table 5: Expectations of revenue development in the sector according to business leaders ....................................................................................................................... 22 Table 6: Price of FitIA's local competitors .............................................................. 45 Table 7: FitIA prices .................................................................................................. 48 Table 8: Number of FitIA workers ............................................................................ 55 Table 9: 2024 Wage table according to the V Convenio Colectivo estatal de instalaciones deportivas y gimnasios ..................................................................... 60 Table 10: Cost of FitIA workers................................................................................ 63 Table 11: Equipment required for the musculation area ........................................ 74 Table 12: Equipment of the free weight area .......................................................... 78 Table 13: Equipment required for the cardiovascular training area ...................... 84 Table 14: Products needed for the immersive spinning room............................... 86 Table 15: Products needed for the immersive room with aromatherapy .............. 87 Table 16: Products needed for the immersive room for supervised classes ....... 88 Table 17: Calculation of the initial investment ........................................................ 91 Table 18: Calculation of the loan repayment .......................................................... 92 Table 19: Calculation of the estimated depreciation .............................................. 94 Table 20: Calculation of monthly fixed costs .......................................................... 95 Table 21: Average price of kWh in Spain ................................................................ 96 Table 22: Calculation of monthly variable costs..................................................... 98 Table 23: Calculation of total monthly costs .......................................................... 98 Table 24: FitIA customer evolution during the first year ...................................... 100 Table 25: FitIA customer distribution .................................................................... 101 Table 26: Calculation of monthly income .............................................................. 103 Table 27: Estimated monthly profits/loses of FitIA during 2023 .......................... 105 Table 28: Evolution of FitIA's customers between 2023-2026 ............................. 107 Table 29: Evolution of FitIA's monthly customers between 2023-2026 ............... 108 Table 30: Expected monthly benefits/loses in 2024, 2025 and 2026 ................... 110 Table 31: Calculation of ROI .................................................................................. 112 Table 32: Calculation of the ROA ........................................................................... 113 Table 33: Calculation of the IIR .............................................................................. 113 Table 34: NPV calculation ...................................................................................... 114 C. INDEX OF GRAPHICS Graphic 1: Gym-going population in Spain 1996-2023 ............................................. 1 Graphic 2: Market size of the global health club industry from 2009 to 2019 (in billion U.S. dollars) ..................................................................................................... 5 Graphic 3: Percentage of the population subscribing to gyms in Spain in 2022, by age group .................................................................................................................. 13 Graphic 4: Annual evolution of gymnasium revenues in Spain from 2014 to 2022 ................................................................................................................................... 21 Graphic 5: Growth of gyms in 2015 according to their typology ............................ 23 Graphic 6: Value of the fitness market in European countries ............................... 23 Graphic 7: Prospects for the evolution of the average age of users of sports facilities according to employers in the sector. ..................................................... 24 Graphic 8: Customer preferences of the services offered by fitness centres ...... 25 Graphic 9: Customer preferred way to do the exercises ....................................... 26 Graphic 10: How gym members in Spain rate the technology services provided by gyms in Spain ........................................................................................................... 31 Graphic 11: Global social media usage ................................................................... 49 Graphic 12: FitIA organisational chart .................................................................... 53 Graphic 13: Evolution of the average purchase price per square metre in Oliva village ........................................................................................................................ 68 Graphic 14: Evolution of Euribor in Spain .............................................................. 91 Graphic 15: Gym-going population in Spain 1996-2023 ....................................... 106 Graphic 16: Projected resident population in Spain to 2074 ............................... 107 1 1. INTRODUCTION In recent years, the fitness industry has experienced significant growth, with statistics showing a steady increase in the number of gym users (AIMC, 2023) as the following graph shows: Graphic 1: Gym-going population in Spain 1996-2023 Source: AIMC, 2023 Together with this, the development of new technologies such as artificial intelligence, virtual reality and augmented reality poses a paradigm in which a progressive transformation of the fitness sector towards a more innovative business model that allows improving and personalising the user experience can be observed (Thompson, Walter R., 2023). 1.1. Justification for the choice of topic I have decided to make a business plan about opening a gym in the city of Oliva (Valencia) as FitIA for several reasons linked to my passion for strength sports and my desire to innovate in the fitness sector. With more than eight years of training experience, I have been able to experience first-hand the physical and mental benefits of exercise, as well as the limitations that traditional gyms often present. Throughout these years, I 8 in the wellness industry, promoting a holistic approach that positively impacts the lives of our customers. 3.2.3. Values and corporate culture FitIA's values reflect our commitment to innovation, holistic wellbeing and customer satisfaction. These principles guide every aspect of our operation and define the culture we seek to build within the fitness community: 1. Constant Innovation: At FitIA, we believe in the transformative power of technology. We strive to be at the forefront in the integration of advances such as virtual reality, augmented reality and other digital tools in the field of fitness. 2. Holistic aproach: We focus on the complete wellness of our clients, understanding that fitness goes beyond the physical. At FitIA, we promote a holistic approach that encompasses physical health as well as mental and emotional wellbeing. Our facilities and services are designed to provide experiences that not only enhance performance, but also promote relaxation, balance and personal growth. 3. Personalisation and Empowerment: We recognise that each client is unique, with different needs and goals. Therefore, we seek to offer training and experiences tailored to each individual, supporting our users to take control of their own progress. We believe in the power of personalisation to make fitness more effective, accessible and rewarding for everyone. 4. Inclusion and Community: FitIA strives to create an inclusive environment where people of all ages, fitness levels and backgrounds can feel welcome. We foster a close-knit, motivated community where everyone feels part of something bigger. We promote collaboration and mutual support, believing strongly in the power of community to drive personal and collective success. 3.3. Business concept As indicated above, FitIA is a gym that offers immersive experiences to its customers. According to the National Certification of Economic Activities (CNAE), the activity carried out by FitIA corresponds to code 9313 - Activities of gyms (CNAE, 2009). As for the brand image, the FitIA logo will be as follows: Figure 1: FitIA’s logo 9 Source: own elaboration FitIA seeks to combine traditional physical training with advanced technology to offer a comprehensive and personalised fitness experience. In this way, FitIA incorporates elements of artificial intelligence, virtual reality and augmented reality to create a much more immersive, motivating and personalised user experience. To this end, the gym has a weight training and free weights area, as well as an area for supervised classes that use immersive technology. These classes include immersive spinning sessions, yoga, meditation, mindfulness with aromatherapy and other classes led with virtual reality. In addition, FitIA integrates artificial intelligence training assistance, allowing for greater personalisation and efficiency in training programmonth. 3.4. Market delimitation A gym like FitIA, which plans to open in the city of Oliva, seeks to target a broad spectrum of demographics and lifestyles, due to the combination of innovative services, immersive technology and traditional strength training offerings. In 2023, the city of Oliva had 25,558 people registered in the city (ARGOS, 2023). 10 Table 2: Evolution of the population of Oliva Source: ARGOS, 2023 As for the age distribution of the population, according to the municipal census of 2022, it was distributed as follows: Table 3: Age distribution of the population of Oliva Source: ARGOS, 2023 This gives an average age of 44.63 years, according to the same source. After analysing these demographic data, and eliminating from the target public those under 16 years of age and those over 64 years of age, which are usually population groups that do not use gym services, we find that in the city of Oliva there is a 63.71% 11 of the population that falls within the age range that FitIA can address. Specifically, we are talking about 16,283 inhabitants who could be potential clients of our centre in 2023. If we focus on the population in this group that could be interested in FitIA services, we can break it down according to the characteristics of each individual and group them according to their preferences. Thus, we could distinguish between the following market segments. ● Young Professionals (25-40 years old): This group is made up of active people, with an interest in keeping fit and who value technology and innovation in their daily activities. They are young professionals, many of them with flexible or demanding schedules, who are looking for gyms with extended hours and differentiated services that maximise the time they spend exercising. The integration of technology, such as virtual reality and immersive classes, is an important attraction for this segment, as they tend to be receptive to technological innovations and seek experiences that combine the physical and the digital. In addition, a focus on holistic health through yoga, meditation and mindfulness classes with aromatherapy may also capture their attention, as many are looking for ways to manage stress and balance their work and personal lives. ● Fitness and Strength Sport enthusiasts (20-45 years): This group includes people who already have experience in strength training, fitness and other sports. They are customers who value well-equipped facilities, trained trainers and the possibility to improve their physical performance on a constant basis. However, FitIA's innovative approach with its immersive classes and use of advanced technology in spinning rooms or virtual competitions can be an additional attraction. These customers could see FitIA as an opportunity to diversify their training, get out of the monotony and try new ways of exercising without abandoning their commitment to the sport. In addition, the option to compete in virtual environments could satisfy their desire to excel and measure themselves against others. ● People interested in holistic wellness (35-60 years old): This group includes people who are looking to improve their physical and mental health through exercise, but who also value emotional wellbeing and relaxation. Yoga, meditation and mindfulness classes with immersive environments and aromatherapy will particularly appeal to this segment. These people may not only be interested in high-intensity exercise, but in finding a balance between body and mind. 12 ● Technophiles and Early Adopters (18-45 years old): This segment includes people with a strong interest in technology and who enjoy trying out the latest innovations in any aspect of their lives, including leisure and exercise. The idea of training in a virtual reality environment or participating in immersive classes with immersive projections will appeal to them. ● Social Fitness Groups (20-50 year olds): This group includes those who see the gym as a space for socialising and community, beyond just working out. They are attracted to group classes and activities that allow them to share experiences with others, create bonds and participate in joint challenges. Group classes at FitIA, such as immersive spinning or virtual reality competitions, offer the chance to interact and compete in a socially active environment. This group will value the opportunities to interact with others in an innovative and dynamic environment. ● Health-conscious Parents (30-50 years old): Another key segment of the sector is parents looking to stay fit while managing their family responsibilities. They are looking for gyms that offer flexible schedules, access to supervised classes and, in some cases, additional services such as childcare or activities for children. While FitIA is not exclusively geared towards families, its holistic wellness proposition may appeal to these parents, who will value both physical exercise and opportunities to relax through meditation and mindfulness classes. In addition, the technology component may appeal to parents who want to keep up with the latest trends and offer their children the chance to see exercise as a fun and exciting activity in the future. ● Tourists and Occasional Visitors: Oliva is a largely touristy coastal town, so tourists and short-term visitors who value staying active during their travels could be potential customers for FitIA, so it is worth considering this population group as potential customers. 3.5. Target audience When we analyse the target customer profile of a gym such as FitIA, we must, first of all, look at the general population data of gym members in Spain. 13 Graphic 3: Percentage of the population subscribing to gyms in Spain in 2022, by age group Source: Ministerio de Educación, cultura y deporte, 2023 3.6. Value proposition A value proposition is the unique and compelling promise that a brand offers to its audience of a series of advantages and differences that characterise one product or service over another, making the customer prefer it over other options in the market (Sources, M. & Cordón, E., 2015). FitIA's value proposition is based on offering a unique and differentiated training experience, combining the latest immersive technology with the traditional elements of fitness to satisfy a wide and diverse audience. Through an innovative offer that fuses the use of virtual reality, immersive and multi-sensory projections, with a comprehensive focus on physical and mental wellbeing, FitIA seeks to position itself as a cutting-edge gym that responds to the new demands of modern fitness users. One of the fundamental pillars of this value proposition is the integration of immersive guided classes, which not only add a playful dimension to the workout, but also create a stimulating and motivating atmosphere through the use of virtual reality, mixed reality, projections and surround sound. This use of technology not only makes exercise more engaging and entertaining, but also increases user engagement and retention, as they feel immersed in an environment that allows them to disconnect from the outside world and concentrate fully on their workout. 14 On the other hand, FitIA does not neglect users who are looking for a more traditional approach. The weight and strength training room is equipped with high quality machines and weights that incorporate a virtual assistant that will help clients improve their motor pattern, create personalised routines, record their progress... creating an ideal environment for those who prioritise training with free weights. The gym thus offers a perfect combination for both more experienced athletes and those looking for a more technological and dynamic approach to find what they need under the same roof. In addition, FitIA's value proposition includes a focus on holistic wellness, which encompasses not only the improvement of physical performance, but also the mental and emotional health of its customers. Immersive meditation and mindfulness classes, along with the use of aromatherapy, are a clear example of how FitIA goes beyond traditional exercise, creating an environment of disconnection and relaxation that is ideal for people looking to manage stress and achieve a balance between body and mind. 3.6.1. Differentiation from the competition. Innovations in the sector FitIA seeks to differentiate itself from the competition mainly in three key aspects that give it an innovative and unique character in the fitness sector. These differentiators are the pillars that support its value proposition and make the experience in this gym superior to that of a conventional training centre. 3.6.1.1. Immersive experience through virtual reality and the use of 360° projections One of FitIA's main differentiating elements is the integration of virtual reality (VR) and the use of 360º projections in its guided classes. This type of technology makes it possible to create a fully immersive training environment, where users are immersed in virtual scenarios that make their experience much more interactive and stimulating. In classes such as immersive spinning, participants can pedal through virtual landscapes that change in real time, creating the sensation of riding through mountains, cities or along coastal roads, transforming an intense physical activity into an immersive and entertaining experience. Similarly, in group classes such as pilates, bodypump or GAP, users can wear virtual reality goggles that allow them to compete or collaborate in virtual scenarios, adding a layer of motivation through gamification. This technological approach not only makes training more entertaining, but also increases the level of engagement and motivation of users, something that traditional competition does not offer. 15 3.6.1.2. Immersive experiences through aromatherapy and other sensory techniques Another key differentiator of FitIA is the use of immersive sensory techniques that go beyond visual and physical stimulation, integrating elements such as aromatherapy to enhance emotional and mental well-being during workouts. These techniques are particularly effective in activities that seek a balance between body and mind, such as yoga, meditation and mindfulness, where the environment plays a crucial role in the user experience. In addition to aromatherapy, FitIA plans to implement other immersive sensory techniques, such as the use of dynamic lighting that changes according to the pace of the class, adapting the intensity and colours to enhance the atmosphere. The integration of music with spatialised ambient sound is another technique, where participants not only listen to music, but feel immersed in a soundscape designed to accompany and enhance the rhythm of the training. 3.6.1.3. Integration of training assistance through artificial intelligence One of the most advanced innovations FitIA incorporates is the use of artificial intelligence (AI) to assist users in their progress and personalisation of workouts. While many gyms offer personal trainers or pre-set routines, FitIA elevates this offering by using AI algorithms that collect data on users' performance, preferences and progress over time, and generate personalised routines based on this data. For the development of this activity, the Volt Athletics platform (https://voltathletics.com) has been selected, which allows the development of training routines and nutritional programmonth adapted to the needs of each client. Through this platform, FitIA users can receive daily exercise recommendations, adjustments to their bodybuilding or cardio routines, and even suggestions for immersive classes that are aligned with their specific goals. Likewise, the AI can identify that a user needs to work more on cardiovascular endurance and suggest an immersive spinning class, or recommend strength exercises tailored to their level to avoid injury or improve their performance in less time. In addition, the AI can also monitor aspects such as recovery and wellness, suggesting breaks or relaxing classes such as yoga or meditation when it detects that the user has had a week of intense workouts. In this way, the AI in FitIA not only optimises performance, but also takes care of the user's overall health, ensuring that their training experience is both effective and safe. 16 On the other hand, the use of equipment for monitoring and reviewing the routine (such as Smart Mirrors, which will be discussed later), clients can, through the use of artificial intelligence, receive real-time recommendations on technical corrections, weights to be used and other factors that may affect the development of the specific activity. 4. BUSINESS MODEL DESIGN. THE FITIA CANVAS MODEL The CANVAS model, also known as Canvas Business Model, is a strategic business management tool that allows visualising and analysing the key elements of a business model in a comprehensive and simplified way. It was developed by Alexander Osterwalder and Yves Pigneur, and presented in their book "Business Model Generation". The CANVAS provides a visual representation of how a company creates, delivers and captures value by dividing the business model into nine interconnected blocks (Osterwalder A. et al., 2024). 4.1. Key Partners ● Technology suppliers: FitIA requires partnerships with fitness equipment companies that integrate artificial intelligence and virtual reality into their equipment. This allows them to maintain a cutting-edge level of technology in bodybuilding equipment and immersive installations, providing unique experiences in the sector. ● Software developers and AI specialists: The implementation of personalised workouts, as well as the real-time results monitoring platform, demands constant collaboration with AI specialists and software developers. ● Maintenance and cleaning services: Services such as Servilimpsa or Grupo Ocean, as well as others that maintain the condition of equipment and training areas, are key to ensuring a continuous quality experience. ● Health and nutrition professionals: Collaboration with nutritionists and health experts allows FitIA's value proposition to be expanded, offering comprehensive nutrition and wellness programmonth to complement physical and mental workouts. ● Local sports institutions: Partnerships with sports clubs and other gyms in Oliva strengthen networking and promote local integration, attracting potential customers looking for innovation and proximity. 17 4.2. Key Activities ● Implementation of AI for personalisation of training sessions: Personalisation through AI and the constant updating of these systems ensure that FitIA delivers training tailored to each client's progress and condition. ● Immersive programme design: The immersive experience requires the creation and improvement of visual and multi-sensory training programmonth that are regularly updated to keep users engaged. ● Continuous staff training: Training in new technologies, AI and innovative training methods ensures that FitIA staff are aligned with the values of innovation and personalisation. 4.3. Key Resources ● Advanced technological infrastructure: Technological resources (hardware and software) are fundamental to deliver the immersive experience and real-time data monitoring. ● Specialised staff: Qualified trainers and AI experts are essential to maintain and develop FitIA's capabilities, promoting personalisation in each workout. ● State-of-the-art fitness equipment: State-of-the-art machinery and devices are the basis for the value proposition, combining technology and training efficiency. ● Customer database: Detailed information about customers and their progress allows for effective personalisation of the experience and guarantees measurable results. 4.4. Value Proposition ● Personalised training with AI: The use of artificial intelligence makes it possible to adapt workouts to individual needs, increasing the effectiveness of exercises and improving results over time. ● Immersive multi-sensory classes: Immersive experiences with 360º projections and virtual reality transform the exercise routine into an exciting activity, differentiating FitIA from traditional gyms. ● Real-time tracking: The ability to monitor progress and receive real-time routine adjustments motivates users and optimises performance. ● Combination of technology and human coaching: AI complements the work of trainers, creating a complete and personalised experience. 24 In terms of the penetration rate of Spanish gyms, Spain is one of the countries in Europe with the highest rate of subscribers to these centres, with an average of 10.2% of the subscribed population, much higher than the European average of 7.4%. In terms of age, as shown in the Graphic 3 above, there is a higher degree of penetration in the 14-45 age group, so we can say that the audience of Spanish gyms is predominantly young and middle-aged. It is also worth noting, in relation to this, that approximately half of the employers in the sector are of the opinion that in the coming years there will be an increase in the average age of the customers of these sports centres (BDO, 2023). Graphic 7: Prospects for the evolution of the average age of users of sports facilities according to employers in the sector. Source: BDO, 2023 Another very important factor to take into consideration is seasonality in the fitness industry, as it directly affects the demand for sports services and customer behaviour. In the fitness sector, fluctuations in the number of users are due to various factors related to the annual calendar, consumption habits and the personal goals of the users. There are several periods when peaks in attendance are observed in fitness centres (Sanchez, A., Rodriguez-Cayetano, A., & Mena, J. M., 2018): • January-February: Coincides with the start of the year and New Year's resolutions. It is the second highest time of year for new registrations with 38.5%. • Spring (April-May): Increase related to "operation bikini", as many people prepare physically for the summer. • Summer (July-August): There is a drop in attendance due to holidays and clients moving to beach areas or outdoor activities. 25 • September-November: High increase in gym enrolments (approximately 46.2% of enrolments occur in these months), when users resume their routines after the summer and the start of the school year. 5.1.1. Trends in the fitness market The main trends in the current gym market revolve around the offer of a new "Low-Cost" service, a service that has been expanding since its emergence in 2009 (LifeFitness, 2015), and the "boutique" gyms, centres characterised by their large size, implementation of new technologies and high specialisation in a specific sport modality (CMD Sport, 2019). On the other hand, and in terms of the services offered by gyms, most of the surveyed population values group workouts first and foremost, especially if they are carried out in group classes (LifeFitness, 2015). Graphic 8: Customer preferences of the services offered by fitness centres Source: LifeFitness, 2015 26 Graphic 9: Customer preferred way to do the exercises Source: LifeFitness, 2015 5.2. Análisis del entorno general. Análisis PESTEL The analysis of FitIA's general environment was carried out using the PESTEL analysis tool. The PESTEL analysis tool is an instrument that allows the company's organisation to analyse and identify those factors in its environment that can affect its performance, influencing decision making (F.J. Aguilar, 1967). 5.2.1. Political factors Politically, Spain enjoys relative stability that favours business investment. In addition, there are government policies that promote health and sport, which benefits the fitness sector (IHRSA, 2023). However, it is important to be aware of possible changes in labour and tax regulations that may affect the service sector. As far as employers' associations are concerned, we can highlight the Federación Nacional de Empresarios de Instalaciones Deportivas (FNEID) 4 which provides advice and economic benefits to its members and acts as an interlocutor between entrepreneurs in the sector and public administrations. In addition, we find the Federación de Asociaciones de Gestores del Deporte de España (FAGDE) 5 , the Colegio Oficial de Licenciados en Educación Física (COLEF) (COLEFCV in the Valencian Community) 6 , the Asociación de Clubes y Entidades Deportivas y Recreativas (ACEDYR) 7 and España se Mueve 8 . They are all associations of entrepreneurs in the sector that provide advisory, 4 FNEID. (n.d.). https://fneid.es/. 5 FAGDE. (n.d.). https://fagde.org/. 6 COLEF. (n.d.). https://colefcafecv.com/. 7 ACEDYR (n.d.). https://www.acedyr.com/ 8 España se Mueve. (n.d.). https://xn--espaasemueve-dhb.es/quienes-somos/. 27 support and training services and can be important in analysing the environment in which FitIA operates. As far as specific political events are concerned, the year 2014 will see the celebration of the Mesa del Sector Deportivo, at the request of the FNEID. This project seeks to achieve greater cohesion within the sport sector, with the aim of promoting and protecting the interests of the sport sector, as well as underlining its social relevance in the interaction with the administration (EuropaPress, 2014). At the European level, we can overlay the Libro Blanco sobre el Deporte (2007), a strategic initiative on sport in the European Union, presented by the European Commission to the Council, the European Parliament and the European Economic and Social Committee. The Libro Blanco sobre el Deporte emphasises the relevance of sport from social, economic and political perspectives. To achieve the proposed objectives, an action plan will be implemented, including proposals such as the creation of guidelines on physical activity and the establishment of a European network to promote sport as a positive factor for health, as well as the promotion of cooperation between governments on sport-related issues. 5.2.2. Economic factors Spain's current economic situation is characterised by sustained growth following the post-COVID recovery. In 2023, GDP was 2.1% above the pre-pandemic level, with a strong recovery from 2021 onwards. GDP is expected to grow by 2.4% in 2023 and 2% in 2024, making Spain one of the most dynamic economies in the euro area. The labour market has also improved significantly, with record levels of employment, a reduction in temporary employment, and sustained growth in sectors such as ICT and R&D. The unemployment rate is expected to fall to 11% by 2024, while job creation is expected to remain strong. As for the future outlook, although a moderate slowdown in growth is expected due to the economic slowdown in the euro area and restrictive monetary policies, the Spanish economy will continue to benefit from the boost in non-tourist services exports and progress in the green and digital transition (Hacienda Pública Española, 2023). In the specific case of the fitness sector in Spain, it is experiencing a post-pandemic recovery. According to the European Health & Fitness Market Report 2023, the European market, including Spain, is on track to reach pre-pandemic levels. However, 28 factors such as inflation and unemployment rates may influence the purchasing power of consumers and thus the demand for fitness services. 5.2.3. Socio-cultural factors On a socio-cultural level, there is a growing awareness of the importance of health and fitness in Spanish society, which is reflected in the increasing demand for personalised services and programmonth tailored to the individual needs of users (Callaghan, S. & Pione A., 2024). The COVID-19 pandemic has accelerated this trend, making more people aware of the importance of maintaining a healthy lifestyle. In this regard, changing lifestyles, such as the rise of remote working, are affecting gym usage patterns, with an increased demand for training options that fit into flexible schedules and can be easily integrated into the daily routine. Society is facing constant and rapid changes that accelerate the pace of life more and more. Nowadays, people have less time to unwind due to the hectic lifestyle marked by daily stress. One of the main problems among workers in Spain is work-related stress, which arises from pressure at work and understaffing, forcing one person to perform tasks that should be shared between two employees. These factors can trigger psychological problems such as insomnia, depression and, of course, stress. In this sense, 66% of workers in Spain experience some kind of stress at work (Richardson, N., & Antonello, M., 2022). The European Agency for Safety and Health at Work points out that these disorders are due to uncertainty in the labour market and new ways of working, such as teleworking or the use of information technologies, as well as the lack of skills for efficient work organisation. Faced with this situation of increasing stress in people's lives, sporting activity is a key element for improving the symptoms of stress and anxiety. When doing sport, endorphins are released that generate a feeling of euphoria and emotional well-being. It also acts as a distraction from daily worries, contributes to selfimprovement and encourages social interaction, a key element in stress reduction. In terms of gender differences in sport, men are more likely to take part in sport than women. A study by psychologists at the American Psychological Association reveals that men take part in sporting activities twice as often as women, both in terms of frequency and duration, a phenomenon found in all major societies. In Spain, 54% of women exercise regularly compared to 70% of men (Deaner, R. & Balish, S., 2015). On the other hand, the ageing of the Spanish population is creating new opportunities in the fitness market. There is a growing demand for specialised programmonth for older 29 adults, focused on maintaining mobility and preventing age-related diseases (PerfectGym Solutions, 2024). Finally, another factor to take into consideration is the increase in tourism in the city. Oliva is a municipality located in La Safor region in the Valencian Community, Spain, and is positioned as a tourist destination that combines the Mediterranean essence with a rich history and a variety of attractions. The town benefits from a privileged location, with 10 kilometres of coastline and beaches stretching along the Mediterranean Sea, this being one of the town's main tourist attractions. Tourism in Oliva is characterised by its diversity of offerings as the town attracts not only sun and beach lovers, but also those interested in history and culture. The old town of Oliva, which dates back to medieval timonth, is in excellent condition and offers visitors the opportunity to stroll through the old Christian town (Ayuntamiento de Oliva, n.d.). The evolution of tourism in Oliva has been unique and does not exactly follow the pattern of other destinations in the Valencian Mediterranean. Although the town has significant natural and cultural resources, its tourist development has been more gradual. In some respects, it has not reached the level of saturation or overcrowding seen in other coastal destinations (Ayuntamiento de Oliva, 2022), which could be considered both an advantage and a challenge for the opening of a new gymnasium. In addition, Oliva is betting on active tourism as a way of diversifying its offer and attracting a more varied public. This includes activities such as water sports, hiking in nearby mountainous areas, and other forms of adventure tourism that take advantage of both the coast and the interior (Oliva Town Council, 2022). This factor can be a great advantage for FitIA, as it is positioned in a town where sports tourism is booming. 5.2.4. Technological factors In terms of the most important technological factors that can affect FitIA's macroenvironment, we must clarify that the fitness sector has undergone a major transformation in the last decade as a result of technological development. Today, sports facilities are equipped with increasingly advanced, precise and innovative machines. These machines not only facilitate the proper development of muscles or the improvement of physical fitness, but also provide detailed information on physical and biochemical parameters, such as heart rate, calories burned, distance travelled, among others. 30 We can also highlight the use of artificial intelligence (AI) and machine learning, which are revolutionising the fitness sector, enabling personalised training recommendations, real-time progress monitoring and automatic adjustments to exercise program. These technologies provide a more efficient experience tailored to the needs of each user (PerfectGym Solutions, 2024). Currently, many gyms have incorporated this type of software that not only manages administrative aspects of the members, but also allows the design of personalised training programs, diets and specific goals for each user and automatically adapts them to the different circumstances that may arise in the life of each client. In addition, virtual classes have gained ground in gyms. They take place in rooms where a screen guides the exercises to be followed, and the voice of an instructor, who is not physically present, gives the instructions. This is very common in classes such as spinning, where you follow a route projected on the screen, accompanied by a video of the route and background music. These classes offer great flexibility in scheduling, as you can choose between several sessions on the same day. Some centres also offer subscriptions to virtual class platforms, allowing users to do the exercises anytime, anywhere. On the other hand, virtual reality (VR) and augmented reality (AR) are gaining ground in creating immersive and motivating training experiences. These technologies are used in virtual classes, gamified workouts and simulations that recreate various exercise environments. In addition, the demand for hybrid training options, both face-to-face and online, is driving the development of digital platforms by gyms, which complement their traditional services and allow users to train flexibly (Newsome, A. M., Batrakoulis, A., Camhi, S. M., McAvoy, C., Sansone, J., & Reed, R., 2024). Finally, fitness equipment is also evolving towards greater connectivity, offering functionalities that allow performance tracking and integration with apps and personal devices to enhance the user experience. Some fairs and events where this type of innovation can be seen are Fitness, the Salón Monográfico de la Industria del Gimnasio (Madrid); Tecnodeporte, the Salón Técnico Internacional de Instalaciones Deportivas (Zaragoza); FIBO, the Feria de Fitness, Aerobic y Body Building (held in different cities in Europe); Gym Factory, the Feria del FITNESS e Instalaciones deportivas (Madrid); and Arnold Classic Europe (Barcelona). 31 The following image shows the relative importance given by respondents to each of the technological factors that may be present in a gym (it should be noted that the image has been obtained from a market study carried out in 2015, so certain technologies such as virtual reality or artificial intelligence were not yet integrated in the sector and therefore were not surveyed). Graphic 10: How gym members in Spain rate the technology services provided by gyms in Spain Source: LifeFitness, 2015 5.2.5. Environmental factors Sustainability in health club operations is becoming increasingly important, with growing pressure to adopt practices that reduce environmental impact. This includes reducing 32 energy consumption, using efficient equipment and implementing more responsible waste management systems. A prominent trend is the use of environmentally friendly and sustainable materials in both gym construction and equipment. This includes the incorporation of recycled and biodegradable materials, helping to reduce the environmental impact of facilities (Newsome, A. M., Batrakoulis, A., Camhi, S. M., McAvoy, C., Sansone, J., & Reed, R., 2024). Spain is among the top 10 countries investing in renewable energy technology globally. In 2005, it pioneered the installation of solar panels on buildings and is currently home to two of the three largest photovoltaic plants in the world. In addition, more and more measures are being implemented to reduce global pollution. In this context, it is important to take into account the ISO 14001:2015 standard, which has an impact on our sector. This regulation facilitates the adoption of an Environmental Management System (EMS) in organisations, encouraging commitment to environmental protection. In this sense, energy efficiency is a key aspect, driving gyms to adopt more efficient technologies such as LED lighting systems, optimised air conditioning and the use of renewable energies to minimise their carbon footprint. In addition, gym users are increasingly aware of the environmental impact of their activities, which has led to a demand for facilities that demonstrate a clear commitment to sustainability. Finally, some gyms are starting to promote sustainable transport among their members, providing facilities for the use of bicycles and offering incentives for those who use public transport, thus encouraging more responsible practices in terms of mobility. 5.2.6. Legal factors Gyms in Spain must comply with strict health and safety regulations, covering aspects such as air quality, hygiene of the facilities and safety of the equipment used, thus ensuring a safe environment for users. In addition, with the increasing use of technology and the collection of user data, gyms are obliged to comply with data protection laws, particularly the Reglamento General de Protección de Datos (RGPD) of the European Union, which sets high standards for the processing and storage of personal information. In addition, consumer protection laws 33 directly affect membership contracts, cancellation policies and advertising of fitness services, protecting users' rights and ensuring transparency in commercial relationships. Labour regulations also play an important role in the management of gyms, influencing the recruitment and management of staff. These laws include aspects such as employment contracts, working hours and employee rights, ensuring fair and regulated conditions in the workplace. In this respect, it is worth mentioning (apart from the labour law) the Ley 2/2022, de 22 de julio, de ordenación del ejercicio de las profesiones del deporte y la actividad física en la Comunitat Valenciana (BOE, 2022) and the V Convenio colectivo estatal de instalaciones deportivas y gimnasios (BOE, 2024). In addition, gyms need to obtain and maintain various licences and permits to operate legally. These include business licences, building permits and certifications guaranteeing the safety of the facilities regulated by administrative law and in the Ley 2/2022 de 22 de julio. In this respect, it is worth highlighting the Decreto Legislativo 1/2021, de 18 de junio, del Consell de aprobación del texto refundido de la Ley de ordenación del territorio, urbanismo y paisaje (BOE, 2021), the Ley 2/2011, de 22 de marzo, del Deporte y la Actividad Física de la Comunidad Valenciana (BOE, 2011), the different municipal ordinances of the Oliva Town Council regarding town planning, protection against noise and thermal pollution, safety and hygiene. It is worth noting that we also find some residual regulation in the Ley 14/2010 de Espectáculos Públicos, Actividades Recreativas y Establecimientos Públicos de la Comunidad Valenciana (BOE, 2010) and the Decreto 131/2018 (GVA, 2018) that develops it. There is also, at the state level, the Ley 39/2022, de 30 de diciembre, del Deporte (BOE, 2022), whose main objective is to establish the legal framework that regulates the practice of sport at national level. Also applicable in the sector is the Real Decreto 1251/1999, relativo a las Sociedades Anónimas Deportivas (BOE, 1999). At Community level, as mentioned above, it is worth noting its counterpart, the Ley 2/2011, de 22 de marzo, del Deporte y la Actividad Física de la Comunidad Valenciana. Finally, it is also worth mentioning the Ley Orgánica 3/2013, de 20 de junio, de protección de la salud del deportista y lucha contra el dopaje en la actividad deportiva (BOE, 2013), on the health protection of gymnasium users. 40 face-to-face interaction with coaches, thus limiting the adoption of the technological platform that FitIA proposes. 5.4.3. Strengths FitIA has an innovative technological approach, standing out for its use of artificial intelligence to personalise exercise routines and monitor users' progress. This differentiating element is attractive to customers looking for a more modern fitness experience tailored to their needs. In addition, FItIA's immersive approach allows it to offer customers added value compared to the competition by creating more exciting and motivating experiences. Also, the offer of non-sporting activities (such as Mindfulness with aromatherapy) attracts customers who are looking for a more holistic approach to training and who prioritise mental health and wellbeing. 5.4.4. Opportunities The growing interest in health and wellness offers FitIA an opportunity to capitalise on this trend through a holistic approach combining advanced technology in the field of sport and general health. Oliva's location in a tourist area also offers the possibility of attracting visitors who wish to maintain their exercise routines during their holidays, with the digital nature of the service being particularly attractive to this segment. Finally, it is worth noting that the demand for personalised solutions continues to grow, and FitIA's ability to offer highly personalised exercise and nutrition plans through the use of artificial intelligence systems is in line with this trend of meeting the individual needs of users. Figure 3: FitIA SWOT Analysis 41 Source: Own elaboration 6. MARKETING MIX STRATEGY 6.1. Service As we have seen above, FitIA will consist of a gym that combines two services: a weight training and free weight lifting area and an area dedicated to immersive experiences. 6.1.1. Weight training and free weights area The weight training and free weights area is a crucial component in FitIA's design, as statistics show a growing interest in free weight training (ACSM's Health & Fitness Journal, 2023), so without being the main service offered by FitIA, I consider it an important part of the market that cannot be ignored. The weight training and free weights area is designed to be versatile, technologically advanced and adaptable to the diverse needs of our users. In this sense, this area will be characterised by its diverse selection of equipment, from traditional weight machines 42 to a wide range of free weights such as dumbbells, barbells and kettlebells 9 . We will also incorporate specific areas for bodyweight exercises and functional training, due to the rise of these sports modalities as well. A distinctive feature of our weight training area will be the integration of advanced technology. Interactive projections will be installed, allowing users to follow their personalised routines, record their progress and receive real-time guidance. These features will be aligned with our AI platform, offering training recommendations based on individual data and preferences. There will also be a small dedicated area for personalised training, where our coaches will be able to work effectively with clients. In addition, FitIA will have a dedicated cardiovascular training 10 area equipped with interactive projections and artificial intelligence technology, which will provide users with personalised recommendations based on their activity. In addition, these machines will be equipped with virtual reality devices, such as VR glasses, in order to transform the customer experience into a more motivating and attractive activity. The layout of the space will facilitate high-intensity workouts and circuits, addressing the growing demand for fast and efficient sessions (ACSM's Health & Fitness Journal, 2023). At the same time, we will ensure that the environment is welcoming and non-intimidating for beginners, with clear signage and easy access to assistance. 6.1.2. Guided classes with immersive technology In this service, FitIA seeks to clearly differentiate itself from conventional gyms by incorporating advanced technology to create immersive experiences that not only enhance physical training, but also transform the process into a unique, multi-sensory experience. Specifically, the following types of immersive classes will be carried out: 9 Kettlebells, also known as kettlebells, are spherical weights with a top handle for gripping. Altafit (n.d.). Qué es Kettlebell: Guía Completa para principiantes. https://altafitgymclub.com/que-eskettlebell-guia-completa-para-principiantes/. 10 Cardiovascular training, also called cardio or aerobic training, encompasses all activities and exercises that increase heart rate and breathing by using large muscle groups in a repetitive and rhythmic manner. Arnaudas, E. (n.d). ¿Qué es el entrenamiento cardiovascular y su importancia?. Eactrainer. https://eactrainer.com/entrenamiento-cardiovascular-que-es-y-su-importancia/. 43 6.1.2.1. Immersive spinning classes One of the main offers in this service are immersive spinning classes (indoor cycling) 11 , designed to offer participants an intense visual and sensory experience. These sessions will take place in rooms surrounded by panoramic projections that project virtual scenarios, such as mountain routes, futuristic city tours or exotic natural landscapes. Users will not only pedal, but will feel that they are immersed in these dynamic environments, which increases motivation and the sense of challenge. Variations in the scenarios are synchronised with the intensity of the exercise, for a complete and stimulating training experience. In addition, the exercise bikes incorporate the possibility of increasing their incline at the request of the room monitor, thus allowing the intensity of the session to be increased at key moments of the session. 6.1.2.2. Yoga, Meditation and Mindfulness Another of the pillars of FitIA's immersive classes are the immersive yoga, meditation and mindfulness sessions, which combine immersive projections, aromatherapy and sound equipment to enhance relaxation and mental wellbeing. These classes take place in rooms where the projections project images of serene landscapes, such as beaches at sunset or peaceful forests, creating an atmosphere of calm and disconnection from the outside world. In addition to this, aromatherapy is used, with natural fragrances that complement the sensory experience and deepen the sensation of peace and emotional balance. This multi-sensory combination allows users to reach a deeper state of relaxation, which facilitates the practice of yoga and meditation, increasing its benefits for both body and mind. 6.1.2.3. Virtual Reality Guided Lessons These classes include popular disciplines such as pilates, body pump 12 y GAP (buttocks, abdomen and legs), but with an innovative twist: participants wear virtual reality goggles that transport them to virtual scenarios where they train in exotic or futuristic environments, and compete against each other. In this digital environment, users can face specific challenges, compete to beat timonth or records, or collaborate in team activities, which encourages social interaction and raises the level of involvement in each 11 Spinning refers to indoor cycling on a stationary bike. Gómez, J. (2024). ¿Qué es Spinning y para qué sirve?. Skilledfitness. https://skilledfitness.com/que-es-spinning/. 12 BodyPump is a sport that combines aerobic activities with muscular work. CuidatePlus (2016). Body Pump, ¿Qué es?, ¿Beneficios? https://cuidateplus.marca.com/ejerciciofisico/diccionario/body-pump.html. 44 class. Virtual reality adds a layer of gamification to exercise, which fosters an environment of healthy competition and socialisation, increasing customer loyalty and making each session more than just a workout. In conclusion, FitIA's immersive fitness class service represents an innovative approach in the fitness industry by strategically using technology to transform fitness training into a multi-sensory and motivating experience. This service not only responds to the current needs of the public, who are looking for more than just physical exercise, but by incorporating visual, audio and sensory elements, FitIA manages to capture the attention and maintain the motivation of users, making it easier for them to become more deeply involved in their workout. 6.1.3. Personalised training and nutrition plan with artificial intelligence On the other hand, FitIA offers a service to create personalised training and nutrition plans through the use of artificial intelligence (AI), using the Volt Athletics platform (https://voltathletics.com) as the backbone of this service. This technology will provide users with an experience that is fully tailored to their goals, skill levels, preferences and current fitness level, ensuring a truly individualised and dynamic approach to achieving their health and wellness goals. Through FitIA's web-based platform, customers will be able to access a training plan designed specifically for them, based on a comprehensive analysis of their fitness profile and personal goals. The Volt Athletics platform uses advanced algorithms to adjust exercise routines in real time, taking into account individual progress, muscle recovery and performance data. This means that as the user improves or faces challenges, the system will automatically adapt loads, repetitions and exercises to ensure safe, efficient and effective training. In addition, the plan will be designed to include sufficient variety to maintain customer motivation and avoid monotony. In parallel, this service will also offer personalised nutritional plans, aligned with each client's specific training goals and needs. The integration of AI will allow factors such as body composition, physical activity levels, food preferences and dietary restrictions to be analysed to recommend balanced menus tailored to each user. In addition, customers will receive meal suggestions, recipes and nutritional guidelines that not only complement their training, but also fit their lifestyle habits, maximising results and promoting a sustainable healthy lifestyle. In this way, the user experience will be fully digitised and accessible through the FitIA website, which will function as their daily guide. The website will not only allow progress 45 monitoring and constant adjustments, but will also offer motivational features such as reminders, personalised tips and clear metrics reflecting the progress made. Users will also be able to interact with coaches and experts at the gym to answer questions, get additional guidance or adjust goals as needed. 6.2. Price The pricing strategy for FitIA must consider several key factors that reflect both the Spanish market context and the added value of its artificial intelligence-based technology services. In the national environment, the average price of gyms in 2024 has reached 53 euros per month, although there is great variability, with offers ranging from less than 20 euros in some low-cost chains to higher rates in premium options (2 Play Book, 2024). Given the differentiated nature of FitIA's services, which include AI technological innovations, it is critical to price competitively while justifying the additional value of its offering. In the specific case of olive, we find the following pricing rates with respect to our competitors: Table 6: Price of FitIA's local competitors Competitor's name Price Daily Fee Gimnasio Olympo 45€/month 6€ CE Activa’t 35€/month 5€ Aureba Box 45€/month 12€ Fitness Center en Oliva Nova 75€/month 192€/quarter 310€/semester 478€/year 20€ Poliesportiu Municipal d’Oliva 150€/year (12,5€/month) No day pass Source: Own elaboration 46 6.2.1. Membership prices FitIA adopts a premium-accessible pricing strategy, designed to reflect the added value of its artificial intelligence technology and immersive experiences, while remaining competitive within the market. This strategy is based on several key factors: First, FitIA uses a tiered pricing structure that includes long-term subscription discounts. This approach encourages customer loyalty and sustained engagement, a common practice in the fitness industry. In this sense, the discount structure responds to consumer psychology, appealing to an interest in long-term savings. In addition, the company maintains a competitive base price compared to the national and local average, suggesting a detailed price analysis of the market to ensure proper positioning. Furthermore, the technological differentiation and immersive experiences offered by FitIA justify slightly higher prices relative to traditional gyms. On the other hand, the flexibility and capacity for customisation in its pricing model ensures that the offer can meet a variety of needs. Complementarily, the incorporation of additional customised services reinforces this strategy by suggesting a pricing approach based on the extension of product lines. Finally, it should be noted that FitIA has considered factors such as operational costs, derived from its technological infrastructure and specialised personnel to determine its pricing strategy. With this in mind, FitIA has the following rates: ● Ordinary membership: includes access to the gym facilities and 2 guided classes per week. Regarding the price structure of the ordinary membership, the monthly fee is 50 euros, slightly below the national average and at almost the same price as Gimnasio Olympo and Aureba Box, in order to remain competitive, . Secondly, the quarterly membership amounts to 135 euros (equivalent to 45 euros per month), offering a discount for the commitment of permanence. Finally, the annual fee is set at 456 euros (38 euros per month), offering the maximum discount. ● Daily pass to the musculation area: Allows access to the weight training, free weights and calisthenics area for one day. It is priced at €8, a competitive price compared to those offered locally. ● Daily pass for a supervised class: This allows access to a supervised class for a price of €10. 47 These rates seek to position themselves between the prices of local gyms and the rates of premium centres, such as the Fitness Center in Oliva Nova, which has much higher prices. The justification for this price structure lies in several aspects. Firstly, the base price remains competitive in relation to the national average, reflecting the added value provided by AI technology. Also, the staggered structure of discounts for permanence (monthly, quarterly, yearly) incentivises long-term commitment, in line with industry practice. This strategy positions FitIA as a premium-accessible option, with a price differential justified by technological and immersive differentiation, and competitive thanks to a flexible pricing and discount structure. 6.2.2. Price of additional services FitIA also offers additional services for those looking to personalise their experience. The following rates are available: A personalised training routine with AI for an extra €10 per month, as well as a personalised nutritional plan for an additional €10 per month. There is also the possibility of contracting a pack that includes training and a personalised diet for €15. There is also the possibility of unlimited access to supervised classes, for an additional €15 per month. This offer of additional services, with modular pricing, allows clients to adjust their experience according to their needs and budget, while keeping the base price affordable. 6.2.3. Combined packages In order to present alternatives to these prices, several premium packages are proposed that integrate the ordinary membership with access to these additional services at combined prices. The following service packages are available: Firstly, the FitnessTotal Pack, which includes all services (ordinary membership, personalised training and nutrition and unlimited access to directed classes) is priced at 75 euros per month. Finally, the Fitness+Nutrition+Classes Pack or the Fitness+Training+Classes Pack is valued at 65 euros per month. This pack includes access to the gym facilities for one 48 month, unlimited monthly access to supervised classes and the formulation and monitoring of a customized nutritional or training plan respectively. The following table shows the prices of all services offered by FitIA (21% of VAT included): Table 7: FitIA prices Fee Price Monthly membership 50€/month Quarter membership 135€/quarter Annual Membership 456€/year Daily pass to the fitness area 8€ Guided class day pass 10€ Personalised training 10€/month Personalised nutritional plan 10€/month Combined Pack (Training + Diet) 15€/month Unlimited package of supervised classes 15€/month Total Fitness Pack (membership+personalised training and diet+unlimited access to guided classes) 75€/month Fitness+Training+Classes Pack 65€/month Pack Fitness+Dieta+Clases 65€/month Source: Own elaboration 6.3. Promotion With regard to the communication channels used to develop FitIA's promotional strategy, social networks play a fundamental role, as they are one of the most effective media in the gym sector (ESIC, 2023). The main social networks used will be Instagram, TikTok, X (Twitter), Facebook and Youtube, as they are the social networks with the highest number of users (We Are Social & Meltwater, 2024). 49 Graphic 11: Global social media usage Source: We Are Social & Meltwater, 2024 In the case of Instagram, TikTok and X (Twitter), the strategy should include daily content showing workouts using AI technology and showing how immersive classes are developed, stories with user testimonials, reels with exercise and nutrition tips, as well as posts of the results achieved by members. The ideal frequency would be two to three posts per day. A strategy to follow in this regard will be to contact influencers and collaborate with them, so that they can promote FitIA. These social networks are the most used by the young population and offer the possibility of promotion at a low cost. On Facebook, content will focus on educational aspects of fitness technology, the promotion of special events and the creation of community groups for members, with a frequency of one to two posts per day. For digital advertising, platforms such as Facebook Ads and Youtube Ads will be used, targeting fitness and technology interests, free trial ads and remarketing to website visitors. Email marketing represents another key channel for maintaining direct and constant contact with customers (Inboost, n.d.). FitIA's strategy in this regard will include a weekly newsletter offering personalised training tips, updates on gym schedules and classes, 56 properly. This position requires certification in supervised activities and experience in fitness classes, as well as the communication skills and charisma to lead classes effectively. On the other hand, the reception and accounting staff is responsible for customer service, managing registrations, scheduling appointments and handling training bookings. This position requires customer service skills, customer management systems and knowledge of administrative software. In addition, due to the relatively low volume of accounting work in a company like FItIA, employees in the reception department will also be responsible for accounting tasks, which include financial control, budget management and monitoring of payments and receipts. The profile sought here includes a background in accounting or finance, attention to detail and competence in the use of accounting management software. Additionally, we can find the machine repair technicians who perform maintenance and repair of gym equipment, ensuring it is in optimal condition. The profile for this position requires technical knowledge in fitness equipment maintenance, problem-solving skills and experience in specialised equipment repairs. Finally, the company has a community manager responsible of creating marketing strategies, manage promotional campaigns, improve FitIA's visibility in the market and interacting with the online community. He will also be the responsible of developing advertising content, creating promotional materials and coordinating the visual communication of the brand. The right profile for this position includes people with a background in digital marketing, experience in social media campaigns communication skills and knowledge of digital content generation. 7.3. Recruitment and selection The recruitment and selection process at FitIA must be systematic and efficient, aimed at identifying candidates who combine technical fitness skills with digital competencies. To achieve this, the process is structured in several key phases. The recruitment phase involves sourcing talent through various channels, taking advantage of specialised fitness job platforms, professional networks such as LinkedIn, and databases of certified professionals. It also involves collaborating with sports training centres, considering referrals from industry experts and using specialised fitness social networks to attract the most suitable candidates. 57 In the selection process, the first step is an initial screening, i.e. a first preliminary assessment. This stage includes a detailed review of CVs, verification of fitness certifications, assessment of the candidate's experience with technology and professional reference checks. This is followed by a structured interview process, which will consist of an initial interview with the human resources team, a technical interview with the area manager and a collaborative interview (Health & Fitness Association, 2022) with the work team, allowing for a comprehensive view of the candidate. The practical assessment is another fundamental stage of the selection process in which candidates must demonstrate their technical skills through specific tests for the position applied for, focusing on aspects such as the ability to adapt to new technologies, communication skills, customer orientation, teamwork and commitment to innovation... The final decision process is based on objective criteria such as scores obtained in technical assessments, interview results, compatibility with the company culture, development potential and adaptability to technology. To ensure the successful selection of candidates, clear evaluation criteria are established, including demonstrable experience in the fitness industry, up-to-date technical knowledge, familiarity with technology and willingness to learn, as well as communication and customer service skills. This recruitment and selection process is designed to identify and attract professionals who are not only fitness experts, but are also prepared to work in a technologically advanced environment. In addition, the collaborative interview process involves different team members, allowing for a more inclusive and balanced selection. Practical assessment, including the use of AI systems, and the assessment of adaptability and continuous learning are other elements that contribute to the effectiveness of the process. 7.4. Training Initial FitIA training is key to ensuring that all staff understand and effectively use the company's systems. This training plan begins with an induction programme that introduces employees to FitIA's philosophy and values, provides basic training in artificial intelligence systems and fitness technology, and covers customer service protocols, safety regulations, emergency procedures and handling of specific equipment. Continuous training is also a fundamental aspect. FitIA will therefore implement technical programmonth that include regular updates on new AI functionalities, fitness and 58 personal training certifications, workshops on exercise and nutrition trends, and training on emerging technologies in the sector. In addition, essential soft skills will be developed, such as effective customer communication, conflict management, teamwork, leadership and motivation, as well as customer service courses. The training methodology will be based on a blended approach, combining face-to-face practical sessions, the use of an e-learning platform for theoretical content, specialised workshops and seminars, and personalised mentoring and coaching. There will also be simulations and case studies to facilitate learning in real situations. Each area in FitIA has specific training. For technical staff, such as trainers, this includes advanced certifications in fitness, advanced AI platform management, personalised programme design, sports nutrition and injury prevention. Customer service and accounting staff are trained in management software, customer service and sales protocols, incident resolution, membership management and first aid. On the other hand, technology staff are trained in AI system upgrades, equipment maintenance, fitnessrelated data analysis, IT security and technological innovations in the sector. To ensure the effectiveness of the training, a monitoring and evaluation system will be implemented as detailed in the following section. To encourage participation in training, FitIA offers various incentives and recognition, such as bonuses for certifications obtained, recognition of training achievements, internal promotion opportunities, participation in industry events and additional benefits for passing training courses. The implementation of this training plan will be flexible and adaptive, allowing for adjustments according to emerging market needs and technological advances in the fitness sector. FitIA's success will depend to a large extent on maintaining a well-trained and motivated team, capable of making the most of the available technology while offering a personalised and quality service. 7.5. Evaluation FitIA's performance appraisal system is an assessment process designed to analyse how each employee performs their tasks and achieves their objectives. The evaluation methodology includes the use of a 360-degree evaluation approach that is structured through periodic evaluations, including quarterly and monthly reviews, along with continuous feedback from supervisors, peer review, customer feedback, self- 59 assessment and analysis of performance metrics and role-specific key performance indicator analysis. To this end, the evaluation tools used in FitIA comprise digital forms, performance data analysis, satisfaction surveys, progress logs and metrics generated by the AI platform. As for the feedback process, it is organised in a constructive manner through individual sessions that include recognition of achievements, identification of areas for improvement, establishment of a personalised development plan and continuous monitoring of objectives. The evaluation criteria include technical competencies, where the mastery of job-specific skills is assessed. Soft skills are also assessed, such as effective communication with clients, teamwork, adaptability, problem solving and service orientation. In addition, quantitative objectives are set focusing on customer retention, user satisfaction, goal achievement, programme results and other performance indicators. FitIA is also proposed to have a reward system based on evaluation results, including performance bonuses, promotion opportunities, public recognition, additional benefits and professional development programmonth. It should also be noted that the evaluation is specific to each area. For technical staff, technical knowledge, customer outcomonth, effective use of AI, injury prevention and customer satisfaction are assessed. For customer service staff, criteria include quality of service, problem solving, handling registrations, effective communication and handling queries. For technology staff, systems maintenance, incident resolution, improvements implemented and operational efficiency are evaluated. This comprehensive evaluation system allows FitIA to maintain high standards of service quality, while promoting the continuous professional development of its team. Effective implementation of this system requires clear communication of expectations, consistency in the application of evaluation criteria, objectivity, regular constructive feedback and continuous monitoring of progress (Cibanal, S., 2024). This approach not only assesses the current performance of employees, but also identifies their development potential and areas for improvement, contributing both to the individual growth of each team member and to FitIA's organisational development. 7.6. Remuneration In order to determine FitIA's remuneration plan, we must first of all take into account the salary tables set out in the V Convenio Colectivo estatal de instalaciones deportivas y gimnasios (Resolución de 16 de enero de 2024, de la Dirección General de Trabajo) 60 which states in its Anexo II the following wage tables. Specifically, the salary table for the year 2024 has been followed. Table 9: 2024 Wage table according to the V Convenio Colectivo estatal de instalaciones deportivas y gimnasios Source: BOE, 2024 On the basis of these tables and in accordance with the professional qualification criteria set out in Chapter VI of the agreement itself, a remuneration plan can be drawn up for the different professional groups working at FitIA: Firstly, the General Management falls into Group 1 due to the high-level professional management and coordination functions, which require a higher university degree or extensive experience in the sector. The monthly remuneration for this post is €1,381.21, together with the corresponding management allowance (which is not specifically stipulated in the agreement) and other incentives related to business objectives and social benefits. Specifically, we are talking about around €300 in responsibility allowance and a bonus of up to 10% of the monthly salary per target. In addition, a number of social benefits such as private medical insurance and contribution to a pension plan are also included. In the Technical Department, personal trainers and monitors, placed in Group 3 Level 2, receive a salary of €1,145.66 per month. In addition, personal trainers receive a commission up to 10% of their base salary depending on the number of personal training sessions carried out. As incentives, they receive bonuses for client retention and a monthly bonus of €100 for specialised certifications. For their part, room monitors and 61 supervised class coordinators will receive a bonus of 15 euros for each supervised class (approximately 10 guided classes per month), as well as a seniority bonus in accordance with the agreement and additional benefits based on positive customer evaluations. The reception and accounting staff, classified in Group 3 Level 1, with a basic monthly salary of 1,173.20€. A shift allowance is added to this group, as well as rewards for sales targets achieved of up to 10% of their monthly salary. They may also receive bonuses of up to €100 for positive customer ratings. For the technical reparation department, higher conditions are defined, although they are not specifically provided for in the agreement. A base salary corresponding to Group 2 Level 2 (€1,226.65 per month) is included, as well as a technology specialisation bonus of €200 and bonuses of variable value for completed projects. This position also includes a €150 availability bonus. Finally, the community manager staff is located in Group 3 Level 2. The basic remuneration is €1,191.41 on the corresponding level and is complemented by commercial incentives and bonuses for results achieved of up to 15% of their monthly salary. In terms of general allowances, the agreement stresses the importance of continuous training, so all employees will receive a training bonus (calculated at €2.90 per day worked by 2024), in addition to a length of service bonus and incentives associated with productivity. They also will receive the transport bonus provided for in the previous wage table. It should also be noted that the salary structure will be reviewed annually based on adjustments to the collective bargaining agreement, the CPI, performance evaluations and continuous training, with the aim of ensuring that FitIA's remuneration system not only complies with the applicable labour regulations, but is also competitive in the market, promoting professional development and the retention of talent that is essential for the company. Once we have analysed the net salaries of the workers, we must calculate the real cost of each worker to the company. To do this, we need to look at the labour regulations, specifically the Estatuto de los Trabajadores (RD Legislativo 2/2015) and the Real Decreto Legislativo 8/2015, de 30 de octubre, por el que se aprueba el texto refundido de la Ley General de la Seguridad Social. The regulations governing personal income tax, insofar as it is a tax that is borne by the worker, will not be taken into account in the calculation of FitIA's labour costs. 62 On the basis of the above regulations, we can distinguish between the following taxes to pay: • Common contingencies: these are calculated on the basis of common contingencies. It consists of 23.6% of this calculation basis to be paid by the company. • Professional contingencies: These are calculated on the basis of occupational contingencies. The company must pay the full amount of this tax, i.e. 3.6% of the occupational contingencies base. • Intergenerational equity mechanism quota: These are calculated on the basis of common contingencies. It consists of 0.58% of this calculation base to be paid by the company. • Unemployment: Calculated on the basis of occupational contingencies. The company must pay 5.5% of the professional contingencies base for this concept. • Fondo de Garantía Salarial (FOGSA): This is also calculated on the basis of professional contingencies. The company must pay 0.20% of this wage base as a Social Guarantee Fund. • Professional training: Calculated on the basis of professional contingencies. The company must pay 0.6% of the professional contingencies base for this concept. • Overtime: These are calculated on the value of overtime, on which the company must pay an additional 23.6%. However, in order to simplify the calculations, it has been assumed that no overtime is worked. Therefore, as there is no overtime, the basis for common contingencies will be equal to the basis for professional contingencies. 63 Table 10: Cost of FitIA workers 14 Source: Own elaboration 8. OPERATIONAL PLAN This section determines FitIA's operational plan, which sets out the concrete actions and resources needed to achieve the company's strategic objectives in the short and medium term. 8.1. Location In order to set up a new FitIA branch in Oliva, it is essential that the location meets certain key requirements to ensure FitIA's success, which is why the choice of the right location 14 For the calculation of variable expenses, 50% of the maximum possible variable salary to be received by the worker has been used. 64 must consider factors such as space, accessibility, visibility and proximity to potential customers. The FitIA venue will require a large and versatile area that allows for the creation of distinct areas for fitness training, immersive classes and administrative work. Ideally, this space should be between 300 and 500 square metres and have electricity and highspeed internet services, essential for the implementation of artificial intelligence systems. Accessibility is another key aspect to attract regular customers and new users. For this reason, the gym should be located near residential areas, offices or neighbourhoods with a high density of young professionals and families, which would facilitate access to customers interested in fitness services and technology applied to health, with parking facilities or good connectivity via public transport, but without being located in a very central location, as land prices are higher in this area and the availability of premises with these dimensions is quite difficult. The visibility of the premises is also key to attract people passing through and strengthen the brand presence. Considering these aspects, a possible location would be the space located in Passeig Francisco Brines nº2. This area is currently an old factory that is abandoned, although the facility is in good condition and has ample space to set up FitIA's facilities. This location is in one of the most central parts of the town, next to the Paseo Municipal. In addition, the location is close to an expanding residential area in Oliva and in one of the busiest commercial areas of the town, which would provide good visibility as well as a constant flow of people and vehicles. The proximity of shops and cafés in the area contributes to pedestrian traffic, while access to public transport enhances its accessibility. Figure 4: Passeig Francisco Brines nº2, Oliva 65 Source: Google Maps, 2024 Another viable option is the area adjacent to the Oliva Municipal Sports Centre on Carrer Escritor Gabriel Miró. This area attracts people with an interest in physical activity, which could be beneficial for FitIA by attracting a like-minded and wellness-conscious public. The proximity to established sports facilities provides synergies that can reinforce the branch's image of professionalism. Furthermore, this area is close to a public high school, which could also be beneficial in attracting young people interested in physical activity. Figure 5: Carrer Escritor Gabriel Miró, Oliva 72 Source: Own elaboration Thus, the facilities will have the following layout: Figure 11: General layout of the gym Source: Own elaboration Figure 12: General layout of the gym 73 Source: Own elaboration 8.3. Equipment When we study the equipment needed to open a gymnasium, we quickly realise the high initial investment required to acquire it. Faced with this situation, the possibility of renting all or part of the machinery necessary for the opening of FitIA has been evaluated; however, as these are technologically advanced machines, there are no (or at least we have not found) suppliers of machines on the market that offer the possibility of renting or leasing their products, so the most appropriate thing to do would be to purchase them, bearing in mind that most of these products have a long useful life so that, if necessary, there is always the possibility of reselling this material and thus minimising possible losses. Once we have made an initial survey of the market, we are going to separate the different areas of the gym in order to study what machinery is necessary for each of the zones. 74 First of all, we are going to analyse the equipment necessary for the weight training area, also distinguishing between the different areas that make it up. As far as the machine area is concerned, we need to look for a supplier of gym machines that integrate artificial intelligence into their products, in order to continue with FitIA's innovative strategic line. After analysing the different options on the market, the supplier contacted for this is PulseFitness (https://pulsefitness.com). Table 11: Equipment required for the musculation area Product name Quantity Image Unitary price Total Price Pulley station (345H-AAT) 1 2.199€ 2.199€ Individual pulley station (342H-AAR) 2 1.199€ 2.398€ Lying down knee flexion machine (565H-ADJ) 1 1.299€ 1.299€ Seated knee flexion machine (562H-AFO) 1 1.199€ 1.199€ 75 Knee extension machine (560H-AFO) 2 1.199€ 2.389€ Leg press (576H-AFO) 2 1.399€ 2.598€ Glute kick machine (571H-ADB) 1 1.250€ 1.250€ Abductor machine (505H-AFP) 1 1.099€ 1.099€ Adductor machine (500H-AFP) 1 1.099€ 1.099€ 76 Shoulder press machine (308H-AFN) 1 1.199€ 1.199€ Upper chest press machine (311H-ADB) 1 1.275€ 1.275€ Flat chest press machine (304H-AAX) 1 1.199€ 1.199€ Seated row machine (446H-AAZ) 1 999€ 999€ Pulley row machine (385H-ADB) 1 975€ 975€ 77 Lat pull-down machine (380H-ADB) 2 975€ 1.950€ Rear deltoid machine/ PecDeck (317H-ADB) 1 1.199€ 1.199€ Preacher curl machine (Biceps) (362H-AAT) 1 1.099€ 1.099€ Abdominal crunch machine (600H-ADD) 1 899€ 899€ Source: Own elaboration The sum of the prices of these products gives a total cost of €26,324. These have been calculated on the basis of the information available on the official website of the supplier PulseFitness (https://pulsefitness.com) and include taxes; however, they do not include transport, which, based on the individual transport price of each of the products, is estimated to be around 15% of the product price (€3,948.60 for all products). In total, calculating the price of the products and transport, the acquisition cost of these products amounts to €30,272.60 in total. 78 Attempts have been made to contact the supplying company, but no reply has been received, so it has not been possible to obtain detailed information on the possibility of accessing financing services or volume discounts. Secondly, let's look at the equipment needed for the free weight area of the gym. As far as the equipment in this section is concerned, we have selected the Spanish company All Free Weight (https://allfreeweight.com/es/) as the main supplier of this. Table 12: Equipment of the free weight area Product Quantity Image Tilting benches 6 Olympic bar 5 Short barbell (120cm) 2 Short Z barbell (120cm) 2 Dumbbell support 3 79 Dumbbell set (2,5-50kg) 1 Dumbbell set (2,5-25kg) 1 1,25kg weight plate 10 2,5kg weight plate 14 5kg weight plate 14 80 10kg bumper plate 14 15kg bumper plate 10 20kg bumper plate 12 25kg bumper plate 6 Kettlebells set (4, 6, 8, 12, 16, 20kg) 1 81 Lifting platform 2 Training barbells set (3555kg) 1 Training cage/rack 1 Barbell storage 1 Plate storage 3 Medicine ball set (3, 4, 5, 7, 9kg) 1 88 Projector (LG PF50KS) 4 399€ 1.596€ Essential oil diffuser (Orbegozo HUA 3500) 5 39,99€ 199,95€ Aromatherapy fragrance packs (Esential Arôms Kit) 3 24,79€ 74,37€ Source: Own elaboration Finally, with regard to the room where the Pilatess, BodyPump and immersive GAP classes will be held, it will be necessary to purchase training mats (a total of 15), the necessary material for the classes (dumbbells, bars and dismountable plates, kettleballs and medicine balls) and finally the augmented reality glasses necessary for the classes (15 new augmented reality glasses will be purchased for this purpose). Table 16: Products needed for the immersive room for supervised classes Product Quantity Image Unitary price Total price Training mat 15 19,20€ 288€ (Included in the All Free Weight budget) Dumbbell set 2 380€ 760€ (Included in the All Free Weight budget) 89 Kettlebells set (4, 6, 8, 12 kg) 2 95,20€ 190,40€ (Included in the All Free Weight budget) Medicine ball set (3, 4, 5, 7, 9kg) 2 172€ 344€ (Included in the All Free Weight budget) Detachable barbell and plate set 10 104€ 1.040€ (Included in the All Free Weight budget) VR glasses (Meta Quest 3) 15 479€ 7.185€ 15 Source: Own elaboration 9. FINANCIAL PLAN 9.1. Initial investment In order to determine the initial investment required for the FitIA project, an exhaustive analysis of the financial resources required to start up the gym will be carried out. This calculation includes all the indispensable elements to guarantee an efficient operational start-up, adjusting to the needs of the innovative and technological business model that defines FitIA. The calculation of the initial investment is divided into the following main sections: ● Equipment: It contemplates the acquisition of weight training machinery, free weights, cardiovascular training equipment and immersive technology, such as projectors and virtual reality systems, which represent the innovative core of the business model. ● Initial capital: As will be seen in section 10.1 Selection of the legal form, the type of Limited Company (LTD) has been chosen, so that, for its constitution, an initial capital of €3,001 must be paid up. 15 The unit and total prices of the products supplied by All Free Weight have been calculated taking into account the variable discount applied by the supplier. 90 ● Adaptation of the premises: This includes the costs related to the refurbishment and adaptation of the space to meet the operational and technological standards of the gymnasium. It is estimated that the cost of fitting out the space will amount to €500 per square meter, i.e. €320,000 and will include painting, labour, restoration of walls and floor, and installation of sound and floor equipment (Jiménez, S., 2024). In addition, we must add another €100 per square metre for the adaptation of the parking space, which will generate an additional cost of €14,000. ● Technology and software: This refers to the costs of developing a website for the gym. The estimated cost of creating a website for a gym such as FitIA can vary considerably depending on a number of factors, such as the level of customisation, the functionality required, the platform chosen and the professional or agency in charge of the development. In the specific case of FitIA, the idea is to create a website by subcontracting a specialised web designer, so the estimated average cost of this investment is around €2,000 (Gustavo B., 2024). ● Marketing and project launch: This includes the costs associated with advertising campaigns and initial promotional events to position the gym in the local market. An initial advertising cost of €1,500 is estimated. ● Administrative costs: This includes the costs associated with the process of setting up and registering FitIA in the relevant business registers. This is estimated to cost €300. ● Other costs: This includes the cost of basic furniture and a contingency reserve to cover unforeseen events during the first months of operation. The cost of basic furniture is estimated at around €5,000. On the other hand, a contingency fund of €10,000 will be set up to cover possible expenses. After calculating all these costs, a total initial cost of €468,954.05 is estimated. 91 Table 17: Calculation of the initial investment Source: own elaboration In order to be able to meet this initial investment, it has been decided to apply for a bank loan of €470,000 to be repaid over a period of 10 years and which will be amortised using the French method, i.e. by means of periodic instalments of the same amount. In order to be able to determine the real cost of this loan, the Euribor rate in September 2024, which is 4.84%, has been taken as a reference. Graphic 14: Evolution of Euribor in Spain Source: BCE, 2024 92 Taking these data into account, the following depreciation table has been drawn up: Table 18: Calculation of the loan repayment ç 93 16 Source: own elaboration 9.2. Estimated costs To approach this section of FitIA's estimated costs, it is essential to begin by distinguishing between the concepts of fixed costs and variable costs. Fixed costs are those that do not vary with the level of production or activity of the company, remaining constant regardless of turnover. On the other hand, variable costs fluctuate in direct relation to the level of activity or production of the company. It is important to note that FitIA, as an innovative gym that incorporates new technologies in the provision of its services, may face a slightly different cost structure than a traditional gym. Investment in and maintenance of technology may represent a significant proportion of costs, but can also contribute to greater operational efficiency and added value for customers. 16 Only information on the amortisation of the requested loan only up to December 2026 has been included in order to avoid going into too much detail on this aspect. It is understood that, by following the French method of amortisation, the subsequent months' instalments will be of the same amount. 94 9.2.1. Fixed costs In terms of FitIA's fixed costs, several key elements can be identified: ● Facility rent represents a significant fixed cost, as it must be paid regardless of the number of customers using the gym. ● The depreciation of the technological infrastructure and other gym equipment, an essential component of FitIA's business model, is another important fixed cost. For its calculation, an estimate has been made based on the average useful life of these products, distinguishing between perishable products (those with a useful life of less than 10 years) and long-lived products (with a useful life of more than 20 years); the former lose 10% of their value per year (approximately 0.83% per month), while the latter lose 2.5% of their value per year (0.2083% per month). Table 19: Calculation of the estimated depreciation Source: own elaboration ● Staff salaries are also considered fixed costs, at least in their base component. ● Software licences and AI systems: these are recurring fixed costs that FitIA has to bear. In this regard, it is worth noting the price of the Volt Athletics platform, which has an annual cost of $1,000 (€952.40), which means a monthly cost of $83.33, i.e. €79.36 per month. To this value, the cost of the accounting and customer base management (CRM) software licences must be added, for which the SAGE 50 software will be used, in its premium version, which has a monthly price of €162 per month. In addition, the cost of maintaining the domain of the website must also be included, which averages around €15 per month. ● The price of the companies to which the maintenance and cleaning of the centre is subcontracted. The average price of this type of service for premises of FitIA's size (640 square metres of facilities and a 160 square metre car park) is approximately €2,000 per month. 95 ● Insurance and basic administrative costs are added to this category of fixed costs. For ease of calculation, a fixed monthly value of €2,500 has been estimated. ● Loan repayment is also considered as a fixed cost, regardless of the variable component of the interest payment, as the monthly instalment is always the same (€4,948.40). Table 20: Calculation of monthly fixed costs Source: Own elaboration 9.2.2. Variable costs As far as variable costs are concerned, these are directly related to the level of activity of the gymnasium. Monthly averages have been used for their calculation. Here we can distinguish between: • Energy consumption, as it fluctuates depending on the use of the facilities and equipment. Based on market trends, we could estimate that a 640 square metre gym like FitIA, with its focus on technology, could have an average energy consumption of approximately 25 kWh per square metre per month. This would result in an estimated monthly consumption of 16.000 kWh for the entire facility, 96 i.e. 533,33 kWh per day. The following table shows the evolution of average electricity prices in Spain over the last few months 17 Table 21: Average price of kWh in Spain Source: OCU, 2024 ● Water supply is another variable cost to be taken into account is the use of water to supply fountains, toilets and showers in the establishment. For the calculation of the water supply we assume that approximately 40% of the clients of the gymnasium shower in the facilities and that each client who showers uses a total 17 For the estimation of energy costs, the average costs of 2023 (0.147061€/kWh) have been taken as a reference. 97 of approximately 50L of water which is priced at 0.42€/m3 in Oliva (APPOSA Oliva, n.d.). ● Training materials, which may require more frequent replacement or maintenance with higher usage, are also classified as variable costs. This cost can fluctuate from 0 to €300 monthly. ● Coaches' commissions for extra services represent another variable cost, as they increase with the demand for these personalised services. Similarly, salary supplements for FitIA employees also represent a variable cost. ● Digital marketing and event expenses, although they may have a fixed component, also vary according to promotional needs and market response. In relation to these costs, they will be higher in the months where there is a higher increase in the number of enrolments. ● The renewal and improvement of equipment and software, although it could be considered an investment, has a variable component depending on wear and tear and technological evolution; however, this is a one-off cost, which will not be incurred every month, so its monthly estimate will be relatively low (€50). 9.2.3. Total costs Total costs represent the sum of variable costs and fixed costs. Knowing this is essential to be able to determine when the company is making a profit or when it is making a loss and to quantify this loss. 104 After comparing the estimated monthly income and expenditure, we must apply the corresponding taxes. Firstly, it should be noted that gyms as sports entities may have different tax considerations depending on their legal structure and whether they are classified as non-profit entities or as companies with commercial purposes (as is the case of FItIA). Taking into account the commercial nature of FItIA, we must first of all highlight the Value Added Tax. In Spain, sports services are taxed at 21% VAT (Agencia Tributaria, 2024). This percentage has been applied since 2012, when it was increased from the previous 8% (Martín Portela, L., 2023). It is important to note that the fitness sector has been fighting for a reduction of this tax to 10%, arguing that other sectors such as hospitality enjoy a reduced rate (Menchén, M., 2023). Likewise, article 20.1.13 of Ley 37/1992 del Impuesto sobre el Valor Añadido establishes a series of exemptions to the payment of VAT, however, FItIA is not included in the cases provided for in this article, but I consider it important to point this out. As FitIA is PYME company (less than 250 workers and less than 50 million of year income), it must declare and settle VAT on a quarterly basis. Corporate income tax, which is levied on the profits obtained by the company, is applied annually on the accounting profit for the year. The general applicable rate is 25% on profits, which may be exempted if the rules set out in Art. 7 of the Ley 1/2015 de mecanismo de segunda oportunidad, reducción de carga financiera y otras medidas de orden social are complied with, which is also not the case in FitIA, but it is important to note (Delgado García, A. M., 2022). Finally, it should be noted that FitIA is exempt from paying the Impuesto de Actividaeds Económicas (IAE) as its net turnover exceeds one million euros. After applying all these tributes, we can conclude that FitIA would make the following estimated monthly profit/loss during the first year. 105 Table 27: Estimated monthly profits/loses of FitIA during 2023 Source: Own elaboration 106 9.4. Financing plan This section will present a detailed financial analysis that includes a projection of expected profits for the next three years. Knowing the expected profits provides a projected outlook that reflects the financial targets to be achieved, taking into account factors such as market growth, pricing strategy, and expansion of the customer base. As we have seen throughout the paper, the gym sector in Spain has always shown an upward trend (except during the recession caused by Covid-19 and the measures put in place to control the spread of the virus), so it can be concluded that this will be maintained in the coming years. Thus, looking at the data shown in the graph below, we can assume a growth in the number of gym users of approximately 3% per year. Graphic 15: Gym-going population in Spain 1996-2023 Source: AIMC, 2023 On the other hand, the expected population increase, which is approximately 1.32% for the coming years, must also be taken into account. 107 Graphic 16: Projected resident population in Spain to 2074 Source: INE, 2023 Taking these data into account, we can conclude that in the city of Oliva there will be an increase in both the population and the number of gymnasium users, which will obey the following distribution: Table 28: Evolution of FitIA's customers between 2023-2026 Source: Own elaboration Taking these data into account, we can estimate the evolution of the estimated number of customers as follows: 108 Table 29: Evolution of FitIA's monthly customers between 2023-2026 Source: Own elaboration 109 Using these increases and taking into account the seasonality discussed above, we can assume a steady increase in FitIA clients throughout the year but with peaks especially in the months of January, April-May and September-November. In order to assess the evolution of expenditure and revenues over the coming years, it is also necessary to know the expected increases in costs. For this purpose, the CPI from October 2023 to October 2024 has been taken as a reference, which has a value of +1.80% annually (INE, 2024) 22 . It should also be noted that, due to the expected increase in the number of FitIA clients, it is planned to hire an additional instructor and instructor of supervised classes for the year 2026, which will increase the fixed and variable expenses for this period. Thus, the expected benefits over the next 3 years will be: 22 For the estimation of the future estimated fixed costs, the value of the fixed costs has been updated by taking into account the 1.80% increase in the annual CPI. On the other hand, to determine the evolution of variable costs, we have taken into account the inflationary increase in prices as well as the increase in the expected number of FitIA customers over 2024, 2025 and 2026. 110 Table 30: Expected monthly benefits/loses in 2024, 2025 and 2026 111 Source: Own elaboration 112 9.5. Calculation of investment-related indicators When studying the viability of an investment, we must calculate a series of economic parameters that allow us to determine whether the investment to be made will be fruitful or not (Aragó, V., & Cabedo, J. D., 2011). 9.5.1. ROI On the other hand, ROI, or return on investment, is the indicator that measures the amount of money earned compared to the amount invested in launching a product (in this case, a service). This metric reflects the success in recovering the capital invested in a business. Table 31: Calculation of ROI Source: Own elaboration An ROI of -92,96% in 2023 indicates that the investment performed poorly, resulting in a loss respect of the initial investment. This negative return means the investment not only lost its entire original value but also incurred additional losses beyond the initial amount. This negative ROI suggests that the returns generated by the investment were insufficient to recover the initial amount, highlighting financial underperformance during the year. 9.5.2. ROA The ROA (Return of Assets) measures how efficiently a company uses its assets to generate profit. To compute it, we need the value of the company's total assets (average over the period). 113 Table 32: Calculation of the ROA Source: Own elaboration This means that, in 2023, for every euro inverted in assets, the company lost €1.2795. This negative ROA suggests that the company’s operations or investments failed to produce sufficient income to cover costs or generate a positive return. 9.5.3. IIR (TIR) On the other hand, the IRR or internal rate of return is described as a percentage indicator that measures the future returns of an investment. Table 33: Calculation of the IIR Source: Own elaboration These data indicate that, over a 3-year time horizon, the return on investment is fully achieved. An IRR of 1% over the next 3 years means that the investment generates a small average annualised return, indicating that the project is profitable. This implies that the expected cash flows amply compensate the initial investment, providing a significant benefit in relation to the cost of the project. 120 On the other hand, and taking into account what is set out in the previous section, given the growing importance of environmental factors, future work could involve developing and implementing sustainability initiatives within the gym, such as energy-efficient equipment or eco-friendly practices. 121 12. BIBLIOGRAPHY & REFERENCES 2 PlayBook. (2024). El mapa del pricing del fitness 2024. 2playbook. https://www.2playbook.com/biblioteca-2playbook/2playbook-intelligence/mapa-pricingfitness-2024_16093_102.html ACEDYR (n.d.). https://www.acedyr.com/ Agencia Tributaria. (2024) Tipos impositivos de IVA. https://sede.agenciatributaria.gob.es/Sede/iva/calculo-iva-repercutido-clientes/tiposimpositivos-iva.html Aguilar, F. (1967). Scanning the business environment. Macmillan. AIMC. (2023). Población que va al gimnasio en España 1996-2023. 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Journals. https://journals.lww.com/acsmhealthfitness/fulltext/2023/01000/worldwide_survey_of_fitness_trends_for_2023.6.aspx We Are Social & Meltwater (2024). Digital 2024: 5 billion social media users. Wearesocial. https://wearesocial.com/uk/blog/2024/01/digital-2024-5-billion-socialmedia-users/ 127 13. ANNEX In order to carry out this project, contact has been made with the companies supplying the products specified in section 8.3. Equipment. In this regard, the emails sent to AllFreeWeight stand out: 128 From this message I got the following reply: Below is a link to Google Drive through which the file can be accessed: https://drive.google.com/file/d/1JKhm4ARf5QvbgiqrXVdksLMiDt9qFLak/view?usp=shar ing Attempts were also made to contact the other company selected as supplier for the rest of the equipment, but no response to our request was received. Finally, it has been considered relevant to attach the excel file in which all the calculations corresponding to point 9. Financial Plan have been carried out and from which the screenshots showing the results obtained have been extracted: https://docs.google.com/spreadsheets/d/1XRyETy22ETS_EroK35cPvUeCOmHJbKPM/ edit?usp=sharing&ouid=113214125686545010699&rtpof=true&sd=true