Photo - EXFit
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EXFit

Virtual fitness trainer based on machine learning technology

Ukraine, Kiev region
Market: Internet and IT, Tourism, sport, Another, Mobile applications
Stage of the project: Prototype or product is ready

Date of last change: 23.06.2020
Min amount of loan
$  6.000
Estimated yield
20 % a year
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Total required
$ 20.000
Rating
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Also this project:
- is looking for investment

Idea

A mobile application that provides users to build the most effective workout in the gym and at home. This application covers all aspects of the workout, recreation, and nutrition, as well as features that allow users to get a comfortable workout in the overloaded gym, and also to participate in sports with friends and start a competition to achieve even different goals.

Current Status

A minimum version of the product for the Android platform has been developed and released. At the moment, we are at the stage of the primary promotion of the product and the creation of the plan for the next stage of improvements.

Market

74 million people around the world attend fitness clubs. The market size is 87.2 billion and its growth is 7.5% per year.
Our target audience is people 20-45 years old that visit the gym or do sport, outside the gym. The application is intended as for beginners as professionals. From September 2020 our target audience will expand on restaurants and from March 2021 on fitness trainers.

Problem or Opportunity

The most important problems which users faced with are:
1) how to create the most effective training following the correct exercise technique to get fast results and avoid injury
2) gym workload
3) How to manage the lifting weight or workout intensity
4) Self-calculation of diet and adjustments to it. Difficult to observe meal plan.
5) Getting inspiration to continue pieces of training in the long term.
6) Find confederates to do a workout together or set a competition with them.
7) Find a good mentor/trainer
8) How to track all results even in a short period of time to make fast adjustments.

Competitors

Our competitors are:
- Better Man
- Freeletics
- Workout trainer
- Fitvate
- Volt
- GymUp

Advantages or differentiators

All of the competitors provide users simple workout plans that are not a good suit for the gym workout. Most of these applications even don't contain constructors for self-creation of the workout. We provide the user with a solution for creating even complicated workout plans. Besides, the user is able to specify the weight of lifting for each exercise. This option also unavailable in most of the competitor's applications.
And no-one from they doesn't provide smart food planner, friends activity, restaurants integration, trainers community, ability to track all body parameters, goals control and doesn't use the machine learning to bring to user the most effective method of goal achieving.

Finance

Our finance model consists of 3 parts: user's plans, workout plans and plans for the restaurants.
For users, we have provided 2 subscription plans depends on the functionality and available exercise amount ($6 and $10 per month). Also, there are two subscription plans for the restaurants to allow users to book dishes according to the user's meal plan ($99 and $299 per month).
From March 2021 EXFit will include a community of trainers who will publish their training plans in the app. EXFit will charge the fee for each subscription to the trainer's plan (10-20% of plan cost).
Also we're planning to create additional plan for the gyms, that will participate in the training automatisation program.

Loan terms

24 months

Interest rate, %

20

Business model

Our business model is based on two parts: the subscription fee for plans and fees from using training plans published by trainers.

Solution (product or service)

EXFit is a mobile application that provides users with workout plans, a constructor to make a private workout plan and a lot of features to control the goals, meal plan, and user performance. It is also possible to adapt the training plan for the available equipment when the gym is workload.
This application fully covers all workout aspects. Also, we provide the ability to take a workout with friends, set a competition with them, follow friends' activities and share self-result with them. The app contains a lot of motivation programs. Moreover, we will develop a system that will analyze user performance and learn from their results to provide the best workout plan and recommendations personalized for the current user. In later versions of the application, we will switch restaurants to the user meal program and will launch a trainer community that will combine trainers around the world.

Risks

In this stage, we can recognize the following risks:
1. Estimates (machine learning development will be more complicated than we expect).
2. Someone from our competitors with better financing will decide to reproduce our functionality. In this case, we may be faced with strategy changes.
3. Marketing strategy. Currently, we don't have any team members with deep experience in marketing to bring our idea to the user. So our existed marketing strategy vision probably has hidden risks. That's why we need to hire a marketing specialist. Also, we need an Analyst with game dev experience to increase user engagement in using the application.
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