Dan Lynch
Minneapolis, MN (USA)
Role(s):
C-Level Executive (CEO, CFO, etc.)
Fitness Formulary, LLC
Find More Startups
Startup
Location:
Minneapolis
Industry:
Internet
Year Founded:
2010
Number Employees:
1-10 people
Business Stage:
Growth (not profitable)
Entity Type:
Limited Liability Company
Description:
Fitness Formulary is positioned to become the leading online retailer of fitness lifestyle products to Members of franchised fitness clubs. By sharing profits from online sales with franchised fitness clubs, Fitness Formulary expects those clubs to aggressively market our services to their Members. Franchised fitness club owners and staff have a deep relationship with their Members and are trusted recommenders. Fitness Formulary will be the single-source for vitamins, minerals, supplements (VMS), exercise accessories and all other health and fitness related products. A formulary panel of experts in nutrition, health, fitness, weight management, diabetes, sports medicine, etc. will vet all products offered by Fitness Formulary, thereby connecting Members with their fitness needs in a personalized and convenient manner.
Problem
Purchasing VMS and related fitness products is confusing for Members who are bombarded with conflicting information from questionable sources. Members exercise at their clubs and then leave, only to purchase VMS and other products elsewhere because clubs do not have the ability or physical space to offer VMS products in the first place. Clubs lose potential revenue and Members make misguided purchases that may have a tendency to harm them.
Solution
Fitness Formulary has the solution to convert consumers from shopping at retailers such as Vitamin Shoppe, Vitamin World and GNC to purchasing VMS and related fitness products through Fitness Formulary. Members must select their club when making purchases. The selected club participates in profits while Members accumulate loyalty points that can be used to pay for membership or services like personal training. The formulary panel brings advice and credibility that Members can rely on. A sophisticated recommendation engine helps Members to find the right products to meet their fitness needs, taking into consideration any ailments they may have.
Competitive Advantage
Fitness Formulary has a strategic advantage over any existing or future competitors due to its unique model utilizing exclusive licensing of Reshare’s Collaborative Channel Commerce Software-as-a-Service (Patent # 0659,464,1) within the fitness club industry. As a result, Fitness Formulary has the ability to share revenues that occur at the main website of a given franchisor with the franchisee. Retailers like GNC and the franchisors themselves cannot duplicate this methodology