Professional Documents
Culture Documents
Entreperneurship ASM 3 Final
Entreperneurship ASM 3 Final
Entreperneurship ASM 3 Final
1 Exclusive summary 1
2 Startup Introduction 1
5 Feasibility test 9
5.1 Product feasibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
5.2 Market feasibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
5.3 Economic feasibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
7 Conclusion 17
8 Appendix 20
i
1 Exclusive summary
Limitless Viet’s Massage, a Vietnamese healthcare and relaxation business, offers online ap-
pointment scheduling and home treatments as a convenient and flexible alternative to in-store
appointments. Limitless Viet’s Massage emphasises inclusion and social effect. The business
plan shows Limitless Viet’s Massage’s market potential and viability using Porter’s Five
Forces analysis, PESTEL analysis, feasibility testing, and a business model canvas. Viet-
nam’s PESTEL research indicates positive characteristics such as political stability, health
awareness, and acceptance of traditional medicine. The competitive study also finds ways to
distinguish the firm through specialised therapies, home therapy, and successful marketing.
Limitless Viet’s Massage seeks to revolutionise the healthcare business, deliver personalised
services, and favourably influence the market and handicapped community by focusing on
consumer satisfaction, innovation, and brand reputation.
2 Startup Introduction
Traditional and imported massage techniques are prevalent in Vietnam’s healthcare and
relaxation market, but only provided in-store sessions are typically restricted. Limitless
Viet’s Massage distinguishes itself by providing online appointment scheduling and home
treatments as a means of innovation and differentiation. In addition, they collaborate with
local medical facilities to offer an all-encompassing approach to healthcare. Their support
for the disabled community adds a social impact component, which appeals to socially con-
scious consumers. Limitless Viet’s Massage brings a new perspective to the market with its
personalised services and emphasis on inclusiveness.
This comprehensive business plan analyses Limitless Viet’s Massage’s market landscape
and viability. The plan employs strategic instruments, including Porter’s Five Forces anal-
ysis, PESTEL analysis, feasibility testing, and a business model canvas. The PESTEL
analysis assesses external macroenvironmental factors, whereas Porter’s Five Forces analy-
1
sis evaluates the industry’s attractiveness and potential risks. The Feasibility assessment
of a startup’s viability and practicability, considering customer demand, competition, and
financial forecasts. The business model canvas visually represents the main components of
Limitless Viet’s Massage. Utilising these tools, the business plan provides valuable market
and feasibility insights, highlighting the company’s potential to disrupt the healthcare sector
and positively impact the disabled community.
Limitless Viet’s Massage distinguishes itself on the market by emphasising two fundamen-
tal values: convenience & adaptability, as well as to providing assistance for the disabled
community.
Limitless Viet’s Massage understands the value of convenience and adaptability. It ac-
commodates busy consumers by offering online appointment scheduling and home treat-
ments. This handy method improves client satisfaction by saving time and effort.
Limitless Viet’s Massage supports the handicapped community by hiring them. It em-
powers disabled persons by giving them jobs. Our goal is to contribute 10% of treatment
proceeds to handicapped community activities. This promotes the company’s ideals and
creates a favourable brand image for socially concerned customers.
These fundamental values distinguish Limitless Viet’s Massage from its market competi-
tors. The company’s commitment to supporting the disabled community demonstrates its
dedication to social impact and inclusivity. At the same time, its emphasis on convenience
and adaptability accommodates the changing needs and preferences of customers. These
values can attract a diverse customer base, including those seeking personalised and adapt-
able wellness services and placing a premium on businesses that contribute positively to the
community.
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4 Industry and Competitive analysis
• Government initiatives and policies that support traditional medicine and healthcare
services can create growth opportunities for Limitless Viet’s Massage. According to
regulations 34 and 35 in 2010, enterprises employing more than 30% and 51% of em-
ployees with disabilities will enjoy special preferential policies of the state (Nguyen,
2021). Furthermore, Decision 1909/QD-TTg approved the project to promote the
preservation of traditional cultural occupations (Acomm, 2019).
Economic Aspects:
• Vietnam’s consistent economic growth increases disposable income, allowing more in-
dividuals to afford massage and wellness services (Euromonitor, nd).
3
Table 1: Vietnamese Households by Disposable Income over 2021-2040
(Euromonitor, nd)
• The expanding middle class in Vietnam desires quality healthcare and wellness services,
providing Limitless Viet’s Massage with a potential customer base (Euromonitor, nd).
Sociocultural Factors:
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• The rising health and wellness consciousness trend among Vietnamese consumers presents
a market opportunity for Limitless Viet’s Massage (Euromonitor, nd).
Technological Elements:
• Digitalization and online presence: By adopting digital platforms and online book-
ing systems, Limitless Viet’s Massage can expand its customer base and increase its
accessibility. Three of the most prominent players that Limitless Viet’s Massage can
purchase their software in customer management are Salesforce, Microsoft Dynamics
365, and Oracle CX.
5
Environmental Factors:
• Limitless Viet’s Massage must implement proper refuse disposal and recycling practices
in order to operate in an environmentally responsible manner.
Legal Factors:
• Intellectual property rights: Limitless Viet’s Massage must defend its branding and
trademarks to ensure its long-term success.
• Compliance with labour laws pertaining to employee rights (Articles 159 and 160),
wages, and working conditions are essential for sustaining a positive and motivated
workforce (Phú et al., nd).
Overall, the PESTEL analysis emphasises the positive factors, such as Vietnam’s sta-
ble political climate, growing health consciousness, and acceptance of traditional medicine.
These factors will give Limitless Viet’s Massage a competitive advantage in the market. To
ensure long-term growth and success, navigating obstacles related to government regulations,
economic fluctuations, and technological advancements are essential.
Vietnam Market Porter’s Five Forces Analysis for Limitless Viet’s Massage:
Threat from New Competitors:
• Vietnam’s massage and wellness market has moderately low barriers to entry (Eu-
romonitor, nd). However, it can be difficult for new entrants to establish a strong
brand presence, develop a network of skilled therapists, and acquire consumer trust.
Limitless Viet’s Massage can maintain a competitive advantage through its differenti-
ated services and established reputation.
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Power to Bargain of Suppliers:
• Low: Limitless Viet’s Massage may source massage oils, apparatus, and other materials
from multiple vendors such as Phat Linh, Cao Sao Vang, White Monkey,... (iHR, nd).
The presence of numerous suppliers diminishes their individual bargaining power. In
addition, the company can negotiate favourable terms and prices with its suppliers by
maintaining positive relationships with them
• Customers in Vietnam have a moderate number of massage and wellness service op-
tions. However, Limitless Viet’s Massage’s unique offerings, convenient home therapy
sessions, and specialised services provided by blind specialists can set it apart and
diminish the bargaining power of its customers to some extent.
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Threat of Alternatives:
• Moderate: Limitless There is competition for Viet’s Massage from other wellness prac-
tises, such as yoga, meditation, and other forms of physical therapy. However, its
emphasis on traditional massage techniques and specialised remedies for specific mal-
adies distinguishes it from many alternatives and makes it less susceptible to complete
substitution.
Competitive Competition:
• Vietnam’s massage and wellness industry is extremely competitive, with a large number
of established businesses and new entrants (Vo, nd).
Table 5: 10 biggest Spa and Massage firms in Ha Noi and HCM City (Vo, nd)
• Limitless Viet’s Massage distinguishes itself through its distinctive characteristics, qual-
ity services, customer satisfaction, and effective marketing strategies to stand out and
maintain a competitive advantage.
Despite the threat of new entrants and customer bargaining power posing challenges, Lim-
itless Viet’s Massage can mitigate these threats with its differentiated services, convenient
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home therapy options, specialised treatments, and employment of blind specialists. Limitless
Viet’s Massage can effectively navigate the competitive landscape and maintain its position
in the Vietnam market if it focuses on customer satisfaction, continuous innovation, and
developing a strong brand reputation.
5 Feasibility test
Limitless Viet’s Massage offers a tangible product through treatment packages and combos to
address back pain, and shoulder and neck pain through traditional massage techniques. The
product feasibility relies on the availability of skilled therapists trained in these techniques.
By associating with the government-disabled job training sector, the supply of qualified
therapists and the necessary equipment, the product can be made and delivered will be
available y. Traditional massage methods also ensure that the product remains rooted in
established practices through the support of partner traditional medical hospitals.
The following data can assess Limitless Viet’s Massage’s market potential:
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Table 6 The frequency of going to Massage & Spa of Hanoi citizens in 2012 (EasySalon,
2013)
Spa Visits: 34.1% of people visit a spa weekly, indicating a constant demand for spa services.
This shows Limitless Viet’s Massage’s target market emphasises self-care and well-being.
Spa trips are sociable since friends and sisters prefer to go together. Limitless Viet’s
Massage may capitalise on this social component by giving packages or group discounts
to encourage consumers to visit together. This method improves customer happiness and
increases referrals.
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Table 7 Average price per session of Massage & Spa of Hanoi citizens in 2012 (EasySalon,
2013)
Price Point: In 2012, 48% of respondents were ready to pay 500,001–700,000 VND for a
spa visit (EasySalon, 2013). In 2023, Limitless Viet’s Massage’s predicted average price is
500,000 VND, which matches a large majority of the studied population’s price range. This
shows that Limitless Viet’s Massage’s pricing is acceptable to potential clients, making it
marketable.
This suggests a market for Limitless Viet’s Massage. Spa services are in demand because
of their regularity, social nature, and customer-friendly cost. Limitless Viet’s Massage may
stand out and attract consumers who value traditional massage by delivering specialised
treatments for certain conditions.
Table 8: Cost and revenue estimates for Limitless Viet’s Massage (Lan, 2023)
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(Batdongsan.com.vn, nd) (Hoang et al., 2022) (Neko Nuru, nd) (Nguyen, nd)
All of these estimates are based on available market data. And connectivity and cooperation
of Limitless Viet’s Massage to these partners are available. The estimation shows that the
company has generated impressive revenue. With a net income of 72,700,000 VND monthly,
Limitless Viet’s Massage is a viable start-up idea in terms of economically feasible. It also
committed to supporting traditional massage and disabled people, further underscoring its
dedication to providing affordable and accessible massage services.
As its primary client segment, Limitless Viet’s Massage focuses on office employees. These
individuals, who spend extended periods of time seated at their workstations, frequently ex-
perience physical discomfort and a lack of time for self-care. By specialising in office workers,
Limitless Viet’s Massage addresses their unique requirements and offers customised solutions
to alleviate the strains and tensions associated with their sedentary work environment. The
company’s emphasis on convenience, adaptability, and personalised wellness services res-
onates with office workers who seek efficient and effective ways to unwind, rejuvenate, and
prioritise their health despite their demanding work schedules.
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Massage demonstrates its commitment to the disabled community by providing employment
opportunities and donating a portion of treatment proceeds to community activities, which
strengthens the company’s community value in the eyes of target customers. Lastly, the
company excels at providing personalised and adaptable wellness services, tailoring massage
treatments to the specific requirements and preferences of each client, thereby guarantee-
ing a distinguished experience for office workers who prioritise self-care despite their busy
schedules.
6.3 Channels
Through a combination of physical and digital channels, Limitless Viet’s Massage success-
fully reaches its office worker consumer segment. The company’s physical location provides
a tranquil setting for in-person treatments, while its online infrastructure, which includes a
user-friendly website and mobile app, facilitates appointment scheduling and customer ser-
vice. These channels are integrated to provide consumers with a seamless experience and
facilitate access to services. Based on consumer feedback and engagement, online channels
have proved to be the most effective, as they offer convenience and adaptability. In addition,
digital channels are cost-effective, enabling effective communication and reaching a larger
audience at a lower cost than traditional marketing methods. To integrate with customer
routines, Limitless Viet’s Massage ensures that its online platform and appointment schedul-
ing are readily accessible. This enables office workers to seamlessly incorporate massage
treatments into their hectic schedules, providing a convenient and customised experience.
Limitless Viet’s Massage builds strong client relationships by placing a premium on person-
alised service and individualised care. The company meets the needs of its diverse customer
segments, including office employees, by providing both personalised assistance in the form of
customised massages and self-service options through online support channels. These chan-
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nels facilitate effective communication, appointment scheduling, and feedback collection.
Incorporating these customer relationship strategies into the business model is consistent
with the organization’s core values of convenience, adaptability, and support for the dis-
abled community. While personalised assistance and online support require resources, they
are essential investments for consumer loyalty and satisfaction. In addition, the cost-effective
self-service alternatives utilise technology and automation. Through these methods, Limit-
less Viet’s Massage fosters a sense of community, promotes social impact through community
initiatives, and ensures that each client has a unique experience.
Customers are willing to pay an average of 500,000 VND per visit for the value they
obtain (EasySalon, 2013). Currently, clients pay between 200,000 VND and 700,000 VND,
depending on their selected service (as displayed in Appendix 3 and Appendix 4) (Neko Nuru,
nd) (Nguyen, nd). The most common payment methods are cash and online banking, with
customers preferring online banking (EasySalon, 2013). In terms of revenue contribution,
the combination of examination and treatment according to protocol generates fifty per cent
of total revenue, followed by the home massage service at twenty-five per cent, the on-site
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massage service at twenty per cent, and services for examining and planning pain treatment
at five per cent. Based on the performance of the existing firms in Massage & Spa industry,
these revenue streams reflect the customers’ propensity to pay for the variety of services
offered by Limitless Viet’s Massage.
Limitless Viet’s Massage relies on a number of key resources to run well. These include a
team of skilled and qualified massage therapists from the state training centre for people
with disabilities, well-equipped facilities with comfortable massage rooms, and an online ap-
pointment scheduling platform that makes bookings easy. The company also works with the
local medical centre system to include medical exams and treatment services in its treatment
plans. This ensures a holistic approach to health. By using traditional medical methods,
Limitless Viet’s Massage is able to offer customers personalised and effective solutions that
are tailored to their needs and conditions. This improves the overall treatment experience
for its valued customers.
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6.8 Key Partners
Limitless Viet’s Massage forges strategic partnerships with state-owned disabled community
organisations in order to provide meaningful employment opportunities and empower dis-
abled community members. By collaborating with these organisations, the company intends
to generate a positive social impact and promote inclusiveness. Limitless Viet’s Massage also
forms long-term partnerships with an online appointment scheduling platform. This part-
nership is motivated by the company’s desire to become a significant platform user, thereby
gaining preferential access, streamlined scheduling options, and a seamless customer experi-
ence. In addition, the company creates strategic partnerships with local wellness and medical
facilities in an effort to improve the overall consumer experience by providing complemen-
tary services and a comprehensive wellness ecosystem. These partnerships demonstrate the
commitment of Limitless Viet’s Massage to social responsibility, consumer satisfaction, and
long-term growth.
The cost structure of Limitless Viet’s Massage is comprised of various components. The
majority of expenses, fifty per cent, are allocated to office operating costs, which include
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rent, salaries, and utilities. In addition, 5% of the budget is allocated to examination and
treatment plan expenditures, ensuring that massage treatments are in accordance with pre-
scribed regimens. To facilitate at-home treatments, the company also incurs 5% of expenses
for support staff and equipment transport. 10% of expenses are allocated to collaborations
with traditional medical facilities and community activities, in accordance with the organi-
zation’s commitment to traditional massage and to assisting disabled people. The remaining
30% is the revenue. The fixed expense are tangible office space, staff salaries, and equip-
ment, whereas essential activities involving individualised treatments, collaborations, and
support for the disabled community are the variable cost drivers. This pricing structure al-
lows Limitless Viet’s Massage to provide exceptional services while promoting social impact
and inclusiveness.
7 Conclusion
Online appointment booking, in-home treatments, and a dedication to helping the handi-
capped population set Limitless Viet’s Massage apart in Vietnam’s healthcare and relaxation
sector. The start-up idea attracts time-crunched consumers because of its focus on flexibility,
adaptability, and accessibility. By providing disabled people with meaningful employment
and donating a portion of their proceeds to community activities, Limitless Viet’s Massage
has the potential to disrupt the industry by attracting a diverse customer base and making
a positive social impact. The market research and feasibility study detailed in the business
plan demonstrates the company’s potential for success and its beneficial effect on society.
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8 Appendix
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• Appendix 4: Jjim-Jil-bang’s Price
21
Limitless Viet’s Massage sets prices based on competitors available in the market such
as Neko massage and Spa, Jjim-Jil-bang,...
Phú & Ni (n.d.)ng (n.d.)Hoang et al. (2022) Nguyn (2021) Acomm (2019)BeeCost (n.d.)
Lan (2023) Batdongsan.com.vn (n.d.) Euromonitor (n.d.) Ph (2016)IHR (n.d.)Vo (n.d.) Trn
22
(2022)Nuru (n.d.) EasySalon (2013)
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