The Health and Fitness industry has grown tremendously in the last decades. Presently the market size of the industry has been estimated at a whopping 96 billion US dollars and counting. In the USA alone, the sector is forecast to reach 32 billion dollars, despite the COVID pandemic partially smothering the growth. The industry is once again back on its feet. Do you remember the good, old saying, “a healthy mind dwells in a healthy body”, well it looks like the world has finally opened its eyes to it.
The fitness industry is expanding and diversifying. Today, fitness has become a trend, and maintaining a healthy lifestyle, a priority. Even during a pandemic like COVID when gyms and personal training studios were shut down, the use of online fitness apps increased multifold.
The industry is booming at a higher pace and for investors, it is a great opportunity to pour in their money. The industry is rewarding and has huge potential but there are many things about which one has to be careful before creating any successful business. If you want to start a fitness business, here are a few things you can keep in mind before starting a fitness business and consequently make it successful and lucrative.
Before investing and starting with any kind of fitness business or personal training business, it is necessary to chew the fat (no pun intended) and ponder over what kind of business you want to get into - whether you want to start a health studio, a gym, a Zumba or yoga center or just a personal training studio? Or everything altogether? The choice made should be well informed, keeping every aspect in mind from investment to maintenance to feasibility. You just can’t start without proper research or knowledge. For example, if you are opening a Pilates training center, make sure you know the intricacy of trade, ground reality, and feasibility of attracting enough business. Here's an article that would walk you through the key elements of a gym business plan.
Before you begin your fitness studio, make sure you have the necessary skillset and know the niche you want to get in. Maybe you want to start a personal training program then it's important you are trained in that skill and deliberate over entering that arena of the fitness business. Proper research, exposure, and experience can make this decision easy for you. Develop a comprehensive plan, formulate a strategy and go ahead with it. This further has many dimensions -
To start a successful fitness business, it’s necessary to promote it, publicize it properly, and have a marketing strategy aligned to attract enough clients. Technology and social media have created numerous opportunities to market and promote any product and if it is done rightly, it can render good returns. Here are a few points that can be kept in mind.
For any fitness business to be successful, member feedback must be valued and respected as every member is also an agent of the brand to the outside world. Good member experience can help attract customers and build business whereas bad member response can affect the reputation causing a business loss. So, you must listen to your customers and value what they think. Are you still navigating your way through the first year of your gym ownership? Find to how you can do it with much ease.
There is a constant need to train your instructors and keep them ahead in the training techniques. This attracts more and more clients. You must find good and well-trained instructors for your gym as the staff is what will drive your fitness business ahead. Good and experienced staff can turn out to become an X- factor for your business and don’t worry, investing in them will not be a waste of your resources, and profit, in turn everything will soon get multiplied. If you hire trained instructors, more clients are likely to come and continue their membership. Skilled trainers can help build a reputation for your fitness studio and keep your clients coming back to you.
It's okay to be ambitious but is important to set realistic goals. At the end of the day, goals are set to be met. Plan out the objectives with your employees & instructors in order to accomplish them in the near future. Starting or running a business requires conscious planning. For a healthy business, it’s important to consistently update goals and work towards them. Any action without proper planning can result to be catastrophic for the business. It’s one thing to have dreams and ideas but one just can’t indulge in reverie, thus it becomes crucial to set realistic goals. So, we encourage you to follow the S.M.A.R.T business approach to set and attain goals for your fitness business. Let’s have a look, what it is and how it can help you to plan your fitness business -
The ups and downs in the market are inevitable. Stay prepped for future uncertainties. Many times, it is observed that novice entrepreneurs get uneasy seeing the inconsistent market revenue and sales, and it is quite understandable. According to Ashley Selman, owner of Evolution Trainers in Mountain View, CA, "Eighty-one percent of studios close or fail in the first year,”
But it’s advised to be patient with the market as good things come to those who wait. Very few businesses experience steady profits initially and it is tizzy for most ventures.
The fitness industry is highly competitive and mostly big business brands (with immense resources at their end) dominate the arena but no need to lose hope as the industry is dense but not impenetrable. So, if you are starting a fitness business or already running one, there are a few things you can do to stabilize your revenues like implementing an aggressive Business Strategy, Identifying what the market needs, and keeping your focus intact on customer retention.
Offer more and more products & services so that your clients don't have to go to another service provider. It is frequently suggested that it is ideal to devote your time and attention to a single subject or field. Many people believe that focusing on one thing but does not necessarily apply to the fitness industry. In the fitness industry, it is more, the merrier. If you can offer more facilities to your customer, more diversity in terms of service then your business will rise. Many times, customers look for one single place for many different things. It is more convenient and time-saving for them. For example, you could couple fitness training with a Zumba studio or calisthenics. Now, this will not only help you weather market fluctuation but solve the issue of inconsistent revenue also. You will always have something to offer and people will stick. You can identify another product or service to complement what is offered now. Both require intimate knowledge of the customers and their lives beyond your offer.
The change in the needs of the clients and their preference for a more personalized approach led to the dynamic business model prevalent in the industry. 'Clients first' is the dimension in which every fitness business or studio is operating right now, and those who are not are quite behind in the race.
Running a gym or fitness business is an edifying experience that allows you to assist people in living a healthier and better life. The post-COVID world has come with different challenges and opportunities, there are many things that now need to be done differently. Thus, before you roll off on your journey, here are a few things you can do to hit the home run !
There is no doubt that the fitness industry is a hot pot for investment right now. It is a stable and rewarding industry. Today’s society is fitness conscious and is ready to spend whatever amount they can to remain healthy and fit. The old and traditional ways are being replaced by the new, modern way. Even during a pandemic, when people could not go to the gym, the usage of fitness apps increased tremendously. At last, it’s safe to conclude that there are immense opportunities and with the right approach and right planning you can make it BIG! Seize your chance!
Here's some much-needed motivation, we are sending your way. It’s okay to be anxious and feel overwhelmed in the initial months but stay dedicated and don’t lose your morale. If you remain dedicated till the end and with the right choices, success will be yours. So, just take a deep breath and jump into the industry by keeping the aforementioned tips in your mind.
We wish you all the very best in this journey and once you gain momentum, you might need a fitness studio management software that empowers you with the right tools to manage and grow your brand. For that, you can book a demo with us and give your clients a user experience that is beyond comparison.