As an aspiring business owner, it’s important to analyze your market and target audience before taking the plunge. The last thing you want to do is invest your money or time in the wrong industry, or one that delivers massively underwhelming sales results. To start off on the right foot, you should follow the four steps listed below:
- Determine if there's demand for your product or service
- Evaluate your competitors
- Find the most convenient location to set up shop
- Create a strategy to differentiate your offering
The more you familiarize yourself with your industry the greater the advantage and security you will have. When buying a fitness franchise, or any franchise for that matter, it's easier to hit the ground running because the franchisor has already done all the legwork and established the market potential. They’ve perfected the inner workings of their business through trial and error, so it runs as efficiently as possible. If you need some extra motivation, here are a couple of statistics that show why investing in the fitness industry and a fitness studio is a great move.
The Fitness Industry Is Booming
According to research by Ibis World, the health and fitness industry in the U.S. has been growing by leaps and bounds over the last five years. It’s now worth $34 billion after having grown by at least 2.8% annually, making it single biggest market worldwide.
Gym Memberships Are Increasing
The National Center for Health Statistics estimates the number of adults who are overweight and obese to be 71.6% of the over-20 population. However, evidence reveals that Americans are putting more effort into maintaining an active lifestyle and adopting habits that will help them stay fit, including going to the gym.The number of health club members grew by 33.6% in the last decade, jumping from 45.6 million in 2008 to 60.9 million in 2017.
Convenience Outweighs Equipment
Group fitness classes, especially those that burn calories in less than an hour, will become increasingly important to help fitness studios attract and retain members. With 36% of all regular exercisers doing some type of fitness class, will become standard practice for gyms to present their workout environment in a more engaging, enjoyable, and meaningful way. According to an industry report by Guidant Financial, members looking for convenience are especially drawn to specialized studios that offer effective, high-intensity workouts.
Fitness Studios Are Gathering Followers…Fast
Fitness studios have helped usher the industry into what some are now calling the golden age of fitness. An increasing number of people are now looking for tailored, community-based fitness programs that offer a particular style of exercise. Based on previous research by the International Health, Racquet & Sportsclub Association (IHRSA), fitness studio memberships expanded 74% from 2012 to 2015, in comparison to 5% for health clubs.
If you are ready to purchase your own F45 Studio, make sure you take in to consideration the following details:
The Fitness Instructor Has a Crucial Role
The instructor or personal trainer can make or break the success of your fitness studio. In a survey, 95% of fitness studio members said that a great instructor would encourage them to stay loyal to their fitness routine. That’s why it’s crucial to acquire the best talent for the job. The best trainers and instructors are the ones most likely to become superstars at your studio, not only in terms of the fitness techniques they teach but how motivated and comfortable they make members feel.
Location Is Important
When scouting for premises, remember that members want a gym that’s easily accessible. When asked what would make them stick to one gym, 50% of members in a survey said a gym that’s a few blocks from their home of office. Location makes it easier for members to motivate themselves to exercise as they know they can get in and out fast and have time to squeeze in other after-work activities.
These statistics reflect a burgeoning fitness industry that offers upcoming business owners an investment area full of potential and lots of opportunities for growth. They also serve as a reminder that in this competitive market, where many fitness brands own a big slice of the industry, it’s important to ensure that you have the best resources and solutions to deliver exactly what members want.
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