With a staggering growth of 25% in gym memberships, the fitness industry has become one of the most lucrative business avenues. Despite the crippling times during recession, the Fitness Industry’s Global Association, has forecasted the growth of the industry to accelerate in the coming years and is expected to reach 80 million.
There are many factors that play a crucial role in contributing to the success of the industry. This recession-free type of business is rewarding both in terms of revenue generation and value creation in the society by imparting fitness and healthy living. Furthermore, existing gym members are not ready to give up on their fitness investment confirming the fact that gym memberships are no more a luxury but a necessity of modern life.
The blooming aspect of the industry is sure to lure many new entrepreneurs to take up the business prospect. In case you are willing to start with a gym setup, keep in mind certain things advantageous to you. First of all do a lot of market research and understand the market as this would be the foundation of your business plan. Then it is important to decide your target market and to organize your audience. You may decide to expand your audience by employing a variety of gym equipment from weight training to cardiac workouts. You can also focus on a particular niche of customers like women or youths precisely. This will help gain competitive advantage of differentiated marketing.
The next major issue to handle is to mange the expenses. This will include, staffing, rent, and deploying other resources. It is smart to keep a balance between your investment and expenses incurred. Apart from this, the demographic location of the setup is also important to consider and to see whether it is providing basic conveniences to the customers like driveway, parking etc. To open a gym of own is definitely a smart and rewarding move in the uncertain economy where fitness will never cease to have its role.