Opening a new gym requires time, money, and a lot of prior knowledge in order for a new business owner to find success in the industry. Especially when it comes to fitness, sports, and recreation, choosing the franchise route may be the more profitable option.
Fitness brings in the bucks.
Popular fitness franchises such as Planet Fitness, Gold’s Gym and Barry’s Bootcamp have certainly proven that franchising can bring much success to a fitness business. According to Statista, the global fitness and health club industry brings in about $80 billion each year, a significant portion of which is attributed to the US. With about $25.8 billion being generated from the industry in the US alone, the country ranks as the single biggest market worldwide in revenue and number of health and fitness club members. In 2015, it was found that 36 thousand fitness clubs existed in the US of 186 thousand clubs worldwide.
Fitness is becoming customized.
As is growing popular in the food franchise industry, fitness is also taking on a customizable nature. With technology growing, more and more fitness clubs are seeking to tailor fitness experiences at the individual level. Koko Fitclub, for instance, has combined fitness and technology to give clients a totally personalized experience. As more research is released, fitness franchises are moving away from the idea that one regimen or exercise plan fits all clients. Instead rather, the industry has begun to promote fitness at the individual level.
Keeping clients is profitable.
Membership renewal is how fitness franchises stay in business and prove successful. Also, according to Invesp, it costs fives times as much to find a new customer, rather than renew an existing one. Building a loyal relationship with preexisting clients is the key to a long term successful fitness franchise.
Data has allowed fitness businesses to analyze what aspects and programs their clients enjoy or dislike, helping the club or gym create a comfortable and welcoming environment. In line with current trends in the fitness world, data allows the business to also personalize the gym-going experience.
Fitness franchises have also begun to specialize in order to appeal to clients. Franchises like Orangetheory Fitness have created specialized exercise programs with the objective of creating a unique, fun form of exercise. Many fitness clubs have also begun to offer unique classes in an effort to keep clients. Exercises like boxing and Muay Thai have grown in popularity in recent years, which many businesses have decided to use to their advantage.
Is the Industry Right for You?
Anyone with a passion for fitness can benefit from a fitness franchise. Opening a private gym is no small task. If you don’t have prior experience owning your own facility, this can be a near impossible task. For this reason, going the franchise route is often more beneficial. With accompanied training programs and instructional manuals, fitness franchises make the process as easy as cake–but only after the workout!