If you want to own a franchise, specifically own a fitness franchise, there are a few things you need to know about the fitness industry first.
Check it out:
1. The Fitness Industry is Booming
The popularity of low cost, low amenity gyms and fitness studios has contributed to major growth within the fitness industry, especially personal training. According to IBISWorld, the fitness industry revenue grew 1.6% in 2018. When it comes to the personal training industry specifically, revenue is forecast to grow at the same rate of 1.6% annually to $9.1 billion between 2018 and 2023.
This trend has caused fitness franchise profit to rise to an average of 11.7%. Pre-established brand awareness, low start-up costs, and low marketing costs only further improve that number.
2. The Market is Bigger than Ever
There are two factors to this expanding market: health consciousness and age demographics.
Constant national public health campaigns raise health and fitness awareness for consumers. This encourages gym membership purchases and the recruitment of personal trainers for those with a little less available time on their hands.
Traditionally, the fitness industry has targeted customers between the ages of 35- and 54-years-old. This range accounts for approximately 43% of the industry’s revenue. What generation, however, spends the most money on their health? Baby boomers. According to the same IBISWorld report, the baby boomer generation holds more than 50% of the United States’ discretionary income and spends it on health more than any other category.
Because of this, fitness studios that focus on creating customized services for older clientele find great success, according to IDEA. This higher age demographic with money to spend to address increasing health consciousness could create a goldmine of a market.
3. Personal Training is in High Demand
This increased interest in healthy living increases the demand for personal training in particular, according to IBISWorld. This is because the baby boomer generation is highly attracted to the personal training model, as it offers a private, customizable fitness approach to achieving their goals.
Clients benefit greatly from the motivation that comes from building a one-on-one relationship with a trainer focused on their objectives. They have a better possibility of meeting those objectives when their personal trainer can adjust their personalized regimen as they go. The client-focused set-up also adds accountability and eliminates the competitiveness of big-box gyms and traditional workout classes.
Joining the Fitness Industry
Love what you hear? This industry is probably for you. There are many ways to enter the fitness industry, but arguably the best is by becoming a fitness franchise owner.