In a world where sales in fitness equipment alone rocketed by an astounding 50.6% between 2019 and 2020, it’s fair to say that the fitness industry is a big deal. In fact, from personal trainers to gyms and beyond, businesses here have been enjoying significant growth for longer than records can indicate.
However, in the wake of a period that’s made many clients skeptical about sweating in a room filled with breathless people, the industry has been forced towards change, and any new business looking to break into this field needs to factor that in advance.
Innovation has especially come to be an indication of success in the fitness world, with companies who factor for these changes alongside the success of traditional fitness models generally coming out with the highest returns. The question is, what does innovation here look like, and how can you make sure that you’re tapping into it?
# 1 – Self-service workouts
With many people embracing the freedom of at-home workouts during these last two years, strict gym models with dedicated opening and closing hours are no longer what audiences here want. Instead, 24-hour self-service gyms that see members heading to far quieter locations when it suits are currently enjoying higher levels of success among both die-hard gym fans, and individuals who have never felt brave enough to work out at the gym before.
From a business perspective, this move especially makes sense thanks to its low overheads. Admittedly, some staff will still be necessary to keep things clean and protect any fitness equipment, but even this cost pales in comparison to a fully staffed gym set-up. All of which means that you can get started sooner, and start seeing your profits far more quickly than you would otherwise.
# 2 – Hybrid health models
Speaking of fitness-based freedom, it’s also worth bearing in mind that hybrid health models that make way for both in-person fitness efforts and at-home workouts are performing a whole lot better right now. In fact, with 9 in 10 Americans intending to continue home workouts even once life resumes as normal, factoring for this could be your only way to ensure lasting and reliable interest.
Generally speaking, a successful hybrid model will incorporate the streaming of live classes to provide options that fit all lifestyles. This hybrid focus also has the pressing benefit of allowing you to significantly enhance the capacity of every class, thus ensuring as much as double the potential profit in each instance, making this an undeniably tempting model for a new business.
# 3 – Take it mobile
Going mobile in all of its forms is also now fundamental for any new fitness business hoping to attract loyal client interest. After all, our smartphones are must-have extensions of most of our lives, and making your presence known here is going to make it harder for your client base to scroll the hours away when they would otherwise be in the gym.
From mobile-based personal training sessions to apps that track workouts and provide rewards like discounts for regular attendance, there are all manner of ways to make this new format work for you. Fundamentally, however, you want to make sure that you’re able to send notifications directly to your clients, even if they don’t show up for classes or fail to attend their normal gym sessions. That way, you’re able to more effectively hold everyone accountable and, hopefully, increase the money they spend.
# 4 – Expand your reach
These days, anyone looking to get fit is probably also thinking about things like diet, self-care, etc. As such, gyms that solely focus on the fitness side of things overlook significant opportunities, and that’s something you need to avoid to see success for your new business. The perfect business plan right now is especially about expanding your reach to factor for every element of these priorities, either by collaborating with companies like food delivery services, etc. or by considering these things in-house.
Admittedly, jumping right in with a full-service fitness outlet may set you a little over budget to begin with, meaning that outsourcing is often best at first. However, as you grow, there’s no reason why you can’t furnish your gym with a kitchen for cooking lessons and a yoga studio for a little self-reflection that sees you securing members that may otherwise have gone elsewhere.
Fitness is and always has been a competitive industry, meaning that diversifying your business model in these ways puts you in the best possible position for profits you can smile about.
