There are many industry sectors where you can explore franchise and entrepreneurship opportunities. However, at the top of your list should the health and wellness industry. This industry will never dramatically shift or vanish, unlike certain industries that rely on consumer trends. For decades the health and fitness industry has seen year-over-year growth and people wanting to look good and be in shape is not a fad.
While new fitness concepts and equipment will need to be modified from time to time, the value of doing physical activity and being in shape is more relevant than ever for all groups of age and gender. Especially during this pandemic where people have gotten out of shape, we are seeing an increased focus on healthy lifestyles which will continue to increase the demand for fitness facilities.
Here are 6 good reasons why you should consider buying a fitness franchise.
1. Fitness Industry Growth
The fitness industry is neither faded nor vulnerable to market demand transition. It cannot be substituted or outsourced by technology abroad. The fitness industry will continue to develop at even higher speeds as more people and the elderly enter health clubs seeking a balanced life.
The wellness market in the US is among the biggest growth sectors since 2010.
According to Statista.com “ The Revenue in the Fitness segment is projected to reach US$5,254m in 2021.”- Revenue is expected to show an annual growth rate (CAGR 2021-2024) of 2.4%, resulting in a projected market volume of US$5,643m by 2024.”. And that is even with the pandemic.
2. Strong Fitness Industry
2020 has been rough. No doubt about that. But the fitness industry’s future still looks optimistic based on current trends.
The defining trend this year is towards general health and wellness, healthy businesses, healthy companies, and that’s where the fitness market presents the best opportunity.
The health and fitness industry will continue to play an increasingly important part in the health of global populations as health issues keep growing. Daily exercise also helps to relieve stress, depressed mood, nervousness, and more. So there is also a component tied to mental health. The immune system is improved by exercise.COVID-18 has been driving people not only to a healthier lifestyle but also to exercise every day which drives demand for health clubs.
The Fitness business is overall stable, with moving parts across other industry verticals. Those that can adapt and provide health and fitness solutions in a safe way are sure to reap the long-term benefits.
3. Profitable Industry
Although initial setup and operational costs to open a gym are normally high. Some boutique fitness club concepts, like blitz45, have lower overhead and focus more on personal training in a group setting. This means a faster ROI. Despite the pandemic, we are in the process of opening clubs nationwide and some are already up-and-running and signing up members as we speak.
4. Constant Flow of Income
One of the appealing things of the fitness business is the opportunity to generate constant recurring income through the use of memberships that are paid in monthly installments collected mostly through automatic debits to customers. The option of annual memberships is offered, which offers benefits to customers in discounts, this is good for customer retention rate so that they are linked to the gym for a long time from 6 months to a year, ensuring customer loyalty, which means that the costs of retaining the client are lower.
5. Additional Revenue Streams
There are many different revenue streams you can take advantage of with a fitness franchise such as: apparel, smoothie bar, private training, fitness equipment/gear, supplements, and more. It’s like having multiple businesses under one roof.
6. A Healthy Way of Life
Fitness franchise owners generally enjoy a healthy lifestyle that comes with a good work-life balance. Being immersed in an environment that exudes health and wellness helps the owners stay focused and fit. Owning a gym is different from any other profession in corporate America. It can be much more rewarding. Helping people reach their fitness goals and improve their self-confidence and self-esteem is truly gratifying.
It can be difficult to own your own company, but there are many rewards. Imagine how your own company would be, how your own boss would be, and how your life could change.
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