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Health & Wellbeing: Making Money from The Fitness Boom

March 27, 2020
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4 minutes read
Health & Wellbeing: Making Money from The Fitness Boom

Health and wellbeing have become buzzwords in modern society, with global awareness of its importance at an all-time high.

This trend makes the fitness industry a particularly attractive sector for anyone who has a solid business idea.

However, as with any commercial enterprise if it is important weigh up all the pros and cons before fully committing yourself.

Read on as we look at five key elements you must get right in order to make money from the fitness industry.

Location, location, location

One of the biggest considerations for any fitness business is ensuring that you pick the right location to operate from.

Take some time to scour the local area for your competitors and assess whether it would be prudent to go up against them.

Once you have decided where to base your business, make sure that you find a facility that allows you to offer all the services your customers require.

Create a Business Plan

Whether you’re funding the business yourself or seeking help from a financial institution, it is important to formulate a comprehensive business plan.

Include every possible element you can think of including equipment costs, salaries, utility bills, insurance and marketing.

And learn from other businesses. For example, the gambling industry often uses betting promo codes like this Monkey Knife Fight Promo to encourage prospective bettors to get involved and reduce the cost of entry in the world of online gambling.

On the other end of the spectrum, luxury brands have incredibly high pricing and anchoring, and build a mystique around their product line.

In fitness, you’ll find people offering everything from free advice on Instagram to premium one-on-one coaching. Follow the top performers in your field, and model yourself after the people you most resonate with.

Use Refurbished Equipment

One great way to minimise your initial outlay is to purchase refurbished gym equipment rather than splashing out on totally new kit.

There are numerous companies who specialise in this service and can save you thousands of dollars without the need to skimp on quality.

Use a firm who offers a full design service, so you can see exactly what your facility will look like before you open your doors for the first time.

Keep on Top of Servicing

Your equipment is the lifeblood of your facility, so make sure that you have a company you can turn to for regular servicing and maintenance.

Doing this on a regular basis increases the lifespan of your equipment and will help to minimise the amount of ‘machine downtime’ in your facility.

One of the most annoying aspects of visiting a gym is seeing ‘out of order’ signs, so use servicing and maintenance to avoid these occurrences.

Marketing matters

Any business worth its salt invests resources into a modern website and will have a vibrant social media presence.

These two elements will help you to retain existing customers and give you the opportunity to market your business to prospective new clients.

Facebook, Twitter and Instagram are particularly useful tools to promote fitness businesses – use them wisely and you will reap the rewards!