When opening a new business, you want to be sure you’re in the right industry for success. If you’re considering a business within the Fitness Industry, Henry Ziff from Transworld Business Advisors, offers the following insight.
As people become more in tune with their physical and mental wellbeing, it can be tempting to jump onto the fitness bandwagon, and run your own business. Being fully armed with the right information before you start, though, is the difference between you building a profitable business, and just being a flash-in-the-pan idea.
From gyms, wellness centres and health clubs, to personal trainers, health coaches and specialist chefs, the Fitness Industry really is booming, providing investors with some attractive opportunities. According to the 2019 State of the UK Fitness Industry Report in the last year the sector saw a fifth year of continued growth, with overall market value increasing by 4.2%, exceeding £5 billion.
The face of the industry
· almost half say they are a ,
· generating c. £1.9 billion
· with the most successful enjoying an annual turnover c.£100,000 - £250,000
The industry also is a big employer, providing both contracted employment, and self-employment opportunities:
· There are around 46,000 people employed in the industry
· Around 24,147 of whom are freelance personal trainers, renting space in a gym or health club, and earning an average £27,000 p/a
· This has grown 2.3% over the last five years
Can you have too many gyms in one square mile?
There is no limitation on how you run your business. More and more owners choosing to incorporate the outdoor space with some of their clients, incorporating group targets like a charity run, or sessions in the local park.
Developing your USP is a key part of forecasting your business plan. Some of the smaller independent fitness businesses are attracting those who had, traditionally, felt intimidated about walking into the larger spaces. Whilst others are purposely designing themselves to appeal to certain markets. Who will you attract? What will you offer? Set yourself apart, and grow a profitable business which delivers the feel-good wellness people are tuning into.
Tap into the ever-developing digital fitness arena, and you have even more scope to build a strong and profitable fitness business. According to an article in the Daily Telegraph in 2019, digital fitness increased by 50% from the previous year, compared to just 4% for traditional gyms.
If the idea of running your own fitness business appeals to you, and you’re encouraged by the health of the sector, you don’t have to start-up your own from scratch. Consider buying an independent business, the previous owner is selling, or one of the fast-growing franchised-businesses. Take a look at the options we have for sale, or contact us to find out how we can help you realise your fitness goal.