Whether you are looking for a full-time career in fitness entrepreneurship or seeking a fitness side gig to earn money, launching your own fitness business can be a great answer. In recent years, fitness has risen on the list of priorities for many consumers across the world. In the U.S. 75 percent of Americans say being fit is important to them according to a ReportLinker survey. Globally, the fitness industry is now worth over $100 billion and shows no signs of slowing down, thanks to consumers becoming more health-conscious. Whether it is the booming fitness products market to the popularity of personal trainers and fitness bloggers, there are a host of successful business opportunities you can capitalize on- if you take the right steps.
While personal fitness has become a priority, the industry has also expanded to include a vast number of niches. Choosing one niche and a target market means you can zone into specific customer demands and trends- giving you the chance to align your marketing strategy. Your target market will also help you determine your business location if you plan on having a physical location. For instance, if you plan on opening a gym aimed at seniors or those aged 60 years old and over, being near retirement communities is a good start.
Alternatively, you can opt for an eCommerce based fitness business which makes it even more important that you also address your business’ online presence. Start with the design of a professional business website and corresponding social media accounts. Social media will become incredibly useful and budget-friendly in promoting your new fitness business, particularly amongst millennials.
Fitness is important to millennials and with over 90 percent of them using social media, this makes them a great target market. According to a survey by Lee Mills, Generation Z consumers made up 38 percent of gym sign-ups in 2018 alone. Think about the kind of service/ product you want to sell, the consumers you want to appeal to, and let it guide you in answering these basic questions.
As a business owner, you also need to prepare for any scenario- even the unfortunate ones. Protecting your business goes beyond securing your business’ intellectual property, physical premises, or fitness equipment (although that is vital). You should also secure the right insurance coverage for your new fitness business including public liability insurance and workers' comp insurance for fitness professionals, to protect your business, yourself, and your employees from any workplace injuries. Lastly, consider investing in ways to protect your business online such as the patenting of any ebooks or unique fitness regimes along with buying a cybercrime insurance policy.
As a business owner, you will need to play multiple roles. First, you will need to get the related fitness industry certifications such as your certificate in fitness instructing or other personal trainer certifications. However, you will also need to expand your skillset to include marketing functions, accounting, and even website maintenance. Starting a business involves a lot of coordination and work behind the scenes- a lot of which you will be responsible for at the beginning of launching your fitness business. The good news is that with the vast array of online courses and educational material available, covering everything you need to know from DIY website maintenance to social media branding and business budgeting.
If you are passionate about fitness and business, launching your own fitness business can be the perfect money-making solution for you. However, it does involve planning ahead and determination to make it happen successfully. These tips are a great place to start.
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