It’s fair to say that 2020 has posed some major challenges to local businesses of all sizes, not to mention the global economy at large.
That being said, certain industries have fared better than others throughout the COVID-19 crisis, and some continue to boast far more positive prospects for the near future.
Among these industries, one of the arguably most promising is the health and fitness industry. Despite the setback of temporary gym and fitness centre lockdowns, the health and fitness industry has remained largely unharmed by this year’s series of unfortunate events.
But why?
Health is wealth
Ultimately, health- and wellness-oriented businesses offer not only a product but a lifestyle.
This makes the health and wellness trend especially appealing to the broader Gen X-Z and Millennial demographic (aged approx. 18-45), who prefer to spend their money on experiences (e.g. travel, eating out) than on things (i.e. consumer goods).
Fitness centres, wellness hubs, and gyms, in particular, provide a service that remains in high demand regardless of broader social or political circumstances. These are a place to build healthier bodies, practise self-care, enjoy social interaction, and – perhaps most importantly given the COVID-19 pandemic – relieve stress. As they say, “your health is an investment, not an expense.”
Statistics also show that the health and wellness trend is here to stay. The fitness industry as a whole has seen year-on-year growth over the past five years, and is now worth nearly a whopping $100 billion globally. In Australia alone, combined annual revenue adds up to an impressive $2.5 billion.
The sweet spot
Within the gym and fitness market, group fitness centres feature a unique business model that allows for a structured weekly class timetable with one coach per class of 20 or more, as well as set equipment and programs. This maximises on employment, rental, and running costs for gym owners and simplifies business operations significantly.
However, starting a successful group fitness studio involves many factors and considerations, as is inevitable with any small business in a highly competitive industry.
Opening a group fitness studio franchise with REVL Training allows you to navigate this process with ease. With our ongoing support and security, you could open the doors to your very own fitness studio anywhere in Australia.
Find out more about opening your own boutique fitness studio here.