With the latest trends pertaining to health and wellness on the rise year after year, the fitness market has become a booming segment filled with an explosion of business opportunities for franchising and development.
If there were ever a time to jump on the fitness segment bandwagon, that time is now. Here are three reasons why the fitness segment is a great business opportunity to get involved with and why the health boom is showing no signs of letting up.
Reason 1: Society’s Health Consciousness is Here to Stay
Staying fit and healthy is the latest trend. And because of it, younger consumers, specifically millennials, are becoming more and more health-conscious, not only with food but with their fitness activity as well.
Edward Navan, co-founder and Chief Strategy Officer of REGYMEN Fitness, explained that “the average millennial is paying $300 to $500 per month on fitness, but at several different locations.”
“They don’t exhibit much brand loyalty,” Navan said. “There are a lot of successful fitness franchises, but they all only do one thing. No one else has the comprehensive offering we do.”
REGYMEN Fitness has been able to take advantage of this health kick by blending high-intensity interval training, strength and weight training, and boxing to create a three-fold experience for its members that delivers results. Merging the three effective, fun and popular exercise methods has been an extremely successful endeavor in REGYMEN Fitness’ short history.
“If you look at [the industry] right now, you’ve got people doing spin, boxing, boot camp, crossfit—but nobody has the three particular workouts that we do, all under one roof,” said Nick Binnings, Chief Operating Officer of REGYMEN Fitness. “There are other companies with multiple things under one roof, but we have the most popular workouts under one roof.”
Reason 2: The Fitness Industry is Hot, But So is Market Availability
According to the 2019 Fitness Industry Market Report, the U.S. is the world’s largest health and wellness market, with 38,477 clubs and an annual growth rate of 3.6%. Industry revenue is growing at a slightly higher rate of 6.1% and is currently estimated at $30 billion. This has led fitness franchises across the nation to expand in unit numbers and reach, directly influencing boutique fitness studios, such as REGYMEN.
“The fitness industry is a hot segment,” emphasized Binnings. “Just last year, the fitness industry grew by 6%. And we’re uniquely positioned in the boutique fitness space, which is the most up-and-coming. Traditionally, workout options were just big clubs, but now there are boutique offerings where we know we can compete. We’re disrupting the fitness industry.”
Reason 3: The Value of a Membership-Based Model
Franchise owners with REGYMEN Fitness utilize a membership-based franchise model which has no cost of goods and a low barrier of entry into the market. By opening their doors with a baseline of memberships already in place via a strategic pre-sale marketing campaign, the franchisees are already set up for success starting on their very first day.
“Our goal is for franchisees to get 350 to 400 memberships signed before their doors open, which creates a lot of revenue on day one,” said REGYMEN Ftiness president Tom O’Keefe.
To learn more about franchising with REGYMEN, visit https://www.regymenfitness.com/franchising/.