Are you passionate about health, wellness and fitness? Are you looking to use your expertise and passion to help others meet their fitness goals? If you answered yes to the above questions, then you should consider becoming a fitness entrepreneur.
In this article, we will take a closer look at some fitness business ideas and fitness business opportunities as well as how to start a fitness business. We will also give you tips on how to succeed as a fitness entrepreneur, so that you can enjoy a return on your investment.
1. Fitness Business Ideas and Business Opportunities
According to Policy Advice, the health and fitness industry is growing at a rate of approximately 8.7% annually. So, if you are a fitness junkie, this industry provides a lucrative investment opportunity.
Furthermore, the health, wellness and fitness industry has plenty of fitness business opportunities, thus giving you a chance to choose a niche that aligns best with your interests. Some of the best health and wellness business ideas include:
1.1 Personal Home Trainer
According to a survey conducted by Business Wire, approximately 50% of Gen Z and around 81% of millennials prefer working out at home. Simply put, these two groups prefer home-based gyms, as opposed to conventional gyms.
So, if you are a fitness coach or a personal trainer, you should consider starting a personal training business from home.
As a home-based personal trainer, you will be helping your clients to pursue and attain their personal fitness goals while improving their overall wellness.
You will also be helping people live healthier lives, while doing something you love. As you can see, it’s a win-win for both you and your personal training clients.
To get started, you simply need to identify an area where you can offer personal training services, be it losing weight or building muscle, and then advertise your services on platforms such as Twitter, Instagram and Facebook.
1.2 Outdoor Fitness Instructor
If you are fitness enthusiast who loves spending time in the great outdoors, then you should consider becoming an outdoor fitness instructor. Working out in the great outdoors brings together a unique harmony of fitness and fresh air.
Beach yoga classes, small group workout sessions, backyard boot camps and neighborhood training sessions are all in high demand across the country.
In case you decide to pursue this fitness business opportunity, it will be highly advisable to keep your sessions simple and enjoyable.
Also, go light on fitness equipment. Instead, you should focus more on body weight training while making use portable fitness equipment light resistance bands.
Make sure the location you choose for this workout business idea is readily available to all your target clients.
1.3 Online Yoga Instructor
Online fitness classes are increasingly gaining in popularity across the country, thanks to their convenience. And you can leverage this online fitness business idea to start a fitness business.
As an online yoga tutor, you will be offering all your sessions entirely online. They can be live sessions or pre-recorded depending on your client’s preferences and availability.
But before you start this health and wellness business idea, you should make sure to have your yoga-based business registered by the relevant certification bodies in your area.
1.4 Mobile Truck Fitness Coach
Are you a personal trainer or fitness coach that prefers working with small groups of personal training clients outdoors? If so, you should consider opening a mobile fitness franchise, using a mobile truck.
Investing in a mobile fitness truck will provide a convenient and cost-effective means of reaching a large number of clients. You will also use the same truck to haul your fitness equipment from one location to the other.
With this wellness business opportunity, you will be using the same truck as a billboard to advertise your health and fitness business, thus reaching even more people.
1.5 Children Fitness Coach
Exercising is essential to children of all ages. In fact, it plays a vital role in their overall development.
And according to the Centers for Disease Control and Prevention (CDC), school-going children should get approximately 60 minutes of exercise per day.
Unfortunately, most don’t get this level of exercise, either due to school work or other commitments.
If you love spending time around children and you would like an opportunity to be part of their overall development, then becoming a children fitness coach will be a great workout business idea.
1.6 Fitness Gear Retailer
When it comes to health and wellness business opportunities, you don’t always have to offer personal training services. You can also explore other fitness entrepreneurial ideas like selling fitness gear.
For fitness gear, you can specialize in things like training sneakers, clothing, and smart wearable technology.
Selling fitness gear will also be a great health and wellness home business opportunity, since you no longer need a physical shop, thanks to technology.
You can either set up an online shop on Shopify or sell your gear directly to your clients, through your Instagram fitness account, Facebook pages or Twitter.
1.7 Sell Health and Dietary Supplements
According to a survey conducted by Grand View Research, the U.S dietary supplements market is currently valued at approximately $140 billion. And it continues to experience rapid growth every year.
So, apart from selling fitness gear, you can also consider becoming an independent supplements seller, especially if you have great marketing skills.
Some of the popular dietary supplements that you can sell include multivitamins, calcium, vitamin D, vitamin B complex, vitamin C and protein shakes.
2. How to Start a Fitness Business
As you can see, you have plenty of opportunities to explore as a fitness entrepreneur. So, how do you actualize your ideas? Here are the steps to follow when starting a fitness business.
2.1 Choose Your Preferred Niche
Selecting the type of fitness business that you intend to run is the first and most important step when it comes to starting a fitness brand.
You can opt to become a personal trainer, children coach, online yoga instructor or outdoor fitness coach. Also, you can decide to open a powerlifting gym, Zumba studio or Pilates studio. You also have the option of selling fitness-related products.
Each method comes with pros and cons. So, ensure you conduct adequate market research and then choose a niche that aligns best with your personal preferences, budget and market demand.
2.2 Write a Fitness Business Plan
Like other types of businesses, your health and fitness business will also need a business plan. It will define how you will start and run your fitness business.
When crafting the business plan, you should consider various factors like:
- Your target market.
- The competition.
- Start up costs.
- Sales and marketing plans.
- Goals.
- Financial plan and projections.
2.3 Find a Name for Your Fitness Business
Your fitness business will require a great fitness business name. It will help to create a good first impression, evoke a powerful emotional connection and drive brand recognition and awareness.
Therefore, coming up with a great fitness brand name is more than a necessity. Regardless of the name you choose, ensure it’s simple, memorable, unique and relevant.
2.4 Obtain the Necessary Certifications, Licensing and Insurance
Depending on the type of fitness business you decide to open, you may be required to acquire certifications, licensing and insurance.
So, ensure you check with your local authorities about the necessary permits you should have, to ensure you are operating legally.
For example, if you decide to open a powerlifting gym, you will need a business license, certificate of incorporation, operating agreement, insurance policy and an operating agreement, among others.
You will also need a certificate of occupancy, to confirm that the location confirms with all government regulations, zoning laws and building codes.
2.5 Obtain an Employer Identification Number (EIN)
Obtaining an EIN may feel unnecessary for some people who want to start a fitness business. After all, fitness businesses and fitness brands operating as sole proprietorships may not one. However, it will be highly recommended to have one.
Having an EIN will help you to file your taxes, thus avoiding tax penalties. You will also need it to open a fitness business bank account, thus speeding up your loan applications while helping you to establish and build business credit.
And the good news is, obtaining an EIN is a simple and fast process. You simply need to apply for it through the IRS. And if you do it online, you will have one within a few minutes.
3. Fitness Business Success Strategies
At this point, you already have your preferred fitness business idea. Also, you now know the steps you should follow when starting a fitness business. Here are some tips that will help your fitness business to thrive.
- Build a community of loyal followers.
- Incorporate technology and data into your fitness business.
- Invest in robust marketing.
- Establish a robust presence on social media platforms, such as Instagram and YouTube.
- Keep your clients coming back.
4. Closing Remarks
The health and fitness industry is constantly growing and evolving. Therefore, there’s a huge market, for those who want to invest in this industry and start fitness businesses. If you are an expert in this field, starting a fitness business will give you an opportunity to share your fitness expertness with the world and earn money doing something that you love.