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Business Types, Sports, Fitness & Gyms

17 Tips To Succeed In Your New Fitness Business

Amie Parnaby
03/06/2022
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17 tips to succeed in your new fitness business - Vanessa Alves

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Having a fitness business requires a lot of effort and dedication, especially for those who decide to begin an entrepreneurial venture.

Business success can be achieved to the extent that it fulfils specific requirements and good practices already carried out by other successful markets and companies.

When we talk about a fitness business, perhaps the first question that arises is whether this type of venture is viable or not. The statistics, at least, say so.

Recent data shows increased prioritisation of well-being and physical activities in the population.

Therefore, investing in this area is an excellent option for those who want to build a profitable business in the medium and long term.

In this article, we’ll explore 17 surefire tips to promote the growth and success of your fitness business.

If you are looking for help to boost your results, this is the right content for your needs.

1- Know your market

The first tip concerns market knowledge.

To know your market, you must seek a broader and more realistic view of the business segment in which you want to operate, without focusing on the particularities of your business.

Many entrepreneurs make the mistake of focusing too much on their own business, failing to consider external factors.

When we talk about market knowledge, some factors need to be considered, such as:

  • target audience;
  • Consumption habits;
  • competitors;
  • providers;
  • environment;
  • general economy;
  • providers;
  • localisation;
  • seasonality;
  • demands;
  • Etc.

Another point that you need to consider is the taxation involved. Each business and tax model will have a particular type of taxation. And this needs to be a significant consideration point

2- Create a business plan

The success of a business is determined by the quality of the planning developed before its opening.

Many companies close their activities precisely for lack of good planning. So, you have to be careful not to make the same mistake.

Business plans are strong allies in the business world. They provide the basic direction needed by the business, describing details of how the business should be run.

Among the information that must be present in the business plan are:

  • business description;
  • competitive analysis;
  • company mission;
  • products, services and benefits;
  • target audience;
  • localisation;
  • initial investment;
  • public consumption habits;
  • primary competitors;
  • price charged by competitors;
  • operational plan;
  • Etc.

3- Take care of the financial area

The financial area cannot, under any circumstances, be ignored.

This is a department that needs to be very well considered, with preference being given to hiring a specialised accountant , who will manage these issues.

The first step that must be taken in the financial area is the definition of the tax model, which can be one of the following:

  • simple national : for companies with revenues of up to R$ 4.8 million per year;
  • presumed profit : companies with a profit of up to 32% of gross sales;
  • real profit : for larger companies.

In addition to defining the tax model, it is essential to ensure that personal finances are separate from fitness business finance. This is a common mistake and one that can cause big problems.

4- Seek innovation and integrate technology

We are in a time of technology. More and more people are looking for innovation to make their daily lives easier, including their customers.

Integrate technology into the operation of your company, bringing more comfort to activities common to the customer’s daily life.

You can count, for example, with an application that allows you to schedule sessions and control training.

Interactivity also needs to be considered. Your application can therefore provide resources that encourage interaction and sharing of training performance on social networks.

There is also a free gym system , which makes it possible to provide easy controls for customer management.

An app to control students is also a good option, as it allows you to control the flow of people in your physical space, which is naturally limited.

If your industry is more specific, you can opt for a specific scheduling system, such as a pilates software , for example.

5- Get an initial investment

Your fitness business needs to start somewhere.

For this, it is more than essential to have an initial capital for the creation of the company and also to produce the first steps.

The amount of this initial investment must be sufficient to sustain the operation until it is possible to start making the first profits.

To raise this value there are several options, one of them is through the investment of the partners. ‘

For this to happen, the partners need to have some money saved that, together, can give the initial impulse to the company.

But not all companies have partners who can make this contribution.

Another alternative is to take out loans and financing . In these cases, it is very important to pay attention to the interest rates charged.

6- Have a digital presence

Digital marketing cannot be forgotten either.

Nowadays, in order to survive, companies need to ensure a constant presence on social networks , above all by encouraging customer interactivity and seeking new followers.

Having a digital marketing plan is therefore essential.

A very common practice among gyms is to have a personal trainer to produce content on social networks.

This is a way to keep networks updated, with relevant content and attracting new customers.

7- Set a clear positioning

Brand positioning is one of the most important factors in this post.

Positioning is related to the way a brand is perceived by the public.

When talking about soda, for example, a brand immediately comes to your mind, doesn’t it?

This brand occupies the first place for you, which means that the positioning conquered by it is very positive.

Now, let’s think about the attributes of this brand.

What are her strengths?

You didn’t come to these strengths on your own. The brand did a positioning job that put these attributes in its mind, which were later confirmed by the product experience.

To define the positioning of your fitness business, therefore, you need to answer the question: How do you want your company to be remembered by customers?

8- Count on a sales team

If your company has the capacity to do so, it is very interesting to have a team that sells via telephone or WhatsApp.

There are companies that provide this service of active prospecting . You can hire them or invest in an in-house team. The important thing is to have a quality sales team .

9- Invest in after-sales

As important as sales are the processes that take place after the contracts are closed. Many companies make mistakes here.

After-sales is a follow-up process that aims to ensure that the customer has the best experience throughout their relationship with your business.

To have an efficient after-sales service in your fitness business, some best practices are recommended, such as:

  • follow-up of the client after the closing of the contract, verifying if the expectations are being fulfilled;
  • satisfaction surveys;
  • sending relevant and complementary content to the face-to-face experience;
  • staff training for better service.

10- Work on price competitiveness

Within the strategies for your fitness business to succeed, be sure to work on competitiveness based on price.

Check the prices charged by competitors and try to beat them.

But be careful: always keep in mind the minimum amount you can charge so as not to compromise the operation.

Many companies lower the price so much that they end up not having the strength to continue the operation. Don’t make this mistake.

11- Customize the services

Another very important point for your fitness business is to ensure that services are as personalized as possible.

People are looking for unique experiences , and when they get it, it tends to be valued.

Therefore, even working with service packages, always give the customer the opportunity to customize, so that they have fitness solutions on demand.

This personalization will, in the end, be a great differentiator for your company against competitors.

12- Perform balance sheets every 3 months

One of the basic issues for good management is the realization of periodic balance sheets.

Experts will differ on the frequency of such balance sheets, but an ideal timeframe is believed to be around three months.

Perform, within this period, evaluations regarding all the company’s processes , such as billing, commercial closings, communication actions, customer turnover, etc.

These balances need to be able to reveal the level of efficiency of processes and actions, showing ways to correct eventual problems.

13- Count on experts in the fitness area

A very common reality is to see entrepreneurs investing in a fitness business without any knowledge of the fitness universe.

This is perfectly normal, but it requires care: having the help of at least one expert in the fitness area.

Every promotional action, or decision at the management level, must respect the rules of the fitness market game.

Going the other way is opening up possibilities for errors to occur, tarnishing the company’s image and reputation.

14- Pay attention to the rent value

Rent is the terror of financial plans, isn’t it?

Getting a good location for your business is undoubtedly a strong potential to attract new customers, the bad news is that the cost of rent also tends to be higher.

Therefore, always evaluate the cost-benefit of a commercial point , and do not close a contract without a good research in the region, to ensure that the price charged is within the reality of the place.

15- Create a strong and imposing brand

Remember we talked about positioning?

Well, we decided to reinforce this issue once again precisely because of its great importance and that it should not be ignored.

Your company’s greatest asset is the brand . Thus, give your fitness business personality, making it unique compared to other competitors.

16- Build a relationship with students

Great brands survive because they know how to create and establish relationships.

Therefore, make your company able to relate to students through various channels , such as social networks, email, website, application, etc.

Content marketing comes as a light at the end of the tunnel, as it is an inexpensive way to build lasting relationships.

17- Track performance indicators

Finally, always follow the main performance indicators , as they will reveal the progress of your business.

Some indicators are:

  • student attendance;
  • customer acquisition cost;
  • average ticket;
  • evasion index.

Conclusion

Follow these tips to ensure your fitness business achieves great results. Below is a summary of the tips presented:

  • Know your market
  • Create a business plan
  • Take care of the financial area
  • Seek innovation and integrate technology
  • Get an initial investment
  • Have a digital presence
  • Set clear placement
  • Count on a sales team
  • Invest in after-sales
  • Work on price competitiveness
  • Customize the services
  • Perform balance sheets every 3 months
  • Count on fitness experts
  • Pay attention to the rent
  • Create a strong and imposing brand
  • Build a relationship with students
  • Keep track of performance indicators
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