The entrepreneurial spirit drives people to do incredible things. Creating extraordinary companies and constructing remarkable goods to make a difference globally; is the enthusiasm that encourages. Entrepreneurs have more to them than just being passionate and motivated individuals; they are hard-working and determined as well. The individuals in question tend to be bold, imaginative, well-informed, and have the sort of attitude that allows them to achieve what they desire.
The fitness sector is highly contested and has endured a blow over the last twelve months. But it’s resilient. The exceptional amount of resilience exhibited by many of the leading businesspeople in the physical fitness industry can be seen.
This article attempts to comprehend the logical ideas of the industry’s most intelligent persons and the elements that contribute to a successful fitness entrepreneur in the present post-COVID environment.
What is a Fitness Entrepreneur?
An individual who starts up a fresh business based on their own concept is a fitness entrepreneur. As business owners, they assume all of the risk and benefit from the gains. They are typically actively engaged in all aspects of operation, including marketing, hiring personnel, and bookkeeping. They are known for being very knowledgeable when it comes to health and fitness. An individual who opts to begin their own company, be it for monetary gain or to revolutionize the globe, is considered an entrepreneur.
To give you an idea of the risk and rewards of being an entrepreneur, here are some of the latest statistics:
- 20% of small businesses fail within the first year
- The number one reason that businesses fail is because of a lack of market need
- 24 million Americans want to be self-employed by 2021
How are fitness entrepreneurs coping in today’s industry?
In light of the COVID-19 pandemic and the worldwide effort to combat it, companies from numerous industries are attempting to progress. Generally, companies can be classified as either beaten down, surviving but with constrained resources, or doing well and evolving. You may even find that you identify with some of these. No matter where you look, it is apparent that numerous companies are entering the year 2022 with hesitation and apprehension. Here are some standout statistics that show the impact of the coronavirus on the fitness industry:
- 1.5 million fitness professional lost their job due to COVID
- The US gym and health club industry lost an estimated $13.9 billion from mid-March to August 2020
- According to the IHRSA, as of July 2021, 22% of gyms and studios had permanently closed their doors.
The fitness industry was assigned the duty of helping its customers maintain fitness and wellness throughout the pandemic and beyond. Though some organizations and instructors in the fitness industry were quick to start a virtual fitness program, others are having difficulty keeping up and are falling behind. The coronavirus outbreak has caused major changes to the fitness industry and influenced the ways we work out, socialize, and exist.
It is obvious that the computerized transformation in the wellness business is progressing strongly. At first, having a digital version of the facility was an added perk, but now it’s regarded as a necessity for gyms and fitness centers. How can small gyms and businesses compete with wealthier tech firms that have seemingly endless funds to make a home fitness experience? The response is that the output from small fitness studios doesn’t measure up to what tech corporations are producing. However, they can provide bespoke virtual services that concentrate on creating a more intimate bond with their customers. It’s not just about making the best digital product available, it’s about being able to give customers a platform that still has a personal touch and interaction.
3 Top Fitness Entrepreneurs Taking on the Fitness Industry
The fitness sector is incredibly broad, branching out to encompass gym franchises, specialized Pilates facilities, online workouts, nutritional supplements, and private instruction. A handful of leading fitness moguls have developed multi-million dollar fitness business empires. They have become famous and forever altered the concept of health and physical fitness. Let us examine how these three success stories in the world of fitness created some of the most renowned brands in the sector.
Ben Francis, Gymshark Founder
Ben Francis established Gymshark, a fitness clothing company. At 19 years old, Ben was a college student and decided to create Gymshark while also working full-time as a pizza delivery driver and going to school. The business has experienced a sharp rise in success and the revenue has multiplied ten times in the past four years. The organization has increased its employees by two times in the preceding year. At present, the value of Gymshark has reached a billion dollars as it prepares for its initial public offering. So, what makes Gymshark successful? They didn’t just make clothing that’s cost-effective, comfortable, and looks good; they also came up with an effective way to promote it with the help of influencers on social media. The company employed eighteen influencers who, cumulatively, had the ability to reach a total of twenty million followers.
Payal Kadakia, Founder of ClassPass
ClassPass has become widely known and originated from the idea that it should be simple to get into a physical fitness course. ClassPass now links individuals to millions of physical activities and instructional workouts in 30 different nations. As of January 2020, ClassPass has become one of the startups worth at least one billion dollars. The company was evaluated to be worth $1 billion recently, and they have declared a new buy-out. ClassPass has recently been acquired in an all-stock agreement and Payal Kadakia, the founder, has declared her exit from the company.
Joey Gonzalez, Barry’s Bootcamp
In 1998, Barry’s inaugurated its facility and a teacher based in Los Angeles initiated his groundbreaking HIIT intermitting group workout. In 2004, Joey Gonzalez advanced from teacher to CEO and set out on the path that would bring us to the current Barry’s. In the years to come, Barry has experienced rapid growth around the world, with more than 140 thousand people attending classes every week. The international population continues to grow as more and more individuals join.
On the Fitness Founders Podcast, there is a captivating segment regarding what it takes to thrive as a businessperson in the current environment. Eric Malzone, who is a consultant in the physical fitness sector and a podcast presenter, speaks about the prospects in the market right now and the features required to be successful.
Traits of a Successful Fitness Entrepreneur
If you wish to be an entrepreneur in the thrilling and occasionally arduous world of fitness, you’ll discover the most prosperous fitness business owners have certain attributes that make them equipped for their part. In the section below, we’ll go over the features of successful fitness entrepreneurs who are making money to figure out if you’re following the right path.
The following are the top ten traits of a successful fitness entrepreneur are:
1. Be a go-getter.
The Go-Getter is a person who acts quickly instead of waiting and looks at the immediate situation. Those in the fitness business must take the initiative instead of waiting for events to unfold. Effective health and fitness professionals handle their own destinies and never permit any outside elements to affect them. This is a highly essential characteristic for someone who works in the fitness industry as an entrepreneur. The fitness industry is rapidly advancing, so it is important to be proactive rather than worrying about the alterations occurring.
Always inquire of yourself, “What is the next move I have to take?” and “What should I do immediately to begin?” Those who develop an actionable task and are honest about it are the people who will go ahead and begin it. People who are ambitious take immediate action rather than spending their time worrying and letting all their motivation fade away. It is vital that individuals in the fitness industry show an aggressive and ambitious work ethic if they are to be successful entrepreneurs.
2. Evolve with market
The economy in the fitness industry is likely to experience a change in the years ahead. Many of these influences are uncontrollable and external. Even though we are not in total control, we can still have a say in how we develop and become nimbler, mightier, and better suited to various scenarios. This is the way prominent fitness businesspeople manage to remain ahead of the competition constantly.
If you want to be successful as a developing fitness businessperson, you must develop and accept the transformation. You will have periods of luck, along with periods of more significant progress and expansion. At times you will have to observe how the market is changing and decide how to adjust yourself accordingly.
No matter what, it is important to make an effort to keep learning and becoming more knowledgeable within the fitness industry in order to move in the direction necessary to become a successful fitness entrepreneur.
3. Keep learning
Acceptance of change and having the desire to learn more are essential in maintaining our interest in discovering new ideas. The ambition to acquire knowledge can help your exercise business to reach the next tier of success which you have always been aiming for. Keeping a desire for new information may help your company be distinctive while also aiding you in discovering possible market opportunities.
Fitness business owners can gain motivation, steer clear of common issues, and position themselves for prosperity in the realms of entrepreneurship by continually educating themselves. We now exist in a period of time where the musings and speeches of some of the world’s most brilliant business leaders are simply a Google search of.
4. Build an A-1 team
The key to any successful fitness enterprise is having a dependable and competent staff. This could include employing a personal assistant, or instructor, or working with a knowledgeable accountant. We recommend bringing aboard a person who can raise your profits by either increasing sales or streamlining the sales process of your fitness company. Since revenue is the heart of any venture, this person would have a significant impact. We also suggest bringing on staff who are able to do multiple tasks to make operations run more efficiently.
The intention is to find the most excellent teacher or mentors to support you in achieving your goals, plus others who have the same ambition as you. Each member of the team contributes a distinctive set of talents, yet everybody should always be united in understanding the intentions and principles of the corporation.
5. Stay financially prepped
We never imagined, even in our most creative thoughts, that the ordeal of 2020 would take place. The global outbreak of COVID-19 has tragically resulted in the loss of millions of lives, as well as throwing numerous lives and businesses into financial ruin due to the impact of the pandemic. We learned that our well-being is of top priority and that one should be financially ready to handle any situation which arises.
Create a catalog of all of your costs as a fitness entrepreneur, including rental costs, power bills, promotional activities, and other outlays. Then list out expenses you will have as the only person in your organization: such as health insurance coverage, company insurance, and taxes on self-employment. Keep in mind that you need to put aside around 35% of the money you earn from self-employment to pay taxes, so make sure your prices are set correctly.
When beginning in a fitness business on a full-time basis, one of the trickiest aspects to manage is the money coming in and out. I.e. to save. It could be a while before you get paid by customers or make money. Setting up your business may require outlays that are unforeseen in addition to registering the company and obtaining necessary equipment. It is important to allocate funds according to the requirements of your clientele and in addition, have an organized approach to managing the financial aspects of your fitness business. Thus, it is essential to be mindful of every expense related to expanding into the world of fitness entrepreneurship.
6. Don’t avoid failures instead welcome them
Highly-accomplished fitness business owners have taken a chance on themselves and conquered their fear of falling short. They won’t leave the situation behind and keep going. Fitness entrepreneurs usually thrive due to their ability to be strategic and assess predicaments accurately even in the toughest scenarios.
They are aware that even if they select the most desirable option, their plans could still not turn out as expected or be unsuccessful in the outcome. The expression “no risk, no reward” serves as a reminder that it is worthwhile to take chances in order to find success; don’t be afraid to experiment and put in maximum effort. Once more, there’s no successful fitness expert kicking back and wondering “What could have been?” You need to keep going and keep trying even after experiencing numerous setbacks.
Become the fitness entrepreneur of today!
Nowadays, it is the best time ever to become a fitness entrepreneur. In every direction, new fitness instructors and mentors have started their own companies, and the area is presently overflowing. It can be stated that possessing the characteristics described above will make you a successful fitness entrepreneur with great earning potential. It is possible to become successful by investing time and energy into building a profitable, flourishing organization that is run effectively, has excellent communication skills, exuberance, and has a strong work discipline.
It is advantageous to get involved in the fitness industry, even if it is not at the perfect time. Running a fitness company with the assistance of software has become an absolute requirement for any fitness enterprise. Don your tracksuit and prepare to transform into the health and wellness entrepreneur of now by arranging a demonstration with us.