The podcast discusses the current state of the fitness industry, including intense competition and the growth of the business. They explore successful business models, the decline in prices due to increased competition, and the differences between studios, large clubs, and boot camps. They also highlight the importance of serving the 50-plus crowd and discuss the benefits of small group training and personal training. The hosts emphasize the importance of assessments, scalability, and a diverse workout environment. They conclude by discussing their own success in the industry and their decision to launch a franchise targeting the 50+ age group.
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Quick takeaways
The fitness industry is growing, but there is intense competition and prices are going down.
Catering to the 50-plus age group with personalized training programs can be a profitable niche.
Deep dives
The current state of the fitness industry
The fitness industry is currently experiencing growth and increased competition. Despite the growing market, the competition is outpacing consumer consumption. While regular gym models and team training are successful, there is a significant boom in personal training. Both personal training and general health clubs have staying power and appeal to a broad range of customers.
The rise of team training and pricing pressure
Team training, such as boot camps and high-intensity interval training (HIIT), has gained popularity. However, the crowded market has led to a decrease in pricing, putting pressure on the industry. The average attrition rate for team training models is 10% monthly, which leads to a high turnover rate of clients. Despite the challenges, team training still retains value, especially in large clubs that offer a competitive value proposition.
Targeting the 50-plus age group in the fitness market
There is a significant gap in the fitness market for the 50-plus age demographic, which holds a substantial amount of disposable income. While many fitness brands focus on targeting millennials, the older population has more financial capacity to invest in fitness. Catering to this age group with personalized training programs, addressing injuries, and providing a positive customer experience can be a profitable niche.
The future of fitness: Skating where the puck is headed
To succeed in the fitness industry, it is important to anticipate future trends rather than chase current fads. Instead of focusing on high-intensity team training models that cater to a specific age group, it is advisable to align with long-standing fitness options like personal training and general health club memberships. By offering scalable personal training with targeted programs for various fitness levels, there is an opportunity to cater to a broader market and meet the needs of different age groups.
The current landscape of the fitness industry, in particular, the personal training business models, is the topic of today's conversation.
There's a lot of money in fitness right now, and the economy is doing really well - the industry is growing overall. But there’s a lot more competition in the market - one has got to be business-savvy to survive and thrive. We are giving you an overview of the business of coaching and personal training, so stay tuned.
Learn more at: http://bit.ly/alloy_franchise
Key Points of Discussion:
Boom time for fitness sector marked by intense competition (1:31)
In the personal training space, the regular gym, disruptor and Planet Fitness models doing well (2:45)
Lots of people in the game right now - prices going down (3:42)
Studios, large clubs and boot camps compared (4:44)
Working on small group training and personal training (11:41)