Health is Wealth. As Cliché as it sounds, this is undeniably true. Staying at utmost condition gives us the liberty to work, experience and enjoy life. Good, balanced diet and physical fitness is what will help us retain our best condition. Experts have been sharing on why and how to achieve this, and it turns out that each of us has individual needs to stay healthy. There is tons of content in different social media, books, journals about fitness and it shows that capitalizing on the need to stay fit is a good business.
This is where boutique fitness studios step into the picture. Their business plan of offering a unique, highly personalized experience is what set them apart. This business model has been booming even before the pandemic. Now that we are bouncing back, boutique fitness studios are predicted to be among the fastest ones to make a comeback and this trend is here to stay.
A couple of decades ago the gym was the option if you want to stay fit. However, it can be overwhelming seeing a multitude of equipment and getting to know which of these is actually what you need. Boutique fitness studios are selling specific fitness classes and experiences, and the consumer is free to buy individual sessions and class packs giving them the flexibility in turn of expenses and using only what they need.
Compared to traditional fitness chains, the boutique fitness studio experience is much more intimate and goes much deeper. The main difference compared to traditional gyms is that boutique fitness studios usually focus on one specific area of fitness and they tend to be more exclusive and community-oriented.
Measuring the Industry
Growth at boutique studios is booming. According to the International Health, Racquet, and Sportsclub Association; between 2013 and 2017, membership at traditional gyms grew by 15%, while membership to boutique studios grew by 121%. Vying for an even larger share of the $25.8B fitness market, studios are ramping up expansion.
It is evident how Covid19 affected a lot of businesses. The fitness industry alone, though suffering intermittent and brief closure, had lost almost half of projected revenue as clients wished to postpone or hold their subscription. However, the industry has been making substantial planning and implementation to show that fitness gyms are a safe place. Clubs must learn to bundle different options delivered via a variety of ways, such as live streaming, and on demand classes, here is where fitness studios have the advantage.
Considering the Most Notable Three at the Moment
Orangetheory Fitness is one of the leading boutique fitness studios with over 1,300 studios across 50 states and 23 countries. Since its start in 2010, the chain has gained over a million members after a decade of operation. It has surpassed a billion-dollar systemwide sales even before 2020. This business model focuses on two groups which are treadmill, and weights or rowers. OTF also has integrated technology into their business such as heart monitoring for safety but also for additional motivation for attendees to gain points which is a clever idea.
Crossfit concept is to design and promote fitness regimen that involves constantly varied functional movements performed at high intensity. Since its founding in 2000 Crossfit has grown well over 15,000 studios and affiliates. Members can rest assured that regiments they will be following and instructors guiding them are properly certified ensuring consistent, safe, and effective workout.
Cyclebar is branded as a premium indoor cycling studio. This is a very interesting concept. Yes, there is nothing new with cycling, and a ton of stationary cycling equipment are being sold out there. Just like the feel and motivation that you can get while in a gym seeing other members exerting more to go further is the idea. Of course, they have regimented exercises for beginners to experienced ones that show very promising results even from running and other weight losing programs. Since its founding in 2004, Cyclebar has established more than 200 locations.
Build Community; What Attracts Millennials To Such A Business Model.
Millennials grew up with access to technology, online retail and the sharing economy; they thus exhibit a discernable preference for experiences rather than products when spending time and money. This apparently contributes to preferences, and expectation of convenient and amenity-rich environments. Building communities is a process that not only fosters connection amongst people, but it offers a collective space for experience sharing which is one of the defining ideas of Boutique Fitness Studios.
Fostering Connections – can help members of boutique studios to establish connections or create a network that they can choose whom to connect with.
Creates Space for Sharing – Members who have the same interest can have an immediate and safe area to share, talk or exchange information thus appealing more to millennials.
Collective Learning and Growth – Granted that there is already a common interest for members of boutique fitness studios. The constant exchange helps its members to learn and expand their network, enticing them to return more for another chance of informational exchange.
Fitness is Always a Good Business
Investing or starting up your business in fitness is a good option. Of course, you need to do it right. Looking for the right location, what concept, services or product to sell equally matters. Running it yourself or hiring professionals also weighs-in. At the end of the day, fitness and health, becoming fit and staying healthy for most people is now important. Capitalize on the need of most people for guidance in staying fit, and we are more than happy to get you started in the fitness industry.