Choosing a profitable franchise When thinking...
As a prospective franchisee, you're probably a little overwhelmed by all the franchise options available in Canada today. After all, the Canadian Franchise Association reports that there are more than 1,000 brands operating in the country across multiple industries.
While the right brand fit for you will depend on many factors, including your personal preferences, there are some industries you may not be considering that should have a place on your possibilities list. One such often-overlooked segment is the Canadian fitness market.
Growth Potential Overview
In general, people have become more interested in their health, and that has translated into increasing revenue and growth potential. Research firm IBIS World reports that the Canadian fitness gym/club industry has annual revenues of $3 billion, with growth of about 1.8 percent per year on average.
Younger people and Baby Boomers are also expected to contribute to a fitness market boom because of health trends and growth in those two demographics. The Baby Boomers in particular will likely become a force in the Canadian market, with the Globe and Mail reporting that 16 percent of the Canadian population is currently 65 or older, and that is set to climb to 25 percent by the mid-2030s.
A Variety of Concepts
The fitness industry has evolved, so you don't have to settle for a gym or style that you're not interested in as a franchisee. There are specialized centers that focus on women, children, men and/or families. You can focus on different styles, such as yoga or Pilates, or go for a business that offers a mix of services.
Experience is Not Required
In most cases, you don't need to be a fitness devotee to run a successful fitness franchise. Industry knowledge is more crucial for independent gym operator, as they have to order machines and do other things the franchisor will have in place for you already. Generally, what you will need to do is understand the aspects that drive your location's success, such as marketing, finding good trainers and providing excellent customer service.
Seasonality isn't a Deal-Breaker
While some franchises are very dependent on the season, a fitness franchise tends to remain fairly consistent all year round. Exercise tends to be a regular part of people's lives, so they use these services continuously.
From resistance to season changes to the diversity in opportunities, a fitness franchise can be a surprisingly good fit for some people. Take a closer look at the fitness chains near you before ruling them out as your new venture.