According to the market trends of today, it seems as though more and more people are interested in opening their own businesses. However, many potential business owners decide not to open the doors to such opportunities and outlets for growth because of the cost and risk involved in doing so on their own. Franchise development, on the other hand, offer entrepreneurs the unique opportunity to become their own boss at a much more affordable entry point and mitigated chances of failure. This is usually a result of franchised organizations being more established in their market, leaving them with the resources to provide support and guidance to their franchise owners. As a franchise owner, it is important to be aware of potential changes that could be coming your way, considering the industry is growing at such a rapid rate. We’ll be able to give you great insights on what you need to know about the franchise industry and where it’s headed, as well as how the fitness industry is acting on this type of business plan.
Fitness Franchise Industry Trends
Not only is the general franchise industry growing, the fitness sector specifically is seeing a spike in growth 1 , as well. The fitness industry is booming for a number of reasons, but can be mostly attributed to increased awareness among consumers of their health and wellness. As individuals become more knowledgeable of the importance of health and fitness, franchise brands in particular, have begun to detect an increase in sales. Owing to a higher rate of consumer spending on health products and services, fitness franchises are only continuing to multiply. Here are some of the top, current trends all our owners should be aware of.
1. Changing Demographics
As the generation known as Millennials have grown older, they have rapidly become a large portion of the consumer market. This occurrence resulted in many fitness franchises turning their focus on segmented branding and marketing strategies to better target these individuals. However, they are not the only group looking to find a place in the fitness industry. Generation X is expected to live longer than any previous generation and has also gained more awareness of the physical and mental benefits that fitness can have long-term. They, too, are seeking out new opportunities to grow and improve their lifestyles. Plus, Generation Z is now entering the consumer market, adding another demographic to the mix.
Each generation looks for and values different things when it comes to making their consumer spending decisions 2 . Generation X, for example, wants a workout that is not too stressful on their bodies and that they find enjoyable. Millennials generally tend to look for a community they can join to feel supported and reach their goals, enabled by technology to making booking classes easy. Finally, Generation Z takes a more holistic view of their health, seeking out experiential outlets that will make them feel good inside and out.
2. Teaching with Technology
Given that many of today’s consumers have become accustomed to, if not grown up with, easy access to technology, continuing to incorporate the latest technology and devices into fitness facilities will become increasingly vital to a franchise’s success. This could include wearable technology that will track an individual’s performance. The data from these devices should then sync to a client profile so they can keep an eye on their progress and goals. This is not only beneficial for the client but helps to keep them motivated and wanting to come back for more. In some cases, it might even be possible for trainers and instructors to access this data to then give their clients personalized feedback and advice. Ultimately, the goal is to build customer loyalty toward a specific brand that they can trust.
Additionally, reliable mobile applications are critical for franchise systems to remain viable. These applications should allow clients to access their performance data, book or cancel classes, contact the studio, and update their account or payment details. The more convenient and user-friendly an application is, the more likely the client will have a positive experience interacting with a franchised health and fitness studio. However, it must be maintained and consistent. If an app is continuously crashing or dysfunctional for users, clients may become frustrated, resulting in a negative experience and a decrease in sales. At Rush Cycle, we have an app that is maintained by corporate, so the burden is not on the owners of a particular franchise location to establish such technology.
3. Sustainable & Ethical Practices
Indeed, advancements in technology are largely tied to the success of franchises, however the integration of sustainable practices can also explain fitness industry growth. Many consumers, especially those of younger generations, have a growing concern for the global impact of their choices. Not only environmentally, but ethically as well. They will want to see their fitness studios begin to take on policies and practices that align with these values. This could mean doing away with paper towels or disposable wipes, rather opting for air dryers and reusable towel service. In some cases, you as the owner of a franchised brand, may choose to stop selling plastic water bottles, and instead, encourage clients to buy a reusable Rush Cycle bottle. Proactively thinking about where your franchise can be more sustainable will help ensure your clients that your values are in line with their own.
This portion of conscious consumers within the market share will also take note of the ethics within your franchise. They will want to see that workers are treated well and fairly, which is a Rush Cycle principle that all franchise owners are expected to comply with. There may even come a point where all branded merchandise is replaced with products that have been ethically and sustainably sourced. As Rush Cycle progresses, we will make these decisions together as a team.
4. Feedback & Action
Though our clients have come to expect a lot from the studios they choose to attend, it is important that they feel their concerns are heard, in regards to products and services. Clients will give a studio the chance to make any adjustments they deem appropriate that will ultimately contribute to franchise growth and furthering the success of the brand. When a client provides feedback to any member of the staff at a studio, it is crucial that those employees share the feedback with their manager or the franchise owner. As studio staff has the most frequent interactions with our clients, their recommendations should be considered with the utmost sincerity. We want to hear from them so we can make changes that our clients will appreciate.
Why Franchise with Rush Cycle?
Rush Cycle is one of the fastest-growing fitness studios in the United States. Our mission has always been to create an inclusive community and cost-effective community of riders. The Rush Cycle approach is non-intimidating with a motivating culture that connects us with our clients to build a sense of belonging. Based on the philosophy that fitness should be fun, uplifting, and create positive change, every Rush Cycle employee is a critical part of our internal culture.
We carefully train our instructors to provide an effective cardio experience while maintaining a high-quality experience, sense of community, and convenience for our clients. Using dimmed lights and fun music, our studios provide a fun, adrenaline-packed ride to their local communities.
With a combined 40 years of franchising experience, the Rush Cycle corporate team offers comprehensive support for our franchisees from day one, so you are never alone. Our representatives will provide you with all the advice and guidance you need to get started, such as how to identify an appropriate market for your franchise, construct the studio, continuously market your location, and train your staff and instructors. Plus, our affordable entry point of $400,000 is opening doors for more entrepreneurs to join our growing team by allowing you to run your own business with less financial risk and strain. With Rush Cycle, you will always have the autonomy to make decisions with the safety and support of our organization behind you.
Ready to join the ride with Rush Cycle? Start the conversation with a representative and learn more about the next steps.
Sources
2. https://www.glofox.com/blog/how-to-market-fitness-3-generations-impact-on-the-industry/