How to Build a Profitable Business in the Health and Fitness Industry
Has it been your dream to open your own health and fitness business? Wouldn’t it be great to help others lose weight and get fit? Do you want to get your slice of one of the largest industries in the world?
Before building a business, you have to ask yourself about the market - who is your target audience?
According to IBISworld.com, the health club industry pulls in over $25 billion dollars a year. Even in a down economy, people are still willing to pay membership dues to get fit. It’s an evergreen business!
According to Centers for Disease Control and Prevention in 2012, 35.7% of adults are obese and for children and adolescents - 17%.
There are a lot of diseases that are greatly impacted by obesity and poor health. In 2008, the National Diabetes Information Clearinghouse reported that 35% of the adult U.S. population have prediabetes. Diabetes is the leading cause of kidney failure, nontraumatic lower-limb amputations, and new cases of blindness among adults and is also the major cause of heart disease and strokes. Diabetes is also the 7th largest cause of death in America.
Why mention diabetes? Besides prescription medication, losing weight, eating healthy, and exercising are the primary components of a diabetes treatment and management plan.
Just by looking at these stats, I’m sure that you’ve realized that the health and fitness market is huge! There are plenty of opportunities to health others. By providing value to others, you can build a profitable business!
What About the Competition?
There are plenty of businesses providing products and services in the fitness and weight loss industry. Are these industries competitive? Yup...they sure are. Can you still build your business? Yes!
If you’ve ever wanted to build a business before (or you currently are building one), one thing that you should know is that you should build your business where the money is. When there are more competitors, that tells you that there is money to be made!
Have you ever looked at a popular magazine or website? The first thing that you might see are colorful pictures...a lot of them being advertisements. These are ads for products and services that a lot of people want (versus tiny niche offers that a small segment of the popular wants). There’s a reason for this...popular, huge, competitive markets are where businesses make money!
So how can you actually make money with all of this competition? As a business that’s just “starting out”, it’s not realistic to think that you’re going to totally dominate the health and fitness market...especially in a few years. However, it is realistic to earn your tiny slice of the pie - the huge industry that you’ll be building business in. According to a Marketdata Enterprises, Inc. report in 2011, the weight loss industry pulled in revenues of $60.8 billion. Even if you received 0.001% of that, that would be more than most people earn in their lifetime!
Building a Business - The Traditional Way
When I was in high school, I dreamed about having my own gym. At that time, it wasn’t about money. I enjoyed working out and I thought it would be nice to workout for free!
As usual, we don’t think about all of the headaches that come along with a business. First, you have to look for a location for your business. That’s not easy. It costs a lot of money to buy or lease a building.
Most realtors and business people are familiar with the phrase “location, location, location!”. I’ve seen businesses prosper just by picking a good location. However, not everybody is lucky to pick the best location nor do most businesses have the money to buy it.
Besides location, you also have to think about all of the equipment that you’ll need to buy. As a teen, I’ve always wanted to have a Soloflex. If you don’t remember or know what that is, it was a machine that “used to” have a popular infomercial that played almost every night. Now imagine if I built my gym with hundreds of those machines and how it would do today. Since they aren’t so popular nowadays, I would most likely have to purchase a new set of equipment...and that would be extremely expensive!
In a traditional business, you also have to think about having staff and all of the resources they would need to conduct business.
All of these things that I’ve mentioned are still doable, but this sure is not the easy way to make money for most of the people out there.
How to Easily Profit On the Internet
The internet has opened up a lot of doors for those that want to profit in the health and fitness industry. Just to open your doors in the traditional realm, you would have to spend tens of thousands or even hundreds of thousands of dollars. With the internet, you can get started with a relatively tiny portion of money and still have the opportunity to earn the same or more!
Let’s say that you decided to start a traditional health shop. You buy a building, a bunch of equipment, and staff it. Now, it’s time to open your businesses doors.
There’s a lot more too it than that. Businesses still have to market themselves and collect money. A huge part of this type of business is getting return customers.
With the internet, you can build a “virtual business”. That means that your location can be found via a “web address”. You can build out your business from scratch, but to make it even easier, you can build one from a “turnkey health business”.
With a turnkey health business on the internet:
- You don’t have to spend a lot of money
- You don’t have to do any face-to-face sales
- You don’t have to build out a fancy or techie website
- You don’t have to hire staff
- You don’t have to buy expensive equipment
- You don’t have to deal with merchant processing accounts
- You don’t have to create an elaborate system or concept for your business
- ...and even if trends change, you don’t have to personally deal with them
The turnkey company will do most of the work. As a business builder, the main thing that you’re responsible for is building the business. That’s where marketing comes into the picture. Getting the word out online and offline is how you make money.
A System That You Can Put Into Action!
I've developed a free 5-step ecourse that will show you how to create a solid income by promoting health & fitness products. If you're interested, you can click here to access the course.