What Are The 3 Costly Challenges In The Fitness Industry?

The fitness and healthy lifestyle market is constantly growing and has surpassed 100 billion dollars globally. It has become an exciting segment for investors, fitness nutrition, equipment producers, entrepreneurs, and innovators. New products, fitness chains, suppliers, and concepts are constantly introduced in the market, driving growth and customer behavior. Both short - and long-term analytics indicate the industry’s growth will continue.??

The manufacture of fitness equipment plays a vital role in this industry, and while it is an attractive area for investments and opportunities, it does not come without challenges. It is often the biggest part of the primary investment, and the return on this investment depends on some important elements. We call them gaps. Which are the main gaps?

The Investment and Return Gap

As in most markets, large global manufacturers drive innovation, prices, and distribution. In fitness, some of these producers are dominating the market, and this has some negative side effects. They can dictate prices and delivery time and block competitors, which has long-term negative effects on both the investor and the end user.?When starting a new fitness chain or running an existing one, you have to be smart. Make sure you invest in the most profitable equipment. And by profitable, we mean the equipment with the best return on investment ratio - both short term and long term. This means the most durable, long-lasting, and service-friendly - at a reasonable price.?

The Delivery Gap

Large fitness equipment producers prioritize serving large sports chains and give long delivery times to smaller ones. Many fitness equipment manufacturers offer production processes with deliveries over 30 weeks. For many customers, this is an extremely long time and puts them in difficult situations. They must invest in part payments, wait a long time before they start making money, and are vulnerable to competitors and market shifts for a long time before they can open. This increases risk for both investors and customers.

The Maintenance Gap

Once you get your fitness equipment, time starts ticking. The frequency of service and maintenance is important to consider before you invest. The longer it can be used before it needs maintenance and the faster it can be fixed if it breaks, is crucial for your return on investment. Make sure you select equipment with a solid service and maintenance plan. Broken equipment is bad for business, creating unhappy customers and negative results. Quality equipment from serious suppliers has long run-times and has a fast and effective service system.?It is important for every company investing in fitness equipment to close these gaps as much as possible.?

Every business faces challenges, whether you are new entering the market, or have been in business for years. Financial situations change, market conditions change, customer behavior change, new trends emerge, etc. How fast and effective you are able to adapt and find better solutions will determine your success. Next week, we will delve into how we offer effective solutions to these challenges, providing detailed insights and practical approaches.