With growth in image-sensitiveness of people and growth of health-consciousness, the efforts of people to be fit have increase manifolds. The majority of the people who are getting involved in fitness are between the ages of 20 to 35 and are striving to achieve a toned, muscular and conditioned body. Another group of people who focus on their fitness strive to achieve much more athletic attributes like- increased core strength, increased stamina and endurance. Moreover, the fact that people indulged in fitness are happier and stress free than those who aren’t adds up a significant number of people to this field. So, to sum it all, there has been a great growth in the fitness industry lately.
This growth encourages members to open a new gym in a locality as not much people have time to travel more than 1 kilometer to go to the gym. Nowadays, we see that there is a gym in almost every locality. With growth in this business, grows another business which is significantly lower in number than are the demands. Each and every gym requires machines and equipment. Yes, the fitness equipment business. For opening a new gym, a person requires a full set of machines and equipment to begin with. On the other hand, the gym which have a lot of customers or are there for a long time need to update their machinery and equipment.
Now, moving on to the business aspects of the fitness equipment store; one needs a large capital investment in order to start this business. Moreover, a person should be involved in the fitness industry. A fitness equipment store owner must himself be aware of the ways to get fit; he must know the ways to achieve the dream physique and be fit. To add to this, the person should also be able to recommend the equipment which is versatile, effective and help achieve one’s goals. A person with good business tactics can also make huge profits in this business; after all it is all about selling your stuff to the potential customers and attracting them to your store. Some of the points which one should keep in mind before opening a store, which are as follows:-
- Selecting appropriate products: If one has already acquired the knowledge in the fitness industry or is there for a really long time, one can easily make a choice between the products one wants to keep in his store and what brands to select. Moreover, one should make a choice so as to what he wants to focus on; some people may want to sell only brand new products while others want to be a re-seller and some want to be in both the fields, they want to sell new as well as old re-constructed machines and equipment. Every person is aware of the consequences one has to face due to poor choice of products; one may end up losing money instead of earning with bad choice of products.
- Advertising: One should always keep a close check on advertising their shop. Advertising plays an important role in every business. One should also spread pamphlets in various nearby gyms which may take an active role in further recommending the equipment to the people who wish to buy the equipment for their homes. One should also provide gyms with special discount code that the gym may offer to its clients seeking personal machines and equipment; this way using the code, the customer can get some additional discount and a little amount of the profit made is given to the gym too.
- Competitive offers: Providing offers that can compete well with respect to the offers offered by the other fitness equipment stores. The owner of the store should try to offer some extended warranty apart from the warranty given by the company this aids a lot as people can get an extended warranty with no extra cost. Since, the machines are more susceptible to failure; a person may find this offer to be very lucrative.
- Extending business: One should always look forward to extend his/her business. By this, we mean that a person should not confine himself to the fitness equipment store; he should also hire employees which can repair the broken parts and wires of the machines and equipment. By this, one can not only sell machines but make money by sending mechanics to repair them if they break down.
- Influence of city: It is very important to see the city structure and the gym structure before selecting the products as well as the location to open the store in the city. If the city does not favor the big gym chains and the expensive gym brands, then one should keep in mind to stack up only the machines and equipment which are required and affordable by the smaller gyms. On the other hand, if there is a city like Delhi or Mumbai which is dominated by the bigger and more expensive gym chains, the store owner should stack up with imported machinery and equipment as well as keep a small stock of a medium and low grade machinery and equipment because even after the domination a number of smaller gyms are present in the city which want only the very essential machines and equipment as well as want them at a base rate. The third possibility is that the owner decides to open a store in a developing city like Lucknow, where the number of bigger gym chains is great as well as the smaller gym brands find a place in the city too. Here, the owner should try to avoid stacking up low grade machinery because as the city develops more, the demand of mediocre graded machinery also decreases manifold. Thus, we can conclude that a significant role is there of the city in fitness equipment store business.
- Chaining up the business: The last but not the least option to make huge profit is by chaining up the business, which means spreading it from one city to another. This way, one can partner up with various bigger gym chains and can exponentially increase their profit.
These were some things that one should keep in mind while going for a fitness equipment store business. We wish luck to all the people who are willing to step in this business.