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Most investors want to invest in ways that would generate high returns with little or no risk. With the pandemic hovering around us, making an investment in the fitness segment could be an ideal choice, believes an expert.
Fitness is one of the fastest-growing industries as people of all ages have become aware of the importance of keeping themselves healthy, fit and safe. Investing in a fitness franchise, for instance, could be an ideal opportunity to generate good returns as demand would soar over time. The risks are low and the returns are high. You not only generate good income, but you contribute to the social good.
Praveen Chirania, Founder, Muscle and Strength India, outlines how this investment could be beneficial:
Ease of marketing and brand building
Many benefits flow from a fitness franchise model. The franchise owner has done the heavy lifting, which allows you to capitalize on the market without putting in years of establishing a brand. With an established brand comes customer loyalty and wider reach. Franchises can help provide a blueprint for success. The business as well as branding through ambassadors are already built and has a rich history. All that franchisee has to do is to market a product that is already popular. This means you can spend more energy on focusing on other areas of your business and less on marketing yourself and your business.
Good return on investment and ancillary sources of revenue
Fitness franchisees have the opportunity to drive profitability by choosing a franchise with a great business model. The fitness industry has a vast pool of opportunities for revenue. When you own a fitness health club franchise, you generate bulk of your revenue from membership fees. However, good health club models understand that there are other ways to enhance revenue like health and weight loss products, personal training, classes, brand name apparel, and amenities like day care. Nowadays people prefer a lot of supplements over and above the normal fitness routine and like to stay fit over a longer term. All these are diverse and stable sources of revenue.
The advantage of turn-key operations
Successful franchise models, with experience, provide their franchise owners a turn-key type operation. The majority of fitness franchises provides the blueprint for success and assist with financing, selection of location, equipment leasing, and marketing. This means when the doors open, you are ready to go and the business should be able to run itself. This is almost an automatic process.
Making a difference in people's lives
There are few businesses where you can help make a change in people's lives. People join a health club to be healthier, have better self-esteem, and reduce stress. When you own a fitness business, you are truly having an impact on your members. The overall goal of investing in a fitness business has a social benefit to it too as it would reach more people to take care of their health. Many fitness franchise owners also enjoy their time at work and look forward to it.
Better work-life balance and time to work on other ventures
Having competent and dedicated staff can ensure that business runs smoothly. A lot of the revenue is generated on through automatic payments and so control of sales is less. This means more time to spend with family or on other business ventures.
A franchisor offers support throughout the whole journey from before you open your outlet to beyond. Business support, marketing materials and direction, and training are all readily available from the franchisor. You're investing in a proven business model, one of the main reasons why a person may choose to go into a business with a franchise. A franchise is also a lucrative career opportunity that will provide all the industry-specific training you need to run a successful business. The idea is that the business owner has already gone through the process of creating the brand, raising awareness, and gaining customer loyalty. Essentially, franchising shows you how to replicate the franchisor's success. Make it fast, own a fitness franchisee and help people maintain their health. The pandemic is the most pressing reason to venture out into this business.
Source - IANS
