Startup Business Idea #12 Fitness Equipment: Making The Globe Fitter, One Home At A time
Due to the lockdown caused by the Covid-19 pandemic, many people are forced to exercise indoors. However, the home fitness industry is not new and has been shaping our lives for decades now.
Our lifestyles have become extremely stressful, with long work hours, which require us to sit in one position for an excruciating amount of time. Moreover, with crowded fitness centres and traffic and parking struggles to reach the gym, more people are choosing to work out at their homes.
In addition to this, the recurring cost of transportation fees, trainer fees and membership fees has played a crucial role in promoting home fitness equipment, which allows consumers to enjoy all the benefits of a gym, along with the convenience of their homes.
Moreover, many brands are also launching a plethora of applications that provide customers with the option to choose a trainer of their liking who will train them through online classes or home visits. This allows them to meet their specific requirements, like bodybuilding, or weight loss.
And now, due to the pandemic, the home fitness equipment industry is on an incredible rise and is showing no signs of slowing down. Hence, in this article, we present to you another billion-dollar business idea that is sure to result in an overwhelming success; home fitness equipment.
The Market Potential
Today, consumers are extremely health conscious and the rising costs of healthcare are driving people to take extra care of their health, be it through the consumption of healthy food or regularly working out to stay fit. Regular exercises are greatly beneficial as they help in weight control, skin health, building immunity, and even increase in energy levels.
Hence, most consumers, especially those who are vested in preventive healthcare, are making use of home fitness equipment with an aim to exercise daily, without any hassles.
Essentially, factors like the rise in the investment in preventive healthcare, the convenience of working out at home, and the increasing awareness regarding maintaining a healthy lifestyle have all contributed towards enhancing and growing the global home fitness equipment market.
Which is why the home fitness equipment market was valued at a whopping USD 11.16 billion in 2018. Moreover, it is predicted that the industry will cross USD 23.27 billion by 2025, while maintaining a CAGR of 13.1% over the 2020-25 forecast period.
Moreover, the ongoing pandemic has given a considerable boost to this industry. For example, between January to March 2020, in the USA, sales of fitness equipment shot to a whopping 55%. Some gyms even started lending out their machines to members for a fee as they couldn’t start the gyms to the lockdown.
There’s no doubt that the market potential is incredibly high and is surely going to keep growing. However, similar to every industry, there is a scope of improvement.
Due to the high demand, there’s no doubt that the home fitness equipment industry is highly competitive with the presence of multiple global and local brands operating the market. Moreover, due to the forecasted growth, more companies are entering the market.
However, one thing that these new companies are largely missing are product innovation and expansion across different regions. There are a few essential equipments that are favourite among users and all brands provide that. What’s majorly lacking in this industry the introduction of new equipment and technology that can provide customers with a holistic experience.
There is a lot of demand for brands to innovate new equipment that can help them indulge in their favourite exercises with ease.
Moreover, many customers purchase the equipment but fail to see any real benefits as they don’t know how to effectively use the machinery. Even if they sign up to certain classes or follow online tutorials, it’s very rare for the trainer to use the same machinery that the customer has purchased.
The combination of all these factors has resulted in a huge gap in this lucrative industry, opening many opportunities for the launch of a billion-dollar business idea.
With the increasing awareness about the need to stay healthy, the healthy and fitness indsutry has been renamed as the “wellness industry.” This is because working out isn’t just about maintaining your shap, instead, the lines between fitness and self-help have merged. Essentially, exercising isn’t simply a beauty regime now, neither is it just a heart and health situation. Many people have started using this activity to improve their mental health as well.
Hence, businesses need to go beyond offering machinery and equipment, Instead, they need to make use of technology and smart devices to enhance the functionality of the equipment to match consumer demand.
This is a gap that you can close by building a business that attracts customers by leveraging online channels, social media marketing and connected devices to create a 360-degree exercising fitness ecosystem for your customers.
A great example of this is Wattbike. In 2019, Wattbike launched the brand new Wattbike Atom in the United States. They offered a unique technology with a real ride feel. The Atom surely figured out the best way to build a loyal fan base by offering an authentic, intelligent and adaptable indoor training experience, which is perfect for every cyclist and fitness enthusiast.
Customers are short on time and are constantly looking for ways to reduce their recurring spends. Hence, you should consider merging two requirements as one service, i.e. providing the machinery and training required to use it effectively.
You could set up a monthly subscription-based online exercise class with renowned trainers teaching multiple techniques. You could offer 3 month free sessions for people who purchase your equipment as well. This will help you build a strong and loyal customer base.
It’s not necessary to limit yourself to this idea. The home fitness equipment industry is huge and is continuously growing. Hence, building a business in this niche is surely a good idea. The only thing you need for success is being innovative and creative.
For more unique business ideas and tips and tricks on how to be a successful entrepreneur, keep reading The Money Gig.0