A Fitness Market Niche.....

By: Jessica Miller - Staff Writer for RedHotFranchises.com

 

Written by Richard F Bernier, MBA, CBM, CPT

A niche market is a focused, targetable portion of a market sector. By definition, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed, or addressed well enough, by mainstream providers. A niche market may be thought of as a narrowly defined group of potential customers.

A distinct niche market usually evolves out of a market where potential demand is not being met by any supply. Such ventures are profitable because of disinterest on the part of large businesses and/or a lack of awareness on the part of other small companies.

The key to capitalizing on a niche market is to find or develop a market niche that has customers who are accessible, that is growing fast enough, and that is not owned by one established vendor already.

Niche marketing is the process of finding and serving profitable market segments and designing custom-made products or services for them. For big companies those market segments are often too small in order to serve them profitably as they often lack economies of scale. Niche marketers are often reliant on the loyalty business model to maintain a profitable volume of sales.

Most companies, whether big or small, direct their marketing to select niche audiences. Niche marketing can be extremely cost effective. Taking on a new niche can be a low-risk way to grow a business.

The key is to focus, focus and focus until you become irresistible to your buyers. You stand a better chance at success, if you concentrate your entire business on one or a few specific niches.

The fitness industry has seen centers being opened to fill gaps in the industry. “We have seen some of these [niche fitness centers] explode,” says Bill Howard, spokesman for the International Health Racquet and Sportsclub Association (IHRSA). Express workout centers, he says, now account for more than a third of all commercial health clubs in the United States . What they do not say in this statistic is that a majority of these are women only express centers. The market for men only fitness centers is still largely untapped.

Most health club marketing strategies are built around trying to be everything to everyone. Hey try to target the whole market, which in most cases is the recipe for failure. A perfect example is to look at the well publicized financial trouble Bally’s Fitness is having at this time.

According to the US Census Bureau, the way people are aging in the United States is changing dramatically and rapidly. Americans are living longer, having lower rates of disability, achieving higher levels of education and is less often living in poverty. Baby boomers are promising to redefine what it means to get older in America. Here are some key aging statistics
 

• The US population age 65 and over is expected to double in size within the next 25 years. By 2030, almost 1-out-of-5 Americans – some 72 million people – will be 65 years and older.

• The health of older Americans is improving.

• The financial circumstances of older people have improved dramatically.

• Florida (17.6%), Pennsylvania (15.6%) and West Virginia (15.3%) are the “oldest” states, with the highest percentages of people age 65 and older.

• Higher levels of education, which are linked to better health, higher income, more wealth and a higher standard of living in retirement, will continue to increase among people 65 and older.

All of this information leads into this conclusion: a niche market in the fitness industry which caters to the aging population will be a good investment at this point in time. But wait, there is more.   Statistics show that franchisees stand a much better chance of success than people who start independent businesses; independent businesses stand a 70% to 80% chance of NOT surviving the first few critical years while franchisees have an 80% chance of surviving.   When you buy a franchise, you get all the equipment, supplies and training needed to start the business. You get ongoing training, help with management and marketing, and the benefit from collective buying power of the parent company, Inventory and supplies will cost less than if you were running and independent company. You will get brand-name recognition. A franchise business can be immensely profitable.   Bottom line is to get into the niche market of express circuit training for men with a franchisor that will support you and have an interest in your growth. Express Train Fitness for Men® is designed and operated around these concepts. We have the vendors and buying power. Our model is low cost but with high quality. We truly care about our clients. Each location is kept small not just to keep the costs low, but in order for each locations staff to really know and help the center’s clients.   This market is growing rapidly. Don’t wait until it is too late. The time to act is now. Check out our web-site at www.expresstrainonline.com and judge for yourself.