How To Pick A Profitable Niche For Your Fitness Business?
One of the most important decisions you'll make as a fitness business owner or as a fitness trainer is choosing your niche.
A niche helps your business stand out from the competition, establish yourself as an expert in that domain, and find clients specifically looking for that fitness service.
But how do you choose a profitable niche for your fitness business?
Here are some tips on how to pick a profitable niche for your fitness business:
Analyze your existing clients
If you are a personal trainer or any fitness professional, you should start analyzing your current clients who are already taking your workout sessions or using your services.
Understanding the nature of your clientele helps you narrow down on a fitness niche. You can look at the type of clients you work with, or how your clients feel about their workout routines, or what type of sessions are your bestsellers? It is vital to evaluate each client on an individual level and ask questions that will help you learn more about what your clients value in the experience and then reach out to similar people.
Ask these three questions to get started:
Q1: Clients demography (includes age, gender, place of living)
Q2: What are their fitness goals
Q3: What workouts do they enjoy the most?
Analyzing your existing client base will give you insights into what makes them tick and where they need help to reach their goals. You’ll also be able to see which services work best for different demographics and expand on those.
You might even find opportunities to add additional products and services based on what people want but aren’t getting from you.
FitBudd lets your clients enter their feedback after every session. The app tracks the progress of your clients over time, which means you’ll have more idea of how they’re feeling about their workout routines.
Look up your competitors
Is there a personal fitness brand that does what you do? Is there someone who is doing something similar to your business?
If so, they are your competitors. You should look up all the information you can about them. For example, what does their website look like? Do they have any social media pages or accounts? How many followers do they have on those sites? Who are their customers, and what demographics do they cater to?
Understanding your competitor's performance and business approach can help you form strategies for your fitness business. You need to know who your competition is, how they are engaging with the audience, etc. Evaluating all these aspects will help you dominate the market share grab on expanding opportunities.
Ask yourself these three questions to get started:
Q1: What type of fitness services are your competitors offering?
Q2: What is working for them and what is not working?
Q3: Is everyone following the industry trend or carving their unique brand?
If you don't already know who your competitors are, then get to work. You can get a great head start by looking at the websites that currently rank well for the terms you want to target.
Bonus tip: You can sign up for Google Alerts and set it to keywords related to your industry. This will ensure that you get news updates from all over the web directly in your inbox.
Research your industry
As a fitness business owner, you need to research the industry before you start your business. You have to know what your target audience wants, how they feel and think when they approach your content, and what inspires them.
The fitness industry is huge. It's worth over 100 billion dollars in revenue each year, and the amount of people who participate in it is rapidly growing. But...what are they doing? What are their struggles? How can you help them?
Answer these questions to start your research:
Q1: Do your competitors target the same markets and audiences as you do?
Q2: How fast are your competitors growing?
Q3: Are they making any profit or incurring losses?
Examining fitness markets will give you a clear picture that how the markets are developing around the world.
Deciding on your fitness niche is the essential first step in starting a fitness business. There are so many niches and factors to take into consideration, and there's no clear answer as to what will work and what won't, but understanding those factors will ensure that you aren't throwing darts at a wall.
When setting up your own fitness business, you need to pick a niche that is both profitable and sustainable. There are several factors to consider, including the market size, the level of competition, and your personal expertise.
Do check out “Why Finding Your Niche Is Key To Your Fitness Business” to learn more about fitness niches and how having a niche can help you market your fitness services.