National/Regional economic growth or decline
Gym membership has grown rapidly within the past couple of years. More people have become increasingly health conscious, thus bolstering revenue for the gym, and fitness club industry. This has led to the creation of multiple gyms, fitness, and recreational centers all across the United States. With the growing market, the creation of a gym in an ideal location could attract many customers. There has been a huge economic growth and this will continue to rise for years to come.
Industry Outlook
Over the past several decades the fitness center industry has significantly increased. During the 1980’s, exercise became popular, especially running and aerobics. This led to the creation of several gyms and large corporations. Throughout the 1990’s and 2000’s this industry saw an enormous growth in memberships at fitness centers. At the start of the decade it was estimated that there was around 17,000 gyms and by January 2008 it was estimated that the number increased to around 30,000. As of 2008, the industry generated 9.76 billion and employed over 300,000 workers.
Projected opportunities
Since there has been an increase in fitness centers within the past couple of decades it is projected that the number of centers will continue to rise. Since The Gym is being built in the middle of Bridgeville, there is a large target market. This will allow us to compete with other gyms in our area. If The Gym is successful then it could be possible to expand our area of operations and eventually have multiple locations.
Regulatory environment
Since there has been a large increase in fitness centers across the United States, The Gym offers state of the art equipment and amenities to complete with the major franchises. The Gym offers several types of work out equipment like free weights, leg presses, treadmills, elliptical machines, and much more. To stand out from other gyms, The Gym offers customers with personal trainers, and several classes. To have a personal trainer it does cost more each month. The classes, which include yoga, Zumba, and aerobics, all cost extra as well. We will regulate the safety of the machines, as they must work properly and be clean. The temperature of the building must be a safe temperature. We will also have to protect our customers with a privacy agreement.
Technological influences
As technology is continually advancing, fitness centers across the country have to stay up to date with the best equipment. Over the past decade, gyms have experienced the most change with technology. One major influence has been music and television. More machines, such as the elliptical and treadmill, are being designed to incorporate radio features. This allows customers to listen to the radio or their own music while running. Some workout machines even have small television sets built in so the user can watch TV and run at the same time. Since there has been a large increase in technology and fitness centers across the world, more people are paying attention to what they do with their bodies. This is causing scientist to research new ways to improve the body. With this research, entrepreneurs are developing new workout machines to improve the human body.