Americans’ spending habits on fitness unsurprisingly indicate why there are many gym businesses and other similar establishments in the United States, based on a study of 1,350 people.
It showed that the average lifetime spending on health and wellness costs around $112,000, or $155 every month. By contrast, the average cost of a four-year college education in a public school amounts to around $98,440.
A gym membership accounts for the majority of the respondents’ fitness expenses, as 87% said that it’s the most important part for them. The average cost of gym membership is worth $33, but some people spend more than that. Other expenses include healthy diets, personal trainer’s fees, and workout clothes.
It’s unsurprising then why many people have become interested in opening their own health-related business, such as buying a fitness club franchise or starting their own. Before you choose, there are some things to consider such as the cost of investment.
Pros and Cons
The average price of opening a new gym ranges between $10,000 and $50,000. The advantages of having your own establishment include complete control of business decisions, but it requires time and effort before you see yourself calling the shots.
On the other hand, a franchise eliminates the need for aspiring business owners to find a location and secure the necessary equipment among other things. Unlike a startup gym, franchise business owners aren’t required to be hands-on in managing the venture as long as there are qualified people to run the place.
Americans may be spending a lot on their health and wellness, but that doesn’t guarantee the profitability of any fitness clubs and other related businesses. However, a franchise provides you with a better chance of success since you already have access to certain resources and an established client base.