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Hackernoon logoStarting an Online Fitness Business by@bhavmeet-kaur

Starting an Online Fitness Business

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@bhavmeet-kaurBhavmeet Kaur

A business consultant having an experience of 4+ years and here to help you to grow your business.

As per the survey, the global fitness industry was valued near $100 billion in 2019 as more and more people were becoming more cautious about their health. Since physical activities are closely linked with well-being, in recent years strategies are being planned for improving the sedentary lifestyle. Fitness centers help in providing personalized training in which the trainers will invest their time in accomplishing fitness goals.

Since the winter of 2019, cases of Coronavirus have been confirmed and restrictions were imposed on travel from China. Not only China, but the pandemic wave also swept across the globe except the southernmost reach as only a limited number of people were allowed in and out of Antarctica. Governments are taking strict action to minimize the spread of the COVID-19 virus such as limiting the face to face contact and maintaining the social distancing with people. There is a need to maintain a space of at least 6 feet between yourself and another person.

Letโ€™s consider a few factors as below in starting an online gym and fitness equipment marketplace:-

Health specialists and other experts are dealing with COVID-19 risks in their everyday lives. This led to a ban on group gatherings and the requirement of wearing masks in public. The fitness industry has received a huge setback due to this. Will it be safe to reopen to gyms until and unless they guarantee the proper safety of their members?

Despite the COVID-19 virus continuously spreading, people are eager to join the gym. This is the reason that the industry is adjusting to the new reality of renting. Charging for gym and fitness rental equipment offers gyms a much-needed influx of capital.

Gym & Fitness Equipment Rental Marketplace Business Model

This includes purchasing fitness rental equipment from the owners & then entering into the zone of generating revenue. It is a common technique for converting the expenditure.

You can find convenient pickup and delivery choices that can meet your business needs. The security deposit will be refunded once the equipment is returned safely without any damage.

Revenue Generation Channels & Key Marketplace Features

Online gym & fitness equipment rental business helps in generating a huge amount of profit. The gym owners can rent out their equipment and increase their revenue.

The revenue channels are listed as below: -

  • Commission for every transaction that takes place
  • Advertising to publicize their products or service on the marketplace
  • Featured listing as an initial focus area of the website for new visitors
  • Subscription plans with the range of advantages like free delivery, fixed discounts on few orders and more

Key Players Dominating The Market

The online equipment rental industry has seen a major boom since COVID-19. Some of the key players that dominate the global market are as follows: -

GymLend was created by two Sydney-siders for the business model that FATbit Technologies provides. There are more than 30 gyms in Australia and GymLend is one of them.

Key Features for Gym and Fitness Equipment Rental Business

As an entrepreneur, you must include the right features that a website can use such as: -

  • Homepage design keeping the target audience in mind such as a banner with a captivating image, variety of equipment, working and the platform
  • Gym Equipment rental page containing filters, high-quality images, rental price and vendor name
  • Product information page about the selected equipment
  • Booking form for filling out

Take Away

The demand for Online gym and fitness equipment rental has increased with the outbreak of Coronavirus. If you are interested in setting up such a marketplace, gather more information from our main blog, and become introduced with Yo!Rent.

Previously published at https://hubpages.com/business/Launch-An-Online-Gym-Fitness-Equipment-Rental-Marketplace

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