Americans are becoming more health savvy, not only in their eating habits but in their purchases, and they are making choices that are good for their bodies and their wallets. Because of this, the exercise equipment repair field is an up-and-coming market worth watching, but finding success in this arena requires strong planning muscles.
"We're once again a culture of people who shop for things that last," said Joseph Ferriolo, director of Wise Business Plans, which helps companies around the world plan for success. "Where the U.S. consumer once sought disposability in almost everything, we have circled back to a way of life that prizes quality goods. Thanks to a push toward greener living and recent bumps in the economy, repairs are being sought instead of cheap replacements."
This translated into opportunities in a host of markets, he said, but none more than the fitness equipment field.
"Aside from cars and houses, quality home gym equipment is one of the most expensive things many people will purchase," he said. "Once considered only a status symbol of the upper middle class or wealthy, home fitness equipment is now a must as the population trends toward an older demographic with an increased life span looking to live healthier longer."
Ferriolo said planning for success in any repair industry means choosing a target area that can sustain such a business.
"This industry will experience growth, but it's still in pockets. Choosing the right place to build your business, and knowing the right ways to market it, can make or break your venture."
But Wise knows the steps needed to start and maintain a healthy company, he said.
"Just think of us as a personal trainer pumping you up for financial success."