Swot analysis is a study of a business by an outsider or non-government organisation to analyse the inner strength and weaknesses as well as external opportunities and threats. Opening a business is not just about investing money or gaining profit, rather it includes a lot of internal steps and analysis and swot analysis is one of them. It helps in understanding the bright side as well as the dark side of the business and balancing these will help you in making a successful business for sure. To do a swot analysis of your own, you should look at your business from a 3rd person’s perspective to get a precise analysis. Let us know about ‘Gym Swot Analysis’.
Gym Swot Analysis:
In this article, I will discuss a swot analysis of the gym business. Nowadays, the gym business is very common as the health consciousness is increasing in people and they want a fit body. Apart from that doing exercise regularly is a healthy practice as well. But there are many external and internal strengths and weaknesses of this business as well. In further detailed discussion, we will enclose Swot analysis of Gym.
- strong customer base is one of the strengths of the business gym. In the 21st century, most people believe in a healthy lifestyle and the gym is a part of that. A balanced diet and exercise are the key to a healthy and fit body. Thus, many people are joining the gym just to maintain a healthy lifestyle.
- Apart from that people want to join the gym with some special agendas like getting slim, gaining weight or increasing muscle strength. All of these increase the customer base of the gym business.
- America’s obesity rate is getting high day by day and doctors are recommending healthy lifestyles to them. The first thing that happens in these cases is focusing on going gym regularly. Such medical cases are also increasing the customer base.
- For a gym business, you need not include a lot of employees. 3-4 gym trainers, a cashier, security and a supervisor can make a perfect gym business. Less employee means less money spent on their salaries, so the maximum amount of profit will go to the owner’s pocket. Though if you want you may include more people.
- The success of the gym business depends upon the standard of the products, trainers and the overall performance of the institution. lack of standardization may cause a fall in the business. In this business, you need to depend on the standard of the gym equipment as well as the behaviour and knowledge of the gym trainers and other employees. If by any chance, there occurs any problem with their standard of training and behaviour, clients may lose interest in that certain gym. You should be aware and careful while choosing equipment and employees.
- Joining a gym can be a seasonal interest for people as well. There are many such cases where people join the gym for a certain period to achieve small goals like shredding some pounds or gaining some. These are occasional like some people want to get into perfect shape before their wedding. Some want to be a little slim before Christmas and new year parties. For those, the gym is not a regular practice and after certain occasions, they stop coming to the gym. Due to clients, gym owners go through seasonal incomes. In certain seasons their income surges and in certain it goes down. So, there may not be a stable income here in the business
- The gym business needs a very high capital. Decorating a gym properly will cost you a lot. But there is no surety if you will be able to regain that as the amount of profit is not certain in these businesses. Thus, it is definitely a risky step to invest a lot in a gym business. Apart from that, there are low or no government subsidies or help available to such businesses. Thus, the risk factor is too high here when it comes to the means of profit.
- Evolving demographic can be seen as one of the most important opportunities in the gym business. The target audience or clients for a gym business has a wide range. It includes teens, grown-up adults and mid-aged people together. Though their purpose for joining the gym is different, still gym business hits a large number of people. For these demographic data, marketing for the gym business becomes easier.
- The gym business is such a business which helps in rising health consciousness in people. This is an effective step towards forming a healthy society. This is such a good opportunity of spreading social awareness of being healthy.
- The gym business gives you such a good opportunity for disposable income. After paying taxes and other extra charges, the business owner gets a huge amount of profit in the gym business, unlike any other business.
- It is a one-time spent business. You need to spend at the beginning to build up the business and the set-up. After that, there will be a shift in the spending pattern as you don’t have to spend much.
- The input cost is higher than the initial output cost in gym businesses. The input cost is huge to build a proper gym where the initial output cost is less. It would take a long time to collect your input cost in the gym business.
- The gym doesn’t run only on machine power but manpower as well. This qualified manpower is very hard to get. In the gym, you need someone who knows to use the equipment properly and to train people in a proper way. But if you cannot get proper manpower, your gym business will not work even if it has quality equipment and product.
- The gym business is a business whose stability depends on market competition. If a certain area has one gym, it’s a stroke of luck for them. But with time, whenever two or more gyms will be there in a single area, their clients and profits will be divided. People would like to have better service at a cheaper cost so they will search for that. So, if competition increases, the gym business may face a loss.
All businesses have their strong and weak side. Similarly, in the case of the gym business, there are several weak and strong sides as well. But most importantly gym business is a macroeconomic investment business. So, people who want to start a gym business should always be careful and should observe the changing state of society. But there is no doubt that it is a very helpful venture for society.