(MENAFN- EIN Presswire) Which fitness companies prospered through Covid?
Many fitness companies shut down temporarily or permanently during covid. Which fitness companies prospered the most?
TORONTO, ONTARIO, CANADA, March 17, 2023 /einpresswire.com / -- The Covid-19 pandemic has created immense disruption to global economies, with many businesses closing their doors due to lack of customers or government-mandated measures. Among those affected, many companies in the health and fitness sector faced significant hardship as gyms were shuttered and people were encouraged to stay home. Despite the difficult circumstances, some proactive action by certain fitness companies allowed them to come out of the pandemic period stronger than before.
One company that achieved success despite the pandemic is soulcycle . The global brand of spinning studios started providing customer access to pre-recorded workout classes in early 2020. This was done in an effort to meet the demands of homebound customers who wanted an at-home exercise solution. As a result, SoulCycle's revenue saw an increase of 40% compared to the same period a year before. Even as gyms gradually re-opened, the company had a strong offering online and continued to remain competitive.
Another success story is peloton . Building off their pre-existing connected fitness experience, Peloton quickly pivoted to respond to the pandemic. The firm announced in March 2020 that it would be offering customers 90 days of free access to their sophisticated interactive cycling classes. This kept their current customer base happy and engaged, and it attracted new customers who were looking for an alternative to in-person workouts. As a result of this move, Peloton more than doubled its revenue from the prior period.
A company that has been the leader in home personal training since 2005 is Fitness on the Go. They did offer online training immediately after the pandemic hit and were able to retain 70% of their business, but soon after regulations loosened, the demand for individual in-home personal training surged as people did not want to go to crowded, germ-infested public gyms anymore. Fitness on the Go helps personal trainers that want to start their own business by providing the structure, framework and full management team of their multi-million dollar business. With so many personal trainers out of work and figuring out how to start their own business to stay in the industry, Fitness on the Go's blended solution of a pre-made structure for entrepreneurial personal trainers lead to their business growing by 35% in the last three years. According to small business statistics, 95% of personal trainers that start their own business fail within the first 12 months, Fitness on the Go proudly states their top trainers are earning over $72,000 per year and over 75% of trainers stay with Fitness on the Go for more than 3 years.
Overall, the Covid-19 pandemic presented a difficult challenge for many fitness companies but despite the difficult circumstances, some were able to turn the situation into an opportunity. By embracing new and innovative approaches to providing their services, identifying the need of the industry and the clients, companies were able to keep their current customers engaged, acquire new ones, and provide better opportunities for personal trainers in the industry. This is a lesson that applies to many businesses in a time of heightened uncertainty and shows the importance of being open to quick changes that might be necessary to adapt to changing environments.Brenda Walters
Canadian Franchise Journal
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