Part 2/12:
Gyms are notorious for their high failure rate, with approximately 81% of them failing within the first year. While starting a gym can seem appealing, many owners enter the industry driven by passion rather than business acumen. They often neglect financial planning, marketing strategies, and sustainable pricing models.
The takeaway? With many owners treating gyms as a hobby, they miss out on profitable business practices such as subscription models and high-margin offerings. Furthermore, targeting affluent customers can lead to higher revenue, something that is harder to achieve in the gym business.