About this EVENT

It’s been almost 4 months since we published our 2020 State of the Industry and there have been so many unprecedented developments in our industry that we felt compelled to provide an update on what we’re seeing throughout the industry.

 

Listen to this update from BFS Co-Founders, Julian A. Barnes and Nt Etuk, to:

  1. Get an update on what’s happening throughout the industry
  2. Hear case studies of studios that have successfully navigated the challenges presented by COVID-19; and 
  3. Learn strategies to ensure that your studio emerges from the pandemic stronger than ever

Links to Additional Resources

Notes

RECAP FROM APRIL 2020 STATE OF THE INDUSTRY

  1. The next 12-18 months are going to be difficult. Many friends may not be able to survive but new models will emerge to serve the demand
  2. The return to studios will be driven by two factors largely out of your control
    1. Health officials’ concerns about resurgences; and
    2. Whether consumers feel safe 
  3. More and more consumers will continue to become aware of, and invested in, the importance of living healthy lifestyles

BFS’ RECOMMENDATIONS FROM APRIL 2020

Plan for a long return to pre-COVID in-studio attendance levels

– – –

Deeply embed virtual activities into your business model

– – –

Adjust your business model and marketing strategies for digital first

 

THE HARD TRUTH

 

THE LAST 100 DAYS IN FITNESS

We Now Live In a Digital-First World
“We have vaulted five years forward in consumer and business digital adoption in a matter of around eight weeks.” – McKinsey


Industry Developments
Investments in Virtual Fitness Skyrocketed
Growth can be seen through both Virtual Fitness Providers (large and small) and Virtual Fitness Suppliers.

  • Lululemon buys Mirror for $500 Million
  • Peloton Stock Soars 3x + since Mar 13
  • The Top 10 Mental Wellness Apps Had 10M Downloads in April, up 22% vs. January

Models Supporting In-Person Fitness Got Pummeled

  • 24 Hour Fitness filed for bankruptcy
  • Gold’s Gym filed for bankruptcy
  • Town Sports International considering bankruptcy
  • MINDBODY lays off or furloughs 35% of staff
  • ClassPass revenue dropped 96%; lays off or furloughs 53% of staff

 

THE LAST 100 DAYS IN AMERICA

  • The U.S. Economy suffered biggest decline ever
  • Remote learning will be the norm for foreseeable future
  • Corporate employees will work from home until 2021
  • Parents are concerned about COVID’s impact on their children 
  • Congress remains deadlocked

 

THE OPPORTUNITIES

 

THE NEED IS STILL THERE: Expand the focus

“We have only been motivating the motivated; we have not reached the people who need us.” – Emma Barry, Global Fitness Authority

“Blacks and Hispanics have been disproportionately affected by COVID-19 whose negative health outcomes come from diseases that are positively impacted by physical activity.”  – NiCole Keith, ACSM’s President.

  • Only one in four Americans meet national physical activity guidelines and more than 30 million have heart disease. 
  • Approximately 20% of Americans had a membership to a gym or health club pre-COVID, a figure that has been static for more than 35 years.


OUR RECOMMENDATIONS TODAY


Digital first.

– – –

Cash is king.  Conserve your cash.  Reduce costs.

– – –

Adjust your mindset.

– – –

Serve your clients’ total wellness needs.

– – –

Be innovative!


HOW TO DO IT?!

Learn Innovate  Move

– – –

LEARN:

Digital FirstThe Virtual Engagement Playbook | Livestream and On Demand Playbook | Video On Demand Is A Whole Different Biz with Jennifer Maanavi
Conserve Your CashHow to Level with Your Landlord | Shrinking Your Biz To Survive The Storm
Adjust Your MindsetTime to Reset with Scott Hopson | Adjusting Your Mindset with Emma Barry
Serve Your Clients’ Total NeedsStretch Your Mind & Your Revenue Streams with Amanda Freeman | Top 5 Mistakes To Avoid When Building a Nutrition Business

– – –

INNOVATE:

Be InspiredRead success stories, stay curious about what others are doing.
&
Talk it Out – Build a safe network and community with other entrepreneurs.

Pro Tip – Join BFS INSIDER roundtable discussions

– – –

MOVE.

 

Take action on BFS’ recommendations with the State of the Industry Workbook

 

View the full recording for studio case studies and a special guest appearance!

Notes

RECAP FROM APRIL 2020 STATE OF THE INDUSTRY

  1. The next 12-18 months are going to be difficult. Many friends may not be able to survive but new models will emerge to serve the demand
  2. The return to studios will be driven by two factors largely out of your control
    1. Health officials’ concerns about resurgences; and
    2. Whether consumers feel safe 
  3. More and more consumers will continue to become aware of, and invested in, the importance of living healthy lifestyles

BFS’ RECOMMENDATIONS FROM APRIL 2020

Plan for a long return to pre-COVID in-studio attendance levels

– – –

Deeply embed virtual activities into your business model

– – –

Adjust your business model and marketing strategies for digital first

 

THE HARD TRUTH

 

THE LAST 100 DAYS IN FITNESS

We Now Live In a Digital-First World
“We have vaulted five years forward in consumer and business digital adoption in a matter of around eight weeks.” – McKinsey


Industry Developments
Investments in Virtual Fitness Skyrocketed
Growth can be seen through both Virtual Fitness Providers (large and small) and Virtual Fitness Suppliers.

  • Lululemon buys Mirror for $500 Million
  • Peloton Stock Soars 3x + since Mar 13
  • The Top 10 Mental Wellness Apps Had 10M Downloads in April, up 22% vs. January

Models Supporting In-Person Fitness Got Pummeled

  • 24 Hour Fitness filed for bankruptcy
  • Gold’s Gym filed for bankruptcy
  • Town Sports International considering bankruptcy
  • MINDBODY lays off or furloughs 35% of staff
  • ClassPass revenue dropped 96%; lays off or furloughs 53% of staff

 

THE LAST 100 DAYS IN AMERICA

  • The U.S. Economy suffered biggest decline ever
  • Remote learning will be the norm for foreseeable future
  • Corporate employees will work from home until 2021
  • Parents are concerned about COVID’s impact on their children 
  • Congress remains deadlocked

 

THE OPPORTUNITIES

 

THE NEED IS STILL THERE: Expand the focus

“We have only been motivating the motivated; we have not reached the people who need us.” – Emma Barry, Global Fitness Authority

“Blacks and Hispanics have been disproportionately affected by COVID-19 whose negative health outcomes come from diseases that are positively impacted by physical activity.”  – NiCole Keith, ACSM’s President.

  • Only one in four Americans meet national physical activity guidelines and more than 30 million have heart disease. 
  • Approximately 20% of Americans had a membership to a gym or health club pre-COVID, a figure that has been static for more than 35 years.


OUR RECOMMENDATIONS TODAY


Digital first.

– – –

Cash is king.  Conserve your cash.  Reduce costs.

– – –

Adjust your mindset.

– – –

Serve your clients’ total wellness needs.

– – –

Be innovative!


HOW TO DO IT?!

Learn Innovate  Move

– – –

LEARN:

Digital FirstThe Virtual Engagement Playbook | Livestream and On Demand Playbook | Video On Demand Is A Whole Different Biz with Jennifer Maanavi
Conserve Your CashHow to Level with Your Landlord | Shrinking Your Biz To Survive The Storm
Adjust Your MindsetTime to Reset with Scott Hopson | Adjusting Your Mindset with Emma Barry
Serve Your Clients’ Total NeedsStretch Your Mind & Your Revenue Streams with Amanda Freeman | Top 5 Mistakes To Avoid When Building a Nutrition Business

– – –

INNOVATE:

Be InspiredRead success stories, stay curious about what others are doing.
&
Talk it Out – Build a safe network and community with other entrepreneurs.

Pro Tip – Join BFS INSIDER roundtable discussions

– – –

MOVE.

 

Take action on BFS’ recommendations with the State of the Industry Workbook

 

View the full recording for studio case studies and a special guest appearance!

We are bullish. We feel strongly that the importance of health and wellness will continue as growing trends over time with new models to support demand … but the current pain will continue for the foreseeable future

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