Let History Speak for Itself
Over
the past year, there has been much talk about the recession. Making matters worse, the media keeps pounding on the recession, and until
they find another story to cover, the public’s anxiety will continue to take
its toll on the economy. With many so-called experts piping up and the news media on a rating
frenzy, it is time to set the record straight.
As you head into springtime, it is more important than
ever to analyze where you have been and where you are heading. Ask yourself a
few questions while reading this article and decide if you’ve been letting the
negative information hitting the airways and print media influence your
decisions as a business owner. In business, even in the fitness industry, there
are always ups and downs, and, no matter what people say, that’s healthy.
So, what about the fitness
industry; is it in the middle of a recession? No one really knows. If you’re
overreacting to the information you read in the press or on the six o’clock
news, then you’re probably in the middle of a recession. What I can tell you is
that history indicates that the fitness industry has remained stable during
prior economic downturns. In the past fifty years or so, there have been
several recessions the fitness industry has weathered. Some say the fitness
industry is a recession-proof business, and they might be right.
According to the U.S. Department of Labor, since the
beginning of the recession in December 2007, job losses have totaled 5.1
million, 3.3 million of which occurred in just the past five months. As of
March 2009, the unemployment rate increased from 8.1 to 8.5 percent. While
this information is concerning, the good news is that, despite these
statistics, the fitness industry is still on the rise. The U.S. Department of
Labor reports that the fitness industry is growing and job opportunities are
abundant. Employment in the industry is expected to increase by 27% through
2016, a figure that's greater than the average for all professions. The U.S.
Department of Labor attributes this projected expansion to public concern for
health and physical fitness, as well as people's willingness to spend money and
time on personal and family wellbeing.
Today, every
university in the country, both public and private, provides its students with
world-class fitness centers. This alone propels hundreds of thousands of
graduates into fitness centers every year. In addition, the aging of that vast
generation of Americans – the baby boomers – will increase the number of people
who have a keen recognition of the benefits of exercise on postponing the
effects of aging. These factors will have an enormous impact on the U.S. health
club industry.
Furthermore, every
physician, health educator, health journalist, health insurer, lifestyle
columnist, school, university, and major medical institution, as well as the
American Heart Association, the American Medical Association, the American
Cancer Society, etc., are advising their readers, patients, students, and
clients that regular exercise is vital to a healthy and productive life.
So if you’re one of the people
overreacting to the negative news, you might want to reconsider. As safe as it
might feel, unwarranted belt-tightening and layoffs are bad business moves, and
they are actions that your customers will surely notice. Almost all great
companies that have weathered the bad times have also learned how to run
extremely efficiently without affecting their customer base. Learn how to take
advantage of recessionary times and remember that everything is cheaper during
a downturn, including the cost of labor, supplies, advertising, equipment, and
office space. The strategies you learn and practice now, when the
economy is suffering, will serve you now and in the future.
Brighter days are sure to
return, but until then, be proactive and don’t believe everything you read in the press or on the six o’clock news.
For more information on this subject, give us a call at 925-672-4800 and we will gladly do our best to answer your questions. You can also visit our website at www.globalfitnessassociation.com/info for more information.
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