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Essential Tips for Selling Your San Diego Fitness Business
Businesses in the health and fitness industry are in higher demand than ever to help the more than 160 million overweight and obese Americans, as estimated by the Institute for Health Metrics and Evaluation. That makes this a great time to sell your San Diego-area fitness business, and there are a few things you can do to make it even more appealing to potential buyers.
Capitalize on Your Niche in the Fitness Market
With the health and fitness club industry bringing in more than $27.6 billion per year, as noted by Statista, there's room for a variety of fitness businesses. Prospective buyers might want to buy a specific type of enterprise, such as a gym, fitness center or weight-loss center.
The types of businesses in this industry break down even further when you consider there are many different types of fitness centers and gyms. These include:
- Big franchises
- Traditional gyms with weights
- Fitness centers with attached spas
- Small facilities that offer specialty workouts such as yoga
- Studios that offer martial arts training
As you prepare to sell, showcase your niche. If yoga is your specialty, make sure your studio reflects that by removing extraneous equipment.
Share the Benefits of Your Business
Increase the desirability of your fitness business by highlighting what your clients appreciate about your business and how your company has helped them to achieve their goals. Gather their testimonials and share them with prospective buyers via a video. Or, create a PowerPoint presentation that shows average weight loss per client, for example. A business broker from the San Diego LINK office can seamlessly guide you through the process to help you be certain you're sharing the information potential buyers are seeking.
Update the Fitness Center's Physical Amenities
It might feel a little counter-intuitive to spend money upgrading a business you plan to sell. However, even small updates can give your space an eye-catching jolt of curb appeal, plus it will show that you have taken good care of your business. For example, having the pads on gym equipment upholstered if they're cracking or peeling is a minor expense that has the potential to pay off. Just be sure to stick to neutral colors in case the new owner plans to remodel.
Have the Books and Customer Logs in Order
Prospective buyers might be intensely passionate about helping people increase fitness levels, but they're also going to want to know the potential for profit if they buy your business. To start, interested parties will want to see some basic information about the number of clients who have memberships or who pay by the month to visit your facility. You will probably keep some data confidential in the early negotiation stages, but you will need to have some key accounting logs ready to share as the deal moves forward.
What Training Are You Willing to Offer the New Owners?
If part of the competitive advantage your business comes with is the specialty training you and your employees have had, buyers also will want to know if training is available as part of the deal. Most certifications in the fitness industry, however, are provided by outside agencies because of safety regulations. Potential buyers who are new to the industry might simply need extra guidance as to where to obtain those types of industry certifications.
Sales trends in the fitness industry continue to change and grow as demand increases, making it a market segment with huge potential wins for both buyers and sellers of fitness centers, gyms and weight-loss centers in the United States.