Recently, at Fitness Business Summit a few weeks back, I had a Fitness and Aging expert, Cody Sipe, on the stage speaking on why the aging market is the way to go in terms of growing a fitness business.
What’s funny is that a few years ago, I would have been a little confused by that combination because I never realized how important the aging population was when it came to fitness.
I mean… think about it- they want to be as healthy and fit as they can so they can keep doing the things they love. I was so blind to this fact that I remember telling one of my coaching clients that you don’t want to train the lady with the hip replacement!
Well, Cody actually has a PhD in Exercise Science and has been studying the aging population for over a decade now. Here is the interesting thing- the economic force behind the population over the age of 50 is so dramatic that everyone in every industry should be paying attention.
Look, there are approximately 79 million Baby Boomers in the United States. And here is the business goldmine- those 79 million pretty much controls, holds, and possesses over 70% of the wealth in the U.S.
I used to think the same thing; old people… who really want to train them?
But after hearing Cody speak at FBS and seeing this gigantic market that is totally untapped and underserved- it’s obvious that there is an opportunity for trainers to tap into this market and profit big time.
And, realistically, this isn’t a clientele that is going away anytime soon.
The oldest Baby Boomers are turning 68 this year and plan to be around thriving for 20 more years. And even better is the fact that the youngest Baby Boomers could be clients your entire career, possibly sticking with you for 30-40 years!
When I think about it, the aging population isn’t a small niche anymore. They’re affluent enough that they can truly afford and care more about the quality of service they receive, improving their quality of life, and are excited about living an adventurous 2nd chapter of their lives.
I mean, isn’t that the biggest obstacle you face when trying to sell personal training? Most of the time, a prospect either can’t afford your services or they don’t see the value in hiring someone for quality training.
Wouldn’t you rather build your business on clients that stay for 7 to 10 years, rather than the typical personal training client that stays for 7 to 10 months?
I asked Cody, “So who are some prime major examples of Baby Boomers?”
Here was his list: Oprah Winfrey, Bill Gates, Hillary Clinton, Mitt Romney, Matt Lauer, Michael Jordan, Mark Cuban, George Clooney, Joe Montana, most of your Fortune 500 CEOs.
Now, that list contains a bunch of major A-list folks, but when I see that list I see a type of client that has every reason to train, stay fit and healthy and wants to do so for years to come.
It is becoming more apparent to me that the training facilities that cater to and serve this market are going to have more stability, be less worried about the economy, and have steady client bases for years to come.
Plus, the hours are way better! Cody once told me of a studio in Salt Lake City where they close at 5pm.
How can they do that? They train all the clients they need between 8 a.m. and 3 p.m. with their last appointments being set at 4 p.m. and 4:30 p.m., and they like being done by 5 p.m.
Sure, they could train some younger clients after 5 p.m., but they simply don’t want to mess up their lifestyle of freedom.
I asked Cody to give us just a few minutes on the big economic highlights from his FBS presentation. In this video, he shares that this market is so huge it’s actually the 3rd largest economy in the entire world, larger than Japan and any European nation.
If you want to learn more about this huge opportunity to re-establish your business, help the market that needs and wants your services the most, and possibly never train clients after 5pm again then you’ve got to have the personal trainer certification to back it up.
The Functional Aging Institute was created to help you do just that. They’ve been teaching tons of other trainers how to train and work with the older population in the safest way possible, how to attract these new clients, and how to keep them healthy and fit long term. Click here to learn how you can tap into this hugely underestimated market.
Committed to your success,