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Planning to start an online gym & fitness equipment rental marketplace then you have to know the interesting facts about this fitness industry that is their total valued is nearly $100 billion in 2019. This will help people to get fit, look good and smart and live a healthy life so people will connect easily because all of the human beings want to look fit and healthy so you have to provide a perfect environment to achieve their fitness goals.

In this article we will discuss all important aspects that are required to start an online gym & fitness equipment marketplace. You can also see the 4 revenue models that will help you to survive in the long term in this business niche. When you enter the fitness center business then you have to think broadly about providing good services to take care of people’s health. You have to also think about the business plan and proposal for your fitness equipment rental business because this will help you to stand away from the crowd.

Why To Start An Online Gym & Fitness Equipment Rental Marketplace ?

This type of business is good and very useful for fitness studio centers because many of the new businesses and small businesses are facing equipment problems because they are afraid to invest a lot of money for their fitness studio. You are the barrier to motivate them to start their business journey with low investment and also you have an opportunity to close the deal with clients.

The demand of gym equipment in the market increases day by day because a lot of new gyms or fitness studios will open. Every business will prefer to rent equipment because they want to save their business capital to grow their business. If you have the money and want to invest in gym or fitness equipment to rent your products then you can easily go and explore the things.

Business Model of Gym & Fitness Equipment Rental Marketplace

As we already discussed, an online gym & fitness equipment rental marketplace mainly has two customers, one is a gym owner and other is an individual that can rent out for some extra money.

Customers can see the equipment on the market[place by their nearest locations and hire the equipment that they like by requesting on portals. When they place a request then equipment owners need to approve the request. Once the equipment is approved then rental money is transferred to the equipment owner’s account by adjusting the commission charges.

When a customer places a request then they can see the option of shipping the equipment by self pickup or doorstep delivery. To guarantee for safe return, some of the safety deposit is also deducted and this amount will be locked in the Admin’s account. The deposit amount will be easily returned after the equipment is safely returned on time to the owners.

4 Revenue Model of Gym & Fitness Equipment Rental Marketplace

A gym & fitness equipment rental marketplace can generate revenue from different sources. The best thing about owning a marketplace is you can generate revenue from all the equipment that is listed on your platform to various vendors. Followings are the 4 main revenue model that will help you to generate revenue from your rental marketplace that are mentioned in below;

1. Commission Model

The owner of the marketplace can receive a commission for each transaction that is made from the online gym & fitness rental marketplace. Just you have to focus on sales because each sale gives you revenue and builds good capital for your fitness equipment rental business.

2. Advertising Model

The owner can collaborate with advertising agencies to promote their products or services on their marketplace. You can get payment through click basis or total view count. This revenue model depends on how your marketplace will be popular in the market.

3. Featured Listing Model

Vendors can be connected to you to show their equipment in the ‘featured section’ of the marketplace so you can charge them to show the initial focus area of your marketplace.

4. Subscriptions Model

The fitness equipment marketplace owner can create subscription plans for customers by offering free delivery, coupon code on each order, and many more.

If you want to add your own shipping method for all the vendors then this will be beneficial to add new revenue for your rental marketplace platform. This will help vendors to manage the things from the marketplace because they will be free from many things like return pickup and ensure quality checkup.

Top Players in The Gym & Fitness Equipment Rental Marketplace

Gym and fitness equipment rental marketplace business is not a new business idea in the online world. Might be their operating system will differ but many businesses are renting gym and fitness equipment in the market. If you have understood your competitors then this will be easy to do your marketplace task. There are top 5 players in the market that are mentioned below with their revenue to understand the market for these types of rental marketplace business.

1. EasyFitness – This is a Canada based fitness equipment marketplace that was founded in 2010. This company revenue will lead to $2M till this time. If you understand this revenue amount then this will be a good amount of revenue in this business niche.

2. AES Fitness – This is a United States based gym and fitness equipment company that was established in 2011 and their revenue leads up to $1.5M at this time. 

3. Hire Fitness – This is a England based fitness equipment company that was founded in 2001 and the current revenue of this company leads up to $3M.

4. FitDel – This is also a United States based gym and fitness equipment business that was founded in 2013 and their current revenue is about $0.6M.

5. GymLend – This is a rental platform that provides fitness equipment on rent  that is established in 2020 but this company will not be active anymore.

You can set a price for every single equipment and rent on the market to generate good revenue for your marketplace. For example you can rent equipment like resistance bands, dumbbells, squat rack, treadmill, and cycling bikes. Consumers search the fitness equipment according to their location and can hire for weekly, monthly, or fixed term basis.

Important Features That Must Have In Gym & Fitness Equipment Rental Marketplace

This is a beginning task to build a gym & fitness equipment rental Marketplace to start a business journey in this niche. But if you break down all the things in a single part then this work will be easily done with a short time and without any confusion. This is very important to creating a website that users will love for a good user experience to your marketplace. Following are the quick guide that will help you to build a good website and app for fitness equipment rental Marketplace that are mentioned in below:

Homepage

When you design a homepage for your website or app then you have to keep in mind about your target audience. In your scenario you have to focus on both gym equipment owners(Vendors) and customers because you are not able to make a single customer without the help of vendors. The design will be not too complex to understand the basic things you have to just focus on simple,informative, good navigation, and browsing. The homepage of your marketplace is not too lengthy; you have to just discuss it briefly with clear information. Following are the things that can include to design your homepage that are mentioned in below;

• Banner – Banner should contain a good image or graphics that are able to create a good message and send positivity to users at the end. You can also use one or two CTAs – Find Equipment / Browse Equipment.’

• Fitness Equipment Near You – This section will help users to browse the equipment that they are looking for on their location and this is a way to catch the user’s attention immediately.

• How it Works/ FAQ – This section will help the user to understand about how the rental process will work for the fitness equipment. In this section you can use the good illustration and graphics to understand the journey of renting the equipment from your marketplace.

• How To Rent Equipment – This section is for vendors because they will easily understand how they can list their equipment and manage all the things in an easy way. You can use the illustration, graphics or some text that is also similar to how it works.

Gym And Fitness Equipment Rental Page

This is one of the important and frequently visited pages on your website. In this page customers will come and search for the product that they are looking for. Following are the most important aspects that you can use in this section.

• Filters – This will help users to search an easy way from your website that they are interested in renting. Besides from location you can also add these important things in the filters that are item category, price, weight, and search.

• High Quality Images – Attract a customer you have to use a high quality image with full details. You can use 4, 5 images that the customer can see the equipment condition in very closely. All the images angles should be different because this will help the users to make the decision for the equipment.

• Price And Vendor Name – This is one of the important things that you cannot ignore on your pages, that is you have to mention the price and the details of vendors with their location to understand the users.

Product Information Page

In this page you have to describe depth information about the selected fitness equipment. Following are the main points that you have to keep in mind while creating a product information page.

• About The Fitness Equipment – In this field you have to provide all the detailed information about the equipment and how this will be beneficial for different types of exercise so people will connect to know about the product benefits.

• Categories – Category section is one of the most important things that you can do on your product information page where you have to show the different products like dumbbells for weight gain, and cycling for calories burn.

• Brand – You have to also mention the original brand of the fitness equipment that are from manufactured because people want to use the best product for their exercise.

• Weight – You have to clearly mention the total weight of the fitness equipment, you can show the weight in grams, or kg to give information to your customers.

• Delivery and Pickup – This field will show the consumer about the delivery of son. You can provide doorstep delivery or pick up only.

• Location – Show the exact location of fitness equipment you can use map navigation to make the process easy for consumers.

• Vendor Details – Here you have to provide the contact information of the fitness equipment owners or a vendor.

• Reviews – This section is very important to gain customer trust ability for your marketplace so you can show the previous review for your customer that are already availing your equipment.

Booking Form

A booking form is one of the best and important things that you can use on your Marketplace so in this section we will discuss about what should be include in booking form that are mentioned in below;

• Rent Start Date – In this section a calendar plays an important role where users can select the date when they want to start renting for selected equipment.

• Rental Period – Here users can select the period for the selected equipment like weekly, monthly, quarterly, or any more.

• Delivery or Pickup – In this section users can select the delivery or pickup location for their selected equipment so you have to show the multiple delivery option.

• Breakdown For Rental Equipment – Once the customer finalizes the equipment for rent then the price breakdown section must be shown to the users.

Conclusions

The demand for gym & fitness equipment rental Marketplace is increasing day by day so you can invest your money to build such a platform. To set up your own Marketplace is easy  with the help of this article where we will discuss business models and revenue models for this business nature.

If you have a limited time and want to build a Marketplace for your business then you can easily connect with us to build a great platform. If you really enjoy our article then you can comment, or reach out to us by filling the form in the contact page.