Health experts warn that Europe’s ever growing obesity crisis will see almost three-quarters of men and two-thirds of women in the UK being overweight by 2030.

This crisis has meant that the health and fitness industry has grown rapidly over the past few years as people are becoming increasingly aware of the dangers and health risks of becoming overweight.

A big contributing factor to this is the rise in the number of people now working in an office. The phrase being used is that ‘sitting is the new smoking’. Sitting for too long; whether this is sat at a computer screen or a TV screen (or both), increase the chances that you are raising your risk of type 2 diabetes, cardiovascular disease and cancer.

Another major concern is the level of childhood obesity. Currently 1 in 5 primary school children is overweight or obese. A review has found that there is strong evidence that physical activity and sport has a positive impact on children’s social skills and self-esteem, as well as confidence, attention span and even academic achievements.

Opportunities for a business within the industry

Taking into account the above problems that the UK is currently facing, there are a number of opportunities available to businesses within the health and fitness industry:

  • Could you go into local office based businesses and offer taster sessions for their workforce?
  • Could you go into schools and arrange classes for the children?

Ideas of how to generate business

  • Have you considered the use of social media? With the ever growing popularity of social media, this is a great way of getting your brand and image out in the public. It could also be used to let people know about fantastic offers you have, or to congratulate clients on their success.
  • Could you enrol on to professional development type courses? This is a good way to pick up referrals but also provides an opportunity to team up with a life/business coach.
  • Could you offer a prize draw to your clients who provide referrals?

Accounting considerations:

Where we can really help you is when it comes to the numbers. A couple of items to consider whether you are claiming in your accounts at present:

  • Mileage when travelling to clients
  • Mobile phone costs (or business proportion if you only have one mobile)
  • Clothing (this must be branded with the business’ logo to be allowable)

Note – The above list is not exhaustive but gives you a flavour of potential expenses which you may not have considered.

Are you aware of how to account for sales when a client pays for a block of sessions? Revenue needs to be recognised as and when the services are supplied.

Sage Accountant Partner Logoiris kashflowFreeagent