In strategic management of sport organizations, students have been working on examining the competitive environment of fitness and Peloton, specifically. Using Peloton’s most recent annual report, a few interesting findings jump out:
“We believe that our first-mover advantage, leading market position, brand recognition, and integrated platform set us apart in the market for connected, technology-enabled fitness. We provide a superior value proposition and benefit from the clear endorsement of our Connected Fitness Subscription and mobile app solutions, giving us a competitive advantage versus traditional fitness and wellness products and services, and future potential entrants.” (pg. 10)
“While we believe we are changing the consumption patterns for fitness and growing the market, our main sources of competition include in-studio fitness classes, fitness clubs, at-home fitness equipment and content, and health and wellness apps.” (pg. 10)
“Our Connected Fitness Products are sold in highly competitive markets with limited barriers to entry.” (pg 19)
Peloton has 6.9 million members, a one million increase from the 5.9 million members the previous year.
There are 2.1 members per paid subscription, resulting in approximately 3.5 million paid subscriptions.
Revenue is comprised of connected fitness (selling hardware and the subsequent $44 monthly subscription) and subscriptions, which is a digital fitness membership costing $13 a month.
There was $637.3 million in advertising costs 2022. This would make the cost of incremental acquisition $637 per member, and even higher per subscription. They have also built up $1.3B in finished product inventory.
While the company stated that the connected fitness devices, and the sale of the bike, are vital to the company, and that it increased 27% from 2021, the revenue generated decreased 30%. This discrepancy in subscriptions is attributed to selling the product at a loss, as seen by the gross margins. Digital fitness subscriptions saw a 60% increase in revenue with a gross margin of 67%. While connected fitness costs are substantial, the margin of subscriptions is much more attractive, and growing, and would appear to be worthy of additional consideration.
In fairness to Peloton, digital fitness competitor Beachbody is also not profitable or cash flow positive and Amazon discontinued their fitness platform, Halo.
As stated in their report, the fitness industry has highly competitive industry, with low barriers to entry, high substitutes and strong buyer power, making it an unattractive industry segment.
The gross margin of digital fitness make that revenue segment a potential opportunity for growth. Since Peloton already has fixed costs associated with content creation, variable costs to increasing the number of digital fitness members would be small. Growing this sector of the business by positioning the organization as content creation and distribution and working to increase the digital membership base may provide an avenue to future profitability. Although, future management would also benefit from reducing operational costs.
There have been some recent changes to the collegiate conference landscape as universities are moving from one conference to another.
When graphing out the average and median revenue that was generated by the football programs, the picture becomes more clear.
More revenue provides universities with more financial resources to spend on attracting athletes. Since, there are restrictions on athlete pay, revenue is allocated toward paying coaches, administrators and on facilities. With the SEC and Big10 dominating the revenue, the other conferences are at a visible financial disadvantage. The same picture emerges with median revenue by conference.
This financial disadvantage means that universities who are competitive in their conference are not receiving as much as they would from another conference. This provides an incentive for switching conference. It may also foretell the change from five power conferences to fewer as those financial resources become even more consolidated over time.
Leadership is a complex and dynamic process that seeks to gain influence over people. A lot of work has been done on leadership traits, behaviors, styles and their interrelationships. There are examples of great leaders from everywhere across the spectrum, with the constant that leadership is about people, and getting the most of them. Generally, transformational and servant seem to be two styles that work for different dynamics.
In an effort to simplify, and visualize, the process, the leadership wheel focuses on four categories of leadership behavior: Setting expectations and standards, communication, providing support and resources and accountability. These for categories help to organize the leadership process and incorporate different inputs and themes into the process.
The inputs include the dominant individual style and traits of the leader, follower preferences, education, skill and competence, the task environment and the objectives. The leader is also responsible for determining the future direction and the objectives to be obtained. With this information, the leader is then able to enter the leadership wheel to combine the inputs into a successful strategy to achieve desired outcomes.
Setting Expectations and Standards
This category is about the relationship between the inputs and the outcome. Determine the direction to move and the expectations to achieve it. This includes describing the standard and quality of the intended product and service, what is acceptable and what is not, what the values are and is an opportunity to use group input to create shared values and start the process for collective effort. Without defined expectations and objectives, it is hard to provide leadership toward the attainment of those expectations and objectives.
Once the expectations have been clarified, they need to be expressed by the leader so they are understood. One of the break downs in the leadership process is the lack of communication regarding the expectations and how they are to be achieved and what people are responsible for. This category is also an opportunity for the leader to listen and gather information. Since communication is a two-way street, leaders should listen more than they talk and look to provide clarity and clear up ambiguity.
Provide Support and Resources
Once the expectations are created and expressed, they can be actively pursued. Providing support and resources is not limited to creating a supportive work environment, but includes motivating and encouraging the organization to attain objectives. It is also the category where the leader provides education, skill development and training necessary to achieve the desired outcome. This category is about the behaviors that the leader is doing to support the achievement of objectives. If there is a lack of competency, training, understanding, time, finances, human capital necessary to achieve a goal, then its attainment is an unreasonable expectation. Leaders can empower their followers to take risks and provide the guidance needed to keep projects and work progressing toward the defined objectives.
This category is where the leader is monitoring and evaluating the progress and providing encouragement, recognition, rewarding achievement and utilizing performance improvement plans to address issues. If there is not accountability, then it is almost impossible to maintain consistency of a standard of excellence. Goal attainment, exceeding expectations and greatness should be celebrated, while areas of opportunities should be addressed and improved. This category is where work and effort is recognized and where people leave if the standards and expectations have not been met, despite the opportunities to do so.
This is a continual process where leaders are maintaining focus on desired expectations and communicating those expectations. If expectations are not defined, are unreasonable or are not communicated then there is a breakdown and a failure of leadership. It is also necessary to create the environment to support the attainment of those objectives and to train everyone into how to meet the standard. If there is not training or skill progression, then there is a breakdown in leadership. Finally, accountability is for the leader and for others. If a leader is ineffective in the other categories then they should also be held accountable to their breakdown and failure in leadership. If the organization is not meeting outcomes despite their defined expectation, communication of success and provision of necessary resources, something has to change. Breakdowns are possible in every category throughout the process, but the process helps organize the effort necessary to reach objectives.
Using data from Forbes and SBRnet, the franchise valuations have steadily grown since 2010. The median franchise value shows how dominant the NFL is in terms of franchise value with the median team worth almost $4billion. This is well above the other sports. It also looks like the NBA has surpassed the MLB over the last couple of years. If fan interest continues, and broadcasting revenue follows, this trend will continue.
The average value demonstrates the same trend, but is higher due to the influence of the largest market teams seeing substantial growth. These graphs also serve as the visual representation for the escalation in purchase price of franchises and the interest of Private Equity investors for minority ownership. As these values rise, and broadcasting increases, owners are able to capitalize on the possibility of a large return with minimal risk. The same is not true for other entities, the regional sports networks who broadcast in local markets have suffered from the rising cost of doing business.
1Sport events are concerned with the benefits that they provide the community, and the economic benefits are often touted to support their hosting. Unfortunately, these economic impact estimates have a long history of controversy and inaccuracy in their reporting (Howard & Crompton, 1995). The main objective is to determine the net economic change that results from spending attributed to an event or facility. This net effect is the added benefit to that community that would not exist in the absence of the event (Brown, et. al., 2021). According to a prominent sport tourism organization, the two main rationales for bidding on, and hosting, sport events are economic impact and hotel room nights (SportsETA, 2021). Therefore, it is important to accurately assess the benefits that accrue to the host community as a result of hosting.
Since successful hosting is dependent upon the resources available in the host community, ten drivers have been identified to assist communities in determining the best use of available resources (Agha & Taks, 2015). Individuals and communities should focus on maximizing the benefit drivers and avoiding the cost drivers.
Since communities typically host more than one event, using a portfolio framework is an appropriate way to determine the mix of events based on the community resources and the myriad events and activities that occur in a typical year (Salgado-Barandela, Barajas, & Sanchez-Ferndandez, 2021). When using this portfolio framework, some factors for success include strategic planning for the hosting of multiple events, determining and communicating the benefits of hosting events to stakeholders, participation from stakeholders and inter-organizational relationships to improve collaboration synergies (Ziakis & Costa, 2011).
Given their importance, estimating the benefits is an important element in decision making and evaluation. Since the typical evaluation relies on isolating visitors to the area who would not have come in the absence of the event and their spending, this is the usual starting point for assessment. Typically, the event benefits are discussed, but the costs are excluded from assessment which artificially inflate the overall benefits. The costs have to be included in an assessment in order to determine the best use of the available resources. Some of the factors related to accuracy are outlined by Brown, et. al, 2021.
Utilizing this framework can assist communities, event organizers and others to host events that maximize the benefits to the area while being cognizant of the costs associated. Beneficial events are ones that rely on the existing resources (facilities, people, hotel capacity, restaurant capacity, recreation, etc) and align with the strategic goals of the community to optimize success. Hosting events can be a valuable addition to the community if the merits are properly assessed and the benefits and costs are evaluated.
Agha, N., & Taks, M. (2015). A theoretical comparison of the economic impact of large and small events. International Journal of Sport Finance, 10(3), 199-216.
Brown, M. T., Rascher, D. A., Nagel, M., & McEvory, C. D. (2021). Financial Management in the Sport Industry (3rd. Ed.). Routledge: New York, NY.
Howard, D. R. & Crompton, J. L. (1995). Financing Sport. Fitness Information Technology, Inc: Morgantown, WV.
SportsETA. (2021). Sports Events and Tourism: State of the Industry Report.
Salgado-Barandela, J., Barajas, A., & Sanchez, Fernandez, P. (2021). Sport-event portfolios: An analysis of their ability to attract revenue from tourism. Tourism Economics, 27(3), 436-454.
Ziakas, V. & Costa, C. A. (2011) Event portfolio and multi-purpose
development: Establishing the conceptual grounds. Sport Management Review, 14(4), 409-423.
Ziakis, V. & Getz, D. (2021). Event portfolio management: An emerging transdisciplinary field of theory and praxis. Tourism Management, 83, 1-15.
When we discuss business, we most often use revenue streams to exemplify it. Where does the organization derive its revenue from? Who are the consumers and what sources of revenue exist? Understanding those questions allows those interested in sport business and management to better understand the business and decision making process in sport.
What we learn about the business of sport is the importance of broadcasting and the impact this has on the operations of the organizations. If games are played, and broadcast, then this is the largest source of revenue to a rights holder. When looking to grow and expand a sport, it is vital to have a fan base that can be reached with broadcasting interest in order to generate the most revenue. We also see that organizations that are cavalier with borrowing money or are dominated by a single revenue stream are at greater financial risk. Sport managers need to understand the importance of diversification of revenue and the importance of cultivating an audience to achieve greater financial independence.
When it comes to physical fitness, conditioning and resistance training, it is important to remember a couple of key principles. The SAID (specific adaptation to imposed demand) principle stipulates that adaptation is based on the stimulus applied. The second, progressive overload is that the training stimulus should remain static, but that the training variables should evolve over time to elicit a response. When programming your workouts, these principles should be kept in mind and the variables for manipulation include load (weight lifted), number of sets, number of reps, the resultant total volume, rest times between sets and between exercise bouts and training frequency. While there is a large volume of information available including scientific and non-scientific, the principles remain the same: the body adapts to the stimulus applied and this stimulus should change over time to continue to elicit a positive response.
Specific to resistance training and its influence on strength and size development there is support that training with a heavier load results in positive strength gain, but does not enhance muscle growth over lighter loads (Fink et al., 2016). The majority of improvement in the first few weeks of training is related to improve neuromuscular efficiency and as the body adapts to the exercise, the parameters of training have to evolve (Schoenfeld, 2020). However, strength can also be achieved by training to momentary muscle failure where it is difficult to perform another repetition at the given weight. This type of training elicits both strength and size results as many of the muscle fibers are recruited. Thus, training can be performed with lighter loads in a repetition zone of 6-20 repetitions and still result in positive strength and size gains (Baz-Valle, Fontes-Villalba, & Santos-Concejero, 2018). There may be an individual response based on muscle fiber type that plays a role, but is hard to make generalizations.
When it comes to improving muscular size, the muscles worked need to have sufficient overload to stimulate adaptation. That overload comes in the form of increased volume. Tracking volume can be done by counting the number of sets performed per muscle group per week as long as the repetitions are performed to momentary muscle failure (Fisher, Steele, Bruce-Low, & Smith, 2011). While the ideal recommendation is not available, it does appear that muscle gains are achieved with at least 10 sets performed per muscle per week (Schoenfeld & Grgic, 2018). However, performing more sets do not necessarily result in a greater muscle response indicating that there is probably a point of diminishing returns (Aube et al., 2020). Whether obtaining training volume is done in a single workout, split routine or whole-body workout does not seem to matter, as long as the volume for each program is matched. As the body adapts it becomes more important to organize the workouts to continue the positive adaptation and progression, so a split routine may be helpful in organizing workouts to obtain higher volumes in each session. There is also support that for aging individuals, the training frequency of at least three days a week is of importance (Polito, Papst, & Farinatti, 2021).
Many strength coaches have adopted periodization, or the organizing of workouts to achieve adaptation, as a means of programming performance, however, it does not appear that this is important to the stimulation of muscle growth (Polito, Papst, & Farinatti, 2021). The key variable appears to be weekly volume, so periodization of the workouts can be done to prevent monotony of training, as well as overtraining, if desired. For training purposes, it can be helpful to organize the exercise in terms of movement and choose an exercise that fits that movement. The main movements are squatting, deadlifting lunging, horizontal pushing and pulling and vertical pushing and pulling. This then allows for a large variety of exercises that fall into those specific categories. A sample program is provided below. For specific muscles, it is also advisable to include additional sets and exercises, as needed and as tolerated.
In general, it would appear there is a relationship between weekly volume and muscle gain, where at least 10 sets per movement are necessary to stimulate growth. It is important to train each set to momentary muscle failure to maximize the response and to progressively improve over time. This last part is where periodizing and organizing the workout may be of assistance, however not necessary so long as the weekly volume per muscle group is obtained.
Aube, D. et al. (2020). Progressive resistance training volume: Effects on muscle thickness, mass, and strength adaptations in resistance-trained individuals. Journal of Strength and Conditioning Research, 1-8.
Baz-Valle, E., Fontes-Villalba, M., & Santos-Concejero, J. (2018). Total number of sets as a training volume quantification method for muscle hypertrophy: A systematic review. Journal of Strength and Conditioning Research, 1-9.
Fink, J., Kikuchi, N., Yoshida, S., Terada, K., & Nakazato, K. (2016). Impact of high versus low fixed loads and non-linear training loads on muscle hypertrophy, strength and force development. SpringerPlus, 5, 1-8.
Fisher, J., Steele, J., Bruce-Low, S., & Smith, D. (2011). Evidence-based resistance training recommendations. Medicina Sportiva, 15(3), 147-162.
Polito, M.D., Papst, R. R., & Farinatti, P. (2021). Moderators of strength gains and hypertrophy in resistance training: A systematic review and meta-analysis. Journal of Sports Sciences, 39(19), 2189-2198.
Schoenfeld, B. J. (2020). Science and development of muscle hypertrophy. Human Kinetics.
Schoenfeld, B., & Grgic, J. (2018). Evidence-based guidelines for resistance training volume to maximize muscle hypertrophy. Strength & Conditioning Journal, 40(4), 107-112.
Being outside and active during the winter months can be a great way to enjoy the colder, snowier months of the year. Skiing and snowboarding are popular winter activities that encourage physical activity, but are not without their risk of injury.
When looking to identify risk factors related to skiing, researchers in South Tyrol identified that men were at greater risk of injury severity than females based on visits to their clinic. Additionally, injury severity increased with age and snowboarding. Beginners reported less severe injuries than experts based on the injury severity score and the presence of fresh snowfall also decreased injury severity (Girardi, et al, 2010).
Helmet usage in skiers and snowboarders is not consistent across age, as middle school aged children had higher levels of helmet use than high schoolers. Wearing a helmet has been shown to reduce the occurrence of head injuries. When wearing a helmet, high school aged participants were more likely to report injury resulting from jumps or tricks, as well as solid organ injuries (McLoughlin, et al, 2019).
Based on meta-analysis of ski injury data, the researchers identified that females are at an increased risk of knee injuries in both skiing and snowboarding. Beginners reported injuries at greater rates than advanced or expert skiers, mostly as the result of a fall, while advanced and expert participants reported injuries as resulting from a jump. Wrist braces were found to reduce the rate of wrist fractures in snowboarders, but may predispose these athletes to elbow and shoulder injuries. Additionally, inclement weather, including poor visibility and terrain also increased the risk of injury (Hume, et al, 2015).
Based on qualitative research with 61 stakeholders in World Cup alpine skiers, 32 perceived risk factors were identified across five categories. According to the results of the study, the five most commonly perceived risk factors are the ski/binding/plate/boot interface, changing snow conditions, speed and course settings, physical attributes including skier fitness and strength level and speed in general (Sporri, et al, 2012).
Generally, injuries differ based on experience, ability, skiing and snowboarding participation, weather and whether participants are wearing a helmet. While the weather conditions are outside of personal control, how a participant responds to changing weather and surface conditions is. Increasing signage, attention and caution can help reduce the risk of injury in inclement conditions. Choosing to wear a helmet is important to reducing head injuries, as long as risk taking is not increased for jumps. Having a helmet may create a false sense of security that increases risk taking that can result in injury. Jumping carries an intrinsic risk of injury for skiers and snowboarders, whereas falling is a common cause of injury in beginners. Participating within one’s ability at a speed that can be safely handled is not only responsible, but related to reduction in injuries and collisions. Snowboarders are encouraged to wear wrist braces to protect themselves from a fall on an outstretched hand and everyone is encouraged to adequately prepare for the upcoming snow season.
Increasing fitness, strength and balance are essential components of a snow sport preparation program. Age is related to injury, and while we cannot control the aging process, we can control our fitness. Take the time to prepare, get strong and gradually increase activity to enjoy not just this season, but many more seasons to come!
Wear a helmet
Consider a wrist brace if snowboarding
Pay attention and ski within your ability and avoid excessive risk taking
Prepare for the season with a comprehensive strength and conditioning program
Girardi, P., Braggion, M., Sacco, G., De Giorgi, F., & Corra, S. (2010). Factors affecting injury severity among recreational skiers and snowboarders: An epidemiology study. Knee Surg Sports Trammatol Arthrosc, 18, 1804-1809.
Hume, P. A., Lorimer, A. V., Griffiths, P. C., Carlson, I., & Lamont, M. (2015). Recreational snow-sports injury risk factors and countermeasures: A meta-analytic review and Haddon matrix evaluation. Sports Med, 45, 1175-1190.
McLoughlin, R. J., Green, J., Nazarey, P. P., Hirsch, M. P., Cleary, M., & Aidlen, J. T. (2019). The risk of snow sport injury in pediatric patients. American Journal of Emergency Medicine, 37, 439-443.
Sporri, J., Kroll, J., Amesberger, G., Blake, O. M., & Muller, E. (2012). Perceived key injury risk factors in World Cup alpine ski racing: An exploratory qualitative study with expert stakeholders. British Journal of Sports Medicine, 46, 1059-1064.
The coronavirus led to business shutdowns in an effort to contain the spread, as well as the Federal Government to pass the CARES act to help individuals and small businesses. Part of this is the Paycheck Protection Program (PPP), where banks lent money to small businesses through the Small Business Administration (SBA) with low interest and were backed by the Federal Reserve (Mercado, 2020). Generally, if at least 60% of this lent money was used to support workers, the balance of the loan could be forgiven. Overall, $525 Billion was lent through this program with the majority being smaller loans. There were 662,215 loans made to businesses in excess of $150,000 that were categorized based on level of spending and the details of the loan are publicly available (SBA). In an effort to understand who was lent money, the SBA also asked for additional details, which may not have been provided, on gender, ethnicity, veteran owned, non-profit status and lending institution.
The North American Industry Classification System (NAICS) is used to classify businesses for statistical use to understand the United States Economy (U.S. Census Bureau, 2020). There are several NAICS codes that apply to sport, with the largest sector being NAICS 713940; fitness and recreational sports centers. According to NAICS data, there are 134,100 businesses in this sector which is 44% of the total number of sport and recreation related businesses (Table 1). According to leading industry trade association, the International Health, Racquet and Sportsclub Association (IHRSA), there were 39,570 gyms in 2018 (Rodriguez, 2019). Fitness and recreation were one of the sectors most impacted by the coronavirus shutdowns.
To determine the PPP funds that went to the fitness and recreational sport centers, the SBA dataset was downloaded for all loans made over $150,000. This was further subdivided into the businesses that exist in the sport section and then isolated to those businesses with NAICS code 713940. The restriction to funds in excess of $150,000 was due to availability of the data, for funds less than this amount, there were higher identifiers collected and it was organized by state rather than in a single file.
Results of the data illustrate that a total of 1,775 businesses in the fitness and recreational sport sector received funding in excess of $150,000 with each state, two territories (Guam and Puerto Rico) and Washington, DC represented. Funds were organized into categories with 1,177 businesses receiving funds between $150-350,000, 473 businesses receiving funds between $350,000-1 Million, 81 businesses with funding between $1-2 Million, 43 businesses with funds between $2-5Million and 5 receiving funds between $5-10 Million. There were a total of 103 (5.8%) that were listed as female owned and 217 (12.2%) categorized as non-profits. Since this was not a mandatory field to be completed, it is unknown if there were more.
The states with the most businesses receiving funding are California (263), New York (179), Illinois and Massachusetts with 87 and Florida and Texas with 84. These six states represented 45% of the total businesses that received PPP funds (Table 2). Rounding out the top 10 were New Jersey (82), Washington (69), Pennsylvania (63) and Virginia (60). These ten states received 59% of the total PPP funding received for this sector.
The total jobs that were supported by the PPP were 137,852. The top ten states for job support were California (16,245), New York (12,061), Illinois (7,950), Massachusetts (7,228), Pennsylvania (6,703), New Jersey (6,491), Florida (6,204), Texas (6,003), Ohio (4,413) and North Carolina (4,371). These ten states comprise 56% of the total jobs supported by PPP funding (Table 3). An assessment of the lenders show that JP Morgan Chase issued 117 loans, Bank of America issued 83, Wells Fargo issued 40, TD Bank issued 38, US Bank issued 28 and PNC Bank with 26. These are six of ten largest banks by assets in the United States (Phaneuf, 2019). City National Bank issued 30 loans, Truist and the Huntington Bank each issued 25 loans, Manufacturers and Traders Trust issued 23 loans, as did Fifth Third Bank.
Unfortunately, these results do not include total funds lent to fitness and recreational sport centers, but it does provide insight into gyms that received higher levels of funds. The 1,775 businesses that received funds supported 137,852 jobs in 50 states, two territories and Washington, DC. It would appear that there are differences in where the funding went, with California and New York businesses received 25% of total funds. The top ten states of businesses receiving funding comprise 59% of total funds. The jobs supported are similar, with California and New York supporting 21% of total jobs and the top ten supporting 56% of total jobs. Two of the largest banks by assets also issued the most loans, JP Morgan Chase with 117 and Bank of America with 83.
Further evaluation should attempt to determine the total number of fitness and recreational sport businesses that received funding at all levels. Since these funds are meant to provide financial support for coronavirus shutdowns and pay employees it is vital to understand the number of businesses that received these funds. Since it is also possible that these loans are eligible for forgiveness if the funds are used for approved expenses, the businesses that receive them have an advantage over those that do not. How wide spread this disparity is, is not fully known. What is known is that 66% of the funding over $150,000 was between $150-350,000.
The results indicate that just 5.8% of the businesses that received funding were female owned. If this is reflective of the ownership of businesses in this sector is not known since this was not a mandatory field. If it is reflective, then much work remains to be done supporting women owned businesses in this field and their ability to acquire loans. Non-profit businesses comprised 12.2% of the total businesses. The lack of minority completed forms makes it difficult to determine the ethnic breakdown of the funds, so it would appear that more work is required. The collection and dissemination of PPP funds is helpful for understanding what businesses are receiving funds, and if this is an indication of the sector, there is a lack of female and minority owned businesses in fitness and recreational sport centers.
Mercado, D. (2020, November 2). PPP loan borrowers are being steered toward forgiveness. Why they should slow down. CNBC. https://www.cnbc.com/2020/11/02/ppp-loan-borrowers-shoved-into-forgiveness-why-they-should-slow-down.html
Paycheck Protection Program loan data. (2020, August 20). U.S. Small Business Association.
Phaneuf, A. (2019, August 26). Here is a list of the largest banks in the United States by assets in 2020. Business Insider. Retrieved from https://www.businessinsider.com/largest-banks-us-list
Rodriguez, M. (2019, March 28). Latest IHRSA data: Over 6B visits to 39,570 gyms in 2018. IHRSA. Retrieved from https://www.ihrsa.org/about/media-center/press-releases/latest-ihrsa-data-over-6b-visits-to-39-570-gyms-in-2018/
United States Census Bureau. (2020). North American Industry Classification System. Retrieved from https://www.census.gov/eos/www/naics/
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