From Turning Down Sharks to Tripling of Business for Fitness Franchise
Two years since turning down an offer on TV show Shark Tank, SpeedFit has tripled the size of its business, surging ahead with year-on-year double-digit growth in Australia's competitive fitness industry, and attracting lucrative medical investors from the Middle East.
SpeedFit sees thousands of time-poor Australians take up the system, given the advantages over alternatives that require multiple visits to the gym and high intensity, high impact
activity. The workout can be catered to anyone, from disabled, seniors, the injured to elite athletes.
After appearing on Shark Tank and getting offers from Boost Juice founder Janine Allis and Dr Glen Richards as potential investors, the ownership group decided to back themselves.
That decision has proven a goldmine and SpeedFit has seen an enormous 60 per cent growth in sales in the two years since their appearance on the show.
They have tripled their locations from five to 15 and attracted investment from the founders of a Middle Eastern private hospital medical empire, the Shetty family, who are also part of the Forbes 1000 international list.
Neema and Sharad Shetty who are based in Perth came across SpeedFit as clients and were so impressed they invested in an individual studio in Western Australia.
The business model proved so effective the pair have now made a sizeable investment in the parent company.
They believe SpeedFit has the potential to be one of Australia’s great success stories, given the combination of new innovative technology and the gap in the fitness market.
“SpeedFit has just tapped the market; the wave is just beginning now. It is very exciting," Sharad Shetty explained.
“This is where the growth is going to start. I think it’s ready to explode,” he said.
“We thought, why isn’t this everywhere in Australia? It’s all around Europe, it’s tried and tested, and we have personally experienced its impact ourselves.
"There are only very few studios, and the only way is up; the East Coast is really yet to experience what SpeedFit can bring. So, for us, it was a simple investment decision in that regard.”
"The barriers to entry are not that high; the cost of entry is not that high. Here's the opportunity to be involved in the boom."
For more information on SpeedFit, visit speedfit.com.au