Life Time Fitness is a health and wellness lifestyle brand aimed at offering programs “from 90 days to up to 90 years”. Their mission is to make the lifestyle accessible to people of all ages.
Life Time does not sell weight loss or the largest muscles, but rather, “a healthy way of life.” So, let’s take a look at the Life Time Fitness Mission and Vision Statement Analysis to see what they’re all about.
Contents
Table of Contents
Introduction
Vision
Core Values
- Leadership and experts
- A place for everyone
- Corporate social responsibility
Slogan
References
Introduction
Iranian-born Bahram Akradi left Iran when he was 17 years old to pursue a life in the US. He went on to study electrical engineering and found work at a health club, cleaning pools and performing maintenance duties.
While in the industry, he started selling memberships and soon shot up the ranks. By the time he had graduated, engineering was no longer his dream. In fact, he was sent to spearhead the first addition to the health club chain outside of Colorado and subsequently became a partner.
He led them to enormous success…
Although he led the company to enormous success with an exceptional offering, it was not what he had envisioned. The company was sold, and he stayed on for another three years.
He told a news publication that he had worked in health clubs that were not up to par, as they were like “torture chambers” and that customers were forced into contracts.
Two years waiting not wasted!
At the time of his departure, he was stationed in Minneapolis, Minnesota. Due to a non-compete clause, he could not operate in the area. However, as it turned out, San Francisco had a considerably greater demand anyway.
Unfortunately, he could not secure the funding necessary and had to wait out the two-year non-compete clause before he could return to Minnesota. The time was not wasted, however, as he used it to secure investors that would form FCA Ltd. and fund the first Life Time Fitness Center in Brooklyn, Minnesota, which opened in 1992.
Despite the odds…
Demographic history was not on Bahram’s side, as three previous health clubs in the same location failed miserably.
However, he set a humble goal of selling the same amount of memberships to the center in its first year, as he managed to sell in his first sales position during college. He passed his goal by two, selling 2702 memberships to the goal of 2700.
The expansion begins…
Life Time had been a roaring success and more clubs opened in Egan, Coon Rapids, Roseville, Minnetonka, Eden Prairie, Woodbury, Champlin, and Savage.
The city of Plymouth allowed Life Time to lease a piece of land to build pools, a fitness center, and many sports facilities that residents could use at a discounted rate on membership. In addition, the city had struck a deal to include the school district – this would allow young athletes to make use of the facilities.
Life Time brand booming…
The brand had gotten so popular that the original company was renamed Life Time Fitness, Inc. Throughout the 1990s, Life Time was offered millions of dollars in investments, as the demand for health and fitness clubs tripled during the decade.
The success of Life Time above all others was attributed to the fact that it catered to families with children and those who aimed to improve their overall health and wellness rather than fitness junkies and bodybuilders.
Not Exactly Y2K
The company did have some issues with its membership data system, as it often glitched. This resulted in members receiving free memberships as unpaid dues were not picked up.
Fortunately, a new team of IT staff was able to build a customized system that they could monitor, troubleshoot and update regularly. It is not clear how much money was lost to the previous system, but the new software was launched in August of 2000, linking all the Life Time clubs granting all members access to all clubs.
Living past the pandemic…
Over the last two decades, the chain had grown to sport more than 150 “athletic resorts” all over the United States and three locations in Canada. They offer personal training, spa facilities, kiddie programs, and wellness programs.
The pandemic of 2020 was a challenge for the fitness company. However, Life Time continued its success despite hard lockdowns and mandatory limitations once they were allowed to reopen. One of the main innovations in keeping and gaining memberships is by their virtual fitness class offerings.
Return to the stock markets…
On top of digital memberships, their physical demand proves to have risen as well; it even has a few new branches due to open in the next year. Their success has resulted in a 67% increase during the third fiscal quarter of 2021.
However, the losses of 2020 have prompted the company to be returned to the stock markets only in September of 2021. The company has recovered and is selling strongly at $18 a share; however, the total profit for 2021 has not yet been made public at the time of this analysis’ editing.
| Name | Life Time Fitness, Inc, stylized as Life Time |
| Industries served | Health, wellness, fitness |
| Geographic areas served | United States, Canada |
| Headquarters | Chanhassen, Minnesota. |
| Current CEO (2023) | Bahram Akradi |
| Revenue | Roughly $1.310 Billion |
| Profit | Unknown |
| Employees | 36 000 |
Vision
CEO Bahram Akradi explained it all when he described the poor-quality gyms he had previously worked in. The vision of Life Time Fitness is to offer health and wellness as a lifestyle to its members and to provide a quality service at fair terms in their perspective.
The Core Values
Leadership and experts
The company is still under the watchful eye of Bahram and has an impressive executive team. They aim to keep a tight ship and to adapt to change. Only the best experts are brought on board to keep staff educated in the latest developments in health and wellness.
The company is so confident in its expertise that it offers the opportunity for people to train and be certified at the Life Time academy to pursue their careers in health and wellness.
A place for everyone
This is a core value that includes members and staff alike. The company has vowed to be inclusive of all communities, to embrace all cultures, to empower women, those with disabilities, all people of color, and members of the LGBTQ+ communities.
It follows the principles of creating safe spaces where all are encouraged to participate, mentor and coaching programs are provided, strategic relationships are created, and the gap across social and economic spaces are closed.
Life Time is committed to improving the health and wellness of its staff, members, and local communities, along with the health and wellness of the planet. They have taken strides in eliminating plastic and implementing bio-degradable and recyclable items. They have also curbed energy and water consumption and have donated millions towards the education of children.
So, Have You Decided To Work In Fitness?
Well, then take a look at my Fitness Instructor Job Description, my Dietary Aide Job Description, or how about my Sports Medicine Physician Job Description to see what the various positions entail, or apply to my Life Time Fitness Application if you’re ready!
Alternatively, we also have our Gymboree Application, Planet Fitness Application, and our 24 Hour Fitness Application, or perhaps you’d prefer our Anytime Fitness Application, Golds Gym Application, or our California Family Fitness Application, and our Fitness 19 Application, and Crunch Fitness Application.
Of course, if working at a sports store is also an option for you, I’ve put together my Modells Sporting Goods Application, Sports Authority Application, and my Under Armour Application, or why not try my Foot Locker Application, or my Hibbett Sports Application, as well as my Champs Sports Application, and my Dicks Sporting Goods Application in 2023.
Slogan
In 2012, the tagline “Your Life. Your Time” made headlines in their revamped look for their in-house magazine, Experience Life. However, the current website tagline is “Life Time – Healthy way of life.”
