Fitness startup FitKit is expanding in Greece, starting with Athens

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in Interviews, Startup Stories

The first fitness platform in North Macedonia, FitKit, which has been operating in the country since 2016 has set its sights on the Greek market. Currently, FitKit has over 23,000 registered users, of which 3,500 are paid subscribed to use 800+ services from 230 providers.

FitKit is led by Angelina Blazevska and Josif Damjanov.

The expansion comes after a successful several months of careful strategizing. The decision to make Greece as the first destination for an all-out expansion is based on several factors.

“After a long period of preparation and weighing in our options, we decided to go with Greece mostly due to the operational proximity, as well as due to the fact that the tension in the official relations between the two countries has decreased, resulting in a more favorable business climate. In addition, even though competition in Greece is alive and kicking it’s still very much underdeveloped. From our experience in Macedonia, we concluded that it is good to have competition that works exclusively with the corporate fitness model such as a Flat Rate (Subscription) type of membership. In such cases, our Pay Per Use model becomes competitive, yet affordable. And finally, expanding in Greece means that the company is in compliance with EU laws and regulations, which makes the company more appealing to investors. This, in turn, paves the road for further expansion in other EU countries.” – explains Josif Damjanov, co-founder of FitKit.

Working closely with a local partner, the activities of FitKit in Greece are under the banner of a newly formed Greek company. Outside the common startup hiccups, FitKit did not run into an obstacle or additional challenge just because they are a Macedonian company and product.

Asked about experiences and lessons learned from organizing the work and preparing all the necessary paperwork for the expansion in Greece, FitKit shared that expanding to a new market is not something that can be taken lightly:

“The whole procedure lasted exactly one year. Greece or otherwise, the options are limited. You either need serious cash flow for at least a 1 year of hiring and training people, or like us, you need to find a local partner willing to invest in the local company and take the helm as a manager in that country. – says Joseph.

In Greece, FitKit will start by conquering Athens – a city with 3.5 million inhabitants and a fairly strong business climate. The initial goal is to set up a FitKit offer with 40% of fitness service providers, and then focus on promoting and communicating with future customers – individuals and businesses that will further enrich what’s already on the table.

“Once we manage to reach enough income to cover the costs and fulfil the needs of the Greek start-up, we will start expanding to other major cities throughout Greece.” – adds Joseph.

Καλή τύχη FitKit!

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