On September $1,2018,$ David Bryan, owner of Northwest Fitness $($Northwest$),$ was analyzing the past year of operations and planning for the future of the business. Northwest was a fitness studio in London, Ontario that focused on "functional fitness" training, which could help people improve everyday aspects of their lives. Bryan had launched the studio with the help of a bank loan and a CA $$20,{000}^1$ line of credit. After three years of success, he wondered if the company was now in a financial position that would allow him to expand the studio's services.

THE FITNESS INDUSTRY

The fitness industry was in a period of growth. People of all ages had begun to view exercise as part of a regular weekly routine. Obesity and inactivity$-$related health issues were on the rise, with more of the population seeking regular exercise as a preventive measure and a way to maintain health and well$-$being. In an effort to reduce spending on obesity$-$related health care, health insurance companies and businesses had begun to provide monetary incentives for employees to take part in physical fitness activities. With both individuals and businesses seeing the importance of regular physical fitness, the industry was expected to grow at an annualized rate of $3,1$ per cent to reach revenues of $$3\mathrm{.}6$ billion by $2022.{?}^2$

In Canada, the top fitness trend in $2018$ was functional fitness training. Canadians were beginning to see fitness as a way to improve their everyday lives rather than just as a means to lose weight. Functional fitness training simulated movements that individuals regularly made, such as carrying groceries. ${?}^3$ Due to the working population's limited leisure time, high$-$intensity interval training $($HIIT$)$ was also popular because it focused on brief high$-$intensity activities $($e$,$g$.,$ sprinting$)$ followed by a short period of rest ${?}^4$ and promoted weight loss in less time than other types of workouts.

To become a personal trainer, candidates had to complete a certification program recognized by the industrygoverning bodies and insurance companies. Continuing education credits were required to ensure personal