From his humble beginnings as a personal gym trainer in Hanoi to setting up a manufacturing factory for bespoke gym equipment in Bangkok, it has been a long and interesting journey for Henrik Olofsson’s business endeavors. But this is just the beginning for the Swedish founder. And his case proves that there is always potential (even in Southeast Asia) for those who are brave enough to jump into the unknown – the world of entrepreneurship. In the case of “Fysik”, the company has really found its own niche as a designer and manufacturer in the premium fitness sector, but with a primary focus on machine tools – low tech vs high tech.
Listening to Henrik and his story, it’s easy to see why one thing led to another: As a young man, he tried out for a career as an ice hockey player in the US, quitting it at age 20. He also attended a course in Norway to learn the basics of being a personal fitness instructor.
Henrik Olofsson, designer and owner of Fysik. Photo by Joakim Persson.
Personal trainer Hanoi income finance travel
“I wanted to travel a bit and my parents had just moved to Hanoi so I thought I’d live with them and start a personal coaching business there. I was into gym training and thought it could be an interesting job, so I took the plunge and went to Vietnam to see if I could do some freelance work there and make a bit of money and explore the area,” he says.
“I stayed for a year and worked as a personal trainer for expats, which turned out pretty well. I was the only person doing that in Hanoi so I got busy straight away.
And Henrik was already hooked on CrossFit training (a fitness program that involves continuous performance of different functional movements performed at high intensity), which uses a lot of equipment not commonly found in traditional gyms.
“So one of my first jobs in Hanoi was to go to a motorbike repair shop, explain what I wanted and ask if they could make a ring like that, and they did. Then I went to a tailor. Hanoi is a very old city, with a culture of handicrafts, with artisans working in the streets, etc. And as long as you have a good attitude and behave politely, they are happy to help,” the Swede continues.
Gym/fitness equipment from Fysik. Photo: Fysik
Designing his own qym equipment is not unusual for Henrik, who grew up in a very design-oriented environment. “In Sweden there are so many well-known companies, so design is in our DNA, so you’re always subconsciously exposed to it. I come from Älmhult, where IKEA was founded, so all my friends worked there. I think entrepreneurship – being able to start your own business – also played a big role. So it was natural for me to be able to make my own equipment, and I wanted to design things that looked good too,” explains Henrik.
His conclusion is that there are only two things to consider when manufacturing gym equipment: make it as cheaply as possible but face stiff competition from China that is very hard to beat on price, or make something unique and compelling that can be appreciated in a different way.
A job offer in Bangkok is a big moment
After his year in Hanoi, Henrik also made a few trips to Bangkok and found the city to have a higher level of growth in comparison: “It seemed a bit more cutting edge, at least at the time, and there were a few more opportunities.”
His analysis proved correct, and after deciding on Bangkok, he received a job offer almost on the spot, which made it easier for him to obtain a work permit.
“I went there completely unprepared. My mum had found a job in Bangkok and moved there so the timing was right. I knocked on the door of one of the gyms downtown and just a week later the Australian owner offered me the job.”
This was clearly a key moment that turned things around for Henrik, who had not initially planned to stay in Asia for long.
Dumbbells from Fysik gym/fitness equipment. Photo: Fysik
“I was honored when he offered me the job, and just six months later we became business partners. I worked with him at a gym in Bangkok for five years.”
Two years later, he met and married his Thai partner, Am Tharasansombut, and the idea of starting his own business was planted.
“The career lifecycle as a personal trainer is typically three to five years, and as you progress further you move on to the next step, usually becoming an instructor of instructors or opening your own place and bringing your ideas to life.”
They chose the latter and opened a showroom gym in Prakanong in 2016. By this time, Henrik had built a network of instructors and customers who could support their new venture.
“But like many other areas of business, how to stand out above the noise is a tricky dilemma. There is a lot of competition,” Henrik admits. “All the gyms in the city have the same marketing message, but we thought we could compete by changing our look and standing out in a good way. All we need to show is a photo of our gym with wooden grips and leather dumbbells. We don’t need a lot of copy because the look says it all. If we can stand out from the crowd that way, we’ll be competing on a whole different level.”
Gym equipment design is the focus of our business
“And I think we had a great, great-looking gym and we were happy with it. But we just weren’t getting enough customers to justify the costs. And in conjunction with opening this gym, we had already started manufacturing our own equipment.”
“I’ve always loved craftsmanship and been interested in materials and design, so I thought, ‘We live in a country where it’s easy to make these things, so why not design them ourselves and achieve something by combining my love of design and fitness?'”
It also helped that Henrik’s wife’s family was in the steel industry, so they had access to a lot of know-how about where to start and where to source materials.
“We’ve been slowly building this up over the last 10 years and have been setting up gyms as test cases ever since.”
In 2015, they researched the market for potential competitors and found only one company, a German company that manufactured dumbbells for luxury yachts, which looked promising.
“That’s right! Only one player! Things have changed now, but it’s still very few.”
So by creating a showroom-style gym, the Swedish-Thai couple had already charted a different course.
“Initially, we thought we would use it as a showroom. If gym equipment sold well, we would focus on that. But nearly four years after opening, COVID-19 arrived and that put an end to the gym business.”
Gym/fitness equipment from Fysik. Photo: Fysik
“We also received great feedback. Some of our equipment really caught people’s attention. It’s really like a unique part of the gym, and usually no one walks into a gym and starts looking at the equipment like that. This was a wake-up call. Also, during the pandemic, we started getting a lot of emails from people in the US who had seen our images that we had published earlier on Pinterest. And since then, individuals started placing orders. And, to be honest, we were surprised that they trusted us like that. So, that gave us a lot of motivation. This seemed like a much better business than the fitness training part,” Henrik continues.
“So we focused all our efforts on the gym equipment part, and it’s grown since then.”
“We’re not focused on performance – for example, making dumbbells with the perfect grip so you can beat your personal best. Most gym equipment companies are 100% focused on functionality, performance and practicality. Design is secondary – they all follow the same path and use the same materials. Our specialty is making sure your gym equipment fits into your living room decor so that you don’t have to hide it in a closet when you have visitors over.”
“From a behavioral science perspective, part of forming habits is having visibility to remind you of things. With Fysik, we wanted to take that design to the next level.”
Traditional business model and factory development
“Compared to tech companies, our business is more traditional and it takes a long time to build up the supply chain, so we can’t see the benefits as quickly as tech companies. But once you get going and reach a certain level, it’s very hard to replicate. It requires a lot of resources to launch,” he says, detailing his efforts since receiving his first overseas orders.
Soneva Resorts was also an early customer, having purchased Twin Palms Phuket. Marketing-wise, they also have the advantage that their designs have been used in several blockbuster movies, including the upcoming film “Red One” (released in November 2024).
Home gym from Fysik Gym/Fitness Gear. Photo: Fysik
“It’s interesting that today you can build a brand with a much higher value than any physical asset. Being featured in a major film or being seen in the gym of one of the top 50 hotels in the world increases your brand value significantly,” Henrik points out.
Fysik’s catalog has evolved over time based on customer requests and now offers both consumer and commercial models.
“Most providers offer a professional model and an edition for home use, so we offer that as well, as there is demand.”
They plan to buy more equipment each quarter, with the goal of eventually consolidating all production not just in-house but in one place. “We need to expand our facilities at the same time we’re manufacturing so we can expand. This is difficult. We can’t pause production to build a big factory, which will take six months and we won’t have any income during that time. So we have to do it in stages.”
“We have three departments – wood, leather and steel – and if we can bring all three together on the same manufacturing floor, it will be much more efficient. If an order currently takes two months to deliver, it will be much faster if we all work in the same place.”
“As of 2024, we plan to set up a factory to better control and scale our manufacturing.”
