For many, the Covid-19 pandemic was a turning point in their careers. Some were laid off, others shifted to remote work, and many changed careers altogether.
Ashton Ferrazzo, who once worked in finance in Charlotte, found that the pandemic pushed him to rethink his career.
“I just kind of came to hate what I was doing,” Ferrazzo said.
During this time, he decided to leave his job and take a chance on a side hustle. His first step was buying a squat rack after gyms closed due to the pandemic. He didn’t like the rack, sold it, and doubled his money. That’s when he had an idea.
“Maybe there’s a side business here,” he thought. What started as a small hobby soon grew into a full-fledged business. Today, Ferrazzo is the owner of Freedom Fitness Equipment.
In just five years, he transformed his small operation into a 16,000-square-foot warehouse near NoDa, where he sells gym equipment internationally to commercial gyms, schools, training facilities, hotels, and homeowners.
However, much of the equipment he now sells comes from China.
“I can’t think of many pieces of equipment that aren’t made in mainland China,” Ferrazzo admitted. “That’s a little scary.”
Starting May 1, tariffs will increase the cost of importing equipment from overseas by 10 to 15 percent. While Ferrazzo believes he can handle these increases for now, he’s concerned about a potential 145 percent tariff on all Chinese imports.
“The American business owner is going to have to pay that cost, not the manufacturer,” Ferrazzo said. “It’s just going to lead to price hikes everywhere.”
Ferrazzo says small business owners like himself have three options: stockpile equipment before the tariffs go into effect, absorb the higher costs for as long as possible, or turn to products made in the U.S. or already in the country.
For Ferrazzo’s business, the most viable option may be used and refurbished gym equipment.
“We’re probably going to see some businesses diversifying just to survive or buying from other locations, even if the quality suffers, just to stay afloat,” he said.+
Ferrazzo’s success story is now at risk, as he navigates the challenges posed by tariffs and an uncertain future for his industry.
