Slumps are the stuff of nightmares for most business owners. Especially those entrepreneurs who run their ventures in the ever-blooming fitness industry. At present, the demand for physical (and mental) well-being is constantly on the rise, given people’s urgency to step out of their largely unhealthy lifestyles. This current trend for attaining an ideally sculpted body has positioned fitness clubs in a pretty sweet, profitable, and not to mention, competitive spot.
According to Statista, health clubs, weight loss centers and PT gyms succeed in generating more than 80 billion US dollars on an annual scale, across the globe. With the market for these fitness-rich services getting vigorous day by day, the need to have a strong business backbone for your own gym’s model is crucial.
How do you say goodbye to slumps? How can you gain financial stability and maintain a competitive edge for your gym?
You need to ensure you have a proper back-up plan to fall on besides your primary source of income, i.e. gym membership fees.
Luckily, I have a few ideas in store for you on how you can split your revenue stream in multiple ways, boost your monthly profits, and ground your claws in the future of the fitness industry. Check out some of the most creative service expansion ideas below:
One of the best ways to create additional income is to merchandise retail items from your gym’s platform. These products could very well be of your own making or acquired from some popular brands in your niche. If done right, this method of revenue generation could potentially load you up with numbers, giving your business the growth spurt it needs. In that connection, start by choosing the items you would be promoting sales-wise. These could be anything from dietary supplements to DIY equipment—whatever best represents your unique voice.
Keep in mind that the products you put out there and the brands you approach will have your endorsement written all over them. So, screen the brands carefully and limit their number to three for maintaining credibility.
After you stock up the goods, the next step would be of advertising. Increase the visibility of your retail project by marketing effectively both offline, via word of mouth, and online. Use social media to your advantage.
Be sure to simplify the payment process for the products in order to prevent any sort of inconvenience. You could also give special incentives and discounts to your current gym members for a sales boost.
As your selling campaign/retail operation catches on, you can develop it further into a proper e-commerce business with drop-shipping benefits, and roll in the profits.
Offer consultation sessions
It surprises me how much people are willing to spend on the information. Knowledge gives power, after all, power leads to control, and what masses generally want is to be in total control of their lives and their circumstances. You can monetize this tendency by offering special consultation services at your gym to both new and old members at a price. These services can be distributed over a number of programs, like:
- Dietary and nutrition sessions
- Body composition assessments
- Beautician and spa facilities
- Yoga and meditational classes
- Chiropractic and massage therapies
- Tech x Fitness awareness seminars etc.
Contact freelancing professionals and respective experts out there who are willing to collaborate with your business. Create cycles of consultations and promote them effectively among your audience circles both online and offline. Include bonus offers, special vouchers and mega deals in your campaigns for generating better leads.
Technology has cast a shadow over everything in this uber-fast age. If you haven’t already caught up with it, then it’s time you should. Make your gym workouts digital and offer live streaming options to people who can’t spare a slot in their tight schedule to visit your clubs. Many of your members could get on board with digital workouts if you offered it as an alternative to them stepping foot in the gym. This is another way you could diversify your revenue stream.
Coach new gyms
How long has it been since you opened your gym? Have you learned everything there is to know about fitness club management? How about you lend some of your experienced wisdom to new gym start-ups, at a price of your choice?
You could compose easy yet comprehensive courses on gym management, and teach entrepreneurs out there how to run a gym properly, including how to avoid common pitfalls. You may conduct the training workshops at a location or carry out a webinar (which is quite a popular branding technique, by the way) or join a third party website that hosts online courses and invest your efforts there.
The list for diversifying your revenue streams go on. However, for now, the ideas mentioned above can help you to boost your gym’s monthly revenue. Give them a try today!