Gym business revenue cycle revolves around monthly memberships. Greater the volume of memberships, steadier would be the profit stream of your business. But this doesn’t necessarily mean that you can’t put in more capital to improve your services. You can work on improving your customer’s experience by adding in profit from alternate revenue sources for gym.
If you are successful in figuring out your premium products, you can sell them like hot cakes, getting just the right financial boost. Even if you have encouraging revenue from your gym business, the very unpredictable nature of business can turn around tables within seconds. The uncertainty that comes along with business is the reason why gym owners and entrepreneurs keeping toiling relentlessly. It is also the trigger that keeps the business owners looking for opportunities that would further strengthen their foundation.
In this feature, we would be highlighting alternate revenue sources for gym that can help you stay financially sound while you keep growing your gym business.
Consider Diversification For Members
Look for trainers who are freelancing or work by renting spaces by paying per hour, to collaborate with your gym and provide client programming to your customers. This would serve as a platform for the trainers who are looking to develop their name and expertise under the headship of your brand. While this setting would bring you some extra cash, your members would also be elated on the idea of specialty programs.
Another way to get money rolling in through your gym door using your membership options is to consider providing new training classes. Offering your members with short duration or odd-hour classes would attract customers who are looking to stay and fit without getting bothered by the usual noise of peak of hours or prolonged sessions.
It’s Time To Delegate Tasks
If you have been wearing different hats, it is probably because you owned a small-scale business. Bigger revenues come when your business grows, which means it’s time to delegate your tasks. It’s time to think on the lines of hiring a receptionist or an accountant.
If developing an additional income stream is what you are looking for, then hiring a sales manager will bring along many boons. While earning his commission, he would be doing a lot of good to your business, improving membership rates and foot traffic. By delegating your tasks to your staff and steering away from multi-tasking will open door for you to develop strategies to drive more business.
Focusing On Other Fitness Niches
You can employ your staff members who have nutrition and health certifications as advisers or diet specialists for your gym. Offering additional services to your gym members such as a diet plans or nutrition advice can bring along more revenue. You can conveniently hit the customer’s sweet spot by offering similar services with proper training, since many people are often on the lookout for information that provides complete guidance on lifestyle changes helping them achieve their fitness goals.
Start Selling Supplements & Fitness Gear
Using the entrance or the foyer of your fitness center, you can start selling supplements and merchandise to your customers. This would initiate a separate income stream from merchandise retail operations. You can easily get many nutritional products with different price caps from the market.
Though nutritional products and supplements might bring some revenue, the real ticker would be selling fitness gear such as gym gloves and mats, towels and gym shoes and other items such as combination locks and batteries.
Consider Setting Up Your Own Fitness Brand
Amongst alternate revenue sources for gym, starting your own fitness brand does come with plenty of pros. This doesn’t mean that you need to set-up a huge factory and start large-scale operations. You can begin with manufacturing a few items such as gym gloves and shoes. Alternatively, you can also reach out to white label suppliers to put your brand logo on nutritional products and supplements. If you are going to sell supplements in the foyer of your fitness center, it’s best to put up ones that have your logo on them.
Move To Online Selling
Once you have success with selling your branded products, move towards selling them on e-commerce. The biggest boon of e-marketing is that you can dropship your products directly to your customers, using your brand’s name. All you have to do is to come with an impressive marketing plan and an image, and the factory would put together the remaining pieces.
Sell Authentic Information Online
Are you sharing your health tips, training information and nutritional advice with your audience? You can reach out to a large number of fitness enthusiasts by signing up for affiliate services such as Commission Junction to put up brochures of your written information in the form of kindle-formatted e-books on Amazon and other similar platforms. Since these platforms have a wide audience range, you can easily get thousands of copies sold for unique topics.
Cash Your Journey
Did you have a tough time growing your fitness center? Are you ready to share your experiences with others to save them from the same troubles that you have been through? Cash your topsy-turvy journey by providing fitness consulting services to other gym owners on how they can steer away from pitfalls and failures.
Opt For Franchising Your Gym
Once you have developed a positive brand image for your gym amongst your customers for your quality services and products, it’s about time to start franchising your gym. By getting local gyms put up your logo on their boards can pave way for immense success turning your gym into a big box brand.
If your gym is famous and you have managed to get two or three local branches set-up, expanding to other localities won’t be problematic for you at all. The key is to come up with a package that would help other gym members enjoy the same level of success as you do.
Be Open To Trying Every Alternate Income Stream
There is a saying, “do not put all your eggs in one basket.” The more accepting you are of trying other alternate income ideas, the more your ideas are bound to succeed. However, the income from these streams can be in the form of small trickles or a gush of money, depending on what works best for you and how you make the most of it.