Personal training and group training are two of the most lucrative ways to drive your facility’s profits and revenues, but what are other creative ways that you can maximize income? We explore five ways that your gym or studio can boost cash flow through methods outside of exercise:
- Offer Training for Fitness Professionals – Exercise science is ever-evolving and new programming is constantly being developed to keep both mind and body guessing. Why not keep your instructors up-to-date (along with other local fitness professionals) by offering training? Through hosting, MERRITHEW™ Licensed Training Centers and Hosting Centers set their own enrollment prices and can create incremental revenue for their facility.
- Retail Accessories that Supplement Your Programming – Few things feel as great for your clients as that revitalized energy and sense of accomplishment from finishing a workout. Why not let that feeling extend into their home life? If your patrons already love Pilates, yoga, barre and other modalities you offer, upsell items like exercise mats, fitness DVDs, and props such as Mini Handweights, Mini Stability Balls, cushions, and blocks so they can keep the momentum up.
- Rent Space – Depending on the amount of space that your facility boasts, it could transform into a multipurpose area that can be rented out for dance rehearsals, photo and video shoots, wellness events and more. Not only are these revenue generating activities during your facility’s downtime, but it’s also great way to bring new, prospective faces through the door.
- Complementary Services – Give your clients the convenience of being a one-stop-shop when it comes to fitness and wellness. Many fitness studios are integrating services such as a juice bar or massage therapy. Especially if you host clientele in the high-performance, active aging or rehab categories, adding wellness offerings such as physiotherapy is highly complementary to a STOTT PILATES® practice.
- Community Events – A dedication to service is a common thread amongst the mind-body community. Participating in external events such as charitable runs/walks or hosting a complimentary event in a highly-visible area like Pilates in the Park shows a commitment to the local community and also introduces your facility to new faces that can be prospective customers.
Will you be implementing any of these strategies? Or maybe there are other revenue-generating tactics that your studio pursues? We’d love to know what those are! Leave us a comment below and share your insight with our community!