It’s no secret 2020 has been one big, giant rollercoaster ride for gym owners. The pressing question on everybody’s mind is what will 2021 hold for the fitness industry? While no one knows the answer for certain, don’t be discouraged. There are still ways to keep pushing forward. Here are some tips and tools for creating revenue streams that will steady your member retention rates, increase revenue and help your fitness business grow.
Refresh online classes
At the start of the Coronavirus, the fitness industry made its collective jump into the world of online classes. By now, you’re likely a pro with a pretty solid handle on everything. But like with any trend, they’re always changing. So, pay close attention to your competitors latest class offerings, or do a little extra research on the web, and then give your own classes an occasional refresh when you feel it’s appropriate. Of course, if something is working out extremely well for you, don’t feel pressured to mix it up. Like the old adage goes, “If it ain’t broke- don’t fix it.”
Create a referral program anyway
Creating a member referral program might feel low on the do list these days but we are here to say: create it anyway. That’s because, it’s never a bad time to ask your gym members to help you spread the love to their friends and family. If anything, now is the perfect time for it. The rewards don’t have to be big, either. There are plenty of budget-friendly incentives including, free one-on-one workout sessions, free class passes or even a choice of merchandise from your shop.
Sell merchandise
Speaking of merchandise. Don’t pack up the yoga pants and reusable water bottles just yet. Whether your classes are meeting in person or online, your gym members will still need items for their workout sessions. And one item you don’t want to miss out on selling right now is face masks.
It’s true, they’re everywhere and everyone is likely counting down the minutes until we can be rid of them forever. But in the meantime, they’re here to stay. So, why not create some eye-catching and comfortable masks with your gym logo on them?
Team up with other companies
We’re all in this together, right? Team up with your business neighbours. It’s no secret that other companies are trying to find ways to keep their goods and services out there also. So, team up with the ones you respect and admire and offer to help each other out. Let them keep some of their products in your shop in exchange for them doing the same with yours. Or, even better, if they in the health and wellness field also, team up for a joint class or workshop.
Look for trends with Management Software
If you want to see how your new tricks are performing, pay attention to your management software. It can help you track member attendance and engagement which can clue you into what’s really working for member retention.
Gym owners, we hope you enjoyed reading these tips on different revenue streams and how to make your fitness business grow. If you try them, come back and let us know how they worked out for you.