Is Your Fitness Business Using these Revenue Streams?
Enrolling more members isn't the only way for gyms to make money. In fact, while membership revenue is important, there are many different revenue streams worth considering. Read on for a roundup of eight ways to amplify your income and grow your fitness business.
1. Diversity your programming.
People are always looking for new ways to enrich their workout routines. If you don’t currently provide certain types of classes or events, consult with your personal training team to see if they have any new and exciting areas of interest or expertise to share. Independent trainers can also be hired to bring in additional client programming.
2. Review your service levels.
Not all members fit into a single profile. While your current class schedules and membership plans may work for the majority of your members, looking into different options may open the door to new members. Shorter classes may mean more time-pressed members can participate, while off-peak only memberships have the potential to bring in extra revenue during times when your gym might otherwise be empty.
3. Embrace nutrition, diet, and lifestyle consulting.
The concept of fitness extends beyond exercise. With comprehensive wellness a priority for many people, adding lifestyle-focused programming may entice new members while simultaneously encouraging current members to increase their spending.
4. Add a retail element.
From nutrition products to convenience items, selling protein bars, combination locks, batteries, and more at a high markup is a simple yet significant way to boost your revenue stream.
5. Explore branded products.
Branded nutrition products don’t just promise more revenue, but also increased brand recognition. Today’s white label suppliers make it easier than ever to put your brand on a variety of nutrition products and supplements at a broad range of price points. If your branded products take off, extend their sales into e-commerce. This is easier than ever thanks to drop-shipping. You handle the marketing; they handle the rest.
6. Sell digital content.
The e-book industry is booming. According to Statista forecasting, e-book sales in 2018 account for approximately a quarter of global book sales while simultaneously generating nearly 20 billion dollars in revenue this year. The takeaway? If you’re not getting in on this action, you may be missing out. From nutrition plans to workout tips, the e-book options go on and on.
E-books are just the start when it comes to digital revenue streams. Online coaching and virtual classes can also help you reach more members, and make more money in doing so.
7. Rent your space.
All gyms have downtime. If you have unused space or space with frequent downtime, consider renting it out. Freelance instruction, parties, and group meetings are just a few of the possibilities for cashing in on your extra room.
A variation on this theme is to transform your unused space into a fitness experience. High-rise obstacle courses, ropes courses, and climbing walls are all the rage. Adding one of these attractions can generate ancillary revenue in many ways, including corporate events, summer camp, birthday parties, and other special events.
8. Invest in tanning beds.
While installing tanning beds does involve an upfront investment, they’re relatively low-maintenance over time and require limited labor and supervision.
Still not convinced that exploring additional revenue streams is worth the effort? “Generally speaking, ancillary services account for a quarter of a club’s total revenues. So operators need to be creative in terms of coming up with new non-dues revenue services, and getting members—and nonmembers—to make use of them,” says IHRSA senior research manager Melissa Rodriguez.
Another upfront investment that more than pays for itself over the long run is wearable fitness tracking technology. Download the catalog today to learn more about what AccuroFit can do for your fitness business and start a new revenue stream with ease.