How do you diversify revenue streams for your fitness gym?
Revenue diversification is key to business survival. Having more than a single source of revenue saves your studio from being severely hit by adversities, especially during the pandemic. Here are 3 ideas for your fitness studio to diversify your revenue stream:
1. Offer fitness programmes for corporations
There is growing awareness for health and wellness in the workplace. After all, employees’ wellness directly affects their work performance. Currently many large organizations, like Standard Chartered, LinkedIn, Prudential, etc., are already providing their employees with a comprehensive fitness programme to boost their productivity. With COVID-19 raising the public’s awareness of health and wellness, more corporations are looking for customized fitness programmes that help their employees to release stress and anxiety. That’s where your studio can help.
There are different forms of partnership you can form with the corporations – you may send your staff to conduct onsite classes, trainings, workshops and seminars. You may also offer special discounts for their employees so that they are more encouraged to hit the gym.
Corporations are a more stable source of income than individuals. While individuals may change their mind quickly, corporations tend to stick around with the same partner as long as you are giving them what they need.
2. Rent out studio space and equipment to freelance trainers
Wanting to offer their services in different parts of the city to cater to different groups of customers, freelance trainers don’t have the capital to invest in their own space and would value spaces that offer hourly rental schemes. A spacious studio and well-maintained equipment are what freelance trainers are constantly looking out for. Those are valuable assets for you to generate extra revenue. Instead of just leaving the equipment idle when you are not having classes, renting them out to freelance trainers would be much more cost-effective, and can provide a sustainable revenue stream for yourself.
3. Offer a comprehensive health and wellness programme for your members
Your current members come to you for health, strength and wellness. Offering products and services that address the same pain points can help you to generate more revenue.
For gyms, building stronger and healthier bodies is the ultimate goal of your members. You may sell supplements that help your members to gain muscle. Nutritional counseling and massage therapy also serve the same needs. For yoga studios, you may sell yoga apparels, mats and blocks so that your members can keep practicing at home. Calmness and peace of mind are also something that your members want. Therefore, sound therapy might also be of interest to your members. You may also offer health and wellness-related workshops and seminars for your members.
There are always ways to improve the financial situation of your fitness studio. Besides diversifying your revenue stream, having an easy-to-use and affordable booking solution also helps you save some administrative costs. Vibefam helps you with class scheduling, member engagement, and studio analytics. Find out more about what we offer here or schedule a personalized demo with us here.
This article was written by Melissa Wong.