5 Ways to Boost Gym Revenues Without Selling More Memberships
Revenues. They are the lifeblood of your health club. If you are like most gym owners, you spend a great deal of your time searching for new members and keeping current to boost your top-line revenues.
With competition fierce and members becoming increasingly price-sensitive, many health clubs can’t count on membership dues alone to sustain profitability or fuel growth.
That’s why today it is more important than ever for the success of health clubs for them to find and capitalize on various revenue streams. If you could generate just an extra $25 per member monthly, it could significantly impact your business’ overall financial health.
Here are five revenue streams that your gym should be taking advantage of if you haven’t already to stop leaving money on the table and instead put it into your gym’s bank account.
1. Ring Up Retail Sales
Be it bottled water, branded clothing, protein bars, padlocks for your members who have forgotten theirs, or even wearable fitness technology to take advantage of one of the hottest trends in the industry. Selling retail items is a natural extension of many of your club’s fitness and health services to help boost revenues. Margins on many items are significant, allowing your club to double or triple your investment on products you sell. It may take some tweaking of your health club management software, learning a bit about inventory and merchandising, and a bit of training for your front desk staff, but in the long-run, this extra effort can yield tremendous results.
2. Push Personal Training and Small Group Training
This staple of the health club industry is still a lucrative profit center. With the right staff and marketing, personal training and small group training not only can boost your profits in the short-term but can also boost your revenues longer-term by improving member connection to the gym, increasing retention at the same time.
3. Hold Boot Camps
Much like personal training, boot camps have become a fitness staple. In fact, odds are your competitors are either offering boot camps in their clubs or are one of the many stand-alone boot camps popping up across the country. If your gym has the space, adding branded boot camps lead by your fitness staff, boot camps can become recurring revenue sources as well as added to your personal training revenues if your trainers are taught to convert boot camp participants into clients.
4. Offer Nutrition and Weight-loss Counseling
With more members turning to outside and online sources of nutrition counseling such as Noom and various local weight loss clinics, adding this service for your members either from someone on-staff or partnering with a freelance nutritionist, you can take one of the hottest trends in fitness and grow your bottom line by helping members shrink their waistline.
5. Host Events and Workshops
Every gym has slow times of the day and year. Times when group fitness studios sit empty and gym floors are a bit barren. Take these times to make those spaces put a little extra cash in your till. Club-run workshops and fitness challenges can teach members how to reach their goals, help them stay motivated, and keep them coming back.
You can also use empty rooms and slow times to earn some extra money by letting other wellness and health organizations rent your space to hold meetings and events. This not only brings in rental income but may open your club up to potential new members at the same time.
There are other ways to boost revenues without selling more memberships or increasing your rates. It really comes down to having the right systems, processes, and inspiration. Should you need a hand designing or implementing new revenue streams feel free to reach out to our team of experts.