Boutique fitness businesses have relied on in-person revenue for years, but this year is different. Digital offerings are now the primary source of income for studios. And that means you need to diversify your revenue streams to attract more clients and make more money from the ones you have.
Here are six things you can do right now to engage your community and diversify revenue.
Create New Activities Outside of the Studio
Extracurricular activities are the perfect way to add some additional revenue through community building. Host quarterly or annual events to encourage clients to get to know each other. By charging for access to events, whether online or outdoor, gives your business another opportunity to increase revenue. It’s a win-win!
Tap Into Client Motivation
Getting clients motivated to join and stay an active part of your community is the most affordable way to improve your business’ bottom line. Use the FitGrid Class App to seamlessly connect your community. By encouraging your clients to use the app, they'll get notifications when their friends sign up for class creating instant motivation!
Sell Retail Merchandise
Retail merchandise is a revenue stream and a walking advertisement all in one so don't treat it as an afterthought. Once your customers buy apparel, equipment, or other goods, they are bound to go somewhere else in public showing it off. To make this a viable revenue stream, you must buy the right items, in the right quantities, and with the appropriate perspective. Research your products, price them right, and create a competitive sales strategy that gets your retail in the hands of your clients.
Establish a Strong Base through Memberships
Diversifying your revenue isn’t always about creating new products. It’s about creating pricing options and memberships that give your studio stability. To keep up with innovation in your business, you should always have an option that is recurring and automatic. This gives you the stability needed to keep the business growing month after month.
Offer Private Lessons or Personal Training
Personal training is a great way to earn incremental revenue. Private lessons can earn as much as five times more from a member than a regular class. But they also appeal to more introverted clients who may not feel as welcome in your community or who prefer a more private experience. While some prefer a packed class, others, especially during a pandemic, prefer a small group setting. Privates open up an opportunity to offer your services to people who may have never tried your studio before.
Offer New Types of Classes
The more options you have, the more different types of clients you can have. Consider adding or partnering with another studio to bring new class types to your members. These new activities can get your existing community fired up to try new things that they have not access to or that they might need thanks to pandemic-induced stress. The best part is that you can add these indoor, outdoor, live, or on-demand -- the choice is yours!
Though the past year has been a time of uncertainty, remember you love being in the fitness business. Your clients need your passion, connection, and dedication. Diversify your revenue streams so you can stay financially healthy for them, and for you.
Keep your business strong and your community engaged. For access to data and tools that’ll help you do just that, start your free 30-day trial of FitGrid today.
ABOUT THE AUTHOR
Certified Consultant KK Hart owns and operates several wellness businesses, in addition to being the CEO of a boutique sales & marketing agency specializing in the health, fitness, wellness, and small business industries. With extensive experience as an international fitness and business expert, KK is regularly featured on Fox and The Huffington Post, among other media outlets. She has a Master's degree in Health and Business and over 15 years of experience specifically helping health, fitness, beauty, and wellness businesses grow.
FitGrid is a community management system designed for boutique fitness studios to engage clients on a personal level