Every gym owner knows that it’s hard to grow revenue. And with so many gyms opening up, the competition is fierce. But there are some clever ways to grow your revenue without adding new members.
1. Upsell Services to Your Members
Selling an additional service to your current member base is one of the best ways to boost your bottom line while providing value to them. But it must be done correctly to maximize your profits.
If this is a new tactic for you, don’t try to go big. Start small, with an additional service that you know will have demand and fit into the members’ budget.
Be sure to clearly communicate the value of what you’re offering and don’t price it too high. Make sure that it is within their budget but also makes sense from a cost-benefit standpoint.
2. Sell Personal Training Packages to Current Members
Personal training is another great way to increase revenue in your gym without signing up new members. Your current members are already interested in the services you offer, so they would be open to purchasing a package of one-on-one sessions at a discounted rate.
Of course, these packages would not be full price. But you can still make a decent amount on each sale if you manage it correctly.
3. Offer Specialty Classes to Current Members
Offering classes that are not typically offered or available at gyms is another great way to increase revenue. If your gym offers workout classes, but you notice a particular type of class is underserved, offer it as an additional option for current members.
The good news about this strategy is that so many different types of classes could be offered, including yoga, Zumba, dance cardio, Aqua Zumba, etc. The options are almost limitless.
4. Offering Personalized Nutrition Plans
Many people are interested in nutrition but don’t want to pay for a dietician. So, offering personalized nutrition plans is another great way to increase revenue while providing value. This would work best for gyms that provide personal training services.
5. Selling Supplements to Current Members
Selling supplements is another way to increase revenue, but it must be done correctly. The supplements should fit nicely within your existing product line and have a clear value proposition to the customer.
Offering overpriced supplements from an obscure manufacturer just because you can get a better margin isn’t a good idea. But by choosing quality supplements from brands that your customers know, you can increase revenue while still providing value.
Be sure to check with your local and state laws before setting up a supplement program. And, always communicate the risk and reward of what you’re offering and make sure that it’s in line with their goals.
More and more people are joining gyms, with membership rates increasing by nearly 20% since 2008. Membership rates are expected to rise by 23% over the next ten years. But with the increasing number of gyms, competition is fierce. So, to be successful, it’s not enough to just offer good workout classes and equipment. You must also find ways to increase revenue without adding new members. Implementing these five tips will provide your current customers with more value while increasing cash flow.