As a small business owner, you know the importance of maximizing return on investment better than most. For fitness studios and gyms, every penny counts - from marketing to t-shirts and everything in between.
We’ve written about how alternative revenue streams are not only a great way to improve your bottom line, but they’re also a great way to grow your community and build brand recognition in the process. One major alternative stream that often gets overlooked, mostly because it isn’t the easiest to access? Health insurance dollars. Here are three reasons to consider tapping into them at your studio.
Be part of the workplace wellness revolution
Corporate wellness is a booming industry - so much so that the U.S workplace wellness market is likely to surpass $15 billion in the next five years. With healthcare costs on the rise, it’s no wonder. A poll conducted by the Kaiser Foundation found that the average total cost of employer-provided health coverage will exceed $20,000 for family plans in 2019, with employers fronting 71% of that cost on average. As employers search for ways to reduce the price tag, corporate wellness offers an attractive solution to bring down costs and make employees healthier.
More money in the bank
According to the CDC, almost half of all workplaces in the United States offer some sort of wellness initiative for their employees. Traditionally, these programs might have included a membership to the local big-box gym, BMI screenings, or a gift card or pizza party to incentivize participation. In recent years, a dramatic pivot towards boutique fitness has businesses directing employees toward more specialized indoor cycling, yoga, Pilates and boot camp studios like yours. This means more people coming through your door and, ultimately, more money in the bank.
Grow your community
You understand the power of community better than anyone - it’s your bread and butter. Why not leverage local businesses and employee networks to expand your own? Programs like Peerfit bridge the gap between fitness facilities and insurance carriers by providing employers and their teams access to fitness studios in their communities, all while using their insurance carrier dollars. It’s a win-win-win for everyone involved.
Are you ready to embrace the workplace wellness revolution? By plugging into the opportunities available to you through local businesses, you can help improve the wellness of your community—and your studio.