The Peerfit team has had the chance to speak with thousands of fitness studios and as a result, we’ve noticed one theme that stands out consistently.

“Will this help my studio add to its bottom line?”

These same studios often tell us about the programs and services that companies try to sell, promising them that they will help their business bring in more revenue, but they have to pay for the service up front. These types of promises without return are a dime a dozen, so we’re sharing tested and preferred programs and alternative ideas that can help your studio or gym’s bottom line.

How Alternative Revenue Streams Can Help Your Fitness Studio's Bottom Line

What do your people want?

Think about if you were to spend time, money, and effort rolling out a new program, class, or service to your clients just to find out they don’t actually have any interest in it. This type of mistake is almost entirely avoidable. If you want to make sure you introduce something to a crowd that cares, make sure to find out what they want ahead of time. Nowadays, it’s easy to set up an interactive survey to your members through services like SurveyMonkey or Google Forms.

There are three key things to consider when setting up your survey, the first being to avoid promising anything. Just because you’ve posed a question and your customers have expressed interest, doesn’t mean it’ll happen.By the same token,  don’t hesitate to speak with those members after-the-fact so they don’t feel like their requests fell on deaf ears.

Second, turn the idea(s) with the most likelihood of success into something that can actually generate revenue. How? Identify which of these ideas came up most often and do some research to see how much you can charge for these programs/services while comparing the costs you would incur.

Lastly, identify your internal brand champions that can spread the word. And, of course,  reach out to those that were passionate enough to bring up the idea in the first place. Don’t hesitate to keep them involved and ask, “Do you want to see this happen here? Help me, help you!”

 

Find partnerships.

Cohesive partnerships that align with your business model can be a great way to impact your bottom line. Outside of an obvious example like Peerfit, which strives to drive corporate wellness dollars to fitness facilities, there are many opportunities to partner with businesses in your community. If you’re interested in partnering with another fitness studio, find one that complements your form of training.  For instance, if you own a CrossFit box, it would make sense to partner with a local yoga studio. Every CrossFitter could use some deep stretching in their life, while many yogis would like the high intensity that comes with CrossFit.

Make sure that, when visiting these facilities, you are prepared with a proposal that illustrates the benefits both facilities would experience.

An additional partnership opportunity would be to partner with a local health food store or restaurant. With this partnership, it’s important to check with your members to get an understanding of where they frequent so, ideally, a discount can be acquired. In return, whichever health food joint you choose can promote your studio through whichever medium is agreed upon.

Lastly, third-party partnerships can be a great opportunity for your studio to drive traffic to your studio or gym, thus increasing revenue without increasing expenses such as Peerfit.

 

Build your brand.

Just because you have a logo and branded apparel doesn’t immediately make your brand recognizable, which is a gamechanger in local communities. We’ve all seen people repping their preferred workout spot, but how do you do this in a way where you’re less likely to get stuck with shirts from two years ago still sitting in your retail area?

One method to increase your revenue while positively building your brand recognition is to once again, check in with your clients. Why sell t-shirts if they want tank tops? Once you know what they want, you can take the next step and get them involved to help choose their favorite design. Want to do this often? Keep the number of items printed limited, to ensure a reduced chance of getting stuck with unsold retail, and do it seasonally with different themes.

Another great way to build your business and increase brand visibility to your community is to host events. It’d be ideal for you to host an event that’s open to the public, as opposed to being member-only. As the owner/manager, you could choose the direct route of generating revenue by charging a fee to participate, or the indirect route by seeking to improve brand visibility. These events could be held on a quarterly or semi-annual basis with different themes. This is also a great opportunity to invite local businesses to get involved to further help in spreading the word to their audience.

Not all of these ideas may work for your gym or studio which is okay. It’s more important to find something that will work best for your facility and represent your company the way you prefer because increasing your revenue through alternative methods doesn’t mean much if you’re no longer following your passion.

Author

Chris Patton is the VP of Wellness Solutions for Peerfit. Peerfit saved Chris' life because it forces him to do yoga, kickboxing, and different types of workouts instead of CrossFit everyday, which is his favorite workout, because he thinks he can still workout as hard as he did when he was 21.

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