Like most entrepreneurs, gym owners are finding it harder to make a profit. Recently, their overheads have risen sharply. While at the same time, it is becoming harder to attract and retain clients who are also finding it harder to make ends meet. Many people are thinking twice before spending money on a gym membership.
All of this makes it essential for gym owners to maximise the amount they make from what they have. Using the approaches outlined below, it is relatively easy to earn more without having to necessarily spend a lot of money.
Familiarise yourself with what other gyms are doing
Often, your competitors will have uncovered ways to maximise their income that you were not aware of. That is why regularly reviewing what they are doing is so helpful.
Here are some of the things you should consider when comparing yourself to other gyms:
- Opening times – if gyms in your area are opening earlier than you or staying open later, consider doing the same. You only have to do so for a couple of months to work out if it is worth continuing with longer hours.
- Other services they offer – the fitness industry moves at a fast pace; people get bored with what they are doing so are always looking for the latest thing to try. Keeping an eye on what others are offering is an effective way to make sure you stay ahead of the game.
- Price – in the current economic climate, how much you charge is particularly important. If the gym around the corner offers a similar service and is cheaper the chances of someone switching are quite high.
- Equipment – making sure that you offer the latest equipment is also important. Again, your competitors can help you with this.
- Décor – the ambiance of your gym is important which has a lot to do with the décor and how you lay it out. You should regularly freshen things up. Before you do, visit other gyms and fitness facilities. Doing so will help you to generate ideas and give your establishment a fresh modern fill.
Do some research online
It is also worth going online to see what your competitors are up to. Also, take the time to look at the sites of gyms that are outside of your catchment area. Even those that are located abroad can provide ideas you can use to make a little more income.
Make better use of your website
If you are not already doing so, maximize the income from your own website. Consider adding a shop or selling gym equipment, clothing, and digital products online. It is also worth getting someone to add content to your website. Doing so will help your customers. Plus, with the right content, you will stand a better chance of ranking higher on Google, which will help people to find you. If you get enough traffic, it is also possible to earn a decent amount from display ads, affiliate offers and other methods that you can read about here.
Invest in digital signage and deploy it effectively
It is also important to keep the people that come into your gym up to date about what you have to offer. Using digital signage software for gyms makes it really easy for you to do that. Provided you buy the right package you will have access to thousands of images that you can use to create interesting digital posters and short videos. Plus, of course, you can also use those screens to entertain your gym goers.
Be sure to change what you display on these screens on a regular basis. If you don´t people will soon get bored of looking at the same thing. Eventually, they will barely look at them.
Ask your current customers to help you to attract more
Studies show that if a friend, co-worker, or member of your family recommends a business to someone there is a strong chance that they will use it. For this reason, periodically setting up and running a referral program is an incredibly powerful way to attract new customers. This article explains how to put together an effective one for a gym.
Use social media to spread the word
Sharing what you have to offer on social media can also work well. Especially if some of your posts and tweets are created by people who already use you.
If you are not already doing the above things, put together a plan to gradually introduce them to your business. When you do so, you will quickly see your income increase.
Review 5 Ways to Make Your Gym More Profitable.