There are more than 180,000 fitness clubs worldwide, which rake in an estimated $84 billion in revenue. Looking at these numbers, you can confidently say the fitness industry is booming. With the rise in awareness about health, people are getting more concerned about fitness. People want to feel and look good, making the fitness industry a lucrative opportunity if you’re u looking to own a gym.
However, if you want to make money as a gym owner, you have to be creative in approaching the industry. Coaching is a popular method you could use to make money, but that market is highly oversaturated, so you might need to do a little extra. You can make life-changing revenue from fitness through these methods.
Sell Workout Plans
Owning a gym is the start of your journey as a fitness entrepreneur. To experience profitability, you need to blend your workout plans with other products that will be beneficial to your clients. One of the best ways to succeed as a gym owner is to develop fitness plans.
You can create these as PDF or video tutorials, which you can be sold through your online store. Platforms such as Sellfy offer you an opportunity to create an online store that you can use to sell your workout plans. Selling workout plans is a lucrative method of making money as a gym owner.
However, selling a product like this does not happen overnight as you need first to create a solid fan base. You can start with the subscribers you have at your gym and provide discounts for any referrals they make. Just ensure the product provides value as people will always recommend what has worked for them perfectly.
Sell Meal Plans
Fitness is not only about physical workout. It also involves customizing your diet to match your fitness goals. Healthy living has seen a surge recently, which shows people care about the things they eat and would pay money to ensure what they eat is healthy.
If you have fitness and culinary knowledge, you could tailor courses at your gym to include meal plans. You can charge a small fee for these meal plans, which many people will not have a problem purchasing if they’re comfortable with your fitness lessons. To improve your knowledge, you could enroll in a quick course that will equip you with the knowledge you need to understand how to fuse workouts with the proper diet.
Sell Fitness Products
Coming to the gym is not the only way your clients can stay fit. There are many apps and online workout plans that digital coaches provide, and more people prefer to workout at home. In this category, there are endless opportunities. Some of the products you could offer at your gym include exercise balls, fitness trackers, resistance bands, pre-workout supplements, and fit boards.
You can market to your existing list of subscribers, who might buy the products and even offer referrals. Also, use social media for marketing your services. Incorporating other items on top of the fitness services you provide at the gym will help you reach your goals faster.
Compensate Staff Based on Overall Results
If you have staff at your gym, their performance will contribute to your business getting profits or incurring losses. Each member of the staff should understand their role and the targets they need to hit. With good performance, you should compensate your staff members. Everyone will be motivated to move in the same direction, which will allow the business to grow and draw in more revenue.
Offer Online Classes
A gym is not just the physical structure where your clients come to pursue their fitness goals. More and more gyms are embracing online fitness classes. Create an app or a website through which people can register and join classes. This online system’s benefit is that you don’t need to be present 24 hours a day as all lessons are accessible at any time of day. This is a great way to expand your revenue streams, and don’t have to rely only on people living in your local area.
Embrace an Above Par Marketing Plan
Marketing is a continuous exercise. Even after landing your first batch of clients, you don’t stop. It’s one of the most difficult parts when you’re getting started in the fitness industry. With social media and the internet, you can find success in marketing your gym. You should customize your ad targeting to reach only people from your area and those you believe would most likely join. However, don’t ask clients for referrals as this could feel awkward. The surest way to get referrals is to provide stellar services. If the clients are happy, they will refer their friends.
Time Management is Critical
As a personal trainer, you work long, irregular hours. This means busy times could occur before people head to work, during the lunch break, and in the evening after they get off of work. Your productivity is essential if you want to make a life-changing income as a gym owner. Learn how to manage your time to avoid burnout. Always plan ahead and also understand the best time for your own workouts. Also, set boundaries with clients as this is a business like any other.
Offer Group Training
There’s power in numbers, both financially and in terms of motivation. Keeping members motivated is a challenging part of running a gym, so a project such as group training could help you overcome the challenge. With group training, you can charge per set of classes, per class, or even offer the classes in a membership. Group training adds some accountability and encourages a sense of community, which helps members achieve their goals.
Indeed, you can become successful by owning a gym as long as you understand how to run it. Instead of just offering lessons at a physical location, you could also incorporate online classes into your business to expand and reach a bigger market. Also, master how to market your services to reach many people both in your location and overseas if you run an online program.