How gyms can create more income
Increasing revenue in a gym business
Just like energy is the fuel for a workout, revenue is the fuel for a successful gym. So how can gyms increase their revenue?
One way to increase revenue is to increase prices. But with increased prices can also come membership cancellations and a decrease in new signups. Your best bet is to first look at your Unique Selling Proposition (USP). Your USP is what makes you different from competitors, it’s your point of difference and is often the leading factor in business growth or decline.
Maintaining a point of difference can help gyms attract patrons and highlight why it is worth paying a higher price. This enables brands to generate income beyond the traditional techniques and ensure they are offering value-based services.
Look to the competition
Always analyse the competition, complete an audit of their offerings, and look at why their business succeeds the way it does. Look at their offers, membership pricing, facilities and customer benefits to see exactly what they’re doing and how you can do it better. Don’t forget to look at all their terms and conditions too. Do they offer free membership holds? Cancellation fees? Corporate discounts? Referral discounts? Many enticing features are behind a successful gym, and knowing your competitors is the first step in improving your offering.
Technology is amazing!
As we move into advanced technologies, more tools are becoming available to increase business revenue, and gyms are no exception. All-in-one digital solutions can be an extremely enticing tool for members to see the value in their membership. Modern technology can help track results, achieve goals, and allow accurate data and complete body composition scans.
The Evolt 360 is a great tool for this. Taking 40 body measurements and composition analysis measurements in just 60 seconds, it’s quick, easy and can help members truly understand their bodies.
Introducing these technologies into offers and packages can be a great value-add to help encourage members to invest in their health. Even offering scans as a part of specific memberships can be an extra feature to entice people to go for a slightly more expensive membership or sign up for a challenge.
