Different revenue streams for your fitness business
The fitness industry has witnessed significant growth over the past decade, with 10.3 million people in the UK owning a gym membership (15% of the population). As a result, fitness businesses have become more competitive and it has become essential to diversify gym revenue streams in order to stay ahead of the competition. Taking inspiration from the best in the industry, we will discuss different gym revenue streams and ways to maximize each one of them.
Membership fees are the most common revenue stream in fitness businesses and they provide a stable source of income for gyms. Memberships typically come in different packages, ranging from daily, weekly, monthly to annual plans. The pricing of memberships depends on the type of gym and the services offered. You can learn more about this through our guide on how to increase profits without increasing prices.
To maximize revenue from membership fees, fitness businesses need to focus on retaining members. This can be achieved by offering excellent customer service, providing quality facilities and offering competitive pricing. In addition, businesses can offer loyalty programs, referral discounts, and other incentives to encourage membership retention. Check out our guide on how to build and maintain a sales funnel to ensure you have a steady stream of customers to keep your business thriving.
Personal training is another revenue stream that fitness businesses can explore. PTs provide specialized training and one-on-one coaching to clients, helping them achieve their fitness goals. Personal training can be offered on an individual basis or as part of a group training program.
To maximize revenue from personal training, fitness businesses need to ensure that they have a team of experienced and certified trainers. Businesses can also offer training packages, such as 10 sessions for a discounted price. This will encourage clients to sign up for more sessions. Group training programs can also be offered to increase revenue from personal training but we will talk more about that in a moment.
Sales are another revenue stream that fitness businesses can explore. This includes selling fitness equipment, apparel, supplements, and other fitness-related products either through your website or in-house. Retail sales can be an excellent source of revenue, particularly for gyms with a large or busy member base.
To maximize revenue from retail sales, fitness businesses need to ensure that they offer quality products at competitive prices. Businesses can also offer exclusive merchandise or partner with established fitness brands to offer products that are not easily available in the market. In addition, businesses can create an online store to increase their reach and sell products to customers who are not members of the gym.
Group Fitness Classes
Group classes are a popular revenue stream in the fitness industry. These classes include yoga, aerobics, spinning, and other group training programs. Group fitness classes provide a social environment where members can interact with each other, making them an attractive option for individuals who prefer to work out in a group setting.
To maximize revenue from group-based classes, fitness businesses need to offer a variety of classes that cater to different fitness levels and interests. Businesses can also offer class packages or monthly subscriptions to encourage members to attend more classes. Easily manage all of these activities on the LegitFit platform. In addition, businesses can hire experienced and certified instructors who can provide quality training and create a positive class experience.
Corporate Wellness Programs
Corporate wellness is another revenue stream that fitness businesses can explore. These programs involve working with companies to provide wellness programs for their employees. Corporate wellness programs can include fitness classes, nutrition coaching, and other wellness services.
To maximize revenue from wellness programs, fitness businesses need to establish partnerships with companies that are interested in promoting a healthy lifestyle for their employees. Businesses can also offer customized wellness programs that cater to the specific needs of each company. In addition, businesses can provide on-site services or create online programs to increase their reach.
Events are another revenue stream that fitness businesses can explore. These events can include marathons, fitness expos and other fitness-related events. These events provide an opportunity for businesses to showcase their brand and services and they can also attract new customers.
To maximize revenue from fitness events, fitness businesses must create engaging and unique events that appeal to their target audience. Businesses can partner with other companies or organizations to co-host events and increase their reach. In addition, businesses can offer exclusive discounts or packages for event attendees to encourage them to become members or purchase other services.Check out our top 10 marketing ideas for gyms for inspiration!
Virtual fitness has become increasingly popular over the past few years, particularly with the COVID-19 pandemic. Virtual fitness includes online classes, coaching, and other virtual services that allow members to work out from the comfort of their own homes.
To maximize revenue from this avenue, fitness businesses must invest in quality equipment and software to provide a seamless virtual experience for their members. Businesses can also offer virtual training packages or monthly subscriptions to increase revenue. In addition, businesses can create exclusive virtual content or partner with other fitness professionals to provide a variety of virtual services.
Let's wrap it up
Fitness businesses have numerous gym revenue streams that they can explore to increase their profitability. To maximize revenue from each stream, fitness businesses need to focus on providing quality services, competitive pricing, and creating a positive customer experience. By diversifying gym revenue streams, you can stay ahead of the competition and ensure long-term success.
A great way to cut down costs and save time while you optimize these revenue streams is by using a fitness management software. Get in touch with one of our product specialists today to find out how we can help you!