The country is moving toward reopening again, but we all know it’s not the same. Still, for health club owners and managers, opening a gym is a bit of a balancing act. For instance, you may find that you have customers who may be a bit hesitant to return to a club due to hygiene. On the other side of the coin, a significant consideration for you is how to earn back the revenue you lost. That’s why today we want to share with you some of the creative ideas to get your gym making money again!
Making money for a gym in the current economic environment means that you have to think of new revenue streams. We know that the earnings you make as a club owner depend on the profit. Unfortunately, during tough economic times, it could mean lowering the expense line for your salaries and benefits. However, that can only take you so far, and many gym owners understand that having a great team is one of the reasons why their gyms attract its members.
Making Money Again Opening a Gym
1. Sports Marketing is an Essential
The first thing you want to do to start making money for a gym is to invest in sports marketing. Sure, during tough economic times, you may be a bit more hesitant to spend money. But, the adage is correct, you have to spend money to make it. And, in this case, you have to make it by reminding people that you are open for business. Therefore, take a look at our article, Sports Marketing: 5Ps and the Questions to Ask, to learn the critical question you have to ask yourself as you look at new revenue streams.
2. Think of Sneakers as a Currency
As you think about opening a gym again, one of the things you have to do is to get super creative. Did you know that you can help your community repurpose running shoes and make money for your favorite cause, including your gym? In short, the old athletic shoes and sneakers your members have lying around their homes and closets have a value. Think of asking them to give you the sneakers they don’t wear—maybe with a membership discount. A social enterprise pays you for those sneakers for good, which in turn don’t end up in landfills and go to small business owners in developing countries.
3. Create New Streams of Income When Opening a Gym
Making money for a gym at this time requires a lot of creativity. As you know, during the recent pandemic, people raised money doing virtual fitness challenges. You can get in on making money from these ideas for your club or, if interested, for giving back to the community. For example, you can challenge those members who may not be ready to return to your club, to stay engaged by raising money for your club with a virtual fitness challenge. Doing a virtual fitness challenge is an excellent way to keep your patrons engaged and also raise funds.
4. Get Creative About Offering Classes In-Person and Also Remotely
Millions of people around the world learned all about video platforms, even if they did not use that technology. Therefore, this offers an opportunity as you think about what to add for revenue in opening a gym. For instance, you can create virtual and in-person fitness classes. Also, perhaps you would like to offer classes you may never have provided, such as yoga. There are plenty of ideas for creating new courses you might not have considered in the past. As an example, take a look at The 8 Best Online Exercises Classes of 2020.
5. Making Money for a Gym Should Involve Product Sales
Want to know one of the best ways to market your gym? Sell branded products. When you sell branded products, your members have a chance to buy things they like, such as hats, t-shirts, sports bottles, and even equipment. Plenty of third-party vendors allow you to sell products on-demand with your brand. So, consider selling branded merchandise online by creating an e-commerce store. And, of course, you could also sell your branded products at your gym.
Of course, there are plenty more ideas for making money for a gym. If you’d like to read other resources, check out this article on making money in fitness. Also, take a look at how to make money online since virtual classes can make a lot of money for your gym in the digital age.
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