Every business owner hopes to earn more money, in turn, creating a higher profit. I’ve outlined several small changes you can make to increase your bottom line. Read the suggestions below and leave a comment if you have additional ideas, too!
Increase Monthly Dues
Some gyms increase monthly dues on an annual basis, while others let years go by without making a change. If you haven’t increased dues in quite sometime or if you’ve added new equipment that justifies a higher fee, your members will certainly understand the need for extra cashflow. Keep in mind that a $25 increase per month, per member results in:
- $15,000 more annually for a gym with 50 members.
- $22,500 more annually for a gym with 75 members.
- $30,000 more annually for a gym with 100 members.
If you have a staff member certified in something special, give them the opportunity to talk about it to your clients. On the other hand, you could put together an introductory session about a special topic and advertise it to those who are not (yet) members. Charging $10 for admission is a small fee compared to what those in attendance will learn.
Assessments & Nutrition Plans
Have gym members who have strong workout routines but can’t seem to move the numbers on the scale? Offering body composition assessments and personalized nutrition plans (don’t forget about the benefits of retailing Vitamix blenders!) are always a smart idea — and something members would be willing to pay extra for. After all, you’re an expert so asking for payment for additional services you paid to acquire is justified.
Creating recovery zones featuring Rapid Reboot compression therapy can set your facility apart from others in your community. You might even see members coming in after competitive races, completing strenuous yard work or a long day at the office solely to utilize the space. This is an opportunity to welcome new clientele, too.