Ok, so your fitness business finally opened - you have all the weights in place, you found the perfect room to do a humid version of the Rabbit Pose, you have all the rehab machines connected. But, something is missing - where is the money? Fitness business owners have a unique dilemma in that they need to have the health expertise to push the human body to a greater level, while also having the operational expertise to do the same thing with their business. It’s hard to know where to start. Seek has a series of tips that can help you begin taking your fitness business to the next level.
Offer Competitive Prices or Value
The average person won’t go to a gym, yoga studio, or physical therapy center if it’s not affordable when compared to similar fitness businesses in their area. This gives you a couple of ways to win:
Keep membership fees lower than your competitors - Let’s face it, most individuals have limited disposable income. They’ll visit your fitness business only if it allows them to improve their health at a price they can afford. After all, running is free.
This is a hard balance to strike when you’re trying to make a profit, but if you are able to price lower than your competitors, it can bring you a lot of members. Though your profit margins will be lower initially, you will be able to make up for it over time by bringing in enough people to still achieve the best business results. This strategy is best for fitness businesses that don’t have a lot of amenities (small gyms, small yoga studios, one person physical therapy practices, community clinical nutritionists, etc.)
Offer the greatest amount of services for the price - While most individuals have limited disposable income, they are more willing to use some of it on your fitness business if they think that all of your business’ services are worth more than the price of a membership. The best way to do this is by advertising all of the amenities that your business offers.
This strategy is best for fitness businesses that are trying to charge “premium” prices. The best way to advertise the value of your business’ amenities is to offer them as “packages” - pricing models that offer multiple products or services for the price of one. Examples include:
Multi-class discounts - Charging a reduced price and offering pricing tiers for 5, 10, and 15 classes.
Merchandise discounts - Buy one, get one free deals work really well here or giving a discount for merchandise that has not sold well after 3 months.
Incentivizing “add ons” - Offering cheaper pricing for customers that want to add on classes to their existing membership, or offering discounted personalized help in addition to their membership.
This obviously works best if your fitness business has more than one product or service to begin with. Examples include spas, gyms that offer more than just weight lifting or cardio equipment, yoga studios that have multiple class types, etc.
If you can master these strategies and figure out which one works best for your business, you’ll immediately see your customer base grow as well as your revenue!
Want to learn more about how to grow your fitness business? This is only the first step in our 4 step series.
Want access to Parts 2, 3 and 4? Click here to get the full eBook!