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Don’t Put Your Eggs in One Basket
Giving free advice to all of you that own or want to own a gym is one of the most rewarding things that I have the privilege of doing. Today I am going to give you the number one piece of advice that has helped me flourish over the years:
Always have multiple streams of revenue! Or as I like to say, don’t put your eggs in one basket.
Like the rest of you, I have made several mistakes over the years, but always sticking to having multiple sources of revenue has allowed me to always profit in this difficult industry. Too often people get so focused on the one aspect within the gym that excites them that they ignore the other opportunities that could help them succeed. No matter the size of your facility there are several revenue options that one can take advantage of.
I am in the business of helping people. I am not prejudice as to the type of person that I am helping. I have worked opposite ends of the spectrum. I have helped NFL Football Players crush it on Sunday. I have also helped 70+ year-old men and women learn to move better. Believe it or not, both instances are just as rewarding as long as people are achieving their goals.
Let’s look at a few different ways to earn extra income within your facility:
1. Boot camps- not everyone wants to learn to snatch! I know that seems crazy, but it is true. This is a truth that I have had to embrace. Some people simply want to move better, feel better, and look better. You don’t have to have a barbell to do any of these. Personally I love the barbell, but they intimidate a lot of people. A boot camp can introduce people to working out. Then when they feel comfortable, introduce them to other aspects of fitness.
2. Athletic Performance- Training athletes can be a great revenue source. I am living proof. When you are training adults, you have already gained the confidence in a lot of parents. That is the number one barrier to overcome. Trust me, there are a lot of athletes out there that need a good coach to help them get bigger, stronger, and faster. Start by holding a FREE seminar, and invite your current member’s children, and have them invite their friends to bring their children as well. If you only have 50-100 people in your box/gym, you already have enough potential members.
3. Personal Training- This is a source of revenue that has helped my gym be successful for many years. Not everyone is ready for a group! Heck some people simply don’t want to be a part of a group. They realize that if they pay extra, they can get personal attention. It’s a great way to fill the hours that your gym is not busy.
4. Proshop- a well run proshop can produce thousands of dollars per month. Notice that I said a “well run” proshop! If you just stick some t-shirts and some drinks in the corner that doesn’t guarantee that anyone is going to buy your stuff. The key is that your proshop is pleasing to the eye, organized, and filled with items that people like. I recommend creative t-shirts, supplements (from Competitive Edge Performance), FITAID, recovery tools, tape, and anything else that your members might like. Ask them what they like! They will tell you. Make sure that someone is in charge of the proshop. I recommend having someone that looks at the proshop as their own business, so they will pay attention to sales, inventory, layout, etc.
5. Weight loss- this alone could be a huge revenue source. Get creative! You don’t have to get these people in a class. You could simply council them on nutrition, being active, and overall lifestyle. If nutrition is something that you are into, then I recommend this source over all others. People in America need help! America is overweight as a whole, and most Americans don’t have a clue how to get the weight off. If you care about people, this is a way to help the most people. Advertise classes in weight loss, and the people will flock.
6. Barbell Club- Barbell Clubs are a cool niche popping up in gyms/boxes all over America. Some people just want to Snatch, Clean & Jerk, Squat, Bench Press, and Deadlift. Personally I am predicting that this phenomenon with a little assistance work and cardio will be the future that fitness is heading.
You have to know your area for any of these elements to work. What are the demographics of your area? What are the demographics of your gym? Surveys are a great way to find out the items that your own members would like to see added.
The real key is “don’t get so swamped within your business that you can’t work on your business”! That is the way to drown! I hope some of these elements will spark an idea that can help your business thrive.
You guys are the soldiers in the trenches. If I want America to get healthier, I realize that I have to help all of you. This is one of my biggest passions for the coming years. If you have any questions, feel free to message me below in the comments section.
If you are interested in having your own Mash Mafia Barbell Affiliate, click on the link below: