What are the issues facing gym owners in the near future? How is our world changing and what does that mean to boutique fitness gyms and their counterparts – general service fitness centers? Just as the pandemic upended fitness routines, changing demographics and shifts in how individuals perceive health and fitness are driving adaptation and innovation. Let’s look at a few of the concerns facing our industry. Gym truth One: We’re all getting older. One statistic we’ve seen asserts there will be more people over 50 years of age than under 50 by the year 2030. That year, as well, [...]
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If your gym operates solely on income you bring in from client memberships, you could be leaving a whole lot of money on the table. Opportunities for Alternate Revenue Streams you can operate from your gym or your website are nearly endless. Passive (Or Almost-Passive) Income The least time-consuming revenue opportunities will earn money for your business with little to no effort or time spent on your part once the initial setup is complete. Truly passive income is difficult to generate, but it is entirely possible to build low-effort revenue streams into your business. From simple to complex, you can [...]
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Getting Beyond The Gym Business Basics Developing alternate revenue streams for your new fitness club is the next stage for any ambitious gym business venture. If you hope to grow your business beyond the basics of club memberships, it is vital to have additional sources of income to achieve long-term success. Once you have a steady stream of income from membership subscriptions to your club, you have a solid start to gym ownership success. That doesn't mean you can sit back and relax though. It is time to expand all of the additional channels of income that compliment and enhance [...]
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Given monthly members, good retention, profitable premium products, and alternative revenue streams, how do you keep track of it all? The alternative revenue streams are those oddball types of income that can get lost in the mix if you don't have an adequate system for recording revenue and membership status. Combining EPOS Management And Membership Data The solution is a combination of a point of sale system and a gym management software package that integrates information in a way that works best for the gym business. Electronic Point of Sale or EPOS has been the standard for cash registers for [...]
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Alternative Revenue Streams For The Good Of The Team Monthly memberships revenue is the engine that puts you in business and keeps you going. However, that doesn't mean you can't do better and deliver more value to your clients by adding alternate revenue streams to your income. In fact, finding the premium products and services are the sauces that take you beyond just being in business and into the realm of financial success. Even so, the winds of fortune are fickle, that's a saying or something, and, from the experiences I've witnessed, I'd say that it's a fact; everything can [...]
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