5 Easy Ways to Generate More Revenue for Your Gym

In today’s modern economy, gyms and health clubs are considered by many to be ‘extra expenses’, meaning they aren’t necessarily essential. In times of economic downturn or uncertainty, these unessential costs are often the first to be cut from a budget. Luckily, most gyms are built with a sustainable business model and revenue generation engine that make it possible to weather these economic ups and downs.

In order to remain financially viable even when membership numbers are not quite where they should be, gym owners should look for other ways to generate revenue outside of traditional memberships. Here are five easy ways to generate more revenue for your gym:

1. Set up a tiered pricing model

While many gyms offer a flat rate pricing structure, setting up a tiered pricing model can actually help retain members and bring in more revenue from your top customers. A tiered pricing model offers something to everyone without offering everything to anyone except those who are willing to pay for it. This way, members who might need to cut out ‘extra costs’ in their budgets don’t have to leave your gym altogether. Instead, they can simply opt into a new pricing tier that still gives them access to your gym, but might not allow them to use your spa facilities. It’s all about knowing what your services are worth and pricing them as such.

2. Offer new services or products

Offering add-on products and services is a great way to bring in new revenue without changing the day-to-day operations of your gym too drastically. You could start out by selling water bottles, t-shirts, towels, or other work out paraphernalia at the front of your gym. Additional services could include a smoothie or protein shake bar on the weekends or during peak hours. Just make sure that if you’re going to be selling new products and services that you take into account overhead costs. These services should help your team make money, not cost you more money.

3. Make some of your classes ‘premium offerings’

If you’re thinking about adding new classes or if you’re trying to attract a new demographic that doesn’t currently work out at your gym, it might be time to start offering some ‘premium classes’ to both new and current members. Say, for example, you want to start offering spin class but don’t have the overhead to invest in an entire gym’s worth of bikes. Start out by offering smaller, paid spin classes and see how those work out. If your audience is there and people are excited, you can enjoy the double benefit of bringing in new revenue while attracting new members.

4. Double down on personal training sessions

Personal training is always a great way to bring in new revenue because it’s traditionally an ‘add-on’ service to a standard gym membership. Whether you charge $15 or $50 a session, if you’re trying to bring in new revenue then double down on your sessions! Work internally to get more of your staff members certified as personal trainers, and then promote your expanded personal training offerings to your members. Offer a promotion (buy ten sessions, get one free) for members and extend your available hours to accommodate the increased traffic. You can also turn personal training into a marketing tool and use it to bring in new members by highlighting success stories on your social media accounts!

5. Take control of member delinquency

Looking at internal processes can also help increase revenue for your gym. If your members are past-due on their subscription payments, it can actually be costing your team money. Working with collection agencies, manual information gathering, and poor credit alerts can all be detrimental to your team’s financial standing. Proactively address these completely avoidable issues by taking control of member delinquency before it starts. Make sure your members have access to an easy-to-use payment portal that leverages clear communication and engagement to ensure members pay their bills on time. Trust us, both your members and your internal team will be happy with this!