Owning a studio requires more balance than nailing a headstand. While passion for fitness and wellness may have drawn you to the field, a strong understanding of financials is essential to keeping your business running. Read below for suggestions to boost revenue at your studio or gym.
Maximize class capacity
This may seem like a no-brainer, but making sure you’re filling the studio space during class is a must. This could mean adding additional classes during peak times, figuring out which instructors are most popular and ensuring the class experience is stellar. If you’re having trouble filling unused spots, ClassPass can help bring new fitness enthusiasts in the door. ClassPass helps fill unsold spots and pays you for every reservation, earning you increased incremental revenue.
Consider adding events
Events engage your community outside of class, encouraging class patrons to socialize with one another and your staff. Teacher trainings, private instruction or specialized workshops also help you target your high-value, loyal clients who love your studio and want more from you, especially those who are willing to invest in those types of opportunities. Survey students to gauge interest and make it interactive.
Grow your community
Networking and getting your business name out there can make the difference between a slow trickle of new visitors and major traffic. Brainstorm creative ways to build your community in addition to events, such as partnering with local, like-minded businesses (if you’re a yoga studio, consider teaming up with the nearby juice bar for a discount or loyalty program). ClassPass can also help expose your studio to an audience of users looking to workout at a studio just like yours —who wouldn’t find you otherwise. By casting a wider net, you’re able to reach and engage a wider community.
Give merchandise a try
Whether your loyal students want to represent your brand outside the studio or a newbie comes to class without barre socks, stocking branded merchandise is a great way to boost revenue. If you’re new to offering merchandise, be sure to monitor and manage this inventory. Don’t start off with too many different options as it’s expensive to stock with all the right sizes, especially when you don’t know what buying patterns you’ll see. It’s easier to start with a few options that you really love and can buy in different sizes to find your ideal consumer. This will help clear inventory faster, too.
Filling classes, engaging your community and maximizing your brand with merchandise are all ways to boost revenue at your studio. The first step is to ensure fitness enthusiasts can find your studio! And ClassPass can help. ClassPass studio partners have received more than $300M in revenue — now is your opportunity to join the network. Learn more about becoming a ClassPass partner.