How To Monetize Your Fitness/Yoga Studio
May 7, 2019
It is obvious that the main way a fitness or yoga studio would earn money is by selling memberships and classes to those who are ready to work out. But there are other ways, too.
Within any industry, professionals need to constantly be searching for ways to get ahead in the game. Opening up a business takes a lot of time, energy, finances and work, but the success is worthwhile; every time a class fills up, each time someone shares their fitness story and whenever people are healthy and happy due to your product/service - That is a win.
In order to increase this success, read further to learn about five additional ways to monetize your gym, studio or wellness brand:
This step can go two different ways. First off, your company could set up its own affiliate program, where you have brand ambassadors who promote you. They could get a free membership, in return, or they could be rewarded for each new member they bring in (such as a $5 coupon to use at your shop).
On the other hand, you could become an affiliate for big names in the field; for instance, you could hang up a flier promoting a local line of workout gear, and they could offer you a personal discount to do so. If you have a blog or website, you can apply to become part of Amazon’s affiliate program, meaning that you can link to certain products, and whenever those are purchased through your links, you get a cut of the sale.
This is a growing marketing channel, so do some research to see what would be the best fit for you.
While having individuals come to workout in your studio is great, having an entire company come in would be even better. With corporate packages, large groups can receive a discount on when buying multiple memberships at once. Many large gyms have partnerships like this set up, and some even go to the companies, meaning trainers provide a custom, in-house workout for these groups.
Everyone loves a good incentive, so also be constantly brainstorming for how to lure in more business. You could run a promotion every month, which encourages people to sign up. You can run a contest through social media, which builds up awareness and followers. You may want to set up a booth at health and fitness events, where you hand out swag and discount codes. Do whatever it takes to get noticed and get more people in your space!
Speaking of swag… This is a no-brainer when it comes to monetizing. Everyone should take advantage of high-quality, imprinted items, especially those in the wellness industry. A personal trainer can get his/her name and logo printed on water bottles or protein shakers to sell. A yoga studio can raffle off athletic apparel that boasts about their brand. A gym can set up a store full of necessities like bags and towels. This is one of the best ways to bring in an extra wave of income.
One final suggestion when it comes to monetizing your fitness brand is education. You and your team are experts, and people will pay you to receive that knowledge in more than one way. Besides group and one-on-one training sessions and classes, think about offering workshops that deal with everything from healthy eating and doing yoga to destress to CPR certifications and training for marathons.