There’s no doubt that the health and fitness industry is booming. People are more interested than ever in getting in shape and living a healthy lifestyle. But with so many people jumping on the fitness bandwagon, you might be wondering if gyms are profitable. Wonder no more! In this blog post, we’ll take a closer look into gyms and their profitability.
Are Gyms Profitable?
Gyms can be a very profitable business. The key is having the right mix of memberships and amenities that appeal to your target market. For example, if you are targeting a high-end clientele, you will need to offer luxury features such as valet parking, towel services, and top-of-the-line equipment. You will also need to charge premium rates.
However, if you are targeting a budget-conscious market, you can still be profitable by offering basic services at competitive rates. The key is to find the niche that is right for your gym and then cater to that market. With the right mix of members and amenities, any gym can be profitable.
At Workout Anytime, our gym franchises have been thriving for over 22 years. In fact, 60% of our franchise owners have multiple locations. Understanding the gym segment, expertise in real estate and site selection and implementing a strategic marketing plan can increase the likelihood of operating a profitable gym.
Whether investing in a Workout Anytime franchise as a new career opportunity, a side hustle, or a long term investment, our franchise owners who follow the playbook have found gyms to be a sound investment that fits into their lifestyle.
How can we boost the profit of a gym?
As any business owner knows, boosting profits is always a top priority. For gyms, there are a number of different ways to increase revenue:
1. Increase membership
One strategy is to focus on increasing membership. This can be done in a number of ways, such as member referrals, family add-ons, robust senior offerings, incentives and discounts. Moreover, it’s helpful to offer a variety of membership options. Some people may be interested in signing up for a short-term membership, while others may prefer a longer-term commitment. By increasing membership, gyms can add to their revenue and their overall success.
2. Recurring Revenue
Subscription based memberships are a recurring revenue of monthly dues. The more members you have the higher the draft. Another way to boost gym profit is by offering extra services that members are willing to pay for. Personal training is a great way to add value for members and bring in additional revenue. You can also offer massage therapy, nutrition counseling, tanning and group fitness classes. By offering these services, you’ll be able to differentiate your gym from others in the area and attract new members. Workout Anytime offers multiple passive revenue streams that help increase gym profitability.
3. Food & Merchandise
Gyms can generate additional income by selling merchandise such as workout clothes, beverages, and equipment. This can be a great way to boost profits and offer clients more value. Gym owners should carefully select the merchandise they sell, making sure to offer items that are high quality and relevant to their clientele.
Another way to boost profitability is by selling nutritional supplements, healthy snacks or other pre / post-workout fuel options.
The bottom line
Gyms can be very profitable businesses and with the growing trend in health and wellness not showing any signs of slowing down, it’s a great time to explore opening a gym.
Workout Anytime has offered people a wonderful opportunity to become their own boss with strategies that have not only been proven, but when properly executed, very lucrative. If you would like to learn more about gym franchises or explore opportunities for franchise ownership at Workout Anytime, visit our website. Here, you will be able to request a demo. In addition to valuable information on Workout Anytime franchise opportunities, you’ll be able to download helpful guides such as “How to Build Wealth With an Absentee Business” and “What Franchising Means for Our Investors.” You’ll also have the chance to connect with one of our franchise team members who can answer any questions you may have.