An important goal of any quality Box owner should be to provide a high-level of physical training and coaching. That said, another important goal is to make money and be a profitable business. If your Box is not profitable it won’t stay open. There are many Box owners looking to increase their profitability. This should not come at the expense of services though. The “product” must always be able to speak for itself, and to remain a long-term viable business you need to ensure your product is better than all the competition. To increase profitability the best way is not to subtract costs, but to add things that drive revenue and retention.
Here are a few ways to drive revenue toward your business and ensure the quality of your Box remains high:
Supplements and training go hand in hand. Conduct a poll of your members and you’ll quickly see the amount of supplements they purchase regularly. The question is why are they buying those things from other stores or websites, and not from you? Set yourself up with a wholesale account with the supplements your members use the most. Consider carrying protein, fish oil, recovery aids, vitamins and other supplements your athletes regularly purchase. The best options are products they purchase monthly. To incentivize them to purchase from you, you could also offer them a discounted rate or a rewards program.
Another way to directly affect your bottom line in a positive way is to sell clothing. Apparel is big business in the gym world. Think beyond just carrying pairs of shorts and T-shirts though. Sell personally branded apparel. People love to support their local Box. They feel part of the community when they wear a T-shirt or shorts with your logo on it. These pieces also act as advertising for you. Have a run of men and women official gym T-shirts printed, and carry shorts, shoes and other products on the side. Many brands are happy to offer inventory with no minimum order and/or at no risk.
This one may not affect your revenue immediately — in fact it may seem like a cost at first — but the Boxes that do best are Boxes that foster a long-term spirit of community. Get your members invested in the community by making your gym about more than just training. Have monthly events which celebrate various holidays. You could have a Christmas party and a 4th of July BBQ. But you don’t need a holiday to have an event. You could create a 30-day challenge and host a kickoff and closing event around that. These events may seem like a lot of work, but having your members more invested in your community will help your bottom line by increasing your retention.
Bobby Maximus is the Executive Director of Gym Jones in Salt Lake City, Utah, the best selling author of Mens Health’s ‘Maximus Body’, and he is also a member of Lalo Tactical and Lalo Athletic. You may find him through social media @bobbymaximus or by visiting the websites lalotactical.com and gymjones.com.