How can you maximize your current retail setup to earn an additional $1,000 a month? What if it was as simple as a few more hooks in the wall or one more cube shelf?
According to a recent report, released by a thought leader in the industry and membership management software company, leading Box owners earn an additional $1,779 a month on retail. Retail is a key contributor to why those leading Boxes have an average monthly profit of over $12,000.
Limit you quantities and look for opportunities to grow your retail store by offering new branded swag on a seasonal basis. Maybe it’s a new color or play on your logo, but creating something new through small but thoughtful tweaks and making it scarce will be be your key to efficiency. Take the time to Google the latest trends from top brands in your industry, or brainstorm with a trendsetter in your community and let them contribute. Scarcity will reduce the amount of shelf stock you have to maintain and limit any discounts on items you can’t move.
Think about your retail space as an extension of your programming. Sell the supplements and gear you use yourself and would recommend to your athletes. Making those recommendations easily accessible will help them train more effectively and reach their goals faster. You aren’t just creating a space to workout: You’re creating an atmosphere and community of change that takes more than just the equipment on the mats.
Retail can be easy if you have a member management software that can also manage retail. Make sure your business tools have the POS, apps and payment processing capabilities to make these purchases a breeze for your members. It should be simple for an athlete to walk up to you or your Coaches, item in hand and pay any way they choose in seconds. Don’t let usability stand between you and an extra $1,000 a month.
By Zen Planner. For a full report highlighting what top performing boxes around the world are doing to create financially successful businesses download the 2017 Affiliate Gym Benchmark Report.