There are two things good business people are looking to do as one year ends and the next year starts. They are looking for ways to finish the current year strong and to start the next year with a bang. The problem you face is, every retail outlet is trying to get you to spend money on Christmas sales through emotion and romance but that isn’t going to help you make the best decision for your business. With insight from savvy businesses, we’ll help you make good investments into your gym with practical, actionable advice below.
As you head into the end of the year, it’s a good time to take stock of how the year has gone for you. For a business owner, revenue is king. You need that cash coming in the door at a consistent flow to stay in business. Have a look at your accounts and see where you dipped below the line and work out why that was.
In a lot of cases, seasoned gym owners will tell you it was because of falling retention rates and a period of leads slowing down or stopping. You’ll find that this is usually due to members not feeling that they are getting the premium experience the are paying for. The membership seems too expensive for what they are getting, so they cancel it. One hint is if they are having to share equipment or missing out on certain movements because the equipment just isn’t available, chances are they are thinking about cancelling their membership.
Another reason people leave is because they don’t an option to scale work outs as they like. Gym owners have shared with us that they have saved 1000s of dollars in membership fees by adding extra rowers, air bikes, ski ergs, dumbbells, kettlebells or the like to their equipment stock, which has allowed people with temporary niggles or special need to continue to train with enthusiasm rather than of dropping off the pace and ultimately cancelling their membership.
They say by spending a couple thousand dollars on equipment, they have saved tens of thousands of dollars of lost membership fees.
Conslusion: You’re probably losing more memberships than you think simply because you don’t have enough gear to offer a premium experience or the right gear to allow people to continue to train with enthusiasm. Create a list of the gear you need, contact us and we’ll take care of the rest >>
Around the November / December mark, a lot of savvy gym owners start programs that challenge their members to keep training hard through the end of the year and hold them accountable to keep up the pace at the start of the next year. Knowing this, it makes sense to invest in some specialty equipment .
This is your opportunity to invest in that program that you always wanted to start. Maybe that’s a weightlifting club, maybe it’s a rowing group, maybe it’s a gymnastics strength class with rings and paralletts. It could add a lot of value to your members and your gym while raising revenue. You get the picture.
Conclusion: Think about the program you always wanted to start and challenge your members to get on board. Set a benchmark they need to reach by the end of the year and another one they need to hit at the end of the month in the new year. Work out what gear you need to save the memberships you’re likely to lose and make the investment to keep those memberships and gain new ones. A savvy business move pros are thinking about.
With an influx of New Year’s resolution clients right around the corner, you want to be able to capture as much of that new business as possible. As soon as they walk in the door, you want them to think, “Yes, this is the place for me.” The way you can do this is to have a premium looking gym to support the premium membership they are willing to pay. A fair exchange.
The most effective way you can do this is to keep your gear looking good. A solid cleaning and maintenance schedule is one way you can tackle this but you could also look to trade in or upgrade some of your gear that is starting to look a bit tired – bumper plates and barbell are a good place to start.
One easy way to show your members that you are a pro and that you care for them is to replace equipment that is looking a bit worse for wear. Start by taking stock of your barbells. If they aren’t spinning like they used to and are a bit rusty, it’s time to change them out. Sure, they probably work fine but if you might be losing memberships each month due to outdated equipment so the investment into new gear to save that membership revenue is a no brainer. This works for bumper plates too.
If your bumpers are 3-4 years old they are probably starting to develop cracks and splits beyond what would be considered acceptable in a premium facility. We’ve developed our bumper trade-in program specifically for this to help you guys out. If you want to keep your gym looking top notch, your bumpers are the show piece and our bumper trade-in program could be just the thing you need to show your members you care for them to have a premium experience. Clearly you will re-energise the vibe of the gym at this time of year too, which help keep people training hard til the end of the year and fire them up to keep it going next year.
You’re probably thinking that this sounds like something you should do but what is it going to cost me? It will be much easier than you think. We’ve got several finance solutions for you in place and it’s pretty darn easy to take advantage of a great deal. We set up multiple gym owners on great finance deals every week, which helps them get much need new gear and solves their cashflow problem. Here’s how it works:
Send us a dot point list for the gear you need to kick start your gym!
So, there you go. A few easy steps to help you get the best out of your gym at the end of this year and start off next year with a bang. It’s what’s on every savvy business owner’s priority list right now and should be on yours too. Find out where you lost business during the year and where you can win new business next year. Then, invest in the right gear you need to stop it happening.
Whether you need help putting your list together, getting advice on trading your bumper in, swapping over your barbells or learning more about finance, we’re here to help.