5 Quick Tips to Retailing Food at Your Fitness Business
By Megan Thickpenny
We know you want to be a successful small business owner. In order to meet the needs of your clientele and keep the lights on, it helps to have multiple streams of revenue. Selling food in your retail space is a great way to increase your revenue per square foot while also nourishing your community.
You might be nervous to add food to your retail offerings, but we've outlined five quick tips to help you manage the risk and start reaping the rewards.
1. Sell what you believe in
Adding food to your retail space is a great way to increase your overall revenue, but it is not without risk. Stay true to your brand and what you stand for. Your stamp of approval should be on every item in your retail space. If you don’t eat it, why would your customers? A great way to advertise a new snack is to eat it yourself. Tell your customers what your favorite flavor is, and watch them get excited to try it as well.
2. Manage your inventory
Reduce your financial risk and eliminate food waste by not over-ordering. If you're not sure how much product you can move through, start small. Assess how much product you sell in a month, and use that as a baseline. You can always re-order if you run out.
Also, pay attention to which flavors sell the best. You may need to reorder your best sellers more frequently to stay in stock. Set a calendar reminder once a month to review your inventory and re-order when necessary. Some companies even offer subscription services, so you can set it and forget it.
3. Know the expiration date
Unlike apparel, food has an expiration date. The last thing you want to do is to invest money in large quantities of snacks only to have them go bad before you can sell them. Be aware that many third party retailers firesale products toward the end of its life cycle, so if the price seems too good to be true, it probably is. Always ask what the shelf life guarantee is.
4. Set the right price
Ask the manufacturer for the suggested retail price. The convenience factor of a fitness studio means you can charge more than a commercial store, increasing your profit margin. That being said, don’t be afraid to run sales. If you’re heavy on inventory or want to advertise new items, a flash sale is a great way to generate buzz. Your customer will feel rewarded and your studio will stick out.
5. Display, display, display!
Dramatically increase your revenue and mitigate food waste by displaying food items front and center. Keep your display rack stocked and visible at all times to drive an impulse purchase. We recommend placing the display right on the check-in counter. Customers can grab a snack while they’re hanging out and chatting before or after class.
Ready to add another revenue stream to your business? Join the LÄRABAR Wholesale Program today!