From staffing and operations to marketing and reporting, fitness business owners have a seemingly endless list of to-dos. It's easy to get caught up in the day-to-day of running a studio or gym, especially in the wake of the pandemic.
However, if you want to position yourself for growth in the fitness industry, now's the time to clarify your vision and—according to Certified Mindbody Business Consultant and CA Licensed Business Broker Mitch McGinley—make smart investments in your studio or gym.
Download this checklist for seven ways to invest in your fitness studio or gym, including:
- Investing in your team: Finding and retaining staff is difficult—especially in fitness. Consider using capital to add benefits that attract and keep quality employees like healthcare, fitness education, and more.
- Revamping your space: Make sure the home to your fitness community is welcoming and fresh. Upgrade your studio or gym with an investment in new flooring, fresh décor, or updated signage.
- Upgrading your equipment: If you’re looking to expand capacity and increase revenue, it might be time to replace or add new equipment to your studio or gym. Depending on the services you provide, this might include new machines, dumbbells, bolsters, and straps.
- Updating your technology: The pandemic emphasized the need for technology to streamline processes and create safer client experiences across fitness. If you’re considering a new fitness software, now might be the time to make the switch. Other options: Invest in fitness gamification or an AI assistant.
- Developing new revenue streams. What if you could add something completely new to your studio or gym? With consumers more focused on wellness these days, adding new fitness or wellness services can bring in new customers and revenue.
- Buying another business. Rather than starting another location from scratch, consider buying an existing fitness business with cash flow from day one. This increases the value of your current studio or gym, too.
- Addressing debt. Maybe you needed a short-term advance, or you have long-term loans to pay down. Either way, it might be a good time to make progress on your balance sheet.