Monthly memberships are the lifeblood of any boutique fitness studio – but depending on memberships alone can leave your business vulnerable. Retail is a great way to add additional revenue streams and earn more money per member. For companies like SoulCycle, retail accounts for 20% of their revenue.
Not sure where to start? Here are 3 ways to boost your revenue through retail sales.
Athletic wear as a fashion trend has been exploding over the last several years. In a recent report by Morgan Stanley, Athletic Apparel as an industry is expected to grow by more than 30% this year with projected sales to reach $83 billion by 2020. Why not cash in on this trend by offering up some swag for your members to purchase. If space is limited or holding an inventory seems impossible, check out our retail store startup guide.
Selling branded apparel is also a great opportunity to get some “free” word-of-mouth advertising for your business. Fitness and healthy living is something that people love talking about and being a part of. Take advantage of this social currency and let your members spread the gospel for you.
Supplements are an excellent way to improve the quality of service that you’re offering your members and to add additional revenue. Psychosomatic Transformation Center has used supplements to deliver an average of $14,000 a month across 9 locations. They’ve recently expanded their supplement business, manufacturing their own line and distributing it through partner fitness facilities.
Equipment and Goods
Consider carrying items that your members need or use on a regular basis. Some common items I see sold include:
- Necessary equipment: martial arts gis and gloves
- Small merchandise: shaker cups and gym bags
- Recovery tools: foam rollers and lacrosse balls
- Consumables: bars and drinks
Not only is providing retail useful for your members who would otherwise have to spend time shopping around for these additional items, but it can provide nice additional income for your business.
Have you had success with selling other retail items that I may have missed? Let me know below.
Having members wear your gear is a great way to market your business. Check out our 10 Step Marketing Guide for more useful ideas.