Post COVID the most effected Industry is physical fitness industry such as Gyms, Yoga centres, Zumba Centres etc. These are most fixed cost bearing industries which means gyms has to pay huge chunk of expenses even if the revenue Zero (0). If a gym wants to survive they have to generate revenue in any of the form. Here we try to pic the top 5 revenue streams which a gym can adopt to generate revenue.
Top 5 revenue streams:
1. Special Services:
A gym has advantage of space. One must utilize the space efficiently. Gyms can offer special services such as after work-out steam bath, terrace cricket court, table-tennis. If a gym offers these kind of services then gyms don’t need to depend on their clients only for the revenue, outside clients can play big role in revenue. They come for just 1 hour and pay and use. Gyms can charge on hourly basis.
2. Physio Therapist Centre:
It may sound weird but yes, gyms can become a good Physio Therapist Centres because of it’s big space advantage. Normally all crowd will go away after 10 AM and starts again 5 PM. In between this gap can be utilised as a physio therapist patients. Hire a good Physio Therapist and collaborate with hospitals to recommend. This is a very good revenue stream for the gyms and Physio Therapists charge on an hourly basis which is huge side hustle for the gyms.
3. Custom Personal Training:
All gyms have trainers who train in common across clients. But all trainers are same qualified and experienced. Instead of allocating any trainer to any client, high qualified trainers can be charged more as they will bring expertise with them. Gyms can create an environment for the serious clients to schedule or book particular trainer for which they have to pay more.
4. Custom Diet
Having said majority of the body is built outside the gym not just in one hour in gym. Nutrition Diet takes place very huge role in building body transformation. There won’t be any result by doing 1 hour daily at gym and having junk food through out the day. Nutritionists at gym can prepare customised diet plans for different clients with different goals. Some client come to gain weight and some to loose weight, some work in day-shift some work in night-shift. Hence Diet can’t be same for all. After COVID people are more food conscious than ever before.
It’s highly recommended to have their own branded merchandise in every gym, which will bring brand advantage. There are many easily saleable merchandise which a gym can procure and get their name printed on it. Yes, quality must be differentiated from the one which available at cheaper rate in Amazon and Flipkart or any other online e-commerce platforms. Merchandise like T-Shirts, Protein Powder bottles, Stress balls, Caps, Wrist Bands, Head Bands, Bandanas, Sweat Shirts and the list goes on and on. If ordered in bulk cost is very less and pick a place in the gym to display them and can be easily sold out.
Apart from the above there are many other ways which a gym can generate revenue such as selling protein powders.