3 Ways Gym & Studio Owners Can Maximise Profit

This week is all about getting your finances in check to make sure 2021 is a great year

Yesterday, Debbie shared with us some financial strategies she would implement as an accountant to make sure next year is a solid, profitable year full of serious growth!

Today, I want to share 3 tips with you as a studio & gym owner

We have done this to maximise the profit we can make from our gym

1️⃣ Income Per Hour – there’s a few ways you can look at this.

Many people go down the Small Group route and charge £150 a month with 4 people per session.

Others do much larger groups and charge far less.

We’ve decided to switch this up. We’re changing to 12 people in a session and we’re charging £97 a month.

You see… if you’re running a programme that is £150 a month for 12 sessions, this works out at £12.50 per session. x this by 4 people…the income you make is £50 a session.

However, if you’re running a programme that is £97 a month, 3 sessions a week, 12 people a session…thats £97 a session income.

That’s a massive difference 💸

Think about what works for you…figure out what you need to be earning per hour

2️⃣ Paying your trainers – the thing we have to consider is, if someone is working for you full-time they aren’t having to find their own clients, manage clients, sell to people. All this extra stuff we have to do as a business. They’re coming in to do what they’re good at which is train people. 🏋🏻‍♀️

As a 1-2-1 PT they might be charging £40 a session but they have to find the client, chase them, sell them, get the results and keep them happy…and find more clients whilst they’re at it!

£10 an hour is more than minimum wage. Potentially in a 40 hour week they might do 30 hours of coaching and 10 hours of admin or maybe cleaning too. That’s a decent wage.

So look at how much you’re paying your coaches per hour!

3️⃣ Interest Free! – This comes down to your equipment. When we buy an assault bike, a new rig, a load of dumbbells – we will always check for interest free payments. We spread it over a 12 month deal! This allows us to spread payments slowly over the year without a bulk sum flying out of our account.

This helps us to grow our business and keep providing the best kit for our clients 💸

This technically means we can keep spending spare cash on advertising and keeping clients happy

So those are the 3 things we will do to run in any studio to make sure it is profitable as possible. We’re making sure we maximise what we can earn per hour. We pay our trainers a fair wage and we buy equipment on interest free! 🙌🏻

David 🙂