Episode 230: Diversifying Revenue Streams in Boutique Fitness

fitSpot Guru

What We Cover In This Episode:

• News with Nick and a few gamification strategies to be aware of [0:52]

• Some of the different ways that you can diversity by selling retail products in your studio [4:07]

• Our thoughts on online classes and subscriptions as diversification strategies [9:11]

• How to introduce workshops, specials events, seminars and guest experts to your members [11:43]

• Diversification using private training and small group sessions tailored to individual goals [14:39]

• What to be aware of when it comes to community partnerships and sponsorships [18:49]

• Quick wins of the week and a look at the revenue by items report in fitDEGREE [20:31]

• Our weekly challenge for you to explore new revenue opportunities [22:18]

Quotes:

“The more niche you get, [with] essential oils, CBD [and] things like that, it’s almost like you also need to have a workshop attached to it. You need to make a full effort with it, where if you just have a Stanley water bottle, that thing is going to fly off the shelf.” [Nick, 7:56]

“In my opinion these days, if you’re online, you should be online. If you’re in-person, you should be in-person. I understand [that] during the pandemic we had to diversity in that way, but now you’re creating so much to manage that if you don’t have separate teams for those, one is going to fall off the wayside.” [Megan, 9:45]

“I just think of creative ways to get people in during those downtimes, versus hoping to get four rental spaces this month, because that will really pay the bills.” [Nick, 16:27]

LINKS:

Episodes 223, 225, 227 & 229 with Perkville

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