What We Cover In This Episode:
Why a thorough analysis of your existing income streams is the foundational step towards maximizing your studio's profitability [4:21]
How surveying your clients to understand their needs and preferences can reveal untapped opportunities for new services and offerings [5:23]
Effective strategies to leverage your current revenue streams to achieve significant growth within your fitness studio [6:50]
The importance of recognizing when a particular revenue stream idea is no longer viable and requires redirection of your efforts [7:52]
Innovative ideas to increase your studio's profitability through the sale of high-margin retail products [9:54]
The potential that exists for hosting engaging workshops and special events to attract new clients and generate additional income streams [12:46]
How to successfully introduce one-on-one training and small group classes as valuable and profitable offerings for your clients [13:45]
What you can do to leverage the popularity of your signature class by developing and licensing a program with it [16:24]
A range of dynamic strategies you can implement within your studio to enhance client experience, increase engagement, and ultimately drive revenue growth [18:12]
How leveraging technology, including fitDEGREE’s payment and scheduling features to streamline processes, can bring more cash into your business [19:33]
Quotes:
“When you launch a new revenue stream, it’s the same thing as a new employee coming in. Have a 90-day review of it. Are things going up, are things going down, is it your fault, is it the market’s fault? Is it something you should kibosh before you get too deep in [it].” [Nick, 2:48]
“The idea of licensing a program or your model is pretty interesting. These are how franchises get started. If you’re more of a community-based studio, then maybe just skip ahead.” [Nick, 16:31]
“It always goes back to the pricing idea of really optimizing your class revenue stream. Are you offering different levels and different budgets of commitment?” [18:13]
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