There is endless talk about COVID-19 and how it’s been affecting fitness and small boutique fitness studios. Although many face mandatory closings, limited class sizes and other restrictions, there is a little sunshine from the tragedy.
This is a great time to re-evaluate how you’re doing business. Taking a hard look at expenses is never easy, but is always a good step to increasing overall profits. With a little extra time on your hands, consider these three key areas.
1. Staff. The most valuable part of any business is the people that come in contact with customers. Now is a good time to evaluate who’s working for you and how they handle your most precious asset: your customers. During the pandemic, many people were let go…Who will you bring back may take some evaluation. You may rethink your front desk staffing in total. Many front desk workers are paid minimum wage to keep expenses down. Minimum wage may bring minimum excitement to the job. Think about other creative ways for staffing from trading membership for staff help to discounting memberships for those who help volunteer in sales and staffing.
2. POS Systems. Having your customers easily book services and pay for them is key to a successful business. There are many booking platforms on the market. Now is a good time to start looking if there is a better solution for your studio. Ask your customers which platforms they have used in the past and which they prefer. Have your staff contribute to the conversation. Since many instructors work at multiple studios, they may have experience with the new platform you are considering. Also, talk to other studio owners about which systems they use to help better determine which one is best for you.
3. Adding Revenue Streams. As much as you need to examine expenses to improve financial performance, look for where you can add profitable new revenue. Online streaming and on-demand classes have blown up due to stay-at-home restrictions. So, adding live stream and on-demand classes for your following is a must. Other revenue streams include items you can sell when you fully reopen. MatFresher cleaning machines help generate new revenue without any upfront or on-going cost. MatFresher keeps your customers’ mats sanitized while you make money with every clean. A MatFresher clean takes only 30 seconds, bringing peace of mind to staff and members while helping to stop the spread of germs. And don’t forget logo apparel, water, power snacks and other grab-n-go items.. Every dollar adds to the bottom line and your studio’s overall success.
Take respite and make long-term lemonade out of the short-term lemons COVID19 has brought to small businesses like yours.