Every day, thousands of people head to their preferred gym or fitness center to work out. And as the industry continues to grow, it has opened even more opportunities for people to consume fitness. The US gym, health, and fitness club industry is forecast to exceed over $37B in revenue in 2021. It’s easy to see why this is a booming industry, as there has been a steady increase in the number of memberships to fitness clubs or gyms over the past decade.
Perhaps owning a gym has been a lifelong dream of yours. Or, maybe the timing just seems right. Whatever the reason, there is significant planning and research that must take place prior to opening your facility, including implementing a gym management software.
It goes without saying that research, financing, and finding your customers are integral parts of opening a sports facility. But, apart from these traditional business plan elements, here are some things you may have overlooked in your preparation.
Long-Term Client Retention Strategy
Most new businesses focus more on acquisition in their first year than a long-term strategy. And, while you may be worried about getting people in the door, do you have a plan to get them to stay? Research conducted by Club Industry found that it costs nine times more to acquire a new member than to retain one, which makes it even more important to prioritize member retention long term.
A long-term client retention strategy will allow you to capitalize on new clients and turn them into loyal consumers. This will drive recurring revenue, build strong brand loyalty, and encourage repeat purchases.
So, how can you achieve this highly sought after recurring revenue? One way to build brand loyalty is through building an appropriate membership model that encourages repeat business. From open facility memberships to training memberships, flexible gym management software like Upper Hand allows business owners to deliver a premium experience that keeps clients coming back.
Staff, Client, and Business Safety
Safety of your staff, clients, and business should also be of the utmost importance. But, have you thought about the necessary tools and documents needed to protect yourself and your clients? Aside from having the appropriate licenses and certifications, it’s important that you also have a plan in place to manage any health and safety concerns within your business.
While you never want to believe that bad things will happen, starting a business inherently comes with risk. Business insurance will help you mitigate that risk by protecting you and your assets. There are many different types of insurance available to business owners, so it’s important to engage in conversation to determine which types are right for you.
A client waiver is also essential to protect both you and your clients. Client waivers are used to set expectations of training rules and policies, financial responsibility, liability, and media rights. This will again ensure a safe and legal environment within your facility.
No matter how many precautions are in place, injuries are bound to happen in the sports and fitness industry. So, it is imperative that you have an incident and injury plan in place to proactively manage these incidents. This will help you swiftly navigate a crisis, provide support to your clients, and ensure that you are able to manage the situation from a legal standpoint.
Lastly, you should consider the appropriate training to be needed in case of a health emergency. Consider investing in CPR training for you and your staff as well as the necessary AED equipment you may want on hand.
Strong Gym Management Software
A strong gym management software will empower you to optimize your business operations and improve your client experience. From streamlined scheduling and registration tools that help you manage your day to day operations to reporting tools that help you make quick and well-informed business decisions, a gym management software can help your business grow at any stage.
When it comes to operating your business day to day, a gym management software will allow you to refocus your energy on delivering strong client outcomes by streamlining the routine operational tasks. By automating routine tasks like member check-ins, scheduling, and memberships, staff and business owners are able to devote more time, focus, and energy to other areas of your business.
Not only does a gym membership software help you optimize your business operations, but it also leads to increased member satisfaction. Providing your members with a premium online experience will drive customer retention and satisfaction, leading to repeat booking and recurring revenue. Beyond the client-facing member experience, a strong gym management software will also streamline tasks such as collecting waivers, marketing workflows, and client communications.
By building out and automating memberships, gym management software also allows you to collect powerful insights and detailed analytics that optimize your recurring revenue. From membership performance to retail sales, gym management software allows you to visualize business KPIs over time, thus empowering you to focus your attention on building new opportunities for growth.
Remember that sometimes the hardest part of building a business is getting started. At Upper Hand, we are committed to helping you grow your business, no matter where you are. By giving you the tools to streamline your business operations, you are able to focus on what matters most: your clients and your business growth.