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3 Step Guide to Cutting Costs for Your Fitness Business

By Fitness Business Management Archives & News, Gym & Studios, HIIT & Group, Pilates, Yoga

As a fitness or wellness professional, you’re probably already feeling the squeeze of rising costs and the impacts this will have on your business. Looking at your financial health and planning for the months ahead will prove an invaluable exercise.

And although there are some critical costs or expenses that can’t be avoided, there are others that can easily be reduced and get you to start saving money, fast.

We wanted to share a guide that might help you save money and get your business into better financial health by cutting common costs or expenses without jeopardizing your business’ potential to grow. This isn’t about cutting corners – this is about making sure that every penny you spend is well spent. Here’s a practical guide to cutting costs and improving business in three As.

1. Audit

What are you spending, on what and why? Are there alternatives to any item of expenditure, are there items that you can eradicate by changing your internal processes?  On revenue, what are your attendance and cancellation rates, and how are your products and services performing?

Write down every process or cost associated with your business. Don’t restrict yourself to the obvious things. This is every expense, policy process. Think about cancellation policies, waitlist, communications, marketing, the operations of your business, the time you spend on different elements, your training and development. This is a deep dive into everything in your professional life.

Break down every detail of your business, no matter how small or no matter how long that expense has been in your business. Take nothing for granted and don’t pass off small costs. The accumulation of marginal gains goes straight to your bottom line.

2. Analyse

What are the little changes you can make to improve your profitability? These might all be small changes individually, but when you add them up, they can really make a difference.

The SCAMPER method will help you find the best and most innovative solution. SCAMPER is the acronym for (substitute, combine, adapt, modify, put, eliminate and reverse) and encourages you to improve existing processes.

Take your list of expenses and process and say for each of those and apply the SCAMPER options to each of them. Is there a substitute, can you adapt or modify it?

Is there something you use but you could use something less expensive? Do you use something which doesn’t actually pay for itself? Are you doing work that you could push back on your clients?

This table gives you an example of how to analyse the operations of your business:

3. Action

Now that you have worked out what savings you can make, is time to get stuck in with planning and work out how you will operationally manage your business so that your costs remain low, you reinvest where you need to, and simultaneously your efficiency runs high.

See this as a new opportunity to reinvent some of the things you do and bring added value to your customers. By connecting with your most loyal customers, they will be feeding you tons of great insight. Use this information to improve the way you communicate with your audience to truly connect with them and grow your community. Adding value will help you figure your niche and stay one step ahead of everyone else.

 

These are our top 5 tips for creating value for your customers:

  1. Make it easy for your customers to book and pay. Everyone dislikes a painful buying experience. Make this easy for them, and yourself and automate this. They will love getting notified and being able to have control over their class or appointment booking schedule.
  2. Leverage the power of customer testimonials. Make sure you reward your loyal few and fill their inboxes with discount codes and other incentives they can use to encourage them to invite friends and family.
  3. Make sure your customers hear from you, and often. Staying top of mind is an artform and you want to make sure your name pops to mind even at the dinner party. Give them access to free resources such as healthy tips guides, helpful facts and reminders, or an inspirational story.
  4. Create a VIP room. You can use Facebook to bring your most loyal customers together in a place where they can feel inspired and motivated, and hear the most up to date news from you. Add them to a priority list in your booking system too so that they get access to booking ahead of anyone else and can secure their spot!
  5. Do what you love. When you do the things you love you become more productive and motivated. Automating and delegating some of the boring admin tasks with software will enable you to do more of what you love and gain more time to engage more with your customers.

 

Once you have audited your expenses or costs and know the actions you need to take to make some savings, you’ll want to make sure your booking and customer management software is affordable and easy to use for you and your customers. That’s where Gymcatch can help you, get in contact with us today.

How to gain more clients through yoga marketing

By Fitness Business Management Archives & News, Fitness Marketing & Social Archives & News, Yoga

Yoga is quite amazing. People rely on it to transform into better versions of themselves. It helps people to heal. And those are some of the reasons the yoga industry continues to gain more popularity in the UK. However, running your own yoga studio is not a walk in the park. Like any business, the yoga industry has a lot of challenges and competition. Therefore, you need to embrace the best yoga marketing strategies to stay ahead.

Let us have a look at some of the most effective yoga studio marketing strategies that you could employ.

Come up with loyalty programs

If you wish to increase your client base, an easy way to do it is to create loyalty programs for clients who frequent your yoga studio. So, why are loyalty programs important? Well, they will make your clients happy, which means that you will retain most of them. Happy customers can help you sign new clients faster by recommending your studio to friends and relatives.

You, therefore, should make the loyalty programs a priority; they don’t even have to be complicated. Something simple such as a point system could work. This is where a customer earns points every time she/he comes to your studio, and these points add up to some real redeemable value.

Entice your customers with value

Another great way of getting more clients coming to your yoga studio is by enticing them with value. What does that mean? Simple. Come up with viable ideas on how to create special promotions for your customers. For starters, you can offer new clients free trials. If you wish to retain the clients, however, then you’ll have to come up with something sustainable and much better than a free trial.

For instance, you can come up with incentives such as reducing the rate of the first few classes. Additionally, you could come up with a great pricing model that is easy for your customers to understand. That way, your customers will have an easier time selecting a package.

Target your audience

Another great way for you to grow your client base is by knowing your target audience. Once you define the customers you’d want to come to your studio clearly, then you can come up with yoga advertising ideas. Ensure that each ad you put out there focuses on a particular audience. You could even use your current customers to determine the people within the same demographic.

Fortunately, there are plenty of ways for you to advertise your business. One of the most effective platforms includes social media. You could post Facebook ads targeting different audiences. You could also send out emails to people who seem to share the same interests with your current students. That way, you will be able to reach a wider client base.

Rely on yoga studio software

We live in a technological age. Long gone are the days where you had to stack files to maintain your database. That is why you need to start using yoga studio software to streamline tasks in your business. If you have the proper management software, then your instructors will have an easier time managing your clients.

But that’s not all! Having the proper software in place could also improve your booking procedure. In fact, clients will find it easier to schedule studio sessions because the software provides versatile booking procedures. Additionally, the software will save you and your customers a lot of time, and there is nothing more enticing to a customer than saved time and flexible solutions.

Hire great instructors

Hiring great instructors counts as one of the best yoga marketing ideas. How come? When a client comes to your studio, she/he looks towards bettering themselves. As a result, clients will want to be under a trainer who can help them achieve their fitness goals effectively.

Besides, your staff contribute to the success of your business greatly. So, whenever an instructor takes your clients through a particular structure or yoga style and it works, there is a high likelihood that those clients will recommend your business to others. The opposite also applies.

To get a good instructor, you have to make sure that you are thorough during the hiring stage. Besides hiring the skilled instructors, you should also come up with ideas to promote them. By doing so, you create a good rapport with them, and they will be more likely to take care of your clients as expected.

Connect with local businesses

Yoga studio marketing should involve creating partnerships with local businesses, especially if you set up your business in a small town. You should make an effort to know the owners of the businesses around you, especially those that you can benefit from.

For example, if there is a coffee shop within your location, you can organize an event whereby the coffee shop will serve as the caterers in your studio parties. This will benefit both parties, and that is how other business owners will recommend your business to their clients.

You must ensure that any partnership you get into will benefit both parties. Otherwise, your efforts will be futile. Moreover, ensure that any dealing you have is both time and cost-effective.

Sell products in your yoga studio

Frankly, anyone coming to a Yoga studio is looking to stay fit by embracing a wellness program. Therefore, if you want to gain more clients, then you should try selling wellness products in your studio. That will not only entice your customers but will also help you engage with them much better. Furthermore, you get to boost your source of income.

Apart from wellness products, you can also sell beauty products, nutrition supplements, yoga clothing, and fitness equipment. You can even go a step further and brand these products with your business’ logo to increase awareness.

Host a free workshop

One of the best and most effective ways of gaining new customers in a yoga studio is by hosting a free workshop. However, you must ensure that the workshop focuses more than just your current yogi students. There is a high likelihood that there are people in your locality who have never considered yoga as something they would do. As such, you should tailor your workshop to focus on them as well.

The primary purpose of your free workshop should be to create awareness. Use it as a platform to educate those people who don’t know a lot about yoga and to clear out some myths that surround the practice. Be careful, however, not to make it so overwhelming.

Like any other business, the yoga industry is a competitive one. Therefore, you may want to employ the yoga marketing tactics that we’ve listed above if you want to stay ahead of your competition. Proper marketing strategies will not only get you more clients but also increase your revenue.

To take your yoga offering to the next level check out how Gymcatch can help you. Book a demo today!