Selling retail items at your gym is one of the easiest ways to increase your revenue. You can start simply with branded apparel items, and grow your gym's store to offer a wide assortment of supply-and-demand items for your members like water, protein bars, and shakes, or supplements. Some gyms with more space, a large customer base, or high-end and boutique studios may even find success selling equipment such as equipment, gym bags, or even prepared meal delivery services. Take the following steps to set up a retail store at your gym today and take advantage of an untapped revenue source!
1. Define Your Store Space
The front desk or lobby area is an ideal spot to make a storefront in your gym. Not only does it offer supply-and-demand retail offerings for your members, but it serves as a marketing win, too (especially by displaying your branded items!)
Don't have a front desk? Take advantage of that empty corner of your gym. Worried about theft? Find some wall space inside or just outside of your office. You don't need a full-on shop to take over your gym, you can go bare-bones and display your retail selection on a wall hanging or bookshelf. Whatever works!
2. Consider A Vending Machine
Another solution to consider if you don't have a front desk, front desk staff or you have limited space in your gym is to consider a vending machine. There are lots of fitness vending machine companies out there who will do most of the work for you from providing the vending machine to stocking, to maintenance. Vending machines are also great if you're a new gym owner, or don't have a lot of business experience since you won't have to deal with the hassles of inventory and pricing as the vending machine company will handle that for you.
3. Offer Branded Items To Generate Revenue AND Advertise
Your members are your biggest marketers. If you don't have some t-shirts, hats or hoodies with your logo on it you're missing out on an opportunity to grow your brand, strengthen your community, and grow your revenue stream. In addition to apparel, shaker bottles, magnets, stickers are popular items to brand for your gym store.
4. Supply And Demand Never Fails
How often have you arrived at the gym only to realize you forgot your water, protein powder, earbuds, socks, etc. Offering the essentials will not only increase revenue, but it will also increase customer satisfaction!
5. Don't Forget To Run A Cost-Analysis
Make sure you run a cost analysis on your inventory. Figure out if you are pricing items appropriately for the desired profit. Don't over order inventory on higher priced items, such as bags of protein powder, can sit on the shelves for a while. Consider leaning toward retail items that have a quick turn over like bottled water and protein bars. Another alternative is to take orders from your members before placing a large wholesale order so you don't sit on inventory.
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