For some of us, when we hear the word "metrics" our eyes immediately begin to glaze over. If you're one of those people, chances are looking at spreadsheets and databases doesn't exactly fill you with excitement.
Topics: Owning a Gym
As experts in the fitness industry, we are constantly asked by health club owners, “how can I grow my business faster?”
Although there are a variety of factors that enable a gym or health club owner to grow, there is perhaps nothing as important as member retention. Preventing member cancellations is without a doubt the most effective way to grow a thriving gym.
And it all has to do with cost.
A recent study found that loyal members are worth almost 10 times as much as their first purchase. What’s more, retaining current members is 6 to 7 times less costly than acquiring new ones. So essentially, if you’re not retaining members, you’re likely working harder and spending more money to acquire new members that are actually worth less.
Armed with this information, it’s obvious to conclude that gym owners need to spend less time on acquiring new members and more time on retaining the members they’ve already got.
Topics: Owning a Gym
Broken equipment is bad for buisness, end of story. Not only does it cost hundreds - if not thousands of dolalrs, to repair or replace, it can also lead to stacks of lost revenue when members start walking out the door. Not to mention, broken equipment looks unprofessional, making sales prospects much harder to convert into paying members during gym floor tours.
Topics: equipment downtime
‘OUT OF ORDER.’ The dreaded sign that decreases customer satisfaction and eats into your profits. For a paying customer, there’s really nothing worse than jumping on a piece of equipment only to realize that it can’t be used. When the equipment is out of order it can disrupt a member’s entire workout, which can be incredibly frustrating. And the longer the downtime, the more it starts to affect the success of your gym or health club.
The way health club operators are tracking the happenings within their club has changed drastically in the past five years. As new technologies continue to emerge, more change is undoubtedly on the horizon.
Some things will stay the same, such as the "members-per-hour" report, which shows how many people scanned in at the front desk in a given time period. This report remains a valuable piece of the club operations and member satisfaction puzzle. However, the smartest, most profitable clubs are expanding the types of reports they monitor. What are these reports? Should you be reading the same? Let's break it down.
In the past, WiFi was a real differentiator for businesses. But as technology advanced, strong WiFi, capable of streaming video content to mobile and tablet devices has become a commodity. Thus, having strong and reliable WiFi throughout your club is as important as ever. This article will highlight how you can maximize WiFi availability for member usage while eliminating the need for WiFi in order to transfer your asset usage data.
As a fitness club owner or operator, you are constantly being pulled in a million different directions. Your time is split between client requests, payroll, bookkeeping, day-to-day management, equipment maintenance, marketing tasks and more. And since you are only one person, this leaves you little time to actually focus on growing your business.
When it comes to running a profitable gym or health club, there’s a lot to consider. And with so much going on, it’s easy to get lost in day-to-day operations and lose sight of the bigger picture. However, running a profitable business - of any kind - involves constantly analyzing and reassessing your business strategy. And in order to make better business decisions, you need information. Just like stepping on scale, the success of your gym is largely dependent on the metrics you monitor. Usage data for rotation plans are a great example.
In order to help you identify which metrics to measure, we’ve highlighted the top 5 metrics that are most important in analyzing your gym’s success and profitability.
The focus on health and wellness is at an all time high and the fitness industry is booming. With an increasing number of people joining gyms and getting active, it’s a great time to be a health club owner or operator. However, as I’m sure you already know, there’s a lot to consider in order to maintain a profitable health club and not many resources to provide guidance with those decisions. Whether managing a franchise or a luxury health club, gym managers often ask us the same question: How much cardio equipment do I need?
The truth is, there is no exact answer or magic number. However, there is a way to figure out how much cardio equipment you should have. We’ve compiled a list of various factors to consider when determining how much cardio equipment you need for your gym.
Opening a successful gym involves a lot of planning, strategy, and forethought. That much you already know. But what you might not have considered is the continued strategy and planning that is involved once you open. What I mean is, gaining customers with a fancy new gym is the easy part. Often, the hard part is retaining those customers month-over-month.
[eBook] The ECOFIT Guide to Maximizing Profit of Your Health Club Floor Space
When you're trying to run a profitable health club, every inch matters. That's why understanding how to calculate the profitability of your floor space is essential for today's health and fitness club operator.
- A step-by-step plan for calculating floor profit
- How to determine profitability by programming type
- The secret to making smarter equipment buying decisions