Fitness studios across the globe have closed their doors amidst the spread of COVID-19. Businesses need to adapt and shift their business model to stay afloat. Online yoga classes, virtual gyms, and Zoom workouts have become the new normal in the fitness industry seemingly overnight.
While everyone is feeling the brunt of lockdown, fitness instructors and studios are finding ways to generate revenue while the studio is closed. By connecting with people and keeping clients engaged, fitness studios can continue to support their members during this difficult time.
Through creativity and innovation, studios can not only stay afloat during the coronavirus pandemic but come out on top. Many fitness entrepreneurs and studios have already jumped at the opportunity, shifting to a new strategy.
Dryft started off as the world’s first “mobile fitness” studio in San Francisco. The boutique fitness studio focuses on strength training and rowing during its workouts. Now, Dryft has gone virtual on Zoom. With a focus on corporate and group workouts, Dryft continues to generate revenue charging $5 for individual drop-ins and $125 for corporate sessions.
Another business that was quick to pivot its strategy is India-based Fitternity. The online marketplace for fitness services in India rapidly switched to online services. They now offer:
- Online classes
- Recorded video sessions
- One-on-one coaching
- Live video consultations
Fitternity has only seen a 20% drop in active user numbers and charges 60-70% of their standard in-person fee.
If you’re feeling overwhelmed by everything that’s happening in the world, you’re not alone. But you can find other ways to generate revenue while your studio is closed that your clients will love and appreciate.
1. Video Classes
Video classes are a great way to continue providing expert guidance to your clients while generating revenue at the same time. There are a few options when it comes to online video classes. With both on-demand and live streaming video content, you can create full workout programs and more personalized fitness routines.
Due to the coronavirus pandemic, many fitness businesses need to get content online fast. Our new service Ruoom Live makes it easier to stream live classes and on-demand videos. With a paywall, your audience can pay per stream or video, no commitment needed. This means your clients have complete flexibility to plan their workouts around their schedule.
2. Retail Items
Selling retail items is a great way to make money from your existing customer base. It can be a powerful addition to your revenue stream. To get started, you need to get a feel for what your customers value. Think about offering a range of price tags so that you can get an idea of what price point lands well and move forward from there.
When you sell merchandise, it comes with a seal of approval from you. Your clients can trust the product. Here are some retail ideas:
- Branded water bottles
- Yoga mats
- Resistance bands
- Protein bars and health snacks
3. Virtual Coaching
The digital fitness era has created a new way to deliver bespoke and personalized coaching from a safe distance. As a fitness instructor who usually sees clients face-to-face, you can now take your coaching online. Virtual coaching means delivering expert guidance that your clients crave while sticking to social distancing guidelines.
Whether it’s through Skype, Whatsapp, Slack, or Facebook, there are many ways to communicate with your clients. With virtual coaching, you can offer premium services that your clients will value, such as:
- One-on-one coaching
- Nutritional consultations and tailored nutrition programs
- Personalized at-home workout routines
4. Home Workout Programs
Home workouts have seen a massive uptick in demand in recent weeks and for a good reason. You have the opportunity to create detailed home workout programs to sell as a package for multiple users. This can include things like workouts, recipes, printables, calendars, and more.
Develop a solution and package it. It could be a six-week weight loss program or focused more on increasing strength with no-equipment exercises.
5. Online Workshops
Another way to generate additional streams of income is through online workshops. Focus on developing online group training that targets specific skills. Find out what your clients and audience would value most by reaching out on social media with an Instagram Story poll or quick Facebook Live. Online workshops can cover all areas of fitness, from workouts and healthy eating tips to meditation and mindfulness.
There’s also an opportunity to teach other fitness entrepreneurs industry tips and expert advice. With educational resources such as webinars, you can position yourself as in industry leader and offer paid courses that will bring in revenue to your business.
The Bottom Line
The bottom line is that you need to leverage all additional revenue streams as much as you can. Yes, this is a difficult time. But, it’s an opportunity to reach a new audience and future-proof your fitness business.
You never know, it might be something that completely works for your business. It will allow you to adapt and transform the way you work to remain current and at the forefront of the industry.