3 Ways to Increase Revenue in Your Studio Business During Covid

There’s a saying, “necessity is the mother of invention,” and truer words have never been spoken.  The last few months have proved that we, as business owners are resilient, strong and when we take a solution-focused approach to leading our businesses we can come out on the other side of this Covid pandemic.

Like many of you our business was hit hard when the pandemic started. It was a scramble to transition our business online, but thankfully we are continuing to maintain and we’ve even managed to add 3 new revenue streams to our business despite the pandemic.

Here’s more: 

1. Offer premium services – It seems that the future of fitness is personal so what services can you offer that are highly personalized in nature that also add to your bottom line? 

For us, we started offering in-home personal training for a very select few clients – those who are willing to pay a premium for such convenience. It’s funny because we actually got our start this way and it’s a model we moved away from because we were limited in the number of people we could serve. In 2020 this model works. Just make sure you charge a premium to account for you time and for the extra challenge of training people in multiple locations.

If you are already offering in-home training think about how you can up level the experience to justify charging more? There’s an idea out there. Listen to what your clients need and meet them where you reasonably can.

2. Sell equipment– As the pandemic wears on it’s clear that more and more clients are choosing to workout at home. Small problem – fitness equipment is hard to find. Do you have a supplier you work with you can go direct to the manufacturer to help you get the equipment clients need?

In our situation we have been able to work with our equipment supplier to order dumbbells, plate weights, kettlebells, weight racks and more for clients. Initially we thought we would be shut down for only a short time so when we offered to help clients get weights and other equipment for  an at-home set up we were being altruistic and helping clients be successful at home.

Now that the word is out client and non-clients alike are asking us to help them get additional equipment for them – a small investment of time on our part that is yielding some additional revenue for the business.

Additionally, we set up an affiliate account with Perform Better – meaning we have affiliate links that we can share for small equipment like bands, stability balls, med balls, etc. For each purchase a few dollars go back into the business… and we all know passive income is never a bad thing.

3. Offer a new service – Right now everyone’s head is swimming wondering how to manage months and months of working out from home. Now is the time to stand out from the pack and think about what clients need most. In our situation we are seeing many clients who have decided to go beyond just a having a few free weights lying around to actually building entire home gyms.

To meet this need we are offering consulting services (that we charge for) and partnering with our local supplier to help clients transform a corner or an entire room into their home workout space.

Offering this service is a value add to what we already offer. So when we enroll a new client we can make sure they not only have access to a world class trainer, but that they also have expert advice on how to maximize their workout space.

What’s going on in your market? How are you innovating and working to meet clients where they are right now? Now is the time to stand out as a visionary and lead with intention and purpose in mind. 

Likely it was this energy that helped you get your start – you just started helping people with what they needed. During this time lean into that – lean into the scrappiness and the drive that got you where you are today.

And finally, don’t forget about the importance of creating a system/standard operating procedure for everything you do. It does take a little extra time up front, but doing so will allow you to replicate your efforts more effectively and efficiently. Plus, once the system is created and you implement it you will be on your way to refining it so your business continues to run like a well-oiled machine.

We’d love to hear from you. How is your business doing? How are you holding up? Drop a comment below or shoot us an email. We really do read every one.

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