Things are changing on a daily basis and sometimes even hourly. Some states are letting gyms open while others are keeping them shut until further notice. What is your business going to look like in a week or a month from now? Will there be a recession once things have reopened?
What can you do to prepare for what’s to come and how can you put a successful strategy into place?
I’ve had a lot of conversations with gym owners the past couple of weeks. There are a couple things that have continually come up as topics of conversation.
What are revenue streams I can potentially get going to find extra cash?
Everyone is looking for additional streams of income at the moment. We have seen the power in pivoting come during these times. A lot of gyms have begun to bring in lifestyle/nutrition programs into their gym.
TWB Fitness is a great example. They have designed programs around lifestyle programing which includes nutritional meals and plans along with workouts.
Other gyms like Fitrition have partnered together to keep costs affordable when compared to other boutique gyms. It provides additional services to the corporate gym member and and keeps Fitrition’s overhead low.
How do I beat the recession that is headed our way?
There isn’t a perfect strategy and still so many unknowns around what will happen once states fully open back up. What you can do in the meantime is create a plan around communications, member needs, and leading your team/gym.
Most importantly protect your cash flow by knowing your numbers and creating a clear vision for the future. Putting a cash flow strategy into place will help you implement strategies to keep the cash moving, increasing sales and trimming unnecessary expenses.
While cash is king, leadership is key to bringing clarity and calmness.
Reach out to schedule a free consultation to talk through some ideas for revenue streams and understanding cash flow.