5 Ways to Cut Expenses at Your Gym
We know that this is one of the most challenging times to run a gym as the coronavirus pandemic caused gyms to close their doors for a period of time. Even if your gym is open again, you face limitations like reduced capacity. Of course, this all equates to a burden on the finances of your gym. Because we know this is a difficult and unprecedented time for all gyms, we wanted to share some tips on how to cut expenses to help you move forward with your business.
Switch to Paperless Operations
If you haven’t already, you can save your gym a significant amount of money by getting rid of the paper documents used within the running of your business. It’s time to go paperless. You’ll save money and you’ll also be more environmentally friendly, which is something you can promote to members.
With this switch, you’ll skip the continuous cost of paper, ink, folders, and other parts of the paper document system. Gym management software can help you digitize your business to reduce the paper trail.
Another benefit of gym management software is that it streamlines your gym’s operations. Just by making this simple switch, you can create more efficiency, which should save your gym money. Sure, this requires an initial investment, but improved efficiency can help your gym save on a continual basis after that. It can streamline all aspects of the business, including scheduling, employee management, marketing, member management, and billing.
While it can be difficult to do, your gym may need to let go of some staff members, which can significantly reduce your gym business costs. This is especially worth considering if your gym is at a reduced capacity, which should encourage you to reevaluate the number of staff you need in comparison to the number of members.
You could try staff adjustments instead. For example, you may be able to reduce hours instead of letting anyone go. And you could consider having some staff members teach virtual exercise classes that could bring revenue from people who want to work out from home.
Look Into Building Expenses
The building itself is a money drainer, especially when it’s not being fully utilized. See if you can cut costs associated with the building by talking to your landlord, utility companies, and others. Find out if it’s possible to renegotiate your lease for a lower rate, which they may go for if they fear your gym closing or moving. If possible, compare rates for other building expenses, such as electricity and insurance, to get the best rate.
Optimize Your Marketing Budget
You can still market your business while reducing costs by using free or low-cost marketing approaches. Start by contacting your previous members to encourage them to return, and provide a stellar, safe customer experience to retain members. Here are more low-cost gym marketing methods:
- Encourage current members to bring a friend for free and to help spread the word.
- Communicate on your gym’s social media pages.
- Use SEO keywords, including localized ones, on your website to bring traffic to your site.
- Share helpful content like blog posts and videos to gain organic traffic.
- Advertise strategically through affordable local publications and targeted online ads.
Hopefully, these tips can help your gym business cut costs, which will make it easier to keep your business in good shape during this difficult year. Just remember that the financial burden of the pandemic puts no negative reflection on you and that all gyms are in this together.