There are many benefits to owning a fitness studio, particularly a top fitness franchise like Eat the Frog.
- 24/7 Live-Coached and Virtual In-studio business model
- Minimal staffing requirements
- Tech-driven operations
- Booming fitness industry
- Outstanding franchise support
- Superior brand recognition
- Set your own hours
- Multiple revenue streams
While the benefits to owning a fitness studio are many, right now we’re going to take a closer look at this last point in particular: how owning a top fitness franchise like Eat the Frog will provide you with several revenue streams at once.
First, let’s discuss why it’s important to have multiple sources of revenue.
When business is good, the benefits of diverse revenue streams are pretty obvious: more revenues mean more potential for profits. It’s when times are a little more uncertain—something that no one is a stranger to in the era of COVID—that these manifold revenue flows become downright essential. Simply put, the more sources of revenue, the more resources and protection your business has if times get tough.
To that end, let’s take a look at how you can benefit from the multiple revenue streams afforded by a top fitness franchise like Eat the Frog.
How You Make Money by Owning a Fitness Studio
The most obvious form of revenue when you own a fitness studio is via recurring membership fees. This is true with any gym, but especially so with Eat the Frog, where members are willing to pay more, with memberships ranging from $99 to $299.
Why are Eat the Frog members willing to pay more? According to the Global Health and Fitness Association (IHRSA), fitness enthusiasts are willing to pay more for the personalized training and attention they get from studios versus the big box gyms. Essentially, you’ll be targeting the high-income earners who are looking to pay more for individualized attention.
One aspect of that individualized attention is personal training. People are willing to pay more when they are receiving personalized training, and at Eat the Frog, they have the opportunity to schedule small group training sessions in which a coach works with a group, providing personalized attention to each participant as the session progresses. This allows a single coach to work with up to 24 members at once, which maximizes the potential for profits.
Pay-to-participate challenges and events
Fitness enthusiasts love participating in short-term challenges relating to weight loss and other competitions and will pay a registration fee to do so. This not only helps to boost member retention but provides yet another invaluable revenue stream.
Retail is a great way for any business to pull in extra revenue, and this is particularly true in the fitness space. At each Eat the Frog location members can browse the Frog Shop and buy merchandise like branded products, workout clothes, protein shakes, and more.
Member upgrades and add-ons
Clients can always expand their memberships using upgrades like Eat the Frog’s InBody. This program not only results in the generation of monthly revenue but requires no time from staff as it can be entirely self-guided. These kinds of upgrades not only provide a new revenue source but improve member retention overall.
When you own a top fitness franchise like Eat the Frog, revenue streams like these are bolstered by our 24/7 business model, which allows members to work out at their own convenience, even in the middle of the night. Our use of the latest tech allows us to operate around the clock, providing members with a safe, effective workout at all times with zero staff during off-peak hours. This can result in 50-70% more members, which in turn results in 50-70% more membership dues.
Owning a Fitness Studio: the Best Opportunities Are with Eat the Frog
As you can see, owning a fitness studio presents an array of important revenue streams that will help keep your business thriving through good and hard times alike. What’s more, when you own a top fitness franchise like Eat the Frog, you benefit from a number of unique opportunities.
On top of all this, you get to be your own boss! That means working your own schedule, setting the rules, and being at the center of your local fitness community.
So whether you’re looking to quit your job, leave behind the office grind, and join the Great Resignation in order to follow your own passions and be your own boss, or you’re a seasoned entrepreneur on the search for your next exciting business venture, owning a fitness studio presents big opportunities you shouldn’t pass up!