7 Ways to Make Money in the Fitness Industry
People are increasingly turning to digital channels to meet their exercise needs as thousands of gyms close across the country.
When the pandemic is over, 59 per cent of Americans say they won't renew their gym memberships, and the savviest gym-goers are taking notice.
Whether you're a fitness instructor, a fitness influencer, or the owner of a physical studio, the chance to address this expanding need – and significantly raise revenue — is enormous.
1. Put your fitness studio on the internet:
One of the easiest methods to generate extra money as a personal trainer is to move your fitness lessons online.
With a virtual studio, you may do the following:
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You're not at the mercy of client schedules any longer.
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You can reach out to a much larger number of people than you could ever manage in person.
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You can design special offers for your most devoted customers.
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These advantages aren't just for trainers. By creating an online fitness studio to interact with a larger audience, any fitness organisation may expand its reach – and revenue.
How to generate money in the fitness industry by opening an online studio
A gated hub for video content is an online fitness studio. Clients must either purchase a subscription or make one-time payments to go past the barrier.
In return, they obtain access to items such as:
Workouts that you may follow along with (live and on-demand)
Workshops and specialised courses (nutrition advice and motivational talks)
Videos that go along with it (subscriber or client stories)
If you already have an online following, monetization is as simple as selecting a streaming platform that allows you to offer memberships and one-time purchases.
2. Make use of social media:
With a "set it and forget it" strategy, your online fitness studio will not achieve optimum revenue.
Promotion is also necessary for increasing revenue and expanding your client base, especially if you're just getting started with your internet presence. Using Vimeo's fitness video maker to create promotional movies for social media is a wonderful place to start.
While anyone can bid on keywords and ad space, we're ready to wager that in a competitive field like online fitness, many firms will perform better with an organic approach.
How to use social media to make money in the fitness industry
Using social media to promote your online fitness offerings can take various shapes. It might involve hiring an Instagram influencer or publishing user-generated content from their most loyal customers for established firms.
For others, social media is the ideal platform for raising awareness and generating interest in their online fitness programmes.
3. Create a fitness application:
Fitness apps make present and future clients more accessible to digital studios. Potential clients can watch your videos wherever it's most convenient with a Netflix-style fitness app:
Smartphones, Tablets and TVs
We get what you're thinking: "Why can't I just use YouTube?" The explanation is straightforward: the potential reach of YouTube does not compensate for its lack of openness and control.
With a platform like YouTube, you're susceptible to constantly shifting algorithms and monetization techniques that make making money difficult (and sometimes slow).
How to Profit from Your Fitness App:
To monetize content through an app, you'll need an end-to-end OTT platform that puts the power of profit in your hands.
Whether your app will feature exclusively on-demand movies or a combination of on-demand and live content, here are some things to look for when selecting an OTT platform:
All of the technology is handled by him: You won't have to hire or manage a team of developers.
Payment methods are included: Set your price and sell subscriptions. There are no hidden algorithms here.
Customer service is in charge of: Save time (and money) by outsourcing frequently requested inquiries.
4. Make assets that can be downloaded:
One of the most successful ways to generate money in fitness is to turn your expertise into downloadable products (e.g., workout plans, fitness journals, etc.).
Meaningful downloadable material will continue to provide passive money for years to come with minimal maintenance. We especially recommend PDFs because they're simple to create and even simpler to manage.
Updating the content won't take hours of work, and you'll likely attract self-starters who would rather read than subscribe.
How to generate money in the fitness industry by selling digital products:
Making digital products extremely targeted to specific markets or distinct fitness concerns is the key to selling them. In terms of specificity, you should regard them as workshops.
For example, if you have a history of assisting new mothers in getting back into shape after having a baby, you can bundle that training regimen into a downloadable PDF.
If you've worked with clients who have limited mobility, such as those recuperating from an injury, dealing with a chronic condition, or simply becoming older, you may successfully advertise your training regimens to each of these groups by addressing their individual pain points.
5. Make a plan to go live on a regular basis:
Fitness practitioners can sell their services and create cash by combining on-demand instruction with live broadcast workouts.
By incorporating live content into your mix, your studio will be able to:
Differentiate yourself from other digital studios by doing the following: Investigate your rivals. How many of them perform live, and how was your experience?
Give potential customers a taste of what you have to offer by doing the following: Viewers of your live feeds who are not subscribers will have a better chance of becoming paying clients.
Iterate on live feeds in the future: Using video performance indicators, you can improve the live experience over time to increase engagement and attendance.
More stuff should be created: On-demand material frequently necessitates extensive editing, limiting your productivity. You can recruit more instructors and fill content gaps with live classes.
How might live streaming help you make money in the fitness industry?
When using live streaming to make money in the fitness industry online, there are two things to keep in mind:
Free live seminars are an excellent marketing tool.
Many fitness gyms record their live streams after the event, but there are several reasons why this isn't a good idea. You'll reach more individuals and have a higher chance of earning their business in the future if you keep your live classes open to non-subscribers.
The importance of consistency cannot be overstated.
When you're consistent, allowing individuals to test things out ahead of time works best. You may generate the constancy your potential clients are looking for when assessing their online exercise options by creating a live stream schedule – and adhering to it.
6. Try out some free trials:
Giving new clients a free sample — or, in this case, a free trial — is one way to attract new customers.
Free trials, including ungated live streams, tempt new clients to try out your studio or membership programme. Around two-thirds of Flicknexs OTT subscribers who sign up for a free trial become paying customers, according to our experience.
7. Offer physical goods for sale:
Affiliate marketing is used by several fitness firms to supplement their online revenue.
These fitness professionals earn a commission when one of their suggestions results in a sale by supporting the items they currently use.
It's a powerful concept that works for a lot of people, but it's not for everyone. Selling things comes second for some brands, whereas giving clients with an authentic experience comes first.
Selling fitness products is a great way to gain money:
You'll have to get inventive if you want to make money online now that affiliate marketing is no longer an option. Is your studio, for example, brimming with unused yoga blocks and other equipment? You may sell these things to customers who want an in-person encounter if you use the correct messaging.
If you currently have branded items, increasing sales is a lot easier. Product bundles, for example, can help clients feel like they're back in the studio by bridging the gap between in-person and online experiences.
