Gymnastics studios can easily be profitable businesses without looking at additional income streams. Classes geared towards children and summer programs can fill up (possibly with a waitlist) if the studio is located in the right area. However, alternative income streams can help increase profits for the gymnastic center’s owners and allow for upgrades or additions to the business. Additionally, gymnastics centers require large open spaces for all the equipment. The extra square footage (compared to other fitness studios or children’s activities) means higher rent or mortgage costs.
Can a gymnastics studio add alternative income streams? Of course! There are several ways to rent out your gymnastic center for private lessons, events, and even yoga classes. Merchandise and food sales are other easy ways to increase revenue. Depending on your gymnastic center’s financial situation and class schedule, you may want to add one, some, or all of these to your business plan.
Alternative Income Streams for Gymnastics Centers
You don’t need to include all these income streams in your business. First and foremost, your gymnastics classes and programs should be top-quality. Your goal should always be to gain new clients and retain them for as long as possible. Additional income streams will not be the way to do that.
Rent Out the Studio
Most likely, you are not using the gymnastics center all day, every day. That means that there are times during the week when you could rent out the studio for others to use.
Many gymnastics programs are geared towards young children – toddlers, pre-school, and elementary-aged children. Younger students probably attend morning classes and older students probably attend after-school classes. This leaves the middle of the day and possibly the weekends open for rentals.
Open floor space is perfect for fitness classes that require only handheld or no equipment. For example, someone could teach yoga, Zumba, tai chi, or aerobics without needing to bring in their own equipment. Newer instructors or studios may not be large enough businesses to lease or purchase their own studio spaces. By renting out your gymnastics studio, they have an affordable way to teach their classes and you have an additional income source.
Private lessons are an excellent way to bring in additional income for your instructors and your gymnastics studio. Typically, clients competing at higher levels or those with busy schedules will look for private lessons. Additionally, some children do better with one-on-one attention instead of attending gymnastics classes.
Most gymnastics studios split the income of private lessons with the instructor. The instructor should be receiving a bulk of the income (60-70% usually) and the gymnastics center takes the smaller cut for use of the space. If there are enough students in your area looking for one-on-one coaching, you could have instructors exclusively focusing on private lessons.
Since gymnastics centers are large spaces, you could even have private lessons taking place at the same time as gymnastics classes. Therefore you don’t need to sacrifice classes to offer private lessons. Private lessons can also take place at any time of day, depending on what works best for the client and instructor.
Birthday Parties and Events
It is no secret that kids love gymnastics centers. They are like indoor playgrounds with even more fun equipment. The spring floor, trampolines, foam pits, and balance beams are all pieces of equipment that can be used to create several fun games and activities.
You can capitalize on this by offering weekend birthday parties or event packages. Most likely, you’ll want to include a time period in the studio that comes with instructors to lead the children. It would be helpful if your gymnastics center had a space where families could set up tables for food and birthday cake.
Don’t limit the fun events to just children though. Adults also love to play and get physical. One example is offering an adult’s open gym once a month. Instructors can be available to help, but adults can enjoy the trampolines, foam pit, spring floor, and other equipment.
It can be hard to find gymnastics apparel and accessories in sporting goods or local stores. Solve this problem for your clients by selling the things they need at your gymnastics studio. The number one thing gymnasts need is apparel. Typically, girls wear leotards with tights or shorts, and boys wear fitted shorts and shirts. You can sell a few different options so there is something for everyone.
Don’t forget about accessories. Your studio most likely has chalk and towels for the students. Advanced students may want to have their own hand grips, sweatbands, or athletic tape. Having items like these available to purchase is convenient for your clients and can make you a little extra money.
In addition to things needed for classes, you can also offer branded apparel for clients and families to wear. T-shirts, hoodies, and tank tops are all popular items. Your members will love showing off their studio pride. Family members can wear the apparel to support their gymnasts and the studio at competitions.
Finally, gymnastics is hard work. Consider having some food and beverage options available. Electrolyte beverages and protein bars are perfect for post-class snacks. Since many parents and siblings hang out at the gymnastics center during classes, they will also appreciate having snacks available.
Partner with Schools and Local Organizations
Unfortunately, physical education is seeing less time and priority in schools these days. As a gymnastics business owner, you obviously see the benefit of physical activity for all ages. One additional income stream is to partner with local schools and organizations.
You may be able to work with public schools, but it would most likely have to be on a volunteer basis due to government budgets. However, private schools tend to have more flexibility in their budgets. They may be interested in having you or your instructors teach gymnastics during physical education classes.
Also, you can look into local homeschool groups. Even though homeschooling involves parents teaching their own children, there are usually groups formed to plan activities and allow the kids to socialize. Offering special classes in the middle of the day may be helpful for these groups.
Summer camps, after-school programs, and local health organizations are other entities that you look to partner with. Not all of these groups will have the ability to pay for your services though. However, it is always nice to help out the community when you can. As a silver lining, you are still getting the word out about your gymnastics center.
Once again, your gymnastics classes should be your primary business focus. The quality of the classes is the most important factor in gaining and maintaining clients at your gymnastics center. If you want to add alternative income streams, look at merchandise sales and renting out your studio for private lessons, birthday parties, and other fitness classes. Luckily, most of these additional revenue streams involve minimal financial investment upfront and begin bringing in revenue fairly quickly.