The health and fitness industry is a $30 billion industry that showed no signs of slowing down in the last decade, growing by 3-4% per year. If you’re a gym owner and would like to enjoy the profits of a booming industry, now is probably a good time to expand your business. However, before scaling up your fitness business, it is not only important to ensure that you crunch the numbers and make sure that you have the funds for expansion, but also think carefully what investments are going to bring the profits you need.
A Business Vehicle Makes Sense
It’s often thought that buying a vehicle is an investment loss because your car depreciates in value the moment you drive away from the dealership. However, being mobile is important if you’re going to be there for your business or provide the support it needs for its daily operations or unforeseen emergencies. For example, you might need supplies urgently for the shower, bathroom or changing rooms, and if equipment breaks down, you’ll need to fix it fast.
Having a vehicle dedicated to the business can make it easy to do errands when required. You can even offer a service to gym goers who have limited mobility. Organize rides for elderly people who have no car to make a gym membership more attractive. Minimum taxi fares are from $2.50 to $8, so you can make this money while providing an important service and expanding your market. Obviously, before putting money down on a vehicle, research is vital to finding a car suitable for your needs and budget.
Vending Machines Are Low Cost Investments
Another way to scale up your business is to set up vending machines in strategic places in the gym. Vending machines make about $300 or more a month in profit depending on traffic, according to Brandongaille.com. A new vending machine costs around $3,600, but you can also get a used one for $1,000.
Contrary to popular notions that vending machines only sell junk foods, stocking up on healthy snacks and beverages can triple sales, as more people are conscious of their weight. In addition, snack or food dispensers are convenient and practical. Someone who needs to go to the office immediately after an early morning workout will require nourishment to start their day. If they have forgotten to grab a power bar or a drink from home, the vending machines at the gym are life savers.
Scaling up a business is both an exciting and scary moment, and investments should be made carefully. The trick is to find investments that can help your business grow, such as investing in vending machines and a business vehicle.
