One of the hardest hit industries by the Coronavirus pandemic was the fitness industry. The nature of it – people working out, breathing heavily often in enclosed environments and constant touching of equipment, meant that it was one of the industries to be hit with restrictions, effectively shutting down completely. Since most gyms are housed in large units, they often have proportionally sized rents. Shutting down for an extended period of time was bound to take its toll on these businesses with little or no other options to generate income. Many gyms have had to look at other ways of generating money and below we’ll take a look at some of these.
With the physical locations closed, gyms had to get creative for their benefit and their clients. Online classes conducted on virtual platforms such as Zoom were started to keep people fit and incentivise clients to continue with their memberships. Gyms aren’t the only ones suffering from the restrictions, the clients were too – progress made over a long period of time could be wiped out in a much shorter time, so giving such an option would help many stay on track.
By offering online classes, albeit at a reduced fee compared to if the gyms were open, has allowed some gyms to at least survive and stay open, even if they aren’t making a profit.
Since working out indoors was restricted, many gyms moved their activities outdoors. Although it usually isn’t viable to move all the gym equipment outdoors, there are some lighter equipment that could be used outdoors such as medicine balls, resistance bands and some light weights. By offering even limited services, gyms were able to maintain some sort of income to see them through the toughest of the lockdowns.
Repurposing their facilities
Some of the more spacious gyms were able to repurpose their facilities into Covid testing spaces, others turned their empty spaces into makeshift clinics. Safety precautions are always taken, for example using a room booking system to ensure all the participants are recorded and could be traced if needed.
There have been some gyms that have allowed clients to even rent some of their equipment by taking it home, with weights been the most popular option. The benefit of any additional income in such tough times cannot be discounted.
Sell online programs
One of the easier ways to generate income, but also a very competitive market, is to create programs that people can follow at home at their own pace. From basic images to full on interactive videos, the potential is great and this can become passive income. The gyms only need to invest in creating these once (and add to them as they see fit) and clients can purchase and download them from their site.