The BFS Buzz Vol. 4 | Feb. 18th, 2024
Sponsored by: Telegenixx
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As loyal readers of The Buzz, you know that BFS’ mission is to enhance fitness and self-care businesses’ profitability so that you can deliver innovative programs that elevate your community’s wellbeing.
Why is your profitability so important to us?
Only 9.4% of the studios that we surveyed for the 2023 BFS State of the Industry indicated that their net income in 2022 exceeded 20%; and
Profitability continues to be one of the most frequently discussed topics in our CEO Mastermind meetings this year.
In our Annual Letter, we recommended that studios and stores boost revenue per member by expanding their scope of services to include wellbeing offerings like semaglutide and recovery.
One of the reasons for this recommendation was McKinsey’s recent Future of Wellness report, which noted that “Gen Z and millennial consumers are now purchasing more wellness products and services than older generations” in these categories: health, sleep, nutrition, fitness, appearance, and mindfulness.
In other words: your members are concerned about more than fitness, and they’re willing to pay for it. If they are going to invest in their wellbeing, give them an opportunity to purchase those wellbeing services from your business which they already know, like, and trust.
Since we know that it costs significantly less to generate an additional dollar of revenue from an existing client versus a new client, these offerings create the opportunity to significantly increase your revenue and profits.
This doesn’t mean that yoga instructors should become mental health coaches or personal trainers should become nutritionists. Partner with local wellbeing businesses in your community and explore some of the BFS Corporate Members, such as Fullscript, Halotherapy Solutions, IBG Nutrition, and Telegenixx, to easily offer new products and services that can boost your bottom line.