Tips for Fitness Businesses to Maximize Profit on Black Friday and Small Business Saturday
By Denise Prichard
Black Friday and Small Business Saturday are quickly approaching (November 23rd and November 24th, respectively), which means your fitness business should be nailing down a plan to take advantage of this time of year. Black Friday is notorious for coaxing savvy shoppers out of their homes to purchase the perfect gifts for loved ones. And Small Business Saturday? Well, this day was created for entrepreneurs like yourself. On this day, the entire nation comes together with one purpose in mind - supporting and celebrating small businesses.
As a fitness business owner, the best way to participate in these lucrative holidays is by offering unique specials that will encourage clients to step foot through your door to try out new classes or merchandise that you sell at your studio.
Even though Black Friday and Small Business Saturday are a just a few weeks away, you still have more than enough time to get a plan put in place. Here are a few of our favorite tips to get help get you started:
Post-Thanksgiving fitness classes
Even though most people like to don “eating pants” on Thanksgiving, I think it’s safe to say they still want to be able to look sleek in their yoga pants the next day. Help them accomplish this goal by offering a powerful calorie-burning class on Black Friday. On Small Business Saturday, you could offer a special class package specifically designed toward reversing the effects of holiday treats. Workout hotspot, Pop Physique, has seen a ton of success by offering their “Keep the Pie off Your Thighs” class package around Thanksgiving.
Increase revenue with gift cards
Want to see a huge spike in gift card sales? Try offering a special promotion on these days to help draw customers into your studio. Incentivize gift card sales with discounted rates – offer $100 gift cards for the price of $75.
Another effective strategy is throwing in a little something extra for the purchaser - this enables you to add value to the sale and possibly gain a new customer. For example, you could offer a promotion like “buy a $100 gift card for a friend and get a $25 gift card for free.” In this case, the purchaser will most likely keep the $25 gift card and use it towards one of your services or they could gift it to another friend. In either scenario, you’re gaining at least two customers with a single transaction.
For more strategies on selling gift cards, check out our guide: How to Sell Gift Cards Like a Pro.
Create special promotions for memberships and packages
Like gift cards, class packages or memberships to your fitness studio are the gifts that keep on giving. For clients that buy on Black Friday or Small Business Saturday, you could offer them additional services as a bonus incentive to sign up. Promoting memberships and packages is a great strategy for increasing revenue because you lock in payment for services up-front.
Discount your merchandise
One of the easiest ways to lure customers into your studio is by offering a discount on the items you sell in your studio’s retail space. Offering a 25% discount on your merchandise is significant enough to make the buyer feel like they are getting an awesome deal, but is reasonable enough for you as a business owner that it won’t negatively impact your profit margins.
Another strategy? Take a look at your retail space and your inventory–do you have any overstocked items? Offer a huge discount on them! This will not only increase your revenue, but it will also help save you money in the long-run. When unsold products collect dust on the shelf rather than selling, your only choice is to return those items to the supplier, which may include a hefty restocking fee.
To learn more about how your business can make the most of merchandising, check out our guide, The Fitness Owner's Guide to Earning More Money Through Merchandising.
With these tips, you should be set for the Black Friday rush. Remember, as the heart and soul of your fitness community, there's much to celebrate this weekend as you participate in Small Business Saturday. You're keeping the dream alive for young entrepreneurs and fitness advocates all over the country.