Cheer gym owners commonly look for ways to increase the profitability of their programs. After all, profitability is an important metric that helps predict how likely a cheer gym is to grow. Learning ways to reduce unnecessary spending and increase profits at your gym are fundamental for the overall success of your business. That’s why we’ve put together a list of seven ways you can increase profits at your cheer gym.
7 ways to increase the profit at your cheer gym
Focus on athlete retention
Retaining customers is one of the biggest challenges for cheer gym owners. When you put a lot of time and effort into building your athlete base, it becomes frustrating and expensive when they leave.
Why? Because it’s more expensive to replace a student than to keep one. By providing great customer experiences and programs for athletes, you’ll be able to increase the average lifetime value of your athletes, which in turn helps you become more profitable.
Up your marketing game
True or False: A strong brand can allow your cheer gym to demand higher prices for tuition, clinics, and other fees.
When current and prospective customers associate your cheer gym’s brand with a specific level of quality, they become willing to pay more for your programs and services. Don’t sleep on branding and marketing your cheer gym, but be ready to back up your brand image with superb service.
Set and enforce clear tuition policies for customers
Setting and enforcing a clear electronic tuition policy for customers is the best way to ensure revenue and increase the profitability of your cheer gym. Why? Because your customers know exactly what is expected of them when it comes time to pay tuition or other fees, and your staff does not have to manually make exceptions for specific customers.
Do you require new or returning customers to provide a credit card upon registering for classes? If not, consider adding that to your policies so your staff don’t have to track down payment later.
Do customers know that you automatically run tuition on a certain day each month? Add tuition auto-draft information to your gym policies so your staff can set up recurring monthly tuition posting and processing.
When your payment policy is electronic, it becomes more convenient for customers and more manageable for you.
Maximize every square inch of your gym
Many organizations analyze the way their employees move throughout their workspaces to determine where inefficiencies most often occur. Reorganizing the physical spaces in which team members work can help limit unneeded movements and allow for more efficient production processes. For example, you may place the break room closer to the manufacturing floor to help limit the time team members need to walk while working. Minor changes to physical spaces can make a large difference over a longer period of time.
Are you utilizing every available space in your gym?
On a scale from 1 to 10, how well would you rate yourself on utilizing every square inch of your gym?
Do you have an empty space in your lobby that no one quite knows what to do with? Invest in some shelves or displays and turn it into an apparel store or concession stand for healthy snacks.
Do you have panels going unused on the mat while teams are practicing? Through a combination of staggering rotation schedules and rearranging equipment, most gym owners are able to add an additional class to the schedule, which increases tuition revenue potential.
Run reports regularly
Running regular enrollment and student detail reports helps show you how classes are performing throughout the season, gives light to what programs are in higher demand, and even helps you identify your most popular teachers. When trying to pinpoint what worked well and what didn’t from season to season, you can’t pass up enrollment reporting. If you do, you’ll miss out on opportunities to make a stronger, more profitable season at your cheer gym.
Financial reporting gives data on revenue and expenses you can use to help make your cheer gym more profitable.
Streamline your staff’s tasks
You likely place more value on you and your staff’s time now than you ever have before. With distractions everywhere, it can be difficult for your staff to focus on the task at hand, regardless of if they are on the mat or at the computer.
Are your staff responsible for things like taking class attendance, sharing resources with parents and updating them on student skills, working from lesson plans, or sending emails to athletes’ parents?
Eliminate the distraction of jumping from platform to platform to complete all these necessary tasks by equipping your coaches with the tools they need to get more tasks done in less time.
Use the right business management technology to minimize operating costs
There are some elements of running a cheer gym that technology can’t replace like running drills, spotting, coaching proper technique – the list goes on.
Opposite to those, there are plenty of tasks you can, and should, trust technology to complete to help minimize operating costs at your cheer gym. Without adding significant costs, the right class management software will help you handle tedious daily tasks so you can focus on the core of your business.
By focusing on these seven areas, you will be able to increase profits at your cheer gym without having to stay behind a desk or taking a step back from coaching athletes.
Start increasing your cheer gym’s profitability by partnering with the top-rated class management software for all star cheer gyms. Try Jackrabbit Cheer free now!