Successful gymnasts are passionate and willing to put in the hard work required to succeed in the sport. Gymnastics gym owners take it a step further and funnel their resources, time and love for the sport into creating a space where they can share and teach their love of gymnastics.
Most people don’t go into the gymnastics world to become wealthy. In fact, according to ZipRecruiter, the average salary of a gymnastics gym owner is $70,185. In order to make a living, gym owners must look at minimizing business costs while maximizing their earning potential. This requires an in-depth look at all business expenses and making practical changes as a result. Here are a few things you can look at to make sure you’re minimizing business expenses at your gymnastics gym.
Rent with Purpose in Mind
Running a gymnastics gym requires large building spaces. The bigger the building, the higher the rent or mortgage, utilities, and maintenance costs. One primary consideration in building costs is the ceiling height. Tall ceilings mean higher heating and cooling costs.
According to competition standards, gymnastics gyms with trampolines or horizontal bars can require as much as 32.5” of ceiling clearance. If you’re running an elite rhythmic, tumbling, and trampoline gym, you can save rent with efficient use of the space. Put trampolines in-ground or utilize the middle of the gym where the ceiling is higher for horizontal bars.
Before you rent big, think practical. Having enough space is essential for your gymnasts to nail their routines. Maximizing the effectiveness of the available space is vital to your cost minimization as the owner.
Evaluate Insurance Policies
Gymnastics is a high-risk sport. Your athletes use their bodies to perform impressive skills, sometimes from great heights. It’s no wonder why insurance for a gymnastics gym can get costly. Still, your coverage expenses will depend on several factors, such as:
- Size of Gym
- Employee Certification
- Policies & Procedures
- Safeguards in Place
- Equipment Used
Evaluate your current policy coverage, and continue to shop around. You might be able to negotiate lower rates if you can show established business policies. For example, having gymnasts acknowledge guiding safety practices and established precautions in place shows you take additional steps to minimize risks. (Utilize a Parent Portal and Customizable Policies →)
Use Automation to Minimize Management Costs
Running a gymnastics gym requires a lot of work and resources. You’re responsible for everything from staff scheduling, data and report analysis, payment processing, website updating, and more. All while greeting parents and students with friendly faces. Sometimes it can seem like a never-ending to-do list!
Using class management software with automation features can save both time and money by using one space to achieve many different tasks. While evaluating how to minimize costs in business, consider that automation is a solution to both time and money.
Get the full scoop on how automation can boost your return on investment with this guide to calculating the ROI of cloud-based software for gymnastics centers.
Greeting your students as they walk through the door sets the tone for that day’s class. By creating relationships with your students and their families, you will increase loyalty to your gym. If your interactions are spent manually logging in members, you’re missing out on an important relationship-building opportunity.
Automating member check-ins has advantages for both owners and members. Not only are check-ins accurate when they’re automated, but the information is streamlined into a database not subject to human error. It’s also easier for members and allows you to engage with them undistracted by task.
Payment Processing Tasks
Processing tuition is one of the most time-consuming tasks at your gym. Manually running tuition and logging payments can add stress to the process and isn’t 100% error-proof. Using automation for payment processing can save you 15% in lost revenue from failed payments, saving time and money. Automating payment processing ensures prompt payment and also:
- Sends reminders that charges are coming due, helping to reduce missed payments
- Organizes payment information into accurate reports
- Creates automated billing systems
- Allows members to customize their payment methods
Run Regular Reports
While collecting data is an essential business tool when evaluating financial well-being, compiling it into valuable reports requires specific employee skills. Reporting can replace the need for additional staff since it compiles reporting in your database.
Get accurate reports of daily revenue and billing statements or track delinquencies, invoice details, and month-to-month memberships with ease. Software programs with visual dashboards can provide real-time information regarding business management.
This information can help you save time running and organizing these reports. It can help you project growth or review what worked previously. It also neatly organizes this information, so you know where to amp up or scale back in marketing efforts.
When it comes to minimizing costs at your gymnastics gym, the solution isn’t to eliminate everything. It’s to be more intentional about the smart investments you’re making in your business. In addition to rent, insurance, and class management software, evaluate and spend appropriately on:
- Overhead expenses
- Competitive staff compensation
- Office and everyday business supply spending
- Mats and equipment
Minimize Costs By Maximizing Your Class Management Software
Keeping a gymnastics gym going requires more than a love of the sport. You’ll need sound business practices and regular reporting to make sure you are on the right path.
Get help without adding significant costs by incorporating business software that handles tedious daily tasks and helps you identify areas you can minimize costs so that you can focus on the heart of your business.
Start a free trial with Jackrabbit Class and see how you can change the direction of your gymnastics gym in 2023.