As a gym owner, providing your clients with a clean, safe, and motivational place to workout is a top priority. At the same time, you cannot ignore the importance of your bottom line.
You're in the business to make a profit, and one of the best ways to maximize your gym's profits is to go beyond selling just gym memberships and begin selling merchandise, including fitness gear and private label sports supplements.
There has never been a better time to throw your hat into the supplement-selling ring, and if you already own a gym, you have a leg-up on competitors. If you're wondering "how to sell supplements in my gym," getting started is easier than you may think.
Benefits of Selling Private Label Supplements in Your Gym
Let's start with an overview of the many benefits of selling your own private label supplements in your place of business.
Your Customers Are Already Buying Them Somewhere
First of all, understand one key fact: if you're not selling supplements in your gym, your clients are already going somewhere else to buy them. Many of today's gym-goers, especially those looking to build body strength and muscle mass, take nutritional supplements on a daily basis. In this sense, if you're not already selling them, you're losing out on profits.
Turn Your Gym Into a Brand
Finally, when you branch out into selling your own private label supplement, you begin the transformation of turning your gym into an actual brand of its own. When your clients see that they can turn to you for not just exercise equipment/fitness classes but fitness gear and nutritional supplements as well, your brand recognition will grow substantially.
How Do I Sell Supplements in My Gym?
Now that you have a better idea of why selling your own supplements makes so much sense, you may be wondering how to get started.
Determine What Your Customers Need
Begin by assessing your customers' needs based on the type of audience you have at your gym already. For example, if you know that the majority of your gym-goers are body-builders, then you can safely assume that nutritional supplements to help build muscle strength are a good investment.
You might even consider creating a poll and asking gym-goers to respond with information on the types of supplements they already take daily. This will give you a better idea of demand.
Find a Supplement Manufacturer You Trust
While you can create your own product/formula and manufacture it yourself, most gyms have an easier time going private label. If this is what you decide, take some time to find a supplement manufacturer that not only can create the supplements you need, but that you can trust. A reputable and experienced company with a wide range of supplement offerings will be able to best accommodate your requests and provide you with a fair price.
Set Prices to Reflect a Profit
Once you have a better idea of what it's going to cost you to order the supplements you need, it's time to determine how much you'll be selling them for to achieve your desired profit. The good news about supplements is that you can generally go with a 100% mark-up (also known as "keystone pricing"), so you can make back double what you paid for each bottle sold. Of course, you'll want to sit down and crunch the numbers for yourself so you can be confident in your pricing.
Work Recommendations Into Fitness Classes
Now, it's all about marketing your new private label supplements to your existing gym members. A good way to do this is to have some of your fitness class instructors work in relevant recommendations during class.
You might even consider offering a small incentive for instructors who are able to make sales. If you have personal trainers at your gym, you may also want to educate them on your new private line of supplements and encourage them to discuss options with their clients.
Post Flyers in Gym Locker Rooms
It will take some time for gym members to realize that you have begun selling supplements, unless you take the time to market this extensively. In addition to making announcements of your new private label supplements on social media, you'll also want to post flyers in gym locker rooms and have signing created to call attention to these new products.
Offer Occasional Promotions
Offering promotions and special discounts on your supplements every so often is a good way to motivate buyers who may have been on-the-fence in the past. From there, once they try your supplements and begin to see the results, you will have made a repeat customer.
You might also want to consider whether you will sell your supplements only to gym members, or if you'll open up sales to the general public. If you decide to open up sales to anyone, you might want to consider offering a special "members-only" discount so that current gym members have a greater incentive to buy, and non-gym members have an incentive to purchase a membership in order to begin saving on the supplements they need daily.
Launching your own private label line that are exclusive to your gym is a great way to build your brand and maximize your profits in the process. With a little bit of careful planning and understanding your clients' needs, you'll be able to offer them the supplements they need. At the same time, you'll be saving them the extra trip to their local health store and boosting brand loyalty to your gym.