Retailing is defined as a set of activities aimed at selling products or services to consumers. Retailing can very well increase your revenue streams from your franchise. It doesn’t matter if you are the franchisor or the franchisee, retailing is crucial for your profitability.
Some of the reasons people to use for NOT retailing are:
1 – I’m too busy
2 – I don’t have the space
3 – I can’t do it
4 – It doesn’t work for everyone
The ClubIndustry website published 10 Tips for anyone – serious enough- to start retailing in their gym franchise. If retailing works in gyms, it will work for you.
1 – Start with the lobby…
Whether you are setting up a protein smoothie station or promoting spandex T’s labeled with your gym name, your customer is more likely to buy coming or going.
2 – … Then the cash register
…and the rest of your gym! Your busy customers feel frustrated because they forgot to pack earbuds for their evening run. No worries—you have stocked the sign-in area with plenty of them. A yoga attendee doesn’t have a mat? You have ones for sell in the class. Be creative about where you sell, and make it convenient and relevant for your members.
3 – Vending
A vending machine stocked with water, power drinks, and protein bars, is a huge convenience for your clientele. Of course not all vending machines work the same. Experiment and try out many combinations. You learn by trying, and not only from books!
4 – Don’t just sell clothes
T-shirts and workout pants are always a given for your retail line. But if you really want to impress your clients, try offering clothing that is designed to improve their functionality during a workout, like sports bras or support wear. Don’t have display space? There is no better way to show off the product than actually wearing it yourself.
5 – Complement your classes
If you are a studio heavy on yoga, having mats available is a key retail item. Your specialty is Zumba classes? Offer them suitable sportsware like Sports bras, athletic T-shirts, leggings, and shoes.
6 – Supplements & vitamins sell
Your clients won’t go far without supplements & vitamins in their search for that athletic body. They want results, and they are looking to you to help them find the best products to help them reach their goals.
7 – Help them know their health
Your clients are paying for their good health. Now, help them understand what that means. A heart monitor or pedometer is an excellent retail item to get your members to the next level.
8 – Promote, promote, promote
“Without promotion, something terrible happens… nothing!” -P. T. Barnum
A poster in the locker room or lobby tempting members to try a tasty post-workout protein smoothie bar or a protein shake is a great way to promote your products. Retailing on its own won’t work, it requires promotions!
9 – 100 is your mark-up
When it comes to retail pricing, an industry standard is to mark up your item up by 100 percent—it’s called “keystoning” or “keystone pricing.” If you paid a $1, you sell it for $2. This will help you keep a healthy bottom line.
10 – Run the costs
An idea might look very promising – on paper, but in reality it’s the other way around. Keep your competitors close, and your accounts closer! Make sure you run a cost analysis on the retail you are selling. Double check that what you are selling are actually earning you a profit. If they are not, time to consider upping your price or trying a different retailing idea.
Source
Get to know who are the industry key players, visit our Interview of the Week page.
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To learn more, visit our Franchising Tips section.
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