Are you a fitness pro, but a business novice? Did you open your studio to bring health & mindfulness to the masses, but stress about making payroll? You’re not alone. Most studio owners don’t come from a business background, so it’s easy to overlook or underestimate their studio’s retail potential. Retail sales might be a new muscle for you, but it’s a critical revenue stream that can help keep your business in the black.
If you don’t have a retail stream at your studio you’re leaving revenue on the table. Look around your space – where can you add merchandise? It can be as small as a basket on the countertop or as elaborate as a dedicated room. Get creative: shelves in the hallway, a table in the lobby, a whole wall!
Now that you’ve got your space in mind, LÄRABAR is here to help. When most people hear “merchandise,” they immediately think of apparel & props, but snack bars are a simple way to diversify your offerings – especially if your retail space is limited.
Here are 5 quick exercises to help you tone & strengthen your retail muscle:
Sell What You Believe In
Stay true to your brand & what you stand for; your stamp of approval should be on every item in your retail space. If you don’t wear it, use it, eat it, why would your customers? You are a walking advertisement for your merchandise. Tell your customers what your favorite item is, and watch them get excited to try it as well!
Manage Your Inventory
Reduce your financial risk and eliminate waste by not over-ordering. If you’re not sure how much product you can move through, start small. Assess how much product you sell in a month, then use that as a baseline. You can always re-order if you run out. Also, pay attention to which items sell the best. You may need to reorder your best sellers more frequently to stay in stock. Set a calendar reminder once a month to review your inventory & re-order when necessary. Some companies even offer subscription services, so you can set it & forget it!
Know the Expiration Date
This is critical when adding snacks to your merchandise portfolio. Unlike apparel, food has an expiration date. The last thing you want to do is to invest money in large quantities of snacks only to have them go bad before you can sell them. Be aware that many third-party retailers firesale product toward the end of its life cycle, so if the price seems too good to be true, it probably is. Always ask what the shelf life guarantee is. Our LÄRABAR Wholesale Program
has a 105 day shelf life guarantee!
Set the Right Price
Ask the manufacturer for the Suggested Retail Price. The convenience factor of a fitness studios or spa means you can charge more than a commercial store, increasing your profit margin. That said, don’t be afraid to run sales! If you’re heavy on inventory or want to advertise new items, a flash sale is a great way to generate buzz. Your customer will feel rewarded and your studio will stick out.
Display, Display, Display!
Dramatically increase your revenue by displaying items front and center. Keep your retail space stocked and visible at all times to drive an impulse purchase. If your retail space is small, LÄRABAR is a great option. Put a few bars out at a time, and customers can grab a snack while they’re hanging out and chatting before or after class.
LÄRABAR is here to help you maximize your business. We launched the LÄRABAR Wholesale Program
to help independent businesses like yours diversify your revenue streams. Sign up today and receive 10% off your first order with discount code LARABFS10. We’re also partnering with Boutique Fitness