We love helping small businesses that work in the wellness industry .
As Accountants, we assist businesses that support the health and wellness industry and understand what business owners need to do that makes their business unique and succeed in this space. Alternatively, we also see those that don’t achieve any significant results
As an owner you will be aware Wellness business will evolve. To make your business succeed you need to understand your customer needs, capacity to pay and what the customer enjoys.
It’s all about Customer focus and here are the essential customer needs summarised as those that:
It’s a well-known fact that gyms enjoy a % of customers who pay the monthly fee but never turn up. Your wellness business needs to be vibrant and a place that encourages customers to want to return and spend more. Why does your customer keep coming back? You need your customers to engross your business .The strength of your business can be derived from the overall customer satisfaction based on:
KPIs should be developed to monitor these trends. Profit and growing results is what needs to be achieved. As a small business owner, it’s essential to watch the metrics of your business. For most gyms and training studios, the customers will be local. Convenience for your average customer is a significant factor when considering a gym.
Ways to make your gym more profitable:
As an example let’s say you have a gym with 500 members and you can add $20 to the bottom line per customer this can add $10,000 to income per year.
The wellness business has trends. These need to be watched. These trends can make or break a business. Most popular services for gyms according to Fitness Australia is still Bodyweight training followed up by Personal trainers. 24-hour gyms will continue but will face greater scrutiny by regulators. Things like Instagram online training while regarded as a “fad” according to the industry will eventually die off.
Finally, let’s focus on costs.
Most significant costs to a wellness studio or gym can be summarised as:
Critically, while arbitrary equipment maintenance and marketing can make or break wellness business, customers don’t respond well to old run down facilities. The sales pipeline needs to be kept full of membership and demand for services is correlated to enjoyment, the customer’s perception of the need to $$$ and the facilities provided .
We also help our clients who use software add on’s to XERO and MYOB such as MINDBODY that not only enables the customer a better experience but the statistical reports can help you develop a better understanding of your business
We assist a number of clients that run businesses in surrounding suburbs such as Bentleigh, Moorabbin and Brighton
At Gartly we offer an ongoing wellness monitoring service to help small business keep their wellness business growing. Contact us if we can help you further by contacting us at firstname.lastname@example.org