Thinking outside the box and finding ways to make money supporting your clients is the key to success in any industry. Renting out your fitness equipment for those in need is a unique way you can create an additional revenue stream for your business, improving your ROI as a fitness studio owner.
So, if you’re looking for another interesting way to increase your income and help more of your clients, keep reading. We unravel a rare opportunity you might be missing to drive more revenue at your gym.
Equipment Rental
There are a few different reasons renting out your gym equipment can be helpful for your business and your clients. We aren’t necessarily suggesting that you rent out your squat racks, treadmills, and larger (and expensive) pieces of equipment. However, there are various other pieces of equipment that are lightweight and portable and can be packaged together for client use away from the gym. The following are a few potential examples:
- Foam rollers
- Bands
- Suspension trainers
- Ankle weights
- Jump ropes
- BOSU balls
- Medicine balls
- Cones
- Sandbags
- Exercise mats
- Stability balls
- Battle ropes
- Boxing gloves
- Kettlebells
- Step boxes
- Tubing
All can be rented individually or as a packaged bundle depending on the client’s needs.
The Need For Equipment Rental
You may be contemplating why there would be a need for equipment rental if your customers come to your gym to work out. But, equipment rental can fill a few different gaps for your clients.
- Vacation: Many clients want portable equipment to maintain their workouts during travel. Providing portable equipment options to clients during their travel periods can help support their fitness goals.
- Busy schedules: Some clients have limited time but want to be consistent with their workout routine. If they don’t have the desire or finances to obtain their own equipment, they can rent bundles during periods of time when their schedule prevents them from making it to the gym.
- Pandemic concerns: Large social gatherings are still a concern for some clients and might be preventing some gym-goers from returning to the gym. Gym equipment rentals can provide these clients with additional tools to support their health and fitness until they feel comfortable resuming in-person gym attendance.
- Holidays: Days that are aligned with time off from work and time off from school can pose challenges for some gym-goers. Gym equipment rentals provide an option for these clients that don’t want to have interruptions in their exercise routine.
- Social media influencers or fitness education teams: Fitness professionals or fitness education companies needing to capture workout footage may also be interested in renting equipment (both on and off your premises). This provides a potential opportunity for you to either rent out a bundle of equipment for them to use or clear a time and space for them to have exclusive use of certain pieces of equipment on the gym property.
Renting Space
The space in your studio can be valuable for some. And, as a fitness studio owner, it’s likely you aren’t using the space all of the time. This means you can rent out the space for other needs. It might seem like this is a stretch, it’s doubtful you have people making these requests. However, a small amount of advertising, either printed fliers, social media posts, website info, or outreach can create unexpected interest. And, unexpected interest can quickly translate to another income stream.
Below is a list of some of the ways you can rent out your space.
- Space Rentals For Instructors. Don’t just think about group fitness instructors, although this is an untapped market too. Martial arts instructors, Silver Sneakers programs, and health and wellness-related support groups are all looking for spaces to use on a very part-time basis. Again, don’t forget about group fitness instructors, if you don’t currently have this offering. Many instructors were displaced during the pandemic. Upon return to the traditional gym setting, they realized they had a great following with little income potential. Many have turned to hosting virtual fitness classes, but participants have returned to the gym. This is a prime market and adjacent offering you can rent your space to.
- Team Building Events. Obstacle courses, climbing parks, and other physical activities are becoming increasingly popular for corporate team-building events. You can easily host a series of fitness team-building events at your location. This doesn’t have to be limited to physical activity. You can include nutrition workshops and invite other like-minded offerings into your space to foster a healthy team-building event.
- Working Space. You don’t need a massive open workspace to rent out. Even a few small desks, if you have wifi, can be an ideal space for some to get out of the house and work during the day. This is substantially more cost-effective than someone renting a space and it’s likely your location will spread by word of mouth. If one person rented for $5 a day, it’s an additional $150 you wouldn’t otherwise be making for a small 6×6 area in your location.
Things to Consider
Although renting gym equipment can be both a unique and valuable option for gym owners, there are still a few details you will need to work through to ensure the gym equipment rental process runs smoothly for your fitness business. For each of the following considerations, you should write up a quick agreement similar to what you use for training at your facility but with appropriate modifications.
Safety
Before renting any piece of equipment to a client, it’s imperative clients understand how to use the equipment safely. This means a fitness professional in your facility should ensure proper movement patterns and use of equipment before use. This could also include additional safety handouts and online videos that demonstrate proper movement and appropriate progressions and regressions utilizing each piece of equipment.
Cleanliness
Another potential concern with equipment rental is cleanliness, although this isn’t a new concern regarding fitness equipment in general. Ensuring you have a proper cleaning and sanitizing protocol before and after each rental is crucial.
Equipment Damage
Renting equipment can also pose concerns associated with potential damage to the equipment. It’s important clients understand how to properly care for the equipment when it’s in their possession (e.g. not dropping kettlebells on the ground, keeping equipment out of extreme weather or temperatures). And it’s important clients understand the expectations of care for the equipment as well and their responsibility associated with fixing or replacing equipment if it is returned late or damaged.
This also means the gym needs to ensure they are properly tracking and maintaining their inventory so they know what equipment they have and can confirm it’s in safe, working order.
Liability
As with any business venture, it’s important to have a legal professional prepare documentation that can outline these risks and clarify liability. Risks associated with things like equipment damage, improper use, or stolen equipment should all be carefully outlined for the gym and client.
With Naamly, you can keep a note against the person to whom you rented out the equipment, and even create a task that reminds you on the time when you need to checkin or swap out the equipment. There is a reason why we are considered one of the best personal training CRMs the fitness industry has seen.
And, if this interests you, then we would invite you to see how our revolutionary technology can further help to simplify and systemize your business. You can even get started through a free software trial today.