How to diversify and make your business thrive

About five years into owning my Pilates studio in Laguna Beach, California, I was burnt out. It was 2009, we were deep into a recession in the US, and I was navigating the studio business on my own. My client list was thankfully packed with a minimum of 5-10 hours a week I couldn’t handle. Instructors were difficult to find, and I had to have a serious conversation with myself. Keep raising rates to make more money? Shove those extra 5-10 hours on my calendar somewhere and risk my physical and mental well-being. OR, look at yourself in the mirror and say, “Erika, you are not allowed to take on one extra hour of clients per week to make more money!”

As funny as it sounds, saying this out loud was the self-affirmation that I needed to pursue other opportunities for revenue streams. My first course of action was to find a place for those 5-10 hours of clients I couldn’t take, and right at the same time, I was approached by an instructor who was practicing at the PT in the same building and wanted to move to a Pilates only environment. Talk about a divine appointment. WIN #1.  

As the studio partnership took shape and the burden of monthly rent was now cut in half, a string of other meaningful moments began to connect some dots into what would become my upgraded value proposition for my business(es).

·      My fitness mentor and Pilates client hired me to develop a Pilates curriculum and workshops for the BOSU brand and become a Master Instructor and traveling presenter.

·      This dot connected to meeting Nora St. John and Al Harrison of Balanced Body Education at the time at IDEA World Fitness Conference in 2009.

·      That relationship developed into a presenter gig at Pilates on Tour Conferences in 2011 and becoming an Educator for Balanced Body the same year.

·      The following year, one of the very first online membership platforms PilatesAnytime.com brought me on as a visiting teacher.

A true snowball effect of complementary relationships to support adding additional streams of revenue which has now manifested itself into my own online educational platform LevelUpMVMT.com and delivery of personal CEC workshops globally at conferences and studios.

This is my story of having my eggs in multiple baskets, but remember that in the “gig economy” and being an entrepreneur, diversification is individual and not a one size fits all approach. Let me give you some suggestions on how to increase and diversify your streams of income based upon two categories. Studio Owner / Operator and Employee or Independent Contractor.

Studio Owner:

·      Continuing Education: Adding workshops, learning lunches and certifications (whether taught by you, one of your own instructors or talent you bring in from outside) can be a great vehicle to inspire your community AND make some $.

·      Retail: Adding a small retail area of apparel and gifts can be a value add for your members AND you. Your clients come to take sessions on the regular, why not partner up with local businesses and clothing vendors to outfit their workouts AND have them grab a little gift for the “Birthday Party” they have to go to on Friday.

·      Member Upsells: Adding value to your studio with other complementary treatments for a nominal upcharge is a great option. Do you have room to rent to a massage therapist? Interested in an infrared sauna or even aesthetic beauty treatments? Do your members want to be more autonomous about their bodies and longevity? Plan a learning lunch specific to members for a charge and do it on a day where it’s slower in the studio.

·      One or half Day Studio “Retreats”: Who says you have to travel to get some R&R? Create this right in your own studio. A half or full day of wellness with local businesses participating, Pilates and movement, refreshments and food.

Employee or Independent Contractor:

·      Continuing Education: Similar to the studio owner category, do you have a great idea, specialize in a particular population, or like to innovate? Create and develop a workshop or series of classes that you can sell online or offline via a studio gig.

·      Event Speaker: Many fitness and wellness events are looking for fresh talent and content for their events nationally and internationally. Do you love to travel and want to deliver workshop(s) and make some money doing it? Make a list of fitness and wellness conferences you aspire to present at and pull together the applications. Examples include: Pilates on Tour, IDEA World, IDEA PTI, Asia Fitness Conference, Pilates in Asia, The Pilates Journal Expo and more.

·      Video on Demand: Using video is incredibly helpful to support passive income streams for you. Consider shooting classes or series of classes that you can upsell your clients. Maybe they train with you twice a week, but want to add a third session they can do from home or travel. Possibly they live part time in another location, but want to still maintain their practice. Recorded classes and bundles are a super way to make a extra income AND keep your clients happy. PLUS, you can always expand your library and create a membership arm to your business as you curate content.

·      Complimentary Product Offering: Do you love nutrition or have a background in skincare? Consider using your credentials to represent a product or service that you can easily integrate into your clients life! Perhaps it’s a supplement or skincare regime you’ve found revolutionary, or a nutritional product you love such as a smoothie mix in or bar. Link up with those complementary brands and see if they’ll work with you as an affiliate or give you a discount on product purchases for resale.

I always like to say small actions = big gains and building additional revenue streams is much the same. Just get started fanning those flames, and I think you’ll be delighted to see what happens when you start to put some effort on making money from other activities outside of client sessions.                       

Erika Quest, known as the “Certified La Pistola,” has over 17 years of experience in international fitness, wellness, and Pilates education. As the Founder of Level Up MVMT, she empowers instructors to elevate their programming and coaching skills through innovative curriculum development and vitality coaching. A former corporate marketer specializing in fast food, Erika transitioned in 2005 to focus on wellness and Pilates. She is a premier presenter for Pilates Anytime and a speaker at global fitness conferences. Erika is NCPT Certified, a Balanced Body® Educator, and a BOSU® Elite MasterTrainer.