One of the many necessary expenses for a fitness studio owner is new equipment. Because these costs can be high, it’s understandable to want to get as much use as possible out of things you currently have before replacing them.
However, if many or all of your machines are broken, or your weights are mismatched, things are torn and damaged, etc... it may be time to buy equipment. Using fitness studio management software helps you track your inventory, and keep an eye on what needs to be replaced first. Simple things like this can help you make smarter purchasing decisions in your business and run it more efficiently and effectively.
Catalog All Current Equipment
The first thing you should do, if you haven’t done so already, is catalog all of the current pieces of equipment you have and enter that information into your fitness studio management software. With our cloud-based system, you can walk around your studio with an iPad or tablet updating your inventory as you go.
It’s difficult to know how much to order or what is in the most critical need of replacing when you don’t have a baseline to begin with. Take a few moments and literally walk through every space in your fitness studio. Odds are you don’t use these things all the time, so you’ll need to pick things up, turn on all the equipment, and test things out to get a good feel for each item’s usability and deterioration level.
As you catalog items, make notes of the state of everything you catalog. For example, if you see gloves or mats with tears in them, or notice that your weight benches are wobbling, write that down. Once you have everything logged, from here you can assess your next step.
Buy or Lease?
You may find that you need to replace a lot more than you first anticipated. Armed with that knowledge, you can then make intelligent decisions as to whether to buy or lease the pieces you need. Of course, there are pros and cons to both options.
The upfront costs of purchasing new equipment can be significant, but compared with the leasing costs over the life of the items, buying is typically more cost effective. However, not everyone can afford the chunk of change required to buy things outright. And, if any of the machines you own go on the fritz, it could mean that customers won’t have access to it until it’s repaired.
Avoiding the maintenance fees as well as the initial large costs are just two factors that make leasing equipment so appealing. An added benefit of leased equipment is that you can simply replace it when it becomes outdated, or a better model comes out with ease. On the other hand, if you want to customize your equipment with brand colors, this likely won’t be possible with leased equipment. Ultimately you will have to decide what is best for your company, and because of the costs involved, this is not a decision to be taken lightly.
Quality is Paramount
Regardless of whether you buy or lease, it’s important to have equipment that is high quality. One of the elements that determines whether a customer will return or not is the state of your equipment. If you don’t have clean and cared-for inventory, it can cause people to believe you won’t care enough about them.
It’s one of the reasons why replacing and upgrading your equipment can actually boost your bottom line in the long run, even when it temporarily hurts it in the short term. Show your current and potential customers you want them to have a good experience by providing them with safe, clean and quality equipment, and they’ll pay you back with their loyalty.
Tracking Your Inventory is Critical to Your Bottom Line
Knowing the state of your equipment and tracking everything helps you ensure you aren’t purchasing frivolously. It also helps you to be sure you have everything your customers will need, when they need it.
When you use the right system, you’ll also be able to determine when you have room in the budget for new purchases. Using our fitness studio management software makes this task and several others easier on you. Try our product completely free for 30 days. Managing and running a studio can be a lot of work, but The Studio Director can streamline your business saving you time and money.