Diversifying revenue streams at your studio is a great way to have stronger financial security in your business. One great example of an excellent revenue stream to have is a retail store. From mats to branded apparel, a retail store can be a great addition to your business.
Once you have realized the benefits of opening a retail section at your studio, the question stands: What is the best way to capitalize on the revenue boosting opportunity? According to Tracy Golden, the owner of Your Mantra Yoga Studio in Olive Branch, Mississippi, the best way is to simply ask your clients.
“Ask your members what they want,” said Golden. “Offer a giveaway or a small discount for members to fill out a survey on what they would love to see in the studio. Not only will your members feel like they are having a say in what’s happening in the studio, but you will have first-hand information on what is likely to move off the shelves.”
One sure thing to keep in stock are basic products students will always need. Mats are an easy place to start, as many students prefer to have their own rather than rent one.
“Similarly, if you have a hot studio, towels are key,” said Golden. “People are less fussy about blocks and bolsters. After these essentials, you can think about some accessories, like studio branded water bottles or t-shirts.”
One way to have students buying from your studio is to have your team promote the products themselves. People are coming to your studio because of you and your teachers, so carry what you and your teachers like.
“Your teachers and staff are leaders and influencers within your studio,” said Golden. “Encouraging your team to own and purchase products from your retail space serves as marketing. If your staff and teachers are using brands available in your retail space, it is likely members will follow suit.”
Once you know members are purchasing from your store, comes the time to restock it. But a lot of questions can arise here, such as: when is the right time to buy, what price range should you be looking at, and how many of each item do you need? According to Golden, this is something you always need on your radar.
“Keep your eyes peeled for ideal buying times and situations,” said Golden. “Does your supplier offer promotions? Are there price breaks? Can your items be picked up instead of shipped? Ask your sales rep. Finding ways to bring your wholesale costs down will increase the margin you keep when your members make their purchase at the retail price. Buy smart. Sell smart. Enhance the studio you call home.”