Finding ways to earn more money without having to put in more time and energy is one of the trickiest things entrepreneurs face with growing businesses.
No matter how great your clients are, you constantly have to update your list, raise your prices, and keep your overheads under control.
As a business owner, time and money are both precious resources, which means you’re often protecting your time and money like you would your life.
Showcasing your work for potential new clients and convincing current clients of your worth can be difficult. Aside from those traditional ideas though, here is a stellar strategy to start earning more money without investing more time.
In fact, saving time while earning more!
The first and foremost step is to check the occupancy rate of your classes.
Find out which classes are more occupied and which are not so much in demand.
But how do you figure this out?
Any class with an occupancy rate of more than 80% is your star class.
Any class between 50%-80% is working average.
While any class with an occupancy rate less than 50% is not working well.
To increase revenue, there should be a strategy for every type of class (the segregation that we had done in the previous section).
For the classes that have a high occupancy rate (80% or more), you should add waitlists to these classes.
We know that these classes are popular and high in demand and hence we should leave no opportunity for empty slots.
Add waitlists to these classes.
Waitlists ensure that in case of cancellations, there is someone else who will fill the spot.
In case, the waitlists go high in number for a significant period of time, you can try adding more of this particular class.
Although try to find the reason for the demand, if it is the service then adding classes will work.
If the popularity of classes also depends upon the day of the week, time of the class etc, then adding classes accordingly will help.
These are the classes that have about 50-80% occupancy.
You can try merging two classes to save time and utilize your facility and instructors for more profitable activities.
Any class that has less than 50% occupancy should be dropped since it is only hampering the opportunity to make money in that particular time frame.
In this particular studio, Just Yoga and Open Yoga Sessions should have waitlists.
Additionally, Studio - Mature Movers and Zoom - Mature Movers can have a lower frequency.
Finally, Kids - Across Dance can be dropped.
Invest in studio management software that helps you generate reports which will easily give you insights on the performance of your classes.
Bookee provides with extensive reports to help you mane intelligent business decisions to maximise your revenue.
Want to know more about how Bookee can help take your business to the moon?