Renting Out Fitness Equipment: Why You Should Consider It
Right now, businesses across North America and the world are rotating to find business solutions that will comply with social distancing guidelines—and this couldn’t be truer in the fitness and recreation realm. While many gyms, martial arts schools, and yoga studios have turned to virtual classes to reach their members and students, more and more have started renting out their fitness equipment to members.
How Renting Out Fitness Equipment Works
Similar to restaurants turning to take out service only, members come to the facility, pick up their equipment, and use it at home for a certain period of time. When their time is up, they bring it back, and the equipment is sanitized for the next customer to use.
Rental service for fitness equipment isn’t a new concept; this model has been around for a while. However, the demand for this special service is certainly unprecedented. Renting equipment allows people to transform their spare space at home into temporary gyms until they can go back to their regular routines.
First, decide which of your equipment is realistic for you to rent out regularly. You could start with smaller pieces for resistance training such as:
- Medicine balls
- Weight plates
If there is demand for it, you could also rent out your bigger machines that your members may be interested in using for cardio.
- Stationary bikes
- Stair climbers
- Rowing machine
Next, set up payment plans and options. If you are using a member management software such as PerfectMind, you will have access to your member’s billing information, and can set up a payment invoicing plan with them individually. Your payment plan could vary from daily, weekly, and monthly plans which cost less per use when scaled up.
Advertise to new members, but also offer discounts for loyal, long-time members who use this service. Now is the time that you will want to show your appreciation for those members, so don’t forget to acknowledge their long-time support of your business.
Finally, let your members know of your cleaning protocols for the equipment. Thoroughly sanitize each piece that returns and take care to organize your equipment so that nothing is contaminated by equipment returning from outside. You may also want to consider a delivery option for members with bigger items, or if they feel more comfortable staying at home. Giving members multiple options that suit their various comfort levels is key to finding success during this time. Some people will want to come to your business to rent equipment, but some people won't feel comfortable doing this.
The Benefits of Renting Out Fitness Equipment
So why is renting out fitness equipment a good business model to explore during these difficult times? Here are a few reasons to consider it if you have the means to rent out your equipment.
It allows you to retain more members & staff
Many organizations and businesses are struggling with member retention right now, so a strategy to keep engaging with your members and providing them services is an avenue you will want to explore. Also, offering this new service gives your team members an opportunity to work during a tough economic time. No business owner wants to downsize or temporarily let go of staff, so we encourage you to pivot and offer new services during a time like this.
It provides income through previously unused equipment
If your equipment is not currently being used, this is a good time to explore this option and see if it is a viable avenue to explore in the future. Once your facility can open up to regular operations once again, renting equipment may prove to be a popular option for people who like working out at home, but don’t want to keep a whole set of weights around all the time. Or, it might be a good opportunity to partner
It’s a much more attractive option for your members than buying weights
At first thought, it may seem like people who visit fitness facilities to exercise might not be interested in working out at home. However, during a time such as this, renting equipment for the short term is a brilliant solution which both parties benefit from. As previously mentioned, it gives you an opportunity to provide a service and make sales through your unused equipment. But it also gives your members the opportunity to set up a gym space in their home without keeping the equipment forever.