You’re going to see a deluge of Black Friday offers flooding your feeds in the next weeks.
If you see a local gym discounting training services, do not be tricked:
This is a horrible practice, and you should feel zero temptation to do the same thing. Keep your rates right where they are from now to eternity.
👉 Critical Note: Do not discount your services.
On the other side of the coin, the Black Friday period can be a good time to make purchases as a gym owner.
But this plan can go bad if you aren’t careful.
Here’s how to approach Black Friday as a responsible gym CEO.
Buying stuff for the sake of buying stuff is a very bad plan.
Marketers capitalize on FOMO and YOLO to whip people into a spending frenzy, and it’s tempting to start filling your shopping cart because everyone else is doing it and cool gear looks cheap.
But that’s not how a CEO acts.
You need to get ROI on every dollar, and if you start spending without planning, you can’t do that.
And—let’s be real—you probably don’t need any more stuff at your gym. Most facilities have too much gear already.
👉 Key Point: Do not buy stuff you don’t need. Tie all purchases to ROI.
With that said, if you pay less for stuff you do need, your ROI goes up, right? That’s thinking like a CEO.
To avoid falling victim to marketing, do this now:
1. Make a List
Log any supplies or equipment you could use to generate more revenue. For example, if your Hyrox training classes are capped because you are short on medicine balls, add the balls to your list. If you get them, you can increase class capacity and earn more—that’s ROI.
Make sure that every entry on your list is tied to revenue generation. Rank the items according to the ROI they will bring.
Do not add gear you’ve kinda been jonesing for just because it’s cool—like that strongman log you’ll use exactly once a year (maybe).
2. Search and Log
Search online for all the items on your list and note their current prices. It’s a sad reality that many retailers manipulate prices or misrepresent “sales” to trigger purchases.
If you know the true cost before the silly season, you will be able to identify real bargains on items you know you need.
3. Set a Budget
Retailers love to offer loss leaders in the hopes that you will buy more. And we’ve all fallen victim to the “add $100 to your cart and get free shipping” play.
If you go in the discount days with a hard budget that was set in a calm period, you won’t be tempted to overspend when you see other items.
4. Review Sale Prices and Make Strategic Buys
As Black Friday deals start rolling out, review your list of items and prices. If you see a deep discount on something that will generate ROI, and if it’s within your budget, you’re in a good spot to make a calculated investment.
If the “massive sale” is just $5 off or some “buy six to get 7% off” tactic, move on.
Be a CEO
Truth: In the retail world, Black Friday isn’t about saving money. It’s about getting people to spend money.
If you spend money on stuff you don’t need, you’re wasting it.
Yes, you can find some deals in the next month, but you’ll have to be disciplined and cautious to do it.
With a plan, budget and pre-sale price list in front of you, you’ll be able to make smart decisions and generate better ROI with any purchases.
And if you decide to skip the “sales” and go back to serving clients with the gear you already have, that’s more than fine.
Don’t look for reasons to spend in November. Look for ways to generate ROI as you provide increased value to clients.
That’s what a great CEO would do.
