I guess it's inevitable that after all of these Indoor Cycling studios opening, I few would be offered for sale. This studio in Magnolia, TX is listed at 1,299.999.99. That might sound like a lot until you consider that it includes, what appears to be a nice building and an upstairs apartment.
You can see it's set up for cyclists to bring their own bikes – no reason you couldn't lease 20 or so new Indoor Cycles (or snap up some used IC's) and offer the option for either stationary or trainers.
It looks like they've done a nice job with the lobby.
6744 SF Warehouse with cycling and exercise studio and also a 2250 SF of nicely appointed 2 bedroom apartment, perfect for the live in business owner. Spacious reception/showroom with 2nd floor build out.
Looks like a beautiful city. Image from paxgaea.com
Helping prospective Indoor Cycling studio owners with their business planning is part of my Instructor Employment Initiative – encouraging the formation of new studios… which creates more places for Instructors to teach and will (at least I'm hearing) create upwards pressure on class pay rates!
ICI/PRO member Rowan Platel contacted me recently with questions about a future cycling studio he is planning.
Thanks John.
I am looking for as much help and guidance as I can get, so I will let you know my plans and see if you have any words of wisdom (outside of all of the information I will be reading from ICI.
Basically, Indoor cycling centres in Perth WA don't exist yet, but the spinning community is there through fitness centres, and the cycling community is large. My goal is to open an indoor cycling centre that is funky, but very up to date from a technology standpoint, and bringing in the best instructors/coaches I can. I want to give the users the ability to set and exceed their goals through data driven results, combining the best instructors, with the best principles and training methodologies, and the best technology.
There are a few good examples on the east coast of Australia, but none here.
I really want to cater for all indoor cyclists, whether they are “spinners” looking at more fitness goals, or cyclists looking at performance goals.
Absolute key for me is User Experience. I think your website will help a lot there. I want to make this addictive, fun, yet high performance.
Currently, I am looking at Wattbikes and using their group software and user App based software for real-time data.
I suppose what I am asking for is any guidance or thoughts you have on this. If this isn't the right forum to ask this, please feel free to ignore this email.
I am very keen on finalising the tech specs, so I can start to plan a fitout and get cracking!!!
Cheers
Rowan
When time allows, I try to be available for a call to discuss whenever I get well thought out questions from ICI/PRO members. My response:
I've done a fair bit of consulting with new cycling studio owners – often acting as a sounding board to bounce ideas off + I can be helpful by questioning your assumptions, so you don't end up with an empty studio.
Skype sometime?
John
Rowan and I connected via Skype. Turns out that Perth WA is on the exact opposite side of the earth, so my 8:30am was his 8:30pm 🙂 With his permission I recorded our call to share with you!
Listen below or subscribe to our free Podcast with iTunes or Stitcher
During the call I mentioned that we have two excellent Podcasts that deal with the introduction of Power/Technology.
Our apologies for the disruption yesterday. Despite our best efforts we had a little “glitch” – the technical term is actually SNAFU – that our IT dept fought through last night.
ICG, the manufacture of the IC7 Indoor Cycle, Myride+ video system and privately labeled Indoor Cycles, has announced the sale of their company to Life Fitness's parent company Brunswick Corp.
Life Fitness, the global leader in commercial fitness equipment, today announced that its parent company, Brunswick Corporation (NYSE: BC), has signed an agreement to acquire Germany's Indoor Cycling Group (ICG), a leading provider of indoor cycling equipment. Terms of the transaction were not disclosed. The transaction is subject to customary closing conditions and regulatory review and approval by the German competition authority. The approval is anticipated during the third quarter.
Upon completion of the transaction, ICG will become the latest acquisition to join the Company's leading health, fitness and well-being brand portfolio. The addition of ICG will further diversify the Life Fitness product offering, and further augment the company's diverse group exercise category.
“With ICG's innovative technology, expertise in cycling and talented team, we will be well-positioned to advance in the indoor cycling and group exercise categories,” said Life Fitness President Chris Clawson.
“As the supplier of Life Fitness' existing group cycling bike, we have had a strong relationship with ICG for the past five years. Through this relationship we know that ICG's culture of innovation and customer-focused approach are a great fit for our team. We look forward to having the ICG group join the Life Fitness family,” Clawson added.
Meet Stephanie (Steph) Cohen – owner of Ride Revolution Cycling Studios in Northvale, NJ!
Steph is a member of our Cycling Studio Owners Advisory Group. In this episode of the Podcast, we discuss some of her most valuable lessons learned from running her successful studio for three years.
Name of Studio: Ride Revolution Cycling Studios, LLC Location of Studio: Northvale, NJ Phone: 201-259-7221 email: Steph@Ride-Revolution.com Owner Name: Steph Cohen Owner Title: Owner Years in Operation: 3 Years Size of studio: 2,000 Sq. Feet Number of members/clients: 2,400 Unique Visitors since opening
If you were advising somebody whose dream is to open a fitness studio — what would be your primary nuggets of advice?
Make sure the financial picture makes sense. The market where you are may not actually be able to hold your initial price per session. What are your earning projections if the price per session is a lower amount than originally offered?
Ensure you have a strong marketing budget. Too many studios forget this part or put it last on their budget list. While you are building your new place you need to begin the online and print advertising so that once you open locals will already recognize your name.
Have a clear mission — the “why” you opened your studio — and have that set the tone for all of your marketing and outreach. Make sure that your employees have the same vision in mind at all times as well.
In addition to having great instructors playing fabulous music, learn your client’s names and remember their unique stories. That is what will make them want to come back again and again.
Be prepared to do EVERYTHING yourself for the first few years. I am the front desk, marketing coordinator, instructor manager AND I wash the towels every few days! No task is too big or too small for the owner to actually do for the studio.
Download all 16 of Steph Cohen's Most Valuable Lessons Learned here – right click > save as.
