Interesting article from RACKED.com that is promoting the virtue of Big Box fitness clubs – while recognizing how the boutique studios have been getting all the press and recognition over the past few years.
Do Classes at Regular Gyms Hold Up Against Boutique Fitness?
If you own your own spin shoes, are constantly laundering leggings, and have downloaded the Mindbody app to your iPhone, odds are you're in deep with fancy fitness – and have the scary credit card bills to prove it. Boutique exercise is eating our budgets alive like bottles of wine at mid-week dinners used to (before socializing and sweating came hand-in-hand), and it's crazy how it got away from us so easily.
Those who aren't math-inclined might view the all-inclusive Classpass buffet and studio bulk-class deals as a free-for-all, but the truth is that it's costing you $1,500 a year at the very least. And that's without the occasional full-priced SoulCycle class and unavoidable last-minute cancellation fees.
But what if we told you there was a glorious place that had enough classes to keep your newly athletic heart content, not to mention showers aplenty, shiny equipment, and towels free of charge? It's the place you left in the cold the second spin studios started popping up on every corner –€” your good ol' neighborhood gym. So, we asked ourselves a newfangled question: Are we all out of our minds for spending this much money to take these fitness classes when we could have them for so much less?
Like the random Pilates mat class you went to near your office and hated, not all New York gyms are created equal, so we dove in first-hand to see if we're all fooling ourselves with the studio experience, and whether hitting the same gym classes on the regular – more than the three times Classpass would let you –€” could get you just as fit (and having just as much fun) as all our beloved bourgeois boutique spots.
While visiting four of New York's biggest power players, we learned a lot. Generally speaking, gym classes feel short compared to boutique fitness, and we've been battling for a spot in class sign-ups or in the second row with more vigor than necessary. Gyms have less competitive crowds and have embraced advanced sign-ups, too – even holding spots for spontaneous members who stroll in minutes before the start time. Trading in the complimentary rose water face cleanser for padlocks and crowds of people wasn't easy, though. Fingers crossed that we can hopefully save you from sweating your account balance instead of your workout in 2016.
Shannon Fable, 2013 IDEA and 2006 ACE Instructor of the Year, will show you the three key components to distinguishing your studio/gym in a noisy fitness world. Walk away with several activities to further clarify your brand and boost your bottom line with minimal effort.
What you'll learn:
What is a brand & why you need to more sharply define yours!
How clearly identifying your ideal client and target market can enhance your promotion efforts
Why defining the #1 result you provide is important (and harder than it looks)
Strategies for standing out in a noisy fitness landscape.
Simple steps for creating a compelling brand that leads people to your door
It's today at 3:00 est
Signup here even if you can't attend the live event – you'll get access to the recording you can view when it convenient.
After a meteoric increase in new Indoor Cycling studios and other forms of boutique fitness businesses, it makes sense that a few of them will be sold. I've recently received a number of inquires from studio owners, asking for help selling their business – and I went ahead and posted them. Here's a cycling studio in Magnolia, TX and another studio in Marietta, GA for sale.
Our mission here at ICI/PRO is to provide quality information, for all aspects of Indoor Cycling. Wanting to be helpful, while not having any personal experience selling a fitness business, I did what I always do – I found (and vetted) an expert at brokering fitness businesses.
In this episode of the podcast you can meet fitness business broker Shane Massey. Shane explained to me that there are multiple mistakes studio owners tend to make, when selling their business. We decided to focus on these five that he felt were the most important.
AVOID THESE 5 MISTAKES WHEN SELLING YOUR FITNESS BUSINESS
WITH FITNESS CLUB BUSINESS BROKER, SHANE MASSEY
1. THEY DON’T HAVE A LEGITIMATE REASON FOR SELLING THE BUSINESS
2. THEIR BUSINESS VALUATION / SELLING PRICE IS WRONG
3. THEY DIDN’T PLAN (PROPERLY) FOR THE SALE
4. THEY IGNORED POTENTIAL DEAL KILLERS
5. THEY DIDN’T SEEK PROFESSIONAL ADVICE
Listen to our discussion below.
Shane is prepared to assist an owner, regardless of where you're located. He has agreed to provide an initial consultation at no cost for our readers and listeners.
Studio owner Karina Belli is offering what she describes as a “Business in a box – 360 Indoor Cycling Studio” that someone could purchase and move to their own location… or assume her lease and continue at it's current location in Marietta, GA .
I hope this email finds you well. As I mentioned in my FB message, I am looking at selling my studio. The concept is selling everything that is needed to start a studio (EVERYTHING), thus the name “Business in a box”.
I need to cut my losses and be able to move on. Unfortunately, things did not work out as I had hoped for. I am pretty much giving everything away… Here is what is included for $36,000:
21 Bikes – Freemotion 11.9 with console with power sensor
PIQ – Bike reservation
Sound Equipment Website/Signage/Branding/Furniture/Dispensers (wet towels, hand sanitizer, bathroom towels, soap)/Smart TV/ Front Desk MAC Computer/ HeartRate monitors/printer/fans/ washer & dryer
And much much more
I am also open to selling things separately, but would prefer to sell everything to one party.
Please let me know if you have any questions. And thanks for posting this for me!
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.
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.
