As promised in this post, here's my interview with fitness equipment leasing expert Joe Schmitz from F.I.T. Leasing. During the interview Joe provides answers to many of the questions you might have if you're planning a new Indoor Cycling studio, or are considering an upgrade to any of the new Indoor Cycles with power; FreeMotion S11.9, Keiser M3i, Schwinn AC Performance or Star Trac Spinner® Blade Ion.
It was interesting to me that, depending on your financial situation & credit history, I might be possible to include some of the other component parts of your business (AV system, furniture, specialty technology, etc…) into your equipment lease.
Joe has provided some additional information that you can use for business planning and/or preparing to qualify for a lease.
Listen to our discussion below or contact us for more information on equipment leasing.
Here are a few questions about leasing we discuss during the interview:
When does leasing make sense for a new studio — or an existing studio looking to upgrade to new equipment?
When doesn’t it?
Should I lease my indoor cycles directly from the manufacturer?
What other costs can be included, besides new Indoor Cycles?
What is the approval process?
Is it more difficult to get approved for a lease vs. a bank or SBA loan?
What documentation will you need?
Is there anything you want to do, or prepare for, in advance of needing your lease funds?
How long is a typical lease?
What happens at the end of the lease?
Explain any tax benefits of leasing vs. conventional financing or paying cash.
You can use this contact form to submit your questions at any time.
The Scosche armband heart rate strap uses optical sensors to “see” the pulses of blood flow in the blood vessels in your arm. Groundbreaking technology and pretty cool stuff if you ask me. Anything to get rid of those monitor chest straps will be an improvement. I feel this will result in a greater number of people training more effectively. You can read an earlier post where I describe the Scosche as possibly the best heart rate monitor strap option for participants in our classes that include any of the new Indoor Cycles with power consoles – except the Keiser M3 or M3i.
The new Apple iWatch uses the same optical sensor technology and it will be interesting to see how the two match up.
Jon Ham is a fitness consultant to Scosche and has written a detailed comparison between what he sees as the differences between the Scosche and the iWatch. You can read it here. [Understand that Jon's comments about the iWatch are based on information provided by Apple – the iWatch isn't available for purchase yet.]
As a side note, I've been trading emails with a former Schwinn Master Trainer who's involved in the iWatch project and (fingers crossed) I hope to interview him about the fitness applications of the iWatch once it's released.
The part I found most interesting in Jon's article was the part about data collection
Is the Apple Watch Designed to be a Continuous Heart Rate Monitor for intense exercise?
The way I saw it, In Tim Cook’s presentation, the Apple Watch was shown to be an excellent Activity/Life monitor, where movement, lifestyle, and general health were emphasized, and not heart rate training. I could be wrong, but I think Apple knows heart rate is not going to be super accurate during exercise with the Apple Watch, therefore they built the Watch around making a great interface for activity monitoring – IE: how often you stand up throughout the day, pedometer information, etc. This will surely play out to be a thorn in the side of FitBit and other activity monitors, but I don’t think it poses a threat to serious heart rate training athletes.
Data Centralization
I think Apple knows their job is to centralize the data collected from accurate sensors, not to necessarily create the sensor itself – except for activity monitoring. For example, Health Kit will allow all connected apps to push data that has been collected from different sensors directly into Apple’s Health App. I don’t see Apple getting into the Blood Pressure monitor or blood glucose monitor business any time soon, but apps that monitor blood pressure and blood glucose can push their data to Apple Health. I DO like the way the Apple Health App will centralize that information into one health app, along with other health related metrics. It makes sense to have all that data in one centralized location. The bottom line is that you should be able to use other heart rate sensors to do your workout and gather accurate data, you won’t be confined to only using the Apple Watch to collect accurate heart rate data.
Time will tell if Jon is accurate about this and if so, there's a chance we'll want to be wearing both an iWatch and a Scosche armband when we exercise.
Display tracking of each rider's performance during an Indoor Cycling class is proving to be very motivating for the riders and profitable for the studio owners because those participants keep coming back.
Customer retention is hugely important to keeping your classes full. I hear over and over; “once you've shown me my performance, up on a screen and then on that email I get after class, I'm hooked. Why would I ever go back to that Big Box club, who doesn't show me anything?”
Jennifer Ashbrook is the owner of Inner Drive Cycling | Fitness Studio in Newtown Square, PA. Jennifer's studio features FreeMotion S11.9 indoor cycles that provide the performance data that drives the Spivi Display Training system she purchased to differentiate her studio, from other competing fitness clubs in her area.
Jennifer created this short video to help her prospective customers understand Spivi and how it adds to the “WOW” factor of her classes.
You can learn more about Jennifer and her studio by listening to our interview.
I forgot to talk about … It's common for guests to contact me, post interview, with a point or two that they felt should have been included, but weren't. Jennifer emailed me to add:
Hi John,
I just wanted to thank you for the chance to talk with you about Spivi this morning — I really enjoyed it! A couple of things I think maybe I should clarify about Spivi that I forgot to mention — when I explained how Spivi “normalizes” or handicaps riders, I indicated that they are normalized based on power output — and that’s a major part of the equation for bikes with power — but the system also takes into account cadence; it factors all of that together and “ranks” riders based on “Spivi Points” — which (as I understand it) factors in riders age, weight, gender, FTP (if know and power data is available), and cadence — perhaps other factors… The system can also pick up heart rate from ANT+ heart rate straps.
ICI/PRO is sponsoring a series of informational webinars, featuring industry experts from the leading companies in our industry. These live events will be invaluable for Studio Owners, managers and anyone planning a Indoor Cycling Studio.
Our first is entitled: Clients, new and old: How to keep them all engaged is scheduled for September 16th at 3:00 Pacific / 6:00 Eastern.
Clients, new and old: How to keep them all engaged
When it comes to attracting new clients, effective marketing is often the difference between surviving and thriving. Join us to learn how to develop a marketing plan that will bring new clients in all year long–and turn them into dedicated clients, too.
We’ll cover:
Strategies for every stage of client interaction, from the first visit to the first year and beyond
The numbers that matter when it comes to increasing your client base
Loyalty programs: how to create your own, and what to encourage your clients to do
Pre-registration is required and you can register here and we'll send you reminders so you don't miss the event.
We'll be recording this webinar and it will be available exclusively to everyone who's registered – so please register even if you can't make the live webinar.
Presented by Michael Goldsmith, Senior Regional Sales Manager at MINDBODY Online
Michael Goldsmith is one of two MINDBODY Senior Regional Sales Managers, leading a team of over 40. As a”recovering” attorney with thirty years of business experience, Michael relishes coming to work every day to help MINDBODY's fitness clients run their businesses more smoothly.
There's a lot of pressure on clubs and studios to upgrade to the latest technology… those basic, conventional bikes just don't cut it when there's a new competitor down the street.
So what does a struggling fitness studio do to come up with the cash (two grand or more per cycle) for a room full of the latest from Schwinn, Star Trac, Keiser or FreeMotion?
How about running an online fundraising campaign to raise the money? Could that ever work?
We will know next month when Ypsi Studio closes their indiegogo campaign on September 21st. They're running what they call SchWinning at Ypsi Studio. Owner Julia Collins is hoping to raise enough money to upgrade to new Schwinn AC Performance Indoor Cycles for her Ypsilanti, Michigan studio.
With clients looking to stay on track with the most up to date exercise equipment, Ypsi Studio owner Julia Collins has launched a Indiegogo campaign to help raise the money needed to upgrade the indoor-cycling bikes the studio is currently using.
“I’m a small-business person and I’ve been in this business for 10 years. Gradually over those 10 years I’ve expanded from a tiny one room place to a place with two floors and different classes and several employees,” Collins said. “Every time I was making profits, I was putting it right back into the business.”
However, those profits are not enough to upgrade the equipment for her customers.
Collins is hoping to raise $25,000 so the studio can purchase 13 new indoor-cycling bikes. Currently the studio has several bikes they’re using that are in good condition, but they’re nearly 10 years old.
According to the campaign website the bikes the studio is looking to purchase are comparable to bikes offered in other fitness studios in the area. They will not only allow the user to exercise, but also monitor RPM, calories burned, heart rate and how long you've been riding.
Didn't the author leave out the most important part? Power!
Good luck with this Julia! I've made a note to follow up with the results of her campaign. You can learn more and pledge your support here.
The Yellow Jersey Bicycle Insurance company is promoting their service with this very cool infographic about the Yellow Jersey, worn by the leaders of the Tour de France. As they are a UK company, it's fitting that they are highlighting past British riders who have worn the Yellow Jersey. If you follow professional cycling you're aware of how utterly dominate Team Sky / British Cycling has been over the past two years. More excitement will follow for sure 🙂
