Should you open your own independent Indoor Cycling or Spinning® studio?
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Part 1: Are you an entrepreneur?
If it’s done right, a cycling studio can be a profitable and enormously rewarding way to spend your time. After all, what could be better than treating friends and neighbors to a workout that is helping them live a happier and healthier life?
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Let’s assume (since you are reading this), that you are a great instructor, or at least a great class participant who can recognize and perhaps even create an amazing SPIN® or indoor cycling class. OK, that’s part one. Do you also have world class people skills? Do you like working weekends and holidays? Can you learn to read and create a basic spreadsheet? Can you be nice and smile to people…..even if they are well, jerks? Are you willing to use a pedal wrench and (god forbid) a mop? Are you a never-say-die optimist?
If you are a great instructor, but said no to any of the above, you may want to stick with teaching that amazing class at local health club. If doing all that and building a community of riders sounds like a dream come true —– you may have what it takes!
Where do you start? You gotta have a business plan. I know the business sounds simple, but if you plan on investing a big chunk of your own, or someone else’s money, you should have something in place that outlines financial, operating, marketing and other factors…..in detail. Just the plan development itself will help you assess the fit with your own skills and personality.
In helping dozens of studio-starters create plans, we have noticed a few common themes: First there is a tendency to over-estimate how rapidly you can expect the customer base to grow. You will not open on day 1 with 30 classes / 30 bikes and 70% occupancy. Won’t happen. Second, there is a tendency to under-estimate expenses. Most business plans we produce have over 35 expense lines. Many are small, but they add up. Best to plan for that and understand how you'll collect class payments online.
That being said, with smart, realistic planning, and with crisp execution — wow, you build something amazing……while making the world a healthier place, one rider at time.
Bill Pryor owns his own 6 year old indoor cycling studio in Wellesley, MA and also provides consulting, business and marketing services to cycling studio entrepreneurs. www.spynergyconsulting.com Podcast #88 goes into an expanded discussion about starting your own a Spinning® Indoor Cycling Studio. You can schedule a free initial consultation with Bill to discuss your fitness business ideas – Email him billpryor@comcast.net
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