If you are planning to open a barre studio, a pilates studio, or a fitness business, there are a few important questions that you need to answer before you can go ANY further. Today we are going to cover the five things that you need to know/identify/or do before your barre studio or fitness business will be a success.
- Determine who is your target/ideal client. This will tell you so much about where to build your fitness studio, what to offer, who to hire, etc.
- Pick a location that FITS what you want to accomplish. This can be one of your most expensive mistakes in setting up any type of business – but especially a fitness studio that has a specific clientele. So know your clientele. Know what build out of your new barre studio will cost. Know how to do it with the least amount of resources. And pick a location that FITS your objective. This is the single item that one mistake can cost you HUNDREDS OF THOUSANDS of dollars.
- Hire right! Your staff is a representation of you and your business! It is so important that you hire right and you train appropriately for the goals of your fitness studio. If you have never managed staff and have never trained employees – get help, or systems. The wrong employee will cost you MUCH more than just the money you pay them. They will cost you training time, lost revenue from unhappy clients, time hiring again, and potentially a WHOLE LOT MORE!
- Have a business plan! Your business plan will encompass your opening and launch strategy of your new fitness studio as well as how many clients you need in each class to be profitable. It also addresses your plan for financing your business and how long it will take for the business to pay for itself without you having to fund it. There is little worse than working so hard your family feels neglected, and you are exhausted, but yet you still have no idea when you will be profitable. A business plan gives you the tools to evaluate your business and potentially get financing if you need it. Without a business plan – you have no scorecard to measure the goals, objectives, and success of the business.
- Have a FABULOUS marketing plan. I really believed in my product – and I was so “surprised” when there wasn’t a line at the door of my new studio. If you are a new business – and you are one of the first of your kind in your area – it is VERY important that you have a solid and comprehensive marketing plan to get the word out. You may be the most amazing business in the world. But if no one knows about you – you won’t last!
If you have been considering opening a fitness studio – but don’t want to pay a franchisor $50,000 to start, you’ve come to the right place. Contact me below for more information on how to open a successful fitness studio without the fees or rules of a franchise.