Wow! When I decided to open my first studio – I had NO idea just how complicated it was going to be.
First, I attended a local barre studio, and she made it look so easy! She had a full studio, a marketing machine, and the most fabulous instructors I could have imagined. So, I figured – I can do this. I just have to see what she did and use that as my inspiration.
UGH! As I said – she made it look easy.
When I first opened – in less than a year, I had over $75,000 in unanticipated mistakes, which ultimately lead me having significantly increased costs, AND $75,000 less in PROFIT TO ME AND MY HUSBAND MIKE in that first year. I know opening a studio is a lot of work. I know that there is a ton of opportunity. I know that you may be totally able to do it on your own, but I also know that if I can, I want to help other women avoid some of those costly mistakes and be MORE SUCCESSFUL and MORE PROFITABLE in their business!!!
Recently, Shape Magazine posted an article about the things that beginners needed to know before opening a barre or fitness studio of your own.
First, Michelle Davidson, Owner of Barre DC, stated that you need to ensure that your team is a good representation of your business.
And Don’t Micromanage!
I thought this was great advice. I always say that when I am interviewing, I am looking for the girls that I want to hang out with on a Friday night. If I hire girls with a great heart and passion for others, they will more positively represent my business and make my clients feel valued and important!
In opening your own studio, there are MANY moving parts. There are many small ways and places to stub your toe and make a costly mistake. And when I talk to potential studio owners and actually describe some of the mistakes that were made – they are shocked how one small decision can so dramatically impact your bottom line in that first year (and beyond).
Jeanette Simons, a studio owner in New York discusses knowing what business structure best suits you and your goals. She discusses starting with a partner and how that just didn’t work for her. I have seen a couple – but VERY few partnerships work! This is your baby – often your life’s savings. It is tough to have to get consensus on all the decisions about your baby.
Before you open a studio – ask yourself about how you want to run your business. Are you going to be actively involved? Do you need/want a partner? Do you know what that means to have someone that gets a 50% say in all the business decisions?
Before you decide you want to open your own studio – make sure you ask yourself the questions you need to know to make it successful!