7 Questions to ask yourself
- How much money will I need to cover the cost of launching….and to support myself until the business can? This is a core question that should come well before you get into the specifics of how you want your studio to operate. The answer will only come from the development of an exhaustive business plan (see #7 below).
- Who is your primary target audience? Stay at home moms? Outdoor cyclists? Singles? Baby boomers? Probably some combination, but the mix will have a major impact on your scheduling, marketing and other factors.
- Are you opening a Spin® studio or an indoor cycling studio. There is a difference, and you need to know the specifics to avoid legal hassles.
- What is your strategy for connecting with the community? Especially early on. There are number of tactics, you need to implement them early on so you don’t see empty classes.
- When you open a Spin® or indoor cycling studio you will need to think carefully about your location. What are the factors with noise? parking? access? How many square feet are needed to accommodate the number of bikes you will have to have to make your financial model work?
- Marketing? Ads, eNewsletters, Direct mail, Web 2.0, what’s the right mix? How can you build a great website? How do you build the all important word-of-mouth once you open a Spin® studio or indoor cycling studio.
- Do you have a business plan that takes into account the rate at which your business will grow AND the rate at which it will churn out profit? This is a critical question. Having opened a number of studios, we have seen that the business gradually builds…….but how fast? We have a track record so we can help you figure that out.
There are a number of other posts on this blog addressing various aspects of opening a cycling or SPIN® studio. For a free consultation/brainstorm, contact Bill at 781-254-3677 firstname.lastname@example.org