“…I want to open a studio. How do I get started?…”
I have received dozens of inquiries with some variation of this basic question. My answer is exactly the same as it would be to anyone who wants to launch a restaurant, a magazine, a retail store or a dot.com business. YOU NEED A BUSINESS PLAN. The act of writing and developing a business plan forces you to address all the critical factors that can make or break your business. While writing it you will begin to frame answers to the most critical questions
- How much money do I need to start this up?
- How much money am I likely to make in year 1, year 2 and beyond?
- Will I need other income during the start-up period (i.e. can our should I quit my current job?)
- Is the operation of this type of business suited to my skills?
- What are the key things I need to do to make this successful
- How will I distinguish myself from competition?
- Should I recruit partners or investors?
The very act of writing a business plan forces you to formulate answers to these and other questions. These issues should all be addressed BEFORE you borrow money, sign a lease, copyright a name or invest significant dollars. For some, writing a business plan convinces them they do not want to be an entrepreneur — much better to find out before signing a lease or buying bikes. For others, writing the plan is the exciting initial spark that puts the engine in gear and gets it running.
Spynergy Consulting provides consulting services (including business plan development) to entrepreneurs and studio owners throughout the world. To arrange a free consultation, email Bill at firstname.lastname@example.org
If you are considering launching a cycling or spinning studio, you are probably researching and exploring existing studios……with good reason. Before you (or your lenders) invest money in opening a studio, it is logical to want to see proven models of success. They do exist! In the case of our own Studio, Spynergy Wellesley, we developed a straight forward business plan and model with some basic elements we have found to be successful. Other studios around the country exist with variations — your own business will be tempered by the realities of your market, you customer needs and your own vision for the business. One model:
- Small, single-purpose studio — cycling classes only
- Online reservation system, primarily “pay-per-class”
- Targeting fitness, athlete and cyclist participants
Other variations exist elsewhere: cycling classes combined with yoga or other group exercise, membership revenue model, targeting of specific niches. Another interesting post: how you can “outspin” big health clubs.
For a complete review of the Spynergy model, give me a call at 781-254-3677, and also of course peek at a few of the other relevant posts on this blog.
Part of creating a special studio environment is your understanding of the indoor cycling experience….and your ability to recognize and create it! Yup. But if you want to own a studio, it’s more. It’s running a business. You’re part accountant, part disc jockey, part sound technician, part web developer, part baby sitter, and ALL customer service. Do you absolutely love people…….even the ones that are, well, annoying? Good. There is something awesome about knowing every decision you make is having a direct affect on your business, and that the more successful you are — the healthier people get. Wow. It can also of course at times — be a bit overwhelming. Wanna give it a try? Check us out. Call Bill at 781-254-3677.