By Lindsay Vastola
SEVEN KEYS TO OPEN AND OPERATE A SUCCESSFUL FITNESS STUDIO A GLIMPSE INTO PFP’S EXCLUSIVE 7-PART SERIES At some point every fitness professional thinks about it; they fantasize about the possibilities of no longer having to report to a manager, bounce between clients’ homes or schlep equipment between parks and community centers. Chances are, you, too, have thought about being the “founder and owner” of your own fitness studio; and if you are already an owner, there are probably aspects of your business you wish you knew as a start-up that you know now. In each 2014 issue of PFP, we will devote a special section with the sole purpose of arming you with the tools, strategies and resources to open and operate a successful fitness studio. We’ll give you a peek into some of the more successful studio businesses and the minds of those who have already made the costly mistakes, learned the
tough lessons and have taken positive actions to achieve highly profitable businesses. Think of this special series as a quick reference guide to studio ownership – whether you’re contemplating opening a studio or are already in the thick of studio ownership, each topic in the series has been purposely selected to offer you tangible strategies and resources to set you up for success. Following the introduction of part one of the series below, “Make the decision,” you’ll find a brief outline of what to expect in each upcoming issue. And we’d love to continue the conversation with you online! Share your best advice as a studio owner or post your questions on studio ownership to our Facebook page: www.facebook.com/pfpmedia.
OPEN AND OPERATE A SUCCESSFUL STUDIO PART 1: MAKE THE DECISION My father is a quintessential seasoned entrepreneur. When I sought his advice on my idea of opening a studio (the first time), he didn’t hesitate a moment in his response: “Lindsay, for every reason why you think you should make this decision, argue a reason why you shouldn’t. Don’t take the passion out of your decision, but you must take the emotion out of it. And…think long and hard before you shackle yourself to a brick-andmortar; it’s a whole different ball game” (at the time I was operating a successful and systematized boot camp business at three locations partnered with local community outdoor/indoor facilities).
Here’s a glimpse into what to expect in our exclusive 7-part series: Part 2 (March-April)
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Know your numbers: The real costs of opening a fitness studio and how to get financing Financials are often the Achilles heel of most business owners. Get clear on the real and hidden costs of a new studio, understand cash flow management and explore creative ways of financing| your new business. | WWW.FIT-PRO.COM JANUARY-FEBRUARY 2014
Part 3 (Spring Buyers’ Guide)
Part 4 (June)
Equipment ideal for your studio Finding the right equipment for your studio is the fun part, but make sure your equipment suits your space and that you get the most value for your investment.
Before you sign: Negotiating contracts, leases and agreements A strong lease that works in your favor is worth its weight in gold; learn the art of negotiation and how to make your lease agreements work for you now and in the future.
