Seven keys to open and operate a successful fitness studio

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) 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 18 | WWW.FIT-PRO.COM | JANUARY-FEBRUARY 2014 creative ways of financing your new business. Part 3 (Spring Buyers’ Guide) 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. Part 4 (June) 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.

Making a sound and fi rm decision to open a studio is undoubtedly the most important part of the process. You can’t dip your toe in and see how it goes; when you sign that lease, you must be ready to go all in. You have to be prepared to add several new job titles to your resume: CFO, marketing director, human resource manager, client complaint manager, janitor, sales genius…oh, and you still need to be a top-notch fi tness professional. The ultimate goal is to build a team that can fi ll-in their strengths where you are weak, but as the leader, you need to have a good understanding of all the moving parts of your business.

Ask yourself honestly: Am I cut out to lead a team (more importantly, do I want to lead and manage a team)? Do I possess the skills to be an effective leader or do I need to further develop my leadership skills? Am I willing to step away from training clients in order to devote adequate time to working on growing my business? Do I have the stomach to make diffi -

cult decisions like hiring and fi ring employees and make tough fi nancial choices? What is my threshold for risk? Am I open to listening to the business and evolving as necessary based on what my clients need and want; not just what I assume they want? What is my end goal and more importantly, what is my exit strategy? (all business owners should have an exit strategy; not indicative of failure, but quite the opposite – you need to clarify if the goal of your business is to earn a comfortable lifestyle for you and your family or is the end goal to set-up your business to sell to a buyer or investor).

Successful entrepreneurs are resilient, make tough decisions in order to serve a greater benefi t; they have a vision and are tirelessly committed to that vision, particularly when faced with adversity. Refl ect deeply before making your decision; embrace opinions from people you trust (not necessarily those who will agree with you) and when you do make your decision, get excited about the possibilities of your success!

Part 5 (July-August) Your business backbone: Understanding legal and insurance regulations Understanding the implications of legal and insurance regulations is a common blindspot for businesses; know the resources and experts to consult and ensure your business is protected.

Part 6 (September-October) Put your plan in motion: What an entrepreneur must know Having a plan and a vision is just the beginning, now you must take action. Embrace your inner-entrepreneur and take your studio business to new levels. Part 7 (November-December)

Your grand opening: Marketing, driving sales and leading a team to keep the doors open

You’re ready to open your studio, now we’ll dive into the marketing and sales strategies as well as the leadership skills necessary to set up your studio to be JANUARY-FEBRUARY 2014 | WWW.FIT-PRO.COM a well-oiled and profi table operation. | 19