Concepting and Setting Up Your Boutique Fitness Studio Business: The Essential Guide
Getting a boutique fitness studio business off the ground can be a great deal of work — especially if you're new to running a business and haven't been through the concept and setup process before.
With an estimated 20% of small businesses failing within the first year, a rock-solid business plan can make a big difference between your business scraping by or thriving.
How does one craft a reasonable business plan for their boutique fitness studio that they can successfully execute?Let's take a look.
Where to Begin: Nail Down The Concept
The first step towards opening your boutique fitness studio is nailing down your concept. You want the objective and overall concept to be crystal clear.
While you've probably been daydreaming about what this will look like, it's time to put pen to paper and map it out.
Start with writing down your dreams, ideas, and goals. You can drill down on:
What do you want your studio to look like?
What services and classes will you offer?
Who is your ideal client?
What are your goals for the first year? The first five years?
Now, it's vital to note that you’ll need to be flexible. Dreams evolve, plans change, and understanding this will save you some heartache. A solid plan is essential, but being open to shifting as needed is also critical to long-term success.
Do Your Market Research
If you want to build a boutique fitness studio that stands out, you need to know what your competition is up to!
Market research is considered a foundational step of the planning process for new businesses. Without proper research, you may be operating in the dark, increasing the chances of making costly mistakes and poor business decisions.
When conducting your market research, your goals should be:
Defining your target audience.
Determining your market size and growth potential.
Completing a competitive analysis.
Investigating customers' needs and pain points.
Assessing your pricing strategy.
Define Your Company Values
Opening a boutique fitness studio is about more than just getting classes up and running. Competition is fierce in the fitness industry, so there are critical details you'll want to nail down.
Your mission statement and core company values set you apart from the competition and help attract the right kind of clients.
A mission statement is how you articulate your boutique fitness studio's purpose and overarching goals. It offers clear direction for the company and helps define why your business exists and what you're trying to achieve. This mission statement can guide decision-making and keep everyone on your team working towards a common goal.
Your mission statement and core values also support your brand identity. They communicate to the general public what your studio stands for and the value you can offer customers.
Choose Your Business Structure
Once you have dreamt up the perfect boutique fitness studio business, ensuring every I is dotted and T is crossed means you must legally set up your company.
Your chosen company structure is important because it determines how you will be taxed. This decision can impact your bottom line over the long term, so I always recommend meeting with an accountant for proper guidance. This is something you want to avoid guessing about!
Find Your Space
The next step will be finding a suitable space. This is essential to getting the right vibe for your studio and brand. You'll want to ensure you're conveniently located to your target market so that coming to your studio is easy for clients. The space you choose should have ample parking and be safe and easy to access at any time of the day.
Also, consider the Americans With Disabilities Act (ADA) and ways to access your space for those who are disabled or injured.
Once you find your dream space, you will have to secure it. Negotiating, leasing, or purchasing can be daunting, especially if you're new to doing this. Having someone who is experienced and has negotiated before is imperative to do this successfully.
Of course, you’ll need to answer the big money question: How are you paying for the down payment and building out costs of your space?
The good news is there are many creative solutions if you need a bundle of cash sitting in the bank. Investigate your options, and talk to your bank. Small business support organizations often have loans you can apply for, and you can also look for grants.
The bottom line is that build-out and start-up costs add up quickly, so you must have ample money ready.
Decide on Your Employee Plan
In boutique fitness studios, permanent and independent employees are common. Figuring out which is the right fit for your studio is always a complex question, and that's why it can be helpful to have guidance on figuring this out.
When making decisions about team structure and employees, you'll want to consider:
Expertise and skills
Cost and benefits
Training and onboarding
The number of hours you'll need to staff
Schedule flexibility
Future growth plans
Lastly, remember to check all the state requirements for your type of business, as many states require that boutique fitness studios hire employees over independent contractors.
Set Up Systems and Operations
Once you have done all the above mentioned work, it's time to set up your systems and operations.
This can be a time-consuming task as there are so many things to consider, including:
Pricing
Schedule
Hours of Operations
Marketing
Sales
Hiring
Compensation Plans
Once you're all set up and almost prepared to open your doors, don't forget to make sure you have your one, three, six and twelve-month plans and budgets already set up. Time goes by quickly during that first year and it's too easy to get off track once you're busy.
Opening Your Boutique Fitness Studio: Mindset Matters!
As you walk through setting up your boutique fitness studio, don't forget about one of your most valuable assets — yourself!
A small business owner's physical and emotional demands are high, so remember that a proper mindset is essential. The start-up phase can be a wild ride, so individual work to align your mind and body is vital. A robust support system is beneficial, so nurturing your personal and professional network can make a huge difference.
If reading all these suggestions makes you panic and second-guess your big dreams, that's okay. But trust me — with proper planning and support, it CAN happen.
I know what it feels like to start a business from scratch and maintain it successfully without losing your mind. I have owned a studio for over 20 years and have been in this business for 30+ years, so trust me when I say I've seen it all.
I would love to help you make your dreams a reality. Click on the link to schedule a 30-minute chat with me.
