Thinking of starting a boutique fitness studio?
The fitness industry is continuing to grow and evolve steadily post-pandemic. The global health and fitness industry is projected to expand by more than 7% annually through 2028.
Starting your own fitness venture is an exciting journey, but before you embark on it, it is important to remember that a new studio is nothing more than a new business start-up. It’ll come with the same problems and challenges you’d face in any other entrepreneurial venture.
In this article, we share 4 things you would need to consider before turning this dream into a reality.
Do your research! Information is king, and it’s a good idea to hone your concept in preparation to enter a competitive market. Look up fitness businesses in your area to examine their services, price points, and customer reviews, as well as what sells best. Identify an opportunity, you’re looking for a market gap to fill.
Here are some venue rental platforms you can explore! Rent a space hourly, daily, or monthly:
After you’ve done your research, work on crafting a business plan next. A business plan is the backbone of a company. They are not only prepared to raise capital or financing but are also used as a management tool. It is a guide to evaluate the achievement of the company’s goals. Download our free Boutique Fitness Studio Playbook Template to kickstart your journey!
When starting a fitness business, be prepared to wear many hats. From admin work to accounting to sales, it can get overwhelming with a lean team. Fortunately, many software and digital tools are available to help simplify these business tasks.
Leverage on social media
Social Media is an affordable tool for promoting your business because you can create engaging posts that advertise your services.
Create your own website
Create an online presence and convey expertise and professionalism to prospective clients. Leverage on Search Engine Optimization (SEO) to rank higher in the results of top search engines like Google. Consider website-building platforms like WordPress, Wix, and Squarespace. This route is wallet-friendly, but figuring out how to build a website can be time-consuming.
Client success stories
One of the most effective and inexpensive ways to increase awareness of your business is through word-of-mouth. Client transformation stories and referrals can be powerful decision factors for new prospects. Encourage current clients to spread the word by incentivising gym referral and review processes.
Utilise user-generated content to establish trust between your studio and clients. Organic content like this is authentic and adds credibility as it’s based on real people with real experiences.
Cultivate an environment that keeps people coming back for more by creating a sense of community within classes and your company culture.
This is definitely not a checklist or definitive list of how to start a business, but it should give you some things to consider and work towards. The long list of factors to consider continues and it can get intimidating, most importantly you need to hold on to the passion that inspired you to take the first step.
This article was written by Liza Wee.