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| (Nilov, 2021) |
Driven by evolving consumer preferences and a growing wellness trend, the boutique fitness industry in Singapore has been booming. New boutique fitness studios are popping up every now and then as millennials are continuously in pursuit of premium, specialized fitness experiences. With the seemingly bright future ahead for the industry, many aspiring entrepreneurs are seeking to venture into creating their own brand but it is no easy feat. This article serves as a guide to achieving your goal of starting your own boutique fitness studio in Singapore.
Research your Idea
You have a business idea in mind and you are unsure if it is going to work out? This is when you need to conduct thorough market and consumer research as starting a boutique fitness studio in Singapore is not without its challenges. It is crucial that aspiring entrepreneurs understand the needs and wants of consumers as well as the business of their main competitors in order to assess the feasibility and potential of their idea. Consider conducting surveys and focus groups to better understand the demographics, perceptions and behaviours of your potential clientele. In addition to having the passion of starting your own studio, it is important that one considers the resources available such as capital, technical expertise, and knowledge. Equipping oneself with the necessary competencies will go a long way when you take the first step of starting your business.
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| (Grabowska, 2020) |
Creating a Business Plan
Now that you have decided to bring your idea to life, creating a clear and detailed business plan will be essential in ensuring the success of your boutique fitness studio. There are numerous elements to include in a business plan ranging from the market opportunity, your solution, location, sales and marketing strategies, and more. You will also need to consider the design of your studio as well as the equipment and amenities that you wish to provide. For those who are new to the fitness industry, you may want to consider starting out lean and conduct classes in free outdoor spaces to build up a community first as well as reduce costs. Hiring the right fitness instructors will have a significant impact on your client’s workout experience so it is essential to know the type of credentials and profiles of instructors that you are seeking.
All of these elements will then translate into your start-up costs and day-to-day operational expenses, which needs to be budgeted well in order to achieve profitability. Ultimately, a well-crafted business plan accentuates your studio’s unique value proposition and highlights your comprehensive business model.
Launching your Business
Now that your business plan is finalised, you will need to settle some administrative matters before officially launching your business. In accordance to Singapore’s regulations, you will need to register your business in the form of one of the following business structures:
1. Sole Proprietorship – Owned and controlled by an individual who is the business owner and has unlimited liability
2. Limited Partnership (LP) – Minimum of two partners, with at least one general partner and one limited partner, who are not a separate legal entity from the LP. The general partner is liable for the debts and obligations of the LP, while the limited partner is not liable beyond his or her agreed contribution.
3. Limited Liability Partnership (LLP) – Unlike a LP, a LLP is a separate legal entity from its partners who will not be personally liable for the business debts of the LLP.
4. Company – A business entity incorporated or registered under the Companies Act or any law in force in Singapore.
(For more information, click here)
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| (Fauxels, 2019) |
Furthermore, opening a corporate bank account can facilitate your studio’s transactions and ensure its separation from your personal finances. Some factors to consider include monthly fees, minimum deposit and balance, ease of access as well as whether international transactions are supported. To gain a better understanding of the business bank accounts available in Singapore, click here.
To ensure a successful opening, consider adopting a pre-launch strategy to obtain an initial client base through discounts or early-bird deals as well as obtain constructive feedback from them. Another way could involve conducting free virtual classes as a way to attract potential members who can experience your studio’s offerings at the comfort of their own homes, especially during the pandemic when physical events are not feasible. Establishing a strong network of clients and engaging them in a meaningful way will be vital as you officially launch your own boutique fitness studio.
Starting your own boutique fitness studio in Singapore is undoubtedly challenging, but vibefam is here to guide you in your journey by providing you with our booking solution and resources. Download our free Boutique Fitness Studio Playbook Template to get started today!
This article was written by Joshua Kek.