We have two 50-bike, privately owned, dedicated indoor cycling studios, and guess what? They are 7 years old, and business has never been better. In addition, our sister company Spynergy Consulting has provided business plans, financial analysis, ROI assessment, and other consulting services to over 150 studio entrepreneurs in the past 2 years. We have never been more bullish on this market and we have never had more interest. In a post at Spynergy Consulting last week, we noted a few of the key reasons for this optimism.
#1 — We’re still at the beginning. This is still a trend in it’s infancy, and the market is exploding. The interest in this unique business model is also supported by macro-trends (like an aging population).
#2 — Indoor Studios have gone Worldwide! Spynergy Consulting clients and inquiries in the past year included studio starters in Australia, Hong Kong, Sri Lanka, Israel, South Africa, India, England, Ireland and Thailand.
# 3 — The “Mega-Studios” continue their expansion. Soul Cycle and FlyWheel continue to expand, with both announcing dozens of locations on the drawing board. For local independents….this is good news. It validates the model,
#4 — Well done local studios can thrive. Despite #3 above, a well-executed, community-oriented, cycling studio can be thrive. There are many examples.
#5 — There are many formulas for making these work. The only common thread with successful studios is that they are located well, have great instructors, and have smart owners that have created something unique and compelling for their customers. There is no one right formula, there are many.
- Some use video…..(or not)
- Some use metrics technology……(or not)
- Some mandate music…..(or not)
- Some have secondary offerings…..(or not)
- etc., etc., etc.
Smart business launchers implement a vision and adapt it to their own market. Don’t “launch a Soul Cycle” in your town launch your own awesome studio. Implement YOUR vision. If it incorporates certain elements of other studios….great!
Spynergy Consulting uses the practical operating experience of a successful studio to develop business plans, do website development, and create effective marketing plans for cycling and fitness studios looking to grow. Please call with any questions what-so-ever, always happy to spend a few minutes brainstorming (when we’re not cycling!) Contact Bill to chat or email firstname.lastname@example.org