Last week I had the pleasure of flying South to Philadelphia, hopping into a rental car and driving up the east coast visiting cycling and spin studios along the way. My primary visits were to my own clients —- folks I have worked with primarily via phone and email to develop business plans and get their studios launched. Each studio had its own character and its own challenges —- each was at a different stage of development, but they all had one thing in common: energetic and committed entrepreneurs striking out and creating something cool in their communities.
Interestingly one is urban, one is suburban and one is in a midsize community. Here’s a quick snapshot:
BodyCycle Studio, Philadelphia
Profile: 10 month old urban studio right in the heart of Philly. Upstairs studio in a cool neighborhood with Keiser bikes, high ceilings and wood floors. Growth has been steady and solid for the first 10 months, very close to original financial projections. Owner is looking to expand # of bikes and # of classes and my need to find a new location to do so. Has built a solid database of customers and prospects via Groupon, word-of-mouth and some great instructors.
Lifestyle Mechanics, Martinsville, New Jersey|
Profile: One of the quickest start-ups I have ever seen. I connected with the owners in early September and after the business plan development they were able to take the necessary steps on funding, real estate and marketing to be able to shoot for a mid November start-up. Chose to go with Star-Trac and the SPIN brand to become an official SPINNING studio. Biggest challenge? Finding the right spot to minimize start-up / build out costs.
CycleOn Studio, Washington Township, New Jersey
Profile: After business plan development, this entrepreneur faced a lengthy effort to receive SBA funding (bank loan), and then a series of real estate “issues”. Finally he settled on an awesome space, Star-Track bikes, video projection system and had his “grand opening” on October 29th. Biggest challenge? Juggling the massive start-up details while working full time at another job.
My 4th visit was to be to JoyRide in Westport Connecticut — a client group that has been opened since early summer, but unfortunately a massive Rte.95 traffic jam prohibited me from visiting……next time! They are growing nicely and providing a range of interesting types of classes and events. Biggest challenge? finding great instructors.
4 different studios, 4 different entrepreneurs, 4 different communities but all relying on the same fundamental appeal of a “pay-per-class” dedicated studio that provides a tremendously effective workout. It has been a joy working with each of them providing guidance based on our own experience at Spynergy Cycling Studio in a suburb of Boston.