Year-end is a time to be reflective, right? When the history of the indoor cycling studio is written (hah!), we may look back at 2011 as the year the concept really “came of age”. Indoor Cycling and SPINNING® have been around since the 80’s mostly in big gyms. Back in 2004 a few notable start-ups, Spynergy (Chicago and Boston) and Soul Cycle (New York) brought visibility to a business model that has grown dramatically in the past 5 years.
Our business here, Spynergy Consulting, has done business plans, websites and consulting projects for over 100 entrepreneurs and studio owners in the past year alone….On the national scene, Soul Cycle is expanding after being acquired by Equinox. FlyWheel, the Soul Cycle spinoff, is also expanding with private equity investment —- both these developments are nice validation of the cycling studio business model.
Being in the middle of this industry has been exhilarating
Before plunging into the indoor cycling world 8 years ago, I spent a career in corporate media and marketing, but I have rarely felt such energy and passion as what I see here. Having fun and making people healthy? What could be better?
In the spirit of David Letterman, here is the Spynergy Consulting’s year-end “Top 7 List” (modified from last year). This is the 7 Best Things About Indoor Cycling Studios:
1) People adore them! Customers constantly thank you for what you for what you provide.
2) The market is still growing! An aging population continues to drive the growth of this low-impact exercise that can be done late into life.
3) They appeal to diverse groups! Specialty classes are continue to emerge for fitness junkies, teens, seniors, competitive cyclists, cross-trainers, and more.
4) The model is unique! Pay-per-class, online reservations, community spirit, high-convenience — these create a unique sustainable model.
5) Cycling is green!
6) Mental AND Physical benefits. Well done classes are good for the body, the mind and the soul of the rider.