Budgeting for your boutique studio
Many instructors and fanatics of fitness aspire to setting up their own boutique training space. The vision, ambition and hunger for an exclusive creation are all there, but how do you go about transforming your ideas into the fitness haven that your clients won’t want to live without? Most importantly, just how much are you prepared to invest in the studio of your dreams?
It’s vital that you ascertain from the very beginning how much time and money you are willing to devote to your venture, and recognise the challenges involved. Aim to carry out as much market research as possible, visit your local competitors, talk to the experts and focus on creating a unique offering. It’s very tempting to get carried away with the excitement of the project and make hasty decisions. Take the time to give your location, personnel, fitness equipment, flooring audio visual solutions and branding the careful consideration they all deserve.
A realistic and thorough business plan is essential. A typical studio space of between 80 and 120 square metres requires around £40,000 - £50,000 to finance gym equipment and flooring. Budget sensibly, seek out trustworthy creditors and always have some revenue in reserve for those extra costs you may not have accounted for. Remember that for a boutique environment, less is usually more, and that packing your facility full of equipment would not only be incredibly costly, but would not make for an attractive boutique experience.
At CYC, we have seen which of the latest fitness facilities have made the most successful start. Essentially, it has been those that have made the wisest choices with their equipment, personnel and workout programmes. The finest boutique gyms in the capital boast the crème de la crème of equipment and staff. Though your facility may not achieve metropolitan, celebrity status, you should aim for the same standard on a smaller scale. For the most exciting, dedicated and amiable trainers, London-based Revolution Personal Training Studios are exemplary. Their ethos of setting realistic goals that are unique to each individual client has taken them from a humble fitness suite in Angel, Islington, to an impressive empire of five studios.
Forgive the cliché, but quality comes before quantity. Investing in versatile, multi-functional equipment will give you the variety you need for a whole range of workouts, and help to keep costs down. Multiple cardio machines for example, are hugely expensive to install, and frighteningly costly to service and maintain. Look to the most innovative companies like Training Wall®, The Abs Company and Brewer Fitness to have your strength workouts and functional training covered. The Laddermill, Battle Rope ST and TireFlip 180 are currently among our most desired pieces of fitness equipment for the sheer enjoyment and versatility that they offer.
Innovative and motivational equipment will undoubtedly help you to stand out from the crowd, and assist client retention. CYC recommends taking out an operating lease plan to enable you to house the latest equipment. There are many advantages to leasing, such as corporate tax benefits and superb maintenance inclusive agreements. Lease rental is 100% tax deductible, and all payments made for equipment are written off against the customer’s tax bill. There are certainly fewer risks incurred than buying equipment outright, which quickly becomes a depreciating asset.
If you are yearning to embark on your own fitness venture and need the perfect launch pad, contact us here at CYC. We offer highly specialised, free gym design and consultancy, leasing advice and 20 years’ expertise that will see you on track for success.