We can help our children to prepare by adding to their innate wisdom with realistic discussion on a few basic guidelines.
Starting a Pilates Studio: What You Need to Know
6 tips to consider when opening your own Pilates studio.
If you’ve ever thought about opening your own Pilates studio, now is the perfect time. The fitness industry is on the rise in the aftermath of the pandemic, and according to forecasts, the market for Pilates & Yoga studios will generate USD$269,301.8 million in revenue by 2028. Starting and operating a successful Pilates studio involves hard work and strategy, but can be extremely rewarding when done right. Keep reading below for our best tips and things to consider during your studio start-up phase, so you know you’re on the right track.
The Pilates Market in Australia
As of 2022, the market size for Pilates and Yoga Studios in Australia is $608.0 million. Despite the decline in the industry between 2021 and 2022 due to the pandemic, forecasts predict the Pilates & Yoga studio industry will quickly recover and return to growth by 2023 with the improvement of economic conditions, increase of in-person attendance and increased online presence.
6 Tips for Opening a Pilates Studio
Here's our top tips and points of consideration for starting your own successful Pilates studio.
1. Create a Business Plan
Business plans can help you get on track for success by looking at your goals. The business plan outlines:
- Market segment: The vital information about your target market.
- Start-up costs: Write down all your startup costs, including overheads and equipment. Ideally, you should overestimate prices to cover any unforeseen expenses.
- Your competition: Find out who your competitors are and their strengths and weaknesses. Develop your own SWOT analysis.
- Determining your breakeven point: Turning a profit can take time, but how long are you willing to wait?
- Business Name: It can be tricky to come up with a business name! Make up a fun, memorable, catchy, and original name.
- Budget: Create a budget once and stick to it.
- Marketing Objectives: Establishing some clear goals will help you develop your marketing plan.
2. Find a Prime Location
You're well on your way to reaching your goal now that you are looking for your studio space. The sooner you find the right location, the faster you can start marketing your studio. Below are some factors to help you choose the right location and start to attract new clients.
- Size of equipment
- Cost of the space
- Future expansions
- Surrounding competition
- Parking space
3. Pilates Equipment
It is also essential to consider the type of equipment you will use in your workspace because it determines the size of your studio. Depending on your budget, you may choose between running Mat Pilates classes or including Reformers. While Reformers may be costly, you can start small and offer private lessons to begin. As your studio grows, you can always expand and purchase more equipment for larger class sizes.
4. Recruit the Right People
As part of your brand, your team is critical to your ongoing program's success. The quality of any staff will be essential to the entire program's success. A Pilates instructor will need to be able to tailor exercises to fit the needs of their customers, given the delicate nature of Pilates. Provide support for your instructors to pursue continuous Pilates training. Keep your classes challenging and fun with new drills and tips!
5. Branding Your Studio
Creating a memorable logo and a website is another crucial step to starting your own business. One of the first things clients will notice about your company is your logo. If you want to ensure that your logo effectively conveys your message, you might hire a graphic designer.
6. Market Your Pilates Studio
It's all about keeping your studio in the public eye in whatever way you can. By connecting with more people, you have a higher likelihood of them trying out your studio.
The following places might be worth a try first:
- Social Media - In today's world, social media plays a vital role in marketing. Businesses can't live without it! You can reach a broad audience on Facebook, Instagram, and YouTube. Social media is thriving as a marketing tool, particularly for pilates & yoga studios. It offers a great way to connect with a large audience with little or no investment.
- Create a Website - Consider your website a part of your business by allowing you to inform, market, and sell to your clients. Many platforms available will enable you to build your website without any web design skills.
- Collaborative Marketing - The local business community can be your biggest cheerleader, and working together means everyone wins. Make friends with your neighbours, recommend local businesses, engage in co-marketing, host events, and work with your team to develop other creative ways to expand your market presence.
- Engaging the Experts - Starting your Pilates studio may be challenging, but you don't have to do it alone. Consulting other professionals can help provide a solid foundation for your business and can be key in creating a successful studio.
How to Find a Pilates Studio
The IICT Directory will help you find any Pilates studio from its database of over 1,400 complementary therapy practitioners.
Learn more about how IICT can help you on your journey today
IICT is a professional industry body that provides membership, access to insurance, resources, tools, and support to grow your complementary therapy practice. Join IICT here or contact our team to learn more about becoming a member today.