Do you plan to open a Pilates studio? Have you already made your business plan? If not... this is your place.
Spoiler alert: if you don't have a proper business plan, it's hard for your Pilates studio to succeed. And if you already have a Pilates studio, don't hesitate to create a new business plan to keep improving and growing.
According to experts, a business plan essentially explains the goals you have planned for your business. It's a look at your future and how you're going to get there. In other words, the how and why of your Pilates studio. It includes your goals, mision, vision, marketing strategy and financial plan.
Just because you are passionate about Pilates doesn't mean you know how to start or run a successful studio. You need to develop a roadmap that will get you where you want to go.
Analyze what your business is all about. Your vision and values are important here. Are you looking for a long-term business? Is your Pilates studio part of a major business? Are you going to focus on pregnant women? Or maybe you will work with a physiotherapist to help people recover from injuries?
Think about your most important goals, and then plan your strategies to reach those milestones.
Have you heard of SMART goals? This acronym (Specific, Measurable, Attainable, Realistic, Time-bound) is an effective way to set and achieve goals.
Specific: Start by making a list of your goals. Make them clear and detailed. The more specific they are, the easier it will be to measure success.
Measurable: If your goal is to grow your business, there are several ways to measure it: A 10% increase in revenue in two years? Or a 20% increase in the number of students per class? Choose the ones that best suit your business model, but make sure you can measure them.
Achievable and realistic: giving yourself a month to open a studio may not be within your reality. From an economic, logistical and practical point of view, it may not make sense. So, what can you do? During that first month you will need to get the money and maybe decide on the design of your studio. The idea is that your final goals can be broken down into smaller ones that you can complete in the short term.
Time-bound: Take a look at each goal on your list and set a timeline for achieving it. Start with a broad vision for your business and narrow the scope from there.
Also look at the concept of time - how much time are you going to dedicate to your business? Is it going to be your main job or you have to carry on working in another business?
Financial planning is an important part of your Pilates studio business plan. How are you going to cover the costs to make it all happen? Analyzing all anticipated costs and planning how to raise the necessary funds is the key to a successful business plan.
Budget
First, you need a budget. Make a list of expenses related to your goals and estimate their cost. Once you've done that, add deadlines so you can attach fiscal commitments to a calendar to make planning easier.
Don't have all the information? If you need to estimate the costs of all your expenses, you can either request a budget from professionals that you will eventually hire or find out about other similar businesses.
The more accurate your budget, the better. You may find a way to steadily raise the funds you need, or you may have to look for investors. In any case, to reach your goal, you must first have a clear idea of what it is.
Financing
If you want to expand your business or simply need a large amount of capital, you will need to seek external financing. This could mean a loan or an outside investor, both of which have their own pros and cons. You'll need to decide which avenue best suits your needs and incorporate it into your plan.
This is where research comes in handy again. Is there anyone in your industry who has already done what you are planning? There is no shame in learning from someone who has already done it well.
Take a look at what your competition has done, check out industry success stories and look for information on how they achieved their goals.
You may even be surprised at how many tips and tricks you can glean from social media. Follow your favorites and pick up all the insider information they share in their feed.
Investments
To make money, you first must make some investments. In this part of your Pilates studio business plan, determine what is important to you and what is worth investing in.
Aside from location and staff, here are some other things you can invest in that make a big difference:
-Professional certification: some certifications give you more credibility than others, but that usually means they will cost you more. Be well informed.
-Pilates studio management software: growing a business means having an easy-to-use system that handles online booking, automated marketing, staff and client profile management, and more. Starting early has its advantages, as recording everything with pen and paper takes a lot of time and work. But don't let the word "software" scare you. Nowadays, almost all software systems have phone or e-mail support. Now you can request a free session with one of our digitization experts, so you can solve all your doubts and try Trainingym for free.
-Quality team: a good team shows your customers that you are professional and trustworthy. That means they are more likely to stay and recommend your Pilates studio to their friends.
And the list goes on.
Social media is an incredible marketing tool. Detail how you plan to use them in your Pilates studio business plan.
This is an important part of your business plan because people can't visit your studio if they haven't heard of you. How can you get the word out? From social media to traditional marketing, creativity is key in this part of your business plan:
Social media.
Social media is fast becoming the easiest and cheapest way to reach a large audience with just a few clicks. Here is a piece of advice:
-Decide what type of content you want to post. Avoid uploading random content without strategy.
-Organize your posts on a calendar to vary content and maintain consistency.
-Follow, engage and share content that you think will engage your audience.
-Take a look at the data to see what content is the most popular and carry on with that!
Traditional marketing
Most of your clients come from your neighbourhood or your village. Are there local events where you can meet people and hand out flyers? Is there a local radio station with reasonable advertising rates? Is your local newspaper open to covering profiles of businesses in the community? Can you befriend another business in your neighborhood and cross-market? Most of the local businesses need help to reach more people, so they will be open for new collabs!
Create a top business plan for your Pilates studio to grow your business, build your brand and reach the milestones you've set for yourself.
Want to start by doing things right? Then you need a management software like Trainingym: you will automate bookings, you will have an updated database of your clients, you will be able to offer virtual classes and manage your billing easily. Besides, our team has been helping Pilates studios like yours for more than 10 years... we know many things that can help you succeed.