What We Cover In This Episode:
-
Why your business model should match your personal strengths and tolerance for uncertainty [1:27]
-
The “Vision Test” and why a profitable studio might not be the right choice for you [2:18]
-
How to approach building hype for your new studio before the doors even open [7:55]
-
The specific risks involved when you inherit a studio’s client base [8:49]
-
What to be aware of in terms of the hidden costs involved when purchasing a studio [11:27]
-
Why expanding nearby to a second locations requires an certain evolution of your business [27:19]
-
Final considerations in relation to your appetite for risk [28:55]
Quotes:
“A purchase of a studio means you are inheriting certain members which could be a head start, but it also could be a gamble if they are tied to the old owner or the brand.” [Nick, 9:10]
“Don’t forget financial risk. New studios often have high upfront costs for build out, branding, or marketing. An existing studio may have lower start-up costs but could come with hidden issues like overdue bills, outdated equipment or staffing challenges.” [Nick, 11:22]
“I really feel like it is opportunity based, but I would say if you were buying a studio you are marrying into that brand and you are just kind of keeping it afloat for the next 5 to 10 years.” [Nick, 18:02]
LINKS:
Learn More About All of Our Partners & Get Exclusive Offers
Visit the fitDEGREE Knowledge Base
Send Megan Your Playlist or Discuss the Podcast Here!
fitDEGREE’s Business Portal
https://calendly.com/fitdegree-support
https://www.instagram.com/fitdegree/
https://www.instagram.com/fitspot_guru/
https://www.fitdegree.com/blog
https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q
https://www.tiktok.com/@megan_fitdegree
Popular Podcasts
CrimeLess: Hillbilly Heist
It’s 1996 in rural North Carolina, and an oddball crew makes history when they pull off America’s third largest cash heist. But it’s all downhill from there. Join host Johnny Knoxville as he unspools a wild and woolly tale about a group of regular ‘ol folks who risked it all for a chance at a better life. CrimeLess: Hillbilly Heist answers the question: what would you do with 17.3 million dollars? The answer includes diamond rings, mansions, velvet Elvis paintings, plus a run for the border, murder-for-hire-plots, and FBI busts.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.