How to Start a Pilates Studio Business
Welcome to the Business Ideas section. Watch this video, I’m going to give you a quick start guide on How to Start a Pilates Studio Business. Over the last decade, the fitness and pilates studio industry has experienced phenomenal growth. If you’re looking to make some money and make a difference in someones life, you should consider starting a pilates business.
The sports coaching industry is expected to increase substantially over the next five years at an estimated 9.9% in 2022 due to increase in demand as discretionary spending and face-to-face interaction has increased.
Most pilates studios have margins between 8% and 40%. That means in their first year by servicing 100+ or more customers, the studio can gross $250,000+. However, pilates studios are highly profitable when located in the right neighborhood, offering the right type of workout experience and is a great value for your money.
Most pilates studios charge a monthly membership service fee or sometimes priced as a flat daily pop-in class rate. The average price for pilates studio membership is $115 per month, or $20 per individual class.
So, the more training appointments and memberships you can book, the better and faster your business will grow.
Lots of service offerings, which means a lot of money for you!
Market Size: $10bn
Number of Businesses: 47,204
This Industry Employs: 110,445 people
So, here’s what you’ll need to get started:
Step 1 - Get a Business Plan
If you have no idea how an online business is supposed to operate or maybe you are a first time business owner, I'd recommend downloading a business plan from Bplans or getting a custom one created on Fiverr. Their plans outline exactly how this businesses works and what you should expect.
Step 2 - Find a Training Location
To find a pilates studio location, go to google and type in "commercial property for lease" or type in "fitness studio for lease near me" or "fitness studios for rent near me". You'll need to call around to local real estate agencies who work with businesses. You'll be looking for a good location with parking and space to host a full class of at least 10+ people at any given time. Find a place that works within your budget and sign a leasing agreement.
Step 3 - Choose a Name & Register Your Business
Now, when you've got that sorted, it's time to officially register your business. You won't be able to start working until you complete this step. You'll need to register & apply for a federal EIN Number, and form an LLC or Corporation.
Depending on what state you are in, you will likely also need a reseller or retail merchant certificate as well. This allows you to buy products for the pilates studio, tax free. I recommend using MyCorporation, as they do have a variety of packages to choose from, but their most basic package will get you started right away.
Most states will require you to obtain a health studio license and be licensed, bonded and insured before opening. Keep in mind, it can easily cost over $500 to obtain licensing and can take up to 12 months, You'll also need to obtain a quote for business liability insurance. This can be done through any service provider like Geico. Often times, your membership contract agreements need to be reviewed and approved by the state as well. Because there are certain consumer protection clauses that have to be incorporated in the membership contract. Just check with your State's Secretary of State, Department of Health or Department or Agriculture and Consumer Services.
Legally Incorporate Your Business Today
Step 4 - Open a Business Bank Account
Now, since you're going to be getting all this money, you'll need somewhere to put it. It's pretty easy to open a business bank account, but they won't get you setup without having the legal incorporation paperwork and the EIN number that I just spoke about. You can work with a local bank that you already use or you can just choose a new one. Square also has small business banking and invoicing for new businesses.
Step 5 - Buy Website Hosting
The next step is to buy web hosting. I always recommend choosing Bluehost because they are the most reliable for small business websites. You also get a free domain name, a free ssl certificate and access to 24/7 tech support. So, you really can't beat it.
Buy Website Hosting with Bluehost
Step 6 - Work with a Website Designer
Once you pay for a website hosting plan with Bluehost, you'll get your login credentials.
You'll want to save that information and deliver it to the web designer in the next step. If
you don't know about Fiverr, it's a company that sells affordable web development and marketing services that get done really quick.
You just type in what you want in the search bar, and it will reveal tons of people who are willing to help you get a website up in less than 3 days. Once you choose the person you want to work with, give them the Bluehost login details and communicate your vision and plans for the website.
Find a Website Designer on Fiverr
Step 7 - Setup a Merchant Account to Get Paid
While they are working on your new website, you'll need to activate a merchant account for your customers to pay you through. Many businesses use paypal, square or stripe. I personally like Square, they make it super easy for me to accept payments online via my website or over the phone. I can also send copies of service agreements, take membership payments, training bookings and invoice directly through Square. The account with Square is free, so once you signup, give these login details to the web designer to complete the payment integration process.
Signup for a Free Square Payments Account
Step 8 - Get Logo & Online Marketing Materials Designed
Finally, you'll need to start spreading the word about your business. A good place to start is getting a logo, social media graphics and online marketing materials created. For website branding, I recommend 99designs because the process is quick and painless and you actually get what you want and for marketing materials, I like envato, because they literally have tons of graphics for each and every single kind of business, on demand.
Get a Pilates Studio Business Logo and Graphics
Get a Pilates Studio Business Marketing Templates
Step 9 - Create a Money Game Plan
Since you now own a Pilates Studio business, you can choose from a variety of services to sell. The most popular and profitable services are:
private fitness training
semi-private or group pilates training
summer / winter fitness training camps
Individual pilates strengthening classes
Beginner, Intermediate, Advanced classes
Teens, Adults, Seniors classes
Pilates & General fitness merchandise
You’ll want to diversify your service offerings because this will help expand your customer reach. To maximize your profits, you’ll can create monthly membership plans or new customer referral discounts.
Step 10- Be Prepared for Startup Cost
Now, I know you're probably wondering...What's the price tag on this baby? Startup costs for this kind of business, is around $50,000 if you are starting as solo entrepreneur, or can be an upwards of $100,000+. This number largely depends on how many pilates coaches you hire, payroll, how much money is spent on pilates training equipment, insurance, office software, computers, travel expenses, website, equipment storage, business phones, company t-shirts, and marketing.
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About Adella Pasos
This Entrepreneur and Marketing Expert has shared her passion for growing brands from the ground up. She’s worked with Startups, Small Businesses, Fortune 500 Corporations and Entertainment Talent to help them recognize the value of marketing, and give her clients the ability to access their niche market via online, social media, mobile, merchandising, and events.
She hosts the What's Your Game Plan TV show features: Free Expert Advice, and Growth strategies for Business Owners Across the Globe. Access thousands of FREE Tips, Trends & Tools to Move Your Business Forward!