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Oh yeah! Another interview with successful fitness entrepreneurs for you to eat up. The last interview with Mark from Stud Bar is available HERE. We are switching it up this time and going with a yoga studio. I don’t care if you own a MMA gym, you will learn from this post. Learning from the best is a great way to become successful. Charlotte and Mike are the owners of Pranava Yoga Center located in Colorado Springs. They opened their doors in 2009. Below is a look into how they started and what they do to stay on top.
Hey Charlotte, so what is your fitness and yoga back ground?
Mike is an E- RYT (Experienced-Registered Yoga Teacher) at the 500 hour level and I am an E-RYT at the 200 hour level. Both of us have been practicing yoga for approx 10 years and we both started practicing yoga in NYC. Yoga is pretty much all we do.
Both experts in the field, that is great. I see you had a vision for the studio in 2007 and opened in 2009 can you take us through a couple of the steps that you took in those two years? Anything that would recommend others do?
Our advice: Do your homework really well! And don’t quit your day job yet! We created a thorough business plan that included budgeting. We also found that SCORE.org was a great organization that helps entrepreneurs….and all for free. We did a ton of reading about small businesses, yoga, marketing and got as prepared as much as we possibly could.
The biggest obstacle you had to overcome when starting? and how you worked around or over it?
Our biggest obstacle was keeping expenses to a minimum. Every dollar you don’t spend is in your pocket. We were very frugal and we knew what our limitations were. We still follow this rule.
Great advice there! How big is your staff?
Mike and I are the only real employees……between the two of us, we teach 50% of the classes. Mike and I are also the HR Dept, the Janitorial Dept, the Accounting Dept, the Accts Receivable Dept, Reception, Management..…(you get the picture here). We have approx 18 other teachers.
Yeah, I understand how that goes. The owners should be prepared to handle everything in the studio not just the fun stuff. How did you come up with your pricing? have you changed it since opening?
We researched other local studios….we tried to beat or match their pricing. We have changed pricing only once…after we were already opened for 2.5 years.
What client management software do you use if any?
Mindbody Online. Here is the link Mindbody Online
How do you market? referrals or online advertising? what has worked best for you?
You have to do all of it. Don’t limit yourself to one avenue, unless you see that something isn’t working. We avoid really expensive marketing avenues. Word of mouth has been our best avenue. Our best marketing tool we have is customer service. Treat everyone equal and get to know everyone who comes through the door.
Love this advice. Word of mouth and treat everyone equally. You save advertising money for just being nice. Two great ways to have your business grow. When it comes to hiring teachers what has worked best for you?
We hire teachers who are already practicing at our studio. We feel it is important for them to know us and for us to them before we hire someone on.
I like this philosophy also, it really helps you get to know the person you are hiring. I am sure they have a ton of respect for you also. I see you have a teacher training program has that been a success? Is it more work then you expected?
It is A LOT of work, but we totally expected that. Start preparing 2 years before you launch a training program. It takes a lot of preparation, especially if you wish to be recognized by Yoga Alliance and/or by the state.
The best piece of advice you have for someone who is starting to launch a fitness product?
Really, really do your homework and protect yourself. Just because you are good at fitness, doesn’t mean you are good with business. If you need help in certain areas of your business, then get some help from knowledgeable and professional resources. Be prepared to work a lot of overtime and 7 days a week. What you put into your business is what you will get out of it.
Great idea to leave us with. Always look for help from the best. Mike and Charlotte I really appreciate you taking the time to help our fitness entrepreneurs.
Please checkout Pranava Yoga Center
They have some great resources on their site and it is chalk full of information. And of course if you are in the area get over there and check out a class.
Still hungry for more Fitrilla. Check out a post about learning from Steve Jobs HERE
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