As 2021 progresses with more people receiving the COVID-19 vaccine, the studio market has reason to be optimistic, according to the State of the Industry report for 2021 by Boutique Fitness Solutions (BFS).
BFS co-founders Julian Barnes and Nt Etuk shared in a 21-minute video eight reasons studio operators should be optimistic about 2021.
One reason for optimism stemmed from the unfortunate unemployment rate and the number of retail businesses that have left vacant spaces for landlords to fill. The two combine to create an opportunity to hire a talented group of people at a lower wage as well as find better space at a cheaper price than may have been previously available.
Barnes and Etuk shared these recommendations for moving forward in 2021:
- Go digital first
- Cash is king
- Adjust your mindset to that of a startup
- Ensure you are serving your clients
- Be innovative
- Join a peer group and collaborate with other fitness business owners
- Join your city’s fitness alliances
- Start planning now how to build a new and improved studio when you reopen (if you haven’t yet reopened)
- Develop new business skills by enrolling in classes offered by organizations.
To hear more from BFS, watch the full video here.