New Neighborhood … New Studio?
In this week’s Fitness Insight Podcast, the trio of superstar trainers discuss something that everyone has been asking about … STARTING UP A NEW BUSINESS! With over 50 years of experience in the fitness business between the group, including Jamie Atlas (www.bonzabodies.com), Pharoah Kafele (www.puravidaclub.com) and Andrea Oh (www.todaysfitnesstrainer.com), they have witnessed and/or been a part of the successes (or failures) of many fitness clubs and studios. In today’s podcast the group discusses an incredible opportunity that Andrea is looking into … opening up a small studio in Downtown Calgary’s East Village (which will also be her new home in 2017 when her condo is ready).
At some point in a personal trainer’s career the thought of starting up your own business is inevitable. In the first part of this podcast series, the group discusses:
- Researching communities to find the right area to establish a studio
- The importance of a well thought out business plan
- Determining the need for staff or working on your own
- The dollars and cents (and how much capital it will take to make the business successful)
Behind the Scenes
Andrea recently purchased a condo in Downtown Calgary’s East Village (www.evexperience.com) and has been diligently researching the market opportunities in the area. She is looking into establishing a central location for her athlete performance training and functional training programs. These services are currently delivered at various locations across the city and limit the growth potential of her business. The opportunity to have an established location would allow for the expansion of services (to a new demographic looking for solutions she has to offer).
Not only is the East Village an area of the city that is attracting great media attention and buzz … the retail potential is also secure. For example:
- Since 2007, the Calgary Municipal Land Corporation’s (CMLC) has committed to investing CMLC’s $357 million into infrastructure and development programs that has led to $2.4 billion of planned development in the area (spanning 49 acres between Fort Calgary and the downtown business core) in partnership with the City of Calgary, the project’s sole shareholder.
- The area will be host to several large community dwelling projects over the next 10 years and is touted as the most sought after real estate in the city.
- According to the East Village Area Redevelopment Plan (ARP), this community will house up to 11,500 Calgary residents.
- Because of the highly sought after location retail opportunities may be at a high price point (retailers may be limited to larger organizations and established brands).
The idea of opening up a training studio in Calgary’s East Village is still in the very preliminary stages but is an appealing opportunity for Andrea to pursue should things fall into place. Regardless, the next few podcast episodes will continue to break down the steps and thought process behind starting up a new fitness business … the good, the bad and the ugly. You’ll get thoughts and feedback about the “tough” questions and the team will share insights on best practices and what actions to AVOID in order to ensure a well-though out and financially successful business!
To meet the cast of the Fitness Insight podcast, click here.
The Fitness Insight podcast is available on iTunes and can be accessed here.