Market research: Most important factors to consider when opening a studio
I'm interested in opening a barre/pilates studio in Cambridge MA where classes would range from $16-$25. What are the most important factors to consider in terms of local demographics, etc.? I'm assuming household income is important but what are the other critical factors to consider?
Here are few more to consider:
-Access to your location can be a factor (trains, busses, parking, etc.). If it's difficult to get to your studio many people might have seconds thoughts.
-How safe the area around your business is, could be another factor (close related to the access one) especially for women.
-How much competition exists close to your studio...the less the better.
-Demographics such as age and income are important and close related.
I hope it helps.
Is there a demand for a studio?
Can you rent out a space as an independent contractor and build your base that way?
Once you get a following you can then open your own studio
Studio ownership is very challenging!
Do you already have a following in the area on which to build? The most successful Pilates/barre studio I know was started by two women, one of whom was one of the most popular teachers in the area already, and had the following in a demographic that had plenty of money and a readiness to follow her to a space where they would pay more for her class. Even if the demographics are all right having a ready base is really helpful when you move out into your own space.
Your markets Disposable Income
LOCATION, LOCATION, LOCATION
Marketing Diversification (cross mrktng. ops avail?)
*what distinguishes your service from the rest and promote this. You want to retain business @ all levels. This is one of the simplest controllable factors that keeps me in front of people, new & long term friends/clients.
Income in area
Enough money to market in the area-low cost marketing is not always ideal
Your passion and willingness to be a business person more than your passion for the class you teach. You need to do what is best for the business over what you thought may work.
I have constantly changed to make things work and offered different products and services. Be adaptable