Are specialty group fitness businesses (e.g. yoga, dance and indoor cycling studios) profitable? What are the keys to success? Is an additional service/amenity required to be a successful business? What are you thoughts on a group fitness studio that offers a combination of yoga and indoor cycling?
Yes and no. Fitness studios and clubs have outpaced restaurants in the percentage of business going OUT of business. Further, according to the yoga alliance, for every student currently graduated from a 200 hour yoga certification, there are three students currently in yoga school.
The studios that do well seem to have a clearly defined niche and a good marketing plan. A small studio trying to do a little of everything is competing with much larger gyms and that’s pretty hard to do. A small studio offering a customized or premium service has a better chance of success, from what I’ve seen in my area.