What we’re about to go through–reopening–is really tough! It’s opening your studio all over again, a restructuring.

But there’s opportunity on the other side of this, and if you have a passion and a drive to keep going you’re going to be just fine.

Stephanie’s tactical advice for reaching the other side, and the opportunity that awaits:

• KNOW YOUR NUMBERS
  • Average revenue per class
  • Average cost to deliver that class
  • Important to consider your revenue for members vs. class card holders and separate out as two different revenue streams
    • Though you may want to reward the loyalty of your members (eg, by allowing them to be the first to book limited spots in classes), it’s likely your class card holders drive more revenue
    • What’s the best mix of both?

PRO TIP:  iKizmet is a business analytics tool she uses to compile all of this data for her company.

• LEASE NEGOTIATIONS: If you haven’t been able to do this yet, try harder.
  • Give your landlord options because they’re not going to bring them to you.
    • Not paying rent
    • Paying 50% of rent
    • Give me 3 or 6 months of no rent – add it to the end of my contract, lengthen the contract, add it month or month, etc.

• WHERE DOES YOUR PROFITABILITY COME FROM? And what are some directions in which you can pivot?
  • How to make up for revenue lost upon reopening due to limited class size?
    • Livestream
    • OnDemand
    • Retail (via Shopify)
    • Add-ons and value-adds for members

• STAFF AND CLIENT PROTOCOL
  • All staff members and returning clients will need to sign a hefty waiver in case of the appearance of Covid-19 at the studio.
  • Client temperature checks at the door
  • Contactless water station
  • No showers
  • No congregating
  • No lockers
  • Stephanie recommends doing multiple dry runs with staff before the official reopening to make sure everything runs smoothly.