Laura Adelson is a yoga enthusiast and now a new business owner who credits her husband for encouraging her to take a chance, buy the business, and save her long-time yoga studio from closing permanently. Together, they turned the struggling business into a thriving community hub and a place of learning for both students and teachers.
She shares insights into the studio's brand identity, the process of saving the business, and the evolving landscape of yoga and fitness. From community building to pricing strategies and the importance of holistic health, this episode delves into the unique experiences and decision-making processes of a yoga studio owner. There are tons of valuable takeaways here for running a yoga studio, the new entrepreneurship journey, and maintaining a successful fitness business.
When it comes to the pricing model in her studio, Adelson states, "We want people to feel like they have everything that need, that they're being taken care of once they pay for the class, that they know they're not going to be nickeled and dimed on top of that. It's going to be all in all inclusive."
Some key moments:
- Consider financial implications and fairness in sales.
- Consider raising prices to value yoga experience.
- Entrepreneurial challenges and self-assessment during COVID.
- Connecting with other studio owners in a professional organization. (Boutique Fitness Solutions.)
- Consider youur specific, personal goals, not just expansion for the sake of expanding.
- Consider staying in one location for growth.
A few key takeaways:
1. Laura and her husband stepped in to save the studio from closure during uncertain times, highlighting the importance of community, experienced teachers, personally reaching out, and emotional connections with members.
2. Despite initial doubts from their accountant about purchasing the business, Laura successfully turned around the studio's performance and it's doing better than ever!
3. Growth Considerations: Pete and Laura chat about the potential for a second location, reflecting on the saturation of the New York City market and contemplating the expansion of programming and specializations within the current studio.
Laura Adelson: https://www.linkedin.com/in/laura-adelson-abb2712b/
Tangerine Yoga: https://tangerine.yoga/
Boutique Fitness Solutions: www.boutiquefitnesssolutions.com
Prospect Wizard: http://www.theprospectwizard.com
Promotion Vault: http://www.promotionvault.com
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