We know all too well that building a business can feel like raising a child. Your fitness studio or gym is your baby and you have put time, money, and literal sweat and tears to make it your own.
Understandably, partnering with another company can seem like a huge decision, but it doesn’t have to be. There will be plenty of opportunities for you to work with great people and companies who have the ability to help you in your journey and teach you things to grow your business along the way.
The Studio Consultant team at Peerfit speaks to thousands of studio and gym owners every week. Whether it be a fitness studio in a small town, or a large corporate franchise with hundreds of locations, we know that the decision to partner can be pretty daunting. Here are a few questions we recommend you ask yourself when considering entering into a business partnership.
Do your values align?
When building your brand and business, you [hopefully] run your business by an established set of core values. Honoring those throughout your business growth will provide consistency and transparency for what your members can expect with every visit to your studio.
Many studios strive to adhere to similar values that can include building community, providing great service, being entertaining, innovative, etc. So, what are yours? Do you have them written out on your website, social media channels, or in your physical studio space? Having them in place and making them clear and concise will aid you in attracting the right companies that share those values. Even better, being able to know and live by these as an owner will make your partnership decisions easier to make.
Does the potential partner brand add value to your business model?
Every studio operates a little differently. Maybe you are membership only, maybe you work with more than one third party company, or maybe you have always been a stickler for grinding it out the old fashion way to build your community of members. Whatever model works for you may be further enhanced by partnering with another company to expand your reach. Every business owner should be open to finding new and unique revenue streams that can add to their current model without losing any of their current market share!
There are plenty of ways to get new people in your doors, but you may be looking for a partnership that will bring new members in without offering your classes at highly discounted rates. That’s where finding a company that adds value to your classes and business model can expand your studio’s reach. For example, Peerfit actively works to match membership rates per reservations rather than discount studio classes.
Through this partnership, your studio is gaining access to the corporate wellness marketplace that is challenging to reach through standard marketing tactics, while keeping your business model intact by offering classes at a fair price.
Does it help reach your audience?
So now that you’ve found a partner that has met the first two criteria, the next question to consider is your demographic. Who is your studio looking to attract?
Finding partners that are going to bring you the type of users you are looking for is very important. A great question to ask any potential partner is, who is using their platform? Can they make it known that your studio caters specifically to a certain demographic- “experienced athletes” if you are a CrossFit box, or injured or older clientele for your restorative yoga classes? Finding a partner that sees and respects your visions for your studio and classes is something that cannot be undervalued. It is imperative that you feel that they are going to not only help get people through your doors, but get the RIGHT people that can potentially convert to long term attendance.
Is the company authentic?
This point is one that will be a little hard to put into words, but one that has the highest level of importance. When you talk to someone, whether it be over the phone, through emails, or face to face, focus on the feeling you get when they speak on their brand. Finding people who believe in their brand and believe in what they are pitching to you is something that will help immensely! The passion they show you will set the tone for the relationship moving forward.
Additionally, has their communication been timely? Have they provided you clear, concise responses that seem genuine? If you can answer yes to those questions, you should feel comfortable in moving forward with the partnership.
Bottom line, when we reach out to studios and gyms, we are there to provide information to help your business access a unique market space that can help contribute to your revenue model. When you are receiving calls, emails, or visits from someone looking to pitch you a partnership with your business, starting with the questions above should help you ensure you have all the information you need to find the best partnerships for your business!