Wrapping Up: Essential Steps for Boutique Fitness Studio Owners at Year-End
As we approach the end of the year, it's the perfect time for boutique fitness studio owners to reflect, assess, and set the stage for a wildly successful 2024. But how do you ensure that the upcoming year moves you closer to your goals and doesn't just bring more of the same? Let's ensure you finish the year on a positive note and set the foundation for continued growth.
Finish Your Numbers to Know and KPIs
As a business owner, you understand the importance of crunching the numbers. Borrow my saying that my clients have heard a hundred times, "You can't grow what you don't measure." Take the time to review your financials, assess your key performance indicators (KPIs), and look for trends. Go beyond gross revenue and total members—evaluate client retention rates, class attendance, popular instructors, your profit margins, ad spend to client acquisition, and any other metrics that matter to your unique business. This step is not just about reviewing the past; you're using these insights to inform your future decisions. Identify what strategies worked, what didn't, and where adjustments may be needed. Being methodical in your approach here will empower you to make informed decisions for the coming year.
Check In With Your Annual Goals
Now is the time to revisit the goals you set at the beginning of the year. Celebrate the victories and accomplishments, no matter how small. What did you check off the list? Recognize those achievements before you move the finish line again. It's also important to acknowledge any goals that are still outstanding. Get curious about the reasons behind unmet objectives- could you have done something differently? Some goals may need to transfer to 2024, and that's perfectly okay. Entrepreneurship is about progress and continuous growth, just like you'd tell your clients in class.
Tax Planning and Compliance
Taxes and employer obligations aren't fun, but it's better to be overprepared than surprised. Set up a meeting with your accountant or advisor to identify potential tax-saving opportunities and obligations specific to your city. A proactive approach to tax planning not only maximizes your financial benefits but also ensures you're prepared when taxes are due.
While you're digging through regulations, check to make sure there aren't any new state or local laws coming into effect on January 1st that could impact you. This includes potential changes in minimum wage, sick pay requirements, and worker regulations. Research how these changes may affect your studio's policies and procedures and update your handbook and employee posters to communicate any relevant changes to your staff.
Employee Recognition and Development
Take a moment to recognize and appreciate your studio team. I like to give out staff gifts or carve out time for a staff bonding activity, but if budgets are tight, make sure to sincerely acknowledge their hard work throughout the year- ideally in a way that speaks to their appreciation language. The holidays are busy, but any opportunity to foster a positive and supportive work environment is worth it. I treat December as staff development month, sending out staff surveys to clients, attending each instructor's class, and setting mini-appointments for one-on-one evaluations. Discuss individual career development goals with your team members, get their feedback, and ask how you can better support them. Investing in their professional growth contributes not only to their job satisfaction but also enhances the overall quality of service your boutique fitness studio provides.
If there is time, schedule a staff meeting in December to brush up on your client flow, studio tours, and client expectations before the January rush. If you're comfortable with it, provide a transparent overview of the studio's performance, goals achieved, and plans for the future. This open communication fosters trust and loyalty within your community, reinforcing the authentic and community-oriented nature of your boutique fitness studio. It also humanizes you as the studio owner and helps get everyone on the same team.
It's also a great time to send out an end-of-year survey. This suggestion is often polarizing; some studio owners feel like they open a can of worms, and I agree, but I like hearing what clients are thinking so I can make changes before they ask to cancel. Their insights can be invaluable for refining your services and addressing any concerns (although you should take them with a grain of salt; they don't know how hard you work). Your authenticity in seeking input reinforces trust, and it's a practical step toward continuous improvement.
Year-End Studio Cleaning and Organization
You've put in all that work cleaning up your processes and books; make sure your physical space is ready for the new year, too. If you have staff, offer hours in exchange for a group refresh party. Everyone needs extra cash for Christmas gifts, and you can make it fun.
Year-end checklist:
Clean Out Your Stock Room:
Dispose of any expired products, damaged items, or unnecessary materials. Count your retail and consider a flash sale on stored products to clear space.
Clean and Organize Equipment and Props:
Take the time to assess the condition of your fitness equipment and props. Repair or replace any damaged items, wipe down the shelves and reorganize the layout for optimal functionality. A well-organized studio space contributes to a positive client experience- there's nothing worse than reaching for a prop and getting a handful of hairball.
Organize and Update Inventory:
Conduct a thorough inventory check to ensure accuracy and identify any discrepancies. Update your inventory, including quantities and product descriptions. This proactive approach helps prevent shortages and allows you to plan for any necessary restocking in the coming year. Pro tip: If you have desk staff or managers, delegate this job to them.
Spray and Wipe Everything:
Go after baseboards, the top edge of lockers and art, retail racks, cash drawers, the corners behind the air filters, and underneath the desk. No time for a deep clean? Budget for it and hire a professional cleaner to move and clean everything. You'll be ready to put your best foot forward for new clients in January.
Plan for Success in 2024
Building on the positive momentum from the year-end reflection, it's time to strategically plan for 2024. Leverage your experience to set clear, achievable objectives (or just schedule your monthly coaching call, and we'll do it together). Outline the three most important goals you'll tackle in the new year and then break them into digestible needle movers so you can create marketing strategies and KPIs for each. The best way to fall off your growth trajectory is to keep doing more of the same for too long. Treading water won't get you any closer to the goals you set out with. You may need to adapt to new industry trends or adjust your offerings. Whether it's incorporating new fitness trends, enhancing existing programs, or streamlining your current offerings to maximize what you do well, staying ahead ensures your studio remains competitive.
Strategic New Year Marketing Campaign
Given our theme of actively planning for growth, make sure to incorporate a strategic New Year marketing campaign into your year-end checklist. Craft compelling messaging for your campaign, focusing on creating headlines and images that are not only attention-grabbing but also resonate with your target audience. If you've run the same New Year campaign multiple times in a row, it might be time to switch it up. While you're brainstorming, consider the emotion you want potential clients to experience when they interact with your marketing, and remember to lead with the outcome and emotional whys- not the what. Your features (modalities, trained instructors, class times, etc.) are not why a client joins in January. Think about why clients walk into your studio for the first time, and if you're not sure, ask your current members. Need more on this? Check out the value proposition workshop to nail your marketing.
Reflect on How You're Feeling
Boutique fitness ownership should be measured in dog years; running a studio is more of a lifestyle than a business. As a community-oriented and client-centric owner, it's necessary to take a moment for self-reflection so you can keep going.
How are you feeling about your role as a studio owner?
Do you like your schedule, hours, and responsibilities?
What aspects bring you joy, and where do you feel challenges? Can you delegate the parts you don't like to someone else?
What could you do to make your job more enjoyable?
Do you have an exit strategy yet? Even if you love your job, you should have an exit in mind so that you can reverse-engineer your growth for a profitable sale down the road.
Being a resilient entrepreneur means adapting to change. If something needs to change in your life as a studio owner for 2024, identify it now. Whether it's implementing a new management system, adjusting your schedule, delegating, or downsizing, use this reflection to set personal and professional intentions for the upcoming year.
Invest in Self-Care and Well-Being
As you navigate the demands of running a boutique fitness studio, don't forget about your own well-being. I often hear (and have experienced) that we're so busy worrying about our clients' health goals that we neglect our own, and I know you know the importance of self-care. Take the time to recharge, both mentally and physically, so you can enter the new year with energy and enthusiasm. Consider new practices to enhance your resilience, such as mindfulness exercises or regular check-ins with a mentor or business coach, or - it might sound crazy- take a vacation without your laptop.
Need more to help you prepare? Here are resources you may find helpful as you go about your 2024 planning: