This is Pete Moore, host of Halo Talks, coming at you
again today. Unfortunately not as Captain Halo,
as Dr. Halo. And I'm talking directly to
studio boutique operators. This is sponsored by promotion,
vault, reward, Intelligence. Here's the issue, and
it's the 800 pound gorilla or the elephant in the room. Okay?
And I'm not going to mince words today, but. But I'm first going to tell
you a story that when I was in ninth grade, I was a captain of
my basketball team. You'll see. Coach Kowalski used to yell at me
for the first four days. And I said, coach, why you keep yelling at me?
I'm doing everything you want me to do. He's like, you want me to yell
at you? Because when I yell at you, that means I'm pushing you.
That means I think you have potential. And when I don't yell at you is
the day I give up on you. And I don't think you could be better.
So everything I'm about to tell you right now is in the crux
of making you the best entrepreneur, the best business athlete
that you could be. All right? I think you have potential. So
you want me to yell at you now? Right now. Unfortunately, I have to come
to you and I have to tell you that you're not putting enough classes on
the calendar. All right? You as a studio operator cannot be open for
three hours a day or three classes, pay full rent,
and think that you are going to have a successful business. Stop acting like
you're a victim and stop acting like there's not enough people in your
demographic that potentially want to work out at your location.
Let's take a look at Southwest Airlines for a second. It's the same
exact business model as a fitness studio. They are in the
hourly transportation business. You are in the hourly
live entertainment business. Every day there are 10
flights that go from LAX to Phoenix, Arizona in
Phoenix, Arizona to LAX. Each one of those
737800 Max has
175 seats on that plane. They have two
awesome pilots and they have staff that make you feel good.
They lease that plane, they paint it, they put their
seats in, and then they put it up online and they get reservations.
Not very dissimilar to what you have to do is get a lease,
I paint it, I put my fitness equipment in, I get some awesome fitness instructors,
and then I run it. Now, Southwest Airlines runs 10 flights a day,
okay? At 175 seats,
1750. Opportunities to make money. All
right, and you run 40 to 60
seats a day. And think that you're going to make money. If you're not making
$2,000 a day in this industry, then it's not worth having
it open. Unless you're doing some kind of Ozark money laundering thing,
then let me know about it. We do a podcast about it, or maybe even
a Netflix series. But the reality is you have to run your
operation on an hourly basis. And you have to stop telling me
that there's not enough people in your demographic, okay? There's people
that are. That are soccer moms and they're waiting around in gymnastics
classes. And there's people in assisted living that Silver Sneakers will pay
you. There's people at the brunch place around the corner, and those
people want to do something before and after brunch with their friends.
There's people that are training for triathlons that could be in your
location. There are people that have jobs at night
that like to work out in the middle of the day, okay? So you got
to do the research. You got to go and figure out where those people are.
And then you got to fill up your calendar, because every single one of the
co tenants in your shopping plaza are open 15
to 18 hours a day. And you're the only one that's open for three hours.
So you have no chance. And you're not a victim, okay?
So I want to call on a number of different things, and I want you
to take the time to realize that every hour that goes by
that you do not run a live class, you have given up in a revenue
opportunity, okay? Find a demographic, go after it, and
make it happen. Look at Solid core, they're running 14 classes a
day. Soul Cycle, they're running 10 classes a day. Don't tell
me that you only can run two or three classes a day. That's where the
opportunity is, and that's where you have to go. And you have to do outreach.
You have to educate. You have to actually do the work and put in the
work. So when you think about what your studio is, think about yourself
as an arena. You are Madison Square Garden, okay? And you're going to
fill that place up not just with hockey, not just with hockey
and basketball, but also rock concerts. I'm going to bring
in the circus, I'm going to bring in the rodeo. I'm going to bring in
dirt bikes, okay? And start thinking about all the different things that
go on in your community where you have a place that is safe,
that is exciting to go to, that creates an experience, and then
go after the opportunity. Okay? You have to be open 8 to
10 hours a day or don't run this business because it's not going to work
for you. I want to see successful businesses. Don't call me and
say, hey, can you sell my business? It's break even or it's losing money.
Because the answer is it's not worth anything unless you create value. So
create value. Someone will pay you for the value that you create, and
you'll actually be a happy studio owner instead of a studio owner that
feels like a victim. So now is the time to get our act together
and let's do it together and figure out a way to move this industry
forward and to fill up your studio, serve your community.
And if there's a 15 minute drive time and there's 100,000
people in that drive time, I'm pretty sure you get 200 people
a day to hang out in your studio for 15 to $20 a day.
Go get it. Make it happen. I believe in you. Go, Halo.
Thank you, Matthew Spielman, for having me wear the stethoscope today.
The doctor is.