Finding a niche for your new business

Finding a niche for your new business

Read Time :

Are you thinking about opening a new fitness business? Welcome to the industry! If you're starting to daydream about your future fitness studio, you're in good company. The boutique fitness industry is expected to add 2,000 new studios in the next five years- you could be one of them. You might already have your perfect studio in your mind, but before you draw logos and order retail, let's set your new gym up for success.

Boutique fitness as an industry is rebounding and exceeding pre-pandemic levels. It's up 4.46% from 2019 and is expected to be worth $22.1 billion by the end of 2022. So how do you break into a giant industry like boutique fitness while still bringing value to a crowded market? Before you call a commercial realtor to tour spaces, it's time to develop your brand and identify your niche. 

Start with the Niche

Business News Daily states, "A business niche is a specialized or focused area of a broader market that businesses can serve to differentiate themselves from the competition." To succeed long-term, most (if not all) successful businesses will need to identify the specific value proposition they bring to potential customers and communicate why they are unique. 

Finding a niche is essential for small business owners with limited resources and smaller marketing budgets to compete successfully against large brands. If you've already begun researching new business creation, you've probably discovered that "niche" is everywhere right now. Some of it is helpful, and some is noise, but the consensus is the same. To stand out in a crowded market, it's important to identify your niche offering, audience, and brand.

Step One: 

If you're just beginning to identify where you can break into your fitness community, start by researching all your local competitors.

  • What businesses are already operating in your ideal location?
  • What do they offer?
  • How do they differentiate themselves from the other competitors?
  • Who do they serve?

Once you have your list of competitors identified, search for opportunities or holes in the current market. For example, suppose your goal is to open a HIIT studio that caters to working professionals before and after work. As you search for locations, you find the perfect space down the street from a yoga studio that caters to moms of small children. You're both boutique studios, but your location and clientele won't compete. 

However, if you build your studio next to a gym that serves a similar client and offers an equivalent service, it will be challenging to differentiate your brand without spending a fortune on advertising. It's not impossible- A common strategy for large corporate gyms is to build next to small boutique studios. For new brands, choose your location with your competitor and your niche in mind. If you're not fighting for market share, you'll have more resources and time to curate your ideal client experience.

fitDEGREE can support your Studio Fitness

Consult with us now!

Next Step: Identify Your Target Clients

Leading with the customer is a simple but important way to develop your niche. Who do you want to serve? Who is being left out of the current market advertising, and is it intentional or an oversight? As you build your ideal studio, identify the existing opportunities while comparing them to who you want to attract.

If you're entering the industry with a specific vision of who you'll serve, let that lead you. But if, like many, you have more of a broad idea- e.g., you know you want to open a yoga studio, but you're not sure of the particulars- dedicate step two to the kind of person you'll aim to attract. You'll dig deeper into your target client later, but for now, outline your customer's general age, schedule, and preferences. 

Step Three: Define Your Specialty 

You have your modality and your target audience. Now decide what is going to make your studio memorable. For example, let's say you decided to open a yoga studio serving professional millennials before and after work hours. There are over 40,000 yoga studios in the US. How do you stand out? 

Your niche, branding, and marketing should cohesively lead customers to distinguish what makes your studio stand out from the other boutique options. Without clear branding, it becomes a race to the bottom- or who can price their packages the cheapest- and no one wins then.

Challenge yourself to create a quick working mission statement idea. This isn't your final version so try not to get caught up in perfection just yet. Instead, close your eyes and visualize your dream studio. What makes your studio unique? What is your marketing that speaks directly to your working target audience identified in step two? Why should someone choose your studio over the more established studios they already recognize?

There are hundreds of ways you could take this, but here are a few examples from my clients:

  • A barre studio where millennial clients go to make friends first and work out second, with a focus on community and long-lasting connection. 
  • A yoga studio where the teachers are not just experts; they're friendly and personable with an emphasis on long-term tenures, so the clients build relationships with the staff. Their tagline is, "we don't only remember your name, we pronounce it correctly," which is refreshing in an industry that often feels like a revolving door for part-time instructors.
  • A fitness studio for clients who don't see themselves as athletes. The studio is built for the "average" elder millennial/ gen X client who works out because they need to get healthy for other reasons, not necessarily because they love fitness or sweating. It's been a refreshing motto amongst their ultra-competitive, cross-fit-type competitors in the area.

You don't need to reinvent the industry with a brand-new idea, but you do need to love your chosen niche. Choose a mission you can stand behind as you craft a story, brand, and marketing strategy around it that resonates with customers. 

Your branding will continue evolving, as will your target client and mission statement. Try to avoid getting caught up in perfection or permanency in this step. Instead, envision your studio as a blank canvas that you're just beginning to outline shapes and colors. In the steps to follow, we'll dive deeper into each vital step to build your studio on a solid foundation from day one.

Looks like you are finding this valuable, would you also like our latest copy of Navigating the New Normal?
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Four Steps to Create the Perfect Mission Statement for Your Fitness Studio

3 Steps to Build a Strong Brand Strategy for Your Fitness Business

How to choose the perfect space for your fitness studio

Finding a niche for your new business

How to Leverage Business Partnerships to Improve Your Fitness Business

Improve Your Gym's Sales Success With Three Simple Questions

Black Friday Marketing: Your Complete Checklist for Fitness Studios

Three Steps to Improve Your Gym's Sub Policies

Do your staff feel appreciated? How to Improve retention with Employee Appreciation Week.

Seven Questions to Keep Your Gym Staff Happy and Engaged

The free marketing tool you need in your fitness business

Your Gym Needs a Budget: How to Increase Your Fitness Business’s Profitability in Six Steps.

Stop Doing it All: 4 Partners to Help Your Fitness Business Grow

How to Overcome Common Sales Objections to Sell More Gym Memberships

Six Ways to Improve Staff Effectiveness and Retention in your Gym

Eight Steps to Sell More Fitness Memberships

The Three Essential Objectives to Improve Gym Sales and Profitability

How to increase attendance and retention in your gym this summer

How to Increase Your Boutique Studio Sales by Optimizing Your Intro Process

Are your clients staying? Improve your gym's retention rate with these strategies

8 reasons why your intro offer isn’t converting into long-term memberships

Are large class packages harming your gym's business? How to price for competitive growth.

7 Ways to Boost Your Event Marketing and Capture Your Perfect Customer

Are You Using Pop Up Classes to Capture Your Perfect Customer? Here's How.

7 Steps to Create a 12-Month Marketing Calendar to Boost Engagement All Year

How to Maximize Guerilla Marketing to Drive New Clients to Your Gym

Is your gym set up for success? How to create and set achievable new goals in 2022

Is your staff growing your business? How to give constructive feedback to improve buy-in

How to increase your gym's profits without actually making any more money

Client Communication Excellence: Stand Out With These 4 Tools

Member Retention For Long Term Growth

Why Getting More Reviews For Your Gym Should Be A Top Priority

Referrals Should Be A Top Priority For Your Business

Navigating The New Normal

Testing And Tracking Intro Offers

How To Build Your Intro Offer: The 3 Variables to Consider

Membership Contracts and Why You Need Them

Creating A Successful Sales Process

Importance of an Initial Consultation

10 Rules For A Standard Group Class Model Pricing Structure

5 Key Factors For Creating A Revenue-Generating Pricing Structure

7 Things Your Website Needs To Turn Clicks Into Clients

5 Tips to a Successful Studio Management Software Transfer

The 5 Social Media Tools You Need Right Now

Why your Fitness Business Can't Survive Without Community and How to Build a Powerful One

7 Things Your Website Needs To Turn Clicks Into Clients

Why your Fitness Business Can't Survive Without Community (and How to Build a Powerful One)

Membership Contracts and Why You Need Them

Switching Studio Management Software: Reality vs. Expectation

How To Build Your Intro Offer: The 3 Variables to Consider

10 Rules For A Standard Group Class Model Pricing Structure

5 Tips to a Successful Studio Management Software Transfer

The 5 Social Media Tools You Need Right Now in Your Fitness Studio

5 Key Factors For Creating A Revenue-Generating Pricing Structure

How To Build Your Intro Offer: The 3 Variables to Consider

What Does It Cost to Run a Barre Studio?

How the Best Fitness Studios Niche Down to Build Their Business

How to Practice Self-Care When Your Job is to Care for Others

12 Facebook Live Tips for Fitness Studio Owners

Friends Don’t Let Friends Yoga Alone: 11 Tips for Successful Referral Marketing

How Your Yoga Practice Can Spark Gratitude

The 3 Main Ways Your Studio Website Is Failing You and How You Can Fix Them

Should You Crowdfund Your New Yoga Studio Business?

4 Reasons Your Members are Bouncing After Their Class Pass is Finished

Why Yoga Studios Are a Booming Business Right Now

Using Your Yoga Studio Business Software for Marketing 

The Importance of Having Yoga Studio Scheduling Software

Are Your Instructors Making or Breaking Your Studio Brand?

Comparing the Features of Different Types of Yoga Studio Business Software 

Best Software for Keeping Studio Management Simple

Pricing Breakdowns of the 5 Best Yoga Studio Management Software Options

3 Essential Tips for Keeping Yoga Students Happy

Why The Barre Workout Studios Are Growing So Fast 

Insider Secrets for Branding a Yoga Studio that Succeeds

How Yoga Studio Software Benefits Smaller Studios

How to Successfully Run a Yoga and Pilates Studio

Work Smarter, Not Harder: A Guide to Creating Work/Life Balance

Comparing the Five Best Studio Software Consumer Apps

How to Use Prenatal Pilates to Bring in New Clients

5 Things to Do When Opening Your New Fitness Business

What You Should Know About Your Yoga Studio Software

Pilates vs Yoga: What Classes Should You Offer?

4 New and Innovative Ideas to Market Your Yoga Studio

 The Top 5 Benefits of Having Yoga Studio Management Software

9 Strategies for Getting Your Members to Review Your Yoga Studio

How to Get a Pilates Certification

How to Determine the Best Yoga Studio Management Software for Your Studio

5 Portable Ballet Barres You Can Take Anywhere

Reviews of the 10 Best Yoga Studio Management Software

8 Steps to running Your Yoga Business Mindfully

How to Get Your Barre Certification

Fitness Marketing 4 New and Innovative Ideas To Market Your Gym

How Can I Make My Yoga Business Successful

Posts You Might Like

Improve Your Gym's Sales Success With Three Simple Questions

As a fitness owner, there is so much on your mind when clients first enter your studio. Will they be a good fit? Do their expectations match your offerings? Is their fitness budget aligned with your prices?

Stop Doing it All: 4 Partners to Help Your Fitness Business Grow

Boutique fitness entrepreneurship is a time-consuming, challenging career path. Studio owners have to be proficient marketers, savvy business analysts, employee managers, visionaries, and accountants, and that’s before adding in teaching, client communication, and retail inventory

Six Ways to Improve Staff Effectiveness and Retention in your Gym

You have clear goals for your boutique fitness studio, and you’ve already put the work in to grow your gym into your dream business.

Software Updates

Want to know about the latest improvements to fitDEGREE?
SEE LATEST SOFTWARE UPDATES
Black Friday
sale
Ready to switch to a more affordable, customer-friendly management tool? We've got you covered.
SCHEDULE A FREE FITDEGREE DEMO

Get all the resources
in your inbox

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

About the author:

Niki Riga
Industry Expert
Limitless Studio

Niki has been a client, a studio owner, and a coach in boutique fitness for over a decade, and she can’t think of an industry she'd rather be in. Her favorite part about coaching and studio ownership are the same: she loves supporting clients as they push past their limits and achieve their goals. Niki became a coach because she was regularly asked, “how did you do that!?” by other studio owners who were drowning in the day-to-day responsibilities of business ownership but didn’t have the support to grow their studio to its potential. She created Limitless Studio to partner with owners who have a vision for their business and are ready to implement systems to build the studio of their dreams.