Episode #512: Navigating Boutique Studio Ownership with Studio Grow's Beth Potter & Peter Pastijn

HALO Talks: Elevating Wellness

Today we're joined by Beth Potter and Peter Pastijn, industry veterans in the HALO sector and two top players at Studio Grow, one of Integrity Square's strategic partners who provide top notch, in-the-trenches coaching for boutique studio owners worldwide.

Beth and Peter draw parallels between Studio Grow and the role of a regional director, highlighting the extensive network they provide, from legal and marketing, to specialized coaches. They emphasize the importance of collaboration, ongoing support, and the value their services they can bring to not only independents but also franchisees, with some groups even adding Studio Grow to their Franchise Disclosure Documents (FDD's.)

They also explore the need for succession planning and exit strategies, the impact of holistic wellness trends, and how Studio Grow is fostering confidence and understanding of financial metrics like EBITDA among studio owners.

On Studio Grow's services Pastijn states, "If I'm coaching a session with an advanced studio and they want something I'm not an expert in, I just call one of my other coaches in and say, 'Hey, can you help them out?' So we all have different fields of expertise. Also, as we are all owners or former former owners, [Studio Grow] has created templates and and outlines for absolutely everything you can imagine."

Key themes discussed

• Advising businesses on revenue and marketing strategy.
• Focusing on the member journey and retention is vital.
• Optimize experience, involve initially, for successful collaboration.
• Studio owners locked in long franchise agreements.
• Discuss succession planning and exit strategies for business.

A few key takeaways:

1. Beth and Peter highlighted Studio Grow's extensive support services, which include legal and marketing teams, as well as diverse expertise among their many coaches. This structure is designed to work closely with everyone from franchisees, to individual owners to help them grow and succeed.

2. Peter emphasized the critical importance of having a succession plan and exit strategy for studio owners. This ensures cultural continuity and prepares owners for potential business transitions, enhancing long-term stability and potential profits.

3. Understanding key business metrics like EBITDA is crucial for studio owners. Beth and Peter discussed the importance of proper budgeting, funding support, and financial planning to ensure studio profitability and growth.

4. The growing trend of holistic wellness, recovery, and med spa businesses was highlighted, underscoring the increasing demand for comprehensive health services that go beyond the 'standard' fitness offerings. This represents an opportunity for studio owners to expand their services and capture a broader market.

5. Member journeys and retention are especially vital in the boutique fitness industry. Beth stressed the need to coach teams effectively to retain customers and discussed the process for matching studio owners with suitable advisors through consistent check in calls.

Click here to download transcript.

Resources:

• Peter Pastijn: https://www.linkedin.com/in/peter-pastijn-8047661/
• Beth Potter: https://www.linkedin.com/in/beth-potter-6a6b98193/
• Studio Grow: https://www.studiogrow.co
• Prospect Wizard: http://www.theprospectwizard.com
• Promotion Vault: http://www.promotionvault.com
• HigherDose: http://www.higherdose.com

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