Digital technologies make starting a business much easier. Most types of trainers, incl. fitness, yoga and others, can start their own online studio in just 30 minutes.
The advantages of having your own online studio are clear – you are your own boss and can work whenever and wherever you want. No matter if Berlin or Bali, the digital nomad trend is growing fast.
Starting an online studio can be quite easy, especially with the help of a free software like FitogramPro. However, if you are serious about it and want to increase your chances of success, we recommend completing the following four steps.
1. Do a market research
To make sure that your online studio has potential, research the market and analyze the current offering as well as the demand for online classes.
Identifying your potential customers will make it easier to appeal to them and meet their expectations. Analyze their interests and behaviors to tailor your offer to their needs perfectly. Moreover, it’s important to identify the platforms your potential customers use so you can promote your online classes effectively.
In addition to customer demand, it’s important to analyze the competition. Who are your competitors? What platforms are they on? What kind of sports offer do they provide? Only by answering these questions will you be able to create a unique offer that sets you apart from your competition.
2. Choose your studio concept
Once you’ve completed the market research, it’s time to use the insights you’ve gained to define a concept for the online studio you want to start. Each studio appeals to a different demographic and is defined by different characteristics such as qualified trainers, affordable prices or a specific target group (e.g. pregnant women). Clear focus on a specific niche is what makes an online studio special.
Not sure if you need a studio concept? Here are 6 reasons why it’s important to work it out:
- – It’s easier to stand out from the crowd with a clear focus
- – Good positioning attracts the right customers
- – Specialization leads to higher customer satisfaction
- – High customer satisfaction helps you to build a community
- – Knowing your target audience well can make your marketing campaigns more effective
- – By building trust and reputation, you can claim an expert status in your field
3. Write a business plan for your online studio
You can write your business plan based on the market research and the selected studio concept. The business plan should contain your short- and long-term goals. It doesn’t only help with validating the idea based on real-world data, but also with getting the necessary start-up capital, in case the project requires it.
The first part of the business plan is a presentation of your market research. It should include your offer, target customers, competition and your unique selling points. It helps you to see if your project is well-planned and to identify room for improvement.
In the second part, introduce yourself and your team. Since you are probably planning to start your online studio on your own, this part might be shorter than usual. The section should provide information about your motivations and qualifications.
The last part of your business plan is about the financing of your venture. Typically, this part includes a preliminary profit and loss statement, a balance sheet, a cash flow statement, etc. Since it is much easier for an online studio to enter the market than for a traditional studio, you will need a lot less capital to start your online studio.
4. Choose a software for your online studio
To start an online studio, pick a reliable software that actively supports you in the daily administrative tasks. The software should allow online bookings and payments, as well as streaming of online classes and setting up an online video library with video-on-demand. Furthermore, a reporting section where you can monitor the performance of your online classes helps with identifying areas for improvement and taking action.
One of the best studio management softwares on the market is FitogramPro. FitogramPro offers a completely free version, allowing you to quickly launch an online studio and test it in the real world. With enough customers in your online studio you can consider investing more in the business and upgrading your FitogramPro account. Our upgrades come at a fair price and are packed with useful features that will help you grow your online studio.