This question has been on my mind a lot since we came up with our idea. I believe it is also a question that all aspiring entrepreneurs beat themselves up about. The answer to this is that you don't ever really know and that the only way to know if your concept will work or not is via trial and error. Put your service/product out to the public, learn from your mistakes, iterate, try again. Start this cycle as soon as you can.
We have created countless projections, altered many iterations of business plans, and conducted hundreds of wellness professional interviews and surveys over the past couple of months while we waited for some clarity on when gyms will be able to re-open in Los Angeles.
We more confident about our idea now more than ever, and with the city projecting June 15th as the re-opening day, it seems like the timing for a summer 2021 opening is perfect.
With this said, the one thing we know for sure is that our projections, business plan ideas, and even our survey data are not accurate. The only way to tell if something will work is by pulling the trigger and testing the concept. It is all about trial and error, and we feel confident to move forward is because we believe our business has these three things that are essential to success:
- A large and growing fitness and wellness market.
- The timing of the creator economy with people wanting to be owners/entrepreneurs.
- An excellent co-founder team that is passionate about creating more entrepreneurs and making health and wellness accessible to everyone.
The most significant component holding us back from starting, not counting COVID-19, was finding a suitable location since we had specific real estate needs --> find an ex-gym/boutique fitness studio in West Hollywood or Santa Monica with plentiful parking and a landlord that would agree to a one-year lease. Taking over a former gym/boutique fitness studio allows us to save time and money on a significant build-out, and signing a one-year lease gives us the flexibility we need as a startup.
We are in the process of negotiating with the ex-YogaWorks space in Playa Vista, and although it is an inefficient space (60% efficiency) that is very plain, it fits all of our primary requirements described above.
While there is no way to guarantee success, we believe that if we stay true to the concept of giving the creator/the wellness professional/the entrepreneur ownership and flexibility, then we can find a way to build a very unique and successful business. I can't wait to open our doors, start learning from our wellness professional customers, and replace all of our theories with evidence!