My Neighborhood Gym Brings In £60K/Month
Hello! Who are you, and what business did you start?
Hello, my name is Alma Curry, and I’m the founder of Meridian Fitness. I had a vision to bring the focus back to well-being and fitness. So, I accomplished it by introducing a local gym in Greenwich.
Usually, health clubs and fitness equipment businesses have their best-selling plans or top products, which become the brand image later. However, Meridian Fitness offers all the top-notch fitness training classes you can sign up for according to your physical needs. We offer the best gym membership prices, and our top-selling membership package is the 12-month subscription (annual plan).
We offer gym training programs and classes for people of all ages and also provide fitness guidance.
I have always dreamt of building a community, not just a fitness studio or gym. However, making a community stand and keeping them all at the right pace and motivated is what requires natural flexibility and understanding. Numerous research studies have shown that the rate of personal growth and variety of skills glow with the right environment. I transform healthy bodies and healthy minds and empower their personalities.
What's your backstory, and how did you come up with the idea?
My story is neither spicy nor exceptionally dramatic or challenging. I just had a great passion for fitness, yet I didn't have any fitness gym around the premises of my house. So I usually had to walk 2-3 miles to visit. It just made me realize it's an evolving industry and will expand wider with time.
So, I decided to put my passion to play the ultimate in the industry by bringing a holistic approach to the table.
The fun story is that I was planning to open up a gym until my friend suggested stone massages. But guess what! Upon researching the community, I found that there wasn’t a single spa in my town offering stone massages. However, everyone I talked to seemed interested in having one, which gave me the idea to start a fitness club, including both a gym and a spa.
Usually, people would consider starting such a business by taking calculated risks; however, I had a totally different point. As I conducted thorough research and studied the market, I was more than confident with the idea of starting this business. By the time I started this business, I had such great expertise through research and experience.
The conducted research made my mind clear as to what I am required to do with my career. The main points that changed my perspective were;
- If there’s already a working fitness center with a good strategy you can adopt and imply a similar strategy.
- You need to stay calm and let the strategies work with time. Patience is the key to all successful businesses.
- Indulging in automation software is better so you can focus on growing your business.
If we think about it, this isn't what I thought of starting one day. I had plans to build up a fitness community for a long time.
Take us through the process of building the first version of your product.
I started very small, actually just the gym, with 2 trainers renting a small place in the basement of the building. There were only 5 members initially in the team that tried to make this business plan work.
The team members I started working with weren’t somebody else but from my own circle, my friends, considerably. The trainers were my own personal trainers at the beginning when I started the gym. I somehow managed to get them on board as they were looking forward to starting something of their own, and I promised them to the executives as we grew.
However, an IT and digital marketing guy was referred to by one of the trainers. The machinery wasn’t as vast in range as it is now. My startup was pretty similar; it was small yet structured when it started.
The day Meridian Fitness was launched, I knew all I had to do was wait calmly. And this is the big secret behind my success today. Building a new one is never easy; however, it's a different story if you are ever enthusiastic about the business you are approaching. At first, it wasn't very easy, but my hopes were up, and I was fully ready.
First Version of Meridian Fitness
Well, when we started our business, there were only five on the team, including two trainers, one person as a developer, a digital marketer, a receptionist, and me as the CEO. However, now we have expanded our business to a vast level with 12-13 coaches only and better facilities.
Describe the process of launching the business.
I managed to gather enough finances for the startup by doing a variety of different jobs firsthand and by taking a startup loan from the bank. However, the expenses were much higher than I thought, so I pulled some favors from my friends and made it through. In 2018, with atomization, Meridian Fitness was first introduced to the fitness market. Meridian Fitness was ready to provide a variety of different conveniences; however, it was all about taking baby steps.
To start the business, the amount I invested from my savings was around 70% of the total startup cost (£210,000). The remaining 30% (£90,000) was offered by my close friends who believed in my vision, offering their assistance and considering an investment.
Well, initially, we targeted the local events and used to do publicity at the end of the event. You can consider that we depended on the word-of-mouth technique more during the initial time period of the business. I still remember the first time we went to a conference related to mental health, and by the end of the session, we had to introduce our fitness center. Well, it was quite an experience for me, but it turned out to be quite a good one. The crowd was very supportive, which made the experience more soothing and brought confidence in me. However, we weren't able to gain any members from that event.
Eventually, the first member of my gym became my gym partner. We used to work together. However, the next 3-4 members were the similar conversion members of my previous gym.
As I mentioned earlier, the gym was near my house in Greenwich. Even on the basis of my research, there were quite a few joining spots nearby, and there weren't many fitness centers. It was all about bringing fitness along with ease to my neighborhood.
In the initial first month, I offered free trials to attract more people, and to my surprise, it was a successful technique. I won 8 new members initially, yet I earned the first-ever money from this business.
In the mean process, one of the major tasks was to select pricing, but anyhow. We united on the decision to follow the strategies used by the other gyms and fitness centers.
The journey from concept to reality was a financial investment and a labor of love. It was a small fitness and wellness business with an initial goal to provide the best services on less expensive plans. That is why my team of trainers and tech and I decided on all the pricing plans and memberships to be more manageable. The whole strategy was a success, and with the best-integrated policies, we were in utter confidence of an 80% success.
I firmly believe 2 years is enough to be stuck on a website. After that, the website and services require changes. The whole website was revamped as with the evolving time by updating the UX and packages we were offering.
However, the most compelling strategies are integrated to automate the entire business and bring ease to all the clients. Our main focus was to introduce ourselves to the market and provide the best possible services with evolution, as many trends changed after COVID-19. Furthermore, different marketing strategies, including SEO and word of mouth, are used to expand the business. In addition, different discounts and deals on buying memberships.
[We are] a very profitable business with continuing revenue streams and an increasing population. We have a fine-tuned business strategy in operations that maintains the balance between gross margins, cost of goods, and customer acquisition costs.
Since launch, what has worked to attract and retain customers?
We tried to create hype for the business using posters on the streets, and after a detailed discussion, we integrated the SEO strategies as we were confident it would maximize the client rate. Yet, the main keyword that is used to start SEO and target local clients is Best gym in Greenwich.
A few other techniques, including PPC (pay-per-click) and Google ads, were decided to be utilized to enhance fitness awareness and catch the leads in the long run. However, we are still working on them.
Email marketing was another completely different technique that we used to enhance the business and catch more leads.
Furthermore, by using SEO marketing strategies in the initial time, we were able to recruit 10 more clients, and within the first quarter, the number was increased to 50 members.
However, the strategies were used alongside the SEO technique, which pretty much worked.
Regarding email marketing campaigns, we have tried both SendGrid and Mailchimp, which helped develop our outreach strategies throughout these years. In addition, we also use our physical studios as a platform to develop and grow our business. We have a team of highly skilled and well-equipped professionals to run our business.
How are you doing today, and what does the future look like?
Meridian Fitness is a very profitable business with continuing revenue streams and an increasing population. We have a fine-tuned business strategy in operations that maintains the balance between gross margins, cost of goods, and customer acquisition costs.
Return on ad spend shows the efficiency of our customer acquisition tactics, such as cold emailing SEO and advertisements. These strategies are optimized continuously, which requires focusing not only on customer satisfaction and loyalty but also on the corresponding effect currently known as CLV.
The short-term goals include the introduction of email marketing solutions and enhanced business. Our long-term goal for Meridian Fitness is to expand our franchises and make it a complete all-purpose fitness and wellbeing center.
On average, Meridian Fitness generates around £200,000 per year. However, the overall expenses make up to 70%(£140,000) of the generated revenue, including the rentout, maintenance, staff salaries, etc. In addition, the leftover 25-30% of the money, which is equal to around £60,000, is the generated profit from the business.
One of the most widespread errors I have observed in entrepreneurial realities is focusing too much on developing perfect products while failing to market them at all. The use of end-customer feedback cannot be underestimated.
Through starting the business, have you learned anything particularly helpful or advantageous?
Starting this entrepreneurial path, I surely have seen my share of problems on the road, including some mishaps and lost moments. A particular regret is the adoption of email and paid marketing, which, in retrospect, would have allowed us to grow our audience much faster. The pandemic was a new obstacle that threw our growth and marketing strategies off course. But it was a useful time for perfecting our fitness management software, turning the negativity into an opportunity to enhance.
The learned lessons have been crucial. A big emphasis is placed on industry understanding before embarking on trends, as illustrated by the warning not to jump onto a bandwagon without knowledge. With the help of these lessons, I’ve developed a more tactical mindset and approach. Worthwhile habits and skills, such as adaptability and resilience, have been a lifeline in the uncertain realm of being an entrepreneur. As this journey unfolds, such experiences become guiding factors in subsequent decision-making and lead to the development of a more agile business strategy.
What platform/tools do you use for your business?
WordPress first acted as our content management system, laying a good foundation. Nevertheless, aware of the significance of user experience improvement, we’ve made our theme from scratch with Adobe and achieved UX as well as website speed enhancement.
For marketing, there are a variety of platforms used to bring more potential clients. For awareness purposes, Facebook's meta library is used to run ads as a platform, and it shows a great reach of people.
The next platform used to run ads is TikTok, as it’s one of the most used apps these days and has a great impact on youth.
Klaviyo is our preferred email marketing solution; we use it for targeted campaigns and to improve the level of customer engagement. Our business operations, starting with website management and moving towards marketing automation tools, are empowered by these sets of technologies that collectively speak of our commitment to using technology for long-term growth.
What have been the most influential books, podcasts, or other resources?
The Lean Startup by Eric Ries has been my beacon into lean methodology and development. Its regard to building a startup on limited resources has greatly shaped my approach since it encourages me to be agile and adaptable.
Regarding podcasts, “StartUp Podcast,” ''How I Built This,” and “The Tim Ferriss Show have been essential travel mates. "StartUp Podcast" offers a very real and raw view into the startup world, revealing how much entrepreneurs struggle but also what may be considered victories.
The journeys of successful business leaders are presented in “How I Built This'' and consequently can become a source of valuable entrepreneurial lessons. This interview show includes a variety of interviews with successful individuals from different fields who provide tips and strategies to become better in life or work.
Advice for other entrepreneurs who want to get started or are just starting?
One key tenet is to be familiar with the market before plunging into it. Take my advice: Do not jump on the bandwagon headlong, even if you possess industry knowledge; in-depth research must be carried out. You can revolutionize the process by promptly filling up gaps in a niche that you know well and have experience in.
One of the most widespread errors I have observed in entrepreneurial realities is focusing too much on developing perfect products while failing to market them at all. The use of end-customer feedback cannot be underestimated. When the product is in place, effective marketing campaigns, both organic and paid, are paramount.
The strategy that has worked for me is a multiplatform marketing approach that involves Google ads, PPC, and Meta ads on Facebook and Instagram. Further, the use of influencer marketing specifically addresses the requirements of target audiences like gym and dance studio enthusiasts, which turned out to be very resultative.
Where can we go to learn more?
We have a social media presence on Facebook, X, and Instagram to assist businesses. You can also visit our office or read more about Meridian on our blog, LinkedIn, or email us at support@meridian-fitness.co.uk
- Phone: 02084691961
- Email: support@meridian-fitness.co.uk
- Location: 38 Creek Rd, London SE8 3FN, United Kingdom
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