Cease The Moment – The Opportunity Is Now!
What could our panel of four tell us about the landscape for growth in boutique businesses? An interesting snapshot emerged at Steve encouraged the panel to share their plans. Liz told the audience about MoreYoga’s bold expansion plans, with 30 additional studios set open by the end of 2019. Steve asked Liz about the brand’s enthusiasm and confidence in an apparently “peaked” market.
We don’t agree that the boutique market has reached its peak, Liz explained, and we can see a definite appetite for a more streamlined service. As we roll out our next set of studios, we will dial down a business model of reduced overheads by opening only for scheduled classes (removing the need for a receptionist), and taking away some extra facilities such as juice bars so we can invest more into our teachers.
Jason explained the growth plans for Another Space. We are taking the idea of growth in a slightly different direction, he said. Our focus is on internal expansion within our current studio offering of 26 classes a week. Jason’s viewpoint balanced risk and opportunity, with honouring the quality customers are familiar with. It’s a kind of cautionary expansion, he said, maintaining the same number of facilities and instead increase the offerings at each location. We can then fill the classes by presenting an enticing product which maximises use of current locations.