For a crash course in the fitness business, check out "Value Added: Working Out the Business" by Thomas Heath of The Washington Post. David von Storch, founder and owner of three VIDA Fitness facilities in Washington, D.C., talks about everything from making the most of industry trade shows to investing money back in the club to getting “over the hump” and into soaring profits.
This industry has a lot of club owners with no shortage of enthusiasm and passion, but it’s too rarely applied in a way that makes financial sense. Much of what von Storch discusses isn’t revolutionary, but he’s applied it with such gusto that his success is energizing and inspiring. He’s absorbed every piece of information available, learned from past failures and created a fitness business that is going nowhere but up.
I thought the article was informative and von Storch’s approach to running a club was refreshingly simple. Your thoughts?
4 comments:
Hi Heather,
That was a terrific article on the guy in Washington DC.
Great article but is it based in reality?.....I too would have a magical place for people to workout if I had that kind of budget and finacial backup........seriously, does it matter if this place makes the guy money? Sounds like he would do it regardless of profit and does not disclose details, to me this is not a model to replicate for the acerage gym owner. I started my gym with $70k borrowed againts my house.....this is reality. 6 million, thats a not a challenge or soimething to admire.
Bub - You're right. The average gym owner doesn't have a bottomless bank account to create a "magical" club. But I think, if you set aside the money aspect of von Storch's business, there are things to learn from his experience.
In my opinion, the most valuable information in the article is von Storch's description of how he worked the trade show floor to learn anything and everything about the industry. I've been to many fitness trade shows, and most club owners file past booth after booth without so much as a glance at the professionals staffing them. They might listen to the retired-athlete keynote, they definitely pick up the swag — and don't get me wrong, I love me some swag — but there is a richer experience to be had at these events.
Information is more powerful than money. Look at Gwyneth Paltrow's fitness business venture in NYC — she's got money to burn, yet the business is flailing before it's even opened.
One more thing, Bub.
I'd like to add that yes, I believe information is more powerful than money. But if someone offered me $6 million to start a club, I wouldn't turn it down for a Mensa membership.
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