SoulCycle grew out of co-founders Julie Rice and Elizabeth Cutler’s dream of an exercise studio that provided an efficient and “joyful” workout in very little time.
From the “rear lobby” of a space in New York City, SoulCycle has grown to a booming business, with dozens of indoor cycling studios.
At that time, the idea of dedicating a studio to stationary biking was completely foreign, and many people, including members of their own families, doubted that SoulCycle would succeed.
But the two mom entrepreneurs kept at it and forged ahead with a plan and made working out a fun activity.
The 45-minute cycling classes combine high-energy music, hand weights and inspirational coaching, with the goal of empowering riders and leaving them both physically and mentally stronger.
It was finally acquired and the founders became multi-millionaires.
What you could learn from this episode:
- How she found her co-founder.
- How they found a bad location, but how they turned it into a good location.
- How they differentiated from other studios.
- How they advertised when money was running out.
- A simple way they decided on pricing.
- Noise Problems and how they resolved it.
- How they got a celebrity into their studio.
