The business that caught my attention is Flywheel (http://seattle.flywheelsports.com/).
During the first day of our Entrepreneurial 555 class, my entrepreneurial idea was a spin studio in Kirkland. My tongue-in-cheek rationale was that there’s an abundance of wealthy old dudes and divorcees in Kirkland who are interested in cycling – what better business to start than a spin studio? Especially in a region with unsavory weather the majority of the year. After a conversation with my wife, I discovered that a recently started spin studio business had hit Seattle with locations in South Lake Union and Bellevue called Flywheel.
Flywheel is a spin studio that started in New York City in 2010. The spin concept is one where workout enthusiasts ride stationary bikes in classes led by instructors as a source of exercise. The classes are accompanied by music and can have visuals of the ride and performance readouts. Flywheel offers stadium seating and Torqboards, where competitive cyclists can opt-in and see where they stack relative to other cyclists in each class in terms of output. One can reserve cycles with specific instructors and there’s a cost per session. Flywheel has studios in a handful of large markets across the United States.
- Market – I live in Kirkland and see cyclists ride past my house each day….so I know it’s popular in the area. In addition, downtown Kirkland hosts 3 gyms. And, although I’ve only lived in the community a couple years, it seems to be a pretty affluent community. I’d argue that more constituents would cycle more if the weather were better…..which is the perfect opportunity for a spin studio. Lastly, most folks on the Northeast side don’t want to travel to Bellevue or Seattle for the service. Kirkland is the perfect spot.
- Product – I like the competitive element and the stadium seating. I’ve participated in a handful of spin classes where I’ve found it difficult to assess how good my workout is based on the resistance I’m employing. Availing my performance results to the entire class will push for a better workout.
- Team – Don’t really know that much about the ownership team. The idea is my main interest driver.