Hey Everyone!
Katy Richardson, the Founder of Neighborhood Barre, joined me on The Friday Society Podcast! Neighborhood Barre has over 25 locations nationwide so Katy is a wonder resource to discuss franchising a barre studio.
If I had to describe Katy in a few words it would be smart, intentional, and funny! I loved talking with Katy! Scroll to the bottom to jump into the episode. I hope you enjoy the podcast because we got into all things barre and business.
Katy Richardson of Neighborhood Barre – who is she?
In the heart of Knoxville, Tennessee, lies a testament to entrepreneurial spirit, resilience, and the transformative power of passion. Katy founded Neighborhood Barre, a boutique fitness studio that has grown its way into the hearts of its community, has evolved into a thriving franchise. The spirit behind this success story? A former internal auditor whose journey from crunching numbers to choreographing barre classes is nothing short of inspirational.
Katy comes from a family of entrepreneurs so she’s had the spirit to own her own business from the beginning. In 2010 she was working as an internal auditor and knew that she wanted to be her own boss. Towards the end of 2010 she started to see the boutique fitness industry grow. After careful consideration in 2011 she decided to take all of her prior experience to open her own studio.
The decision to open a barre studio in Knoxville, TN was not made lightly. The initial marketing hurdles and efforts to weave the studio into the fabric of the community were daunting tasks. However, through embracing feedback, making necessary adjustments, and a relentless dedication to quality, Neighborhood Barre began to see success.
The Early Days of Entrepreneurship
I love Katy’s honesty on how hard it can be as a new owner and figuring things out in real time. She was first to market in her town of Knoxville which came with a lot of marketing opportunities. Her open mindedness and growth mindset were huge keys to her early success because her community embraced her from the beginning. I also love how my former employer, Lululemon, was a large part of her inclusion story. So cool!
As business owners we can be afraid to take risks because of the possibility of failure. It’s more comfortable to stay small and only do what you know or mastered. Katy was driven to take risks even at the expense of failure which is truly admirable.
Franchising Neighborhood Barre
The evolution of Neighborhood Barre from a single studio to a franchise came from meticulous planning, research, and a solid commitment to brand integrity. Understanding legal requirements, securing funding, and overseeing the growth of multiple franchise locations were monumental tasks. Yet, Katy approached them with precision and dedication.
The road towards franchising Neighborhood Barre in 2014 was long and difficult. Owning your own business and owning a franchise are two different business models. Katy described running her business lean and mean to maximize profit margins, which was a top priority from the beginning. Fast forward to 2016 she had 5 franchise locations! Today she has 25 with a growing pipeline!
Giving up control as a small business owner
Let’s talk about control. As a business owner, I’m very aware of my vision, messaging, and the voice that I want to come through in my marketing. I can only imagine how it would feel to be a franchisor and having that sense of protection over branding when there are franchisee’s who may differ in opinions.
Selecting franchise owners who not only align but also embody the company’s culture is paramount. It is about building a family of passionate individuals committed to spreading the joy and benefits of barre to more communities.
She learned over time that sometimes you just have to let things go. When we stop expelling our energy into one small part of our businesses it frees up time to expand elsewhere. This experience really kickstarted how she approaches assisting franchise locations and the energy that she can give to certain situations. Providing proper controls, resources, and guidelines have really helped the franchise owners to succeed and thrive in owning a Neighborhood Barre location.
Katy’s take on buying a franchise
Listen for Katy’s take on what to look for if you are considering buying a franchise! This was so interesting because there has to be a fit from both sides for a franchise location to be successful. For example, as a franchisee, you should consider your margins after royalty fees, the culture, and if the franchise vision is a fit for you. It’s definitely not a fit for everyone and that’s ok!
Stay around for the rapid fire questions because Katy’s answers were so good!! I loved this conversation so much and laughed throughout the whole thing. I literally cant wait to take one of Katy’s classes!
Learn more about the Neighborhood Barre workout here and check out on demand options!
Listen to The Friday Society Podcast episode with Katy Richardson of Neighborhood Barre!
If you have guests or topics you would like to see on The Friday Society Podcast shoot me a message!
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