We’re excited to introduce you to the always interesting and insightful Katy Richardson. We hope you’ll enjoy our conversation with Katy below.

Hi Katy, thanks for joining us today. Let’s start on the operational side – do you spend more of your time/focus/energy on growing revenue or cutting costs?

The key to a successful business is being able to balance where to cut costs and where to invest so that the formula works in tandem to grow your business without wasting money. As the Founder and CEO of a Boutique Fitness Franchise, I’ve seen and experienced first hand the challenges of finding and maintaining this balance through start-up and growth phases. For example, in the fitness industry it is very common for studios to be run by owner/operators instead of studio managers. A lot of owner/operators can fall into the trap of ‘saving money’ by taking on too many operational tasks that hinder them from being able to focus on the things that will grow their business. When you are under financial stress, it is easy to become fearful of not being profitable and instead of stepping back and seeing where your time or money can be spent on initiatives that will grow you business and ease the stress, some owners tend to gravitate towards pulling back on spending money at all costs, causing them to lose their bandwidth, which creates a vicious cycle of working IN their business instead of working ON their business.

As always, we appreciate you sharing your insights and we’ve got a few more questions for you, but before we get to all of that can you take a minute to introduce yourself and give our readers some of your back background and context?

After leaving my Corporate Accounting job in 2011, I had the incredible opportunity to start Neighborhood Barre in Knoxville, TN. It all began with my deep love for fitness and a desire to create a workout experience that was truly unique and empowering. Drawing from my extensive background in collegiate cheerleading and fitness, I envisioned a space that combined the elegance of ballet with the strength-building principles of Pilates and a touch of cardiovascular training. I spent countless hours refining the Neighborhood Barre method, carefully crafting a workout that would challenge and transform bodies while maintaining a welcoming and supportive atmosphere. With unwavering determination, I brought my vision to life, launching Neighborhood Barre as a thriving fitness destination. Today, I’m incredibly proud to see how it has grown to 25 locations in 11 states and become a place where people of all fitness levels can achieve their goals and feel empowered.

Neighborhood Barre’s emphasis on community, our distinctive method, personalized attention, and commitment to growth make us stand out in the world of barre studios. We strive to provide an exceptional fitness experience that goes beyond the workout, empowering our clients to reach their full potential and lead healthy, fulfilling lives. Our commitment to personalized attention differentiates us from other studios. We understand that every individual is unique, with different fitness levels, goals, and body types. Our instructors take the time to understand each client’s needs and provide modifications and adjustments as necessary, ensuring a safe and effective workout for everyone.

Can you talk to us about how your funded your business?

I am regularly asked “how I got here”. Keep in mind, I am the type who thinks I should be much further along than I am, but timing is something that is out of our control. It does not take six figure debt or business partners to build your business. It takes learning from your mistakes and being willing to roll up your sleeves and build back if those mistakes have a detrimental financial impact on your business, which several of mine have. Neighborhood Barre is primarily self-funded. When I first started the studio, I borrowed $40,000 from my parents and invested my own personal savings into getting it up and running. This included securing a suitable location, acquiring necessary equipment, and covering initial operating costs. Additionally, I worked diligently to build a strong client base and generate revenue through auto-recurring memberships and high-end fitness retail. As the studio grew in popularity and profitability, we were able to reinvest the earnings back into the business for expansion, marketing efforts, and enhancing the overall client experience. While we may explore external funding options in the future for further growth and development, Neighborhood Barre has largely been sustained through self-funding, determination, and a passion for providing exceptional fitness experiences to our clients.

How about pivoting – can you share the story of a time you’ve had to pivot?

Navigating the challenges brought on by the pandemic was undoubtedly a difficult and uncertain time for Neighborhood Barre – and they are not over. However, when faced with these challenges we are committed to finding creative solutions and adapting to the circumstances to ensure the survival of our studios. Though we enacted many tactical strategies to lower our expenses and stay connected with our clients, we were still fearful that larger brands with deeper pockets could come between us and our clients since the majority of people were working out at home.

My top priority over the past several years has been empowering and uplifting the Neighborhood Barre Franchisees. I knew if I put their well-being first, that energy would trickle down to their staff and clients. So instead of focusing on the company as a whole, I put my focus into providing as much internal and external business coaching and support as I could afford to help lower their stress levels. This allowed us to foster a sense of unity and teamwork, creating a supportive atmosphere where everyone felt inspired to push their limits – studio owners, staff, and clients alike.

My goal was to always lead by example and vision, but the Pandemic forced me to evaluate my leadership style and opened my eyes to what is important in business. A company is nothing more than a structure. Clients don’t show up for a company they show up for the people who run the company. They don’t buy what we do, they buy why we do it. While it was undoubtedly a challenging time, our resilience, adaptability, and the unwavering support of our clients allowed us to largely overcome the obstacles and emerge as stronger business owners.

Contact Info:

• Website: neighborhoodbarre.com
• Instagram: @neighborhood_barre
• Facebook: facebook.com/neighborhoodbarre
• Linkedin: https://www.linkedin.com/in/katy-branstetter-richardson-762684b7/
• Other: threads: @neighborhood_barre

Image Credits
Headshot: Hannah Davis