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Personal and home services

Boutique fitness studio financial model, built free.

A three-statement Excel model for a boutique fitness and wellness studios, built from your own figures and checked to balance.

  • Free account
  • No card
  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Operates or franchises small-format class studios (reformer Pilates, yoga, cycling, HIIT) and wellness studios (massage, sauna and recovery), selling class packs, credits and memberships against a fixed class timetable — unlike gyms, capacity is set by classes and instructors rather than floor space.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and trading multiples, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Boutique fitness studio sample model.xlsx
The Summary sheet of the sample boutique fitness studio model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for a boutique fitness studio.

  1. How it earns revenue3 formulas
    Franchisor revenue · All store formats
    Unspent marketing fund levies at period endUnspent marketing fund levies at start of periodMarketing levies charged to franchiseesMarketing fund spending
    Franchisor revenue · All store formats
    Franchise revenue (royalty and levies)Royalty incomeMarketing levy income (recognised as the fund spends)Technology levy income
    Franchisor revenue · All store formats
    Marketing fund and technology costsMarketing fund spendingNetwork technology costs funded by the levy
  2. What drives its costs3 formulas
    Practitioner and instructor pay · All venues
    Practitioner payBase wagesProductivity bonusOn-costs
    Venue labour costs · All venues
    Venue labour costsVenue revenuefrom venue revenue and site EBITDAVenue labour (% of venue revenue)
    Venue rent and occupancy costs · All venues
    Venue rent and occupancy costsBase rentTurnover rentOutgoings
  3. What it invests in3 formulas
    Corporate fixed assets
    Capital expenditureRevenuefrom statementsCapex as % of revenueAdditional planned capex
    Corporate fixed assets
    DepreciationDepreciation of the opening asset baseDepreciation of new capex
    Corporate fixed assets
    Closing net book valueOpening net book valueCapital expenditureDepreciation
  4. How it is funded3 formulas
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

25 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Operating expensesHeadcount build by function
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • Corporate fixed assetsStraight-line over remaining life
  • DebtAmortising term loan
  • Equity raisingDistribution reinvestment plan
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • LeasesLease register
  • New venues, acquisitions and refurbishments (top-down)Openings schedule with ramp to maturity
  • Customer deposits, deferred revenue and loyaltyDeferred revenue as days of revenue
  • Store networkScheduled openings and closures
  • Franchise network salesLFL plus new-outlet contribution
  • Franchisor revenueRoyalty plus marketing and technology levies
  • Appointment services and retail attachActive clients × visit frequency × ticketRevenue from booked services delivered by practitioners — hair, beauty, massage, grooming or personal training — plus retail products sold alongside.
  • Practitioner and instructor payWage plus productivity bonusPay of stylists, therapists, groomers and instructors — commission, wages with bonus, contractor splits or per-class fees.
  • Class timetable, fill and revenue per visitClasses × spots × fill × revenue per visitClasses scheduled at a studio, visits from filling them, and revenue per visit across memberships, packs and drop-ins.
  • Venue registerOpening date, closing date and capacity
  • Venue labour costsWages as % of revenue
  • Venue rent and occupancy costsBase rent plus turnover rent
  • Other venue operating costsCost lines with growth
  • Venue revenue and site EBITDA
  • Memberships and passesJoins, churn and yield
Key numbers

The numbers it tracks.

  1. 01classes per week
  2. 02fill rate
  3. 03revenue per visit
  4. 04members and class-pack holders
  5. 05instructor cost per class
  6. 06studio EBITDA
  7. 07payback on fit-out
Used for

What it is used for.

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See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.