East of Eden

Idea

Introduction

We’re Abby and Naomi, and we created East of Eden as a Walthamstow based yoga and Pilates studio, mixing a friendly, local feel with excellent teaching. We’re now seeking funding to expand what we do.

In March 2015, we launched our 25-mat space in a cobbled mews a few minutes walk from Walthamstow Central station and the new 9-screen Empire cinema. E17 is an area experiencing change and, as one of few yoga studio in the area at a time when we believe wellness is very much a topic of the moment, we’re confident we’ll continue to grow and succeed.

This funding will help us expand our offering - phase 1 would include a dedicated reformer Pilates studio and a 40 mat Pilates and yoga studio with changing rooms/showers. In the future, we would like to add a hot yoga studio, cafe, creche and art space and open more studios outside of Walthamstow and London. We also have a unique and innovative idea around music and yoga which would take the brand outside of the borough and possibly even the UK.

Intended impact

We think yoga and Pilates can benefit everyone from new mums to busy City workers. Our timetable caters for all, from beginners to experts, those who prefer silence and those who love our self curated playlists and DJ mixes. We believe we are the first to market in E17, and we’ve seen great success in only a few months, with booked-out classes and truly positive feedback. Walthamstow is a hub and we believe we can continue to grow by attracting people into the borough with the best teachers, events and workshops.

East of Eden is a community studio with a heart, and we want to spread our love of yoga and Pilates. We’ve enjoyed raising money for Nepal with donation-only classes and running free open-air sessions at Walthamstow Garden Party.

Substantial accomplishments to date

Our first 25-mat studio opened in March 2015 and, in the first month, we sold 25 x 6 month memberships, 32 x 10 class packs and 35 x 5 class packs, 153 x pre bookable drop-ins and 60 x cash drop-ins (£13,302 turnover).

In the first 4 months, we generated £37,650 in revenue against £26,241 in costs.
We have 800 names on our email database, 1300 followers on twitter and over 820 likes on facebook.
We have had press coverage in the Evening Standard, Waltham Forest News, in Stella Creasy's Working for Walthamstow Newsletter, in Yoga Magazine, Glotime.tv and The London Economist.

Since then, we've agreed terms on the second studio (a beautiful, light filled, double height studio next door) and we have a supportive landlord. We have achieved planning on Studio 1 and we believe that as we have precedent now, we will be successful in achieving planning approval for Studio 2. The application is currently in with Waltham Forest planning department.

Monetisation strategy

1. Sales of drop-in classes, class packs and memberships. In the first 4 months, we generated £37,650 in revenue against £26,241 in costs. Prices for reformer classes would be higher than for yoga or mat based Pilates and so profit margins are higher.

2. We have also started a weekend workshops programme. We charge £24 for a 2 hour workshop and £35 for a 3 hour workshop which means up to £1400 turnover in a few hours once we have a bigger studio with space for up to 40. With this studio, we can pull in teachers who have the name and experience to pull students in from all over London. We have already hosted Stewart Gilchrist, one of London's leading yoga teachers for a 3 hour workshop for 30 people in June and he will be at the studio again on September 26th.

3. In the longer term, once the studio name is established, we will run teacher training courses, prices for which tend to run at around £3000 per student.

4. We also aim develop ancillary revenue streams in the form of events, selling yoga mixes via iTunes and physical, streaming revenue from Spotify and merchandising.

5. We also plan subsequent expansion in the future, taking the idea of a community focused, yet completely credible yoga and Pilates studio outside of London.

Use of proceeds

1. Fitting out Studio 2 to create a large yoga studio for 40 mats, building changing rooms and showers, a reception area and office space.

2. Purchasing 8 Allegro reformer machines and supporting equipment for the dedicated Pilates studio which will occupy Studio 1 once we open Studio 2.

3. Supporting development of the yoga/music idea and additional ancillary revenue streams.