Updated 7 May 2020
Many of us are weathering a financial storm with the COVID-19 crisis, and our studio is no different. We are an independently funded small business. Until recently, we relied solely on clients through the door and rental income from our fellow practitioners to pay our monthly bills.
Our beautiful studio was closed on 16 March 2020. Deconfinement in France is due to start from Monday, 11 May however, The Studio will not be allowed to reopen again until 15 June. By then, our business would have been forced closed for three months.
The Studio’s current financial situation:
We sell our time at CREW Pilates. We teach and we earn. Before the crisis, the studio had paid for itself by the first or second week of the month. This is no longer the case.
Our high season usually runs from April to September. By now, many of our international visitors are in town for Cannes Film Festival and Monaco Grand Prix, and we have two Pilates teachers teaching at capacity. This April, both our teaching time and income were down by over 80%. We were hoping for a break in mortgage repayments for The Studio from May but this has been delayed. As a result, The Studio expenses have stayed at 100% and our income has dropped over 80%.
We are hopeful the mortgage repayments will be reduced from June for a period of five months. At this time, our remaining expenses for The Studio will be around €849,40 per month. This excludes any profit/salary earnings. There is also not enough work at present to keep our freelancers afloat, especially to have both Bianca and Fernanda teaching at capacity. There has been no financial support from the French government. There is a €1,500 once-off payment available to our type of business for which we do not qualify.
What about generating an income online?
Around the world, many wellness studios moved their classes online. At the time, I felt a strong desire to give back to my community and clients by offering free online classes. CREW Pilates collaborated with Fi Pilates in Poole to offer free group sessions to our clients for nearly two months. It really has been a magical time to see the same cheerful faces every morning, and to see how healing movement has been at a time of great stress for us all.
We were also most fortunate that client donations helped us through the end of March, month of April, up until mid-May which allowed us to continue with free sessions for our community.
As France lifts out of ‘lockdown’ and the cost of childcare is added to our list of expenses, the opportunity for free sessions is no longer a possibility. On a positive note, our online client base has steadily grown over the weeks of lock down and from 11 May, we are hoping to increase our income by charging fair rates for both online and outdoor sessions. I will provide an update on the income received from this towards the end of May.
I realise that a routine Pilates practice has an important role to play in rebuilding us all at this incredibly vulnerable time. It was Joseph Pilates who said, “Change happens through movement and movement heals.”
The domino effect of this crisis is undeniable. We all need to ask: how can I give back? What can I do to make a difference? In asking these questions of myself, I realised that I am able to keep our clients moving and healthy. Pilates is an empowering way to maintain your overall physical and emotional health, strengthen your immunity, reduce stress and enhance daily life.
How can you make a difference?
For those who wish to give back to our studio at this time of need, we would be eternally grateful. It’s not expected, it’s only if this is something that resonates with you. Payment — no matter how small or large — can be made by electronic transfer to the bank details below:
CREW Pilates / BIANCA LJUNGBERG
HSBC FRANCE / CANNES BIVOUAC
FR76 3005 6002 2202 2202 6398 909
Sort code 30056
BIC code CCFRFRPP
RIB code 09
Contributions to date:
We are delighted to share that thanks to your kindness, The Studio expenses are paid until mid-May 2020. Thank you, thank you, thank you to those of you who have contributed to the life and well being of our studio.
Feel free to email us with any questions or suggestions.
Wishing you all well,
(Studio Owner/Pilates Instructor)