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The Leisure Media Company Ltd | Fit Tech promotion
features

HCM People: Emily Bartels

Senior VP Payments, Mindbody

If the business doesn’t see a positive impact within 90 days of implementing Classpass, Mindbody will write that customer a cheque for two-times the difference

Published in Health Club Management 2023 issue 7

How does Mindbody Capital work?
As a result of Mindbody’s relationship with its customers, businesses that qualify can receive fast, easy financing with a one-time capital fee, making it an offering unlike any other on the market.

Our customers in the US can log into their Mindbody software to see if they have an active offer on their dashboard and accept it in as little as one click. Offers are customisable, so they have the option to accept only what they need.

Offers are pre-approved and updated in real-time. There’s no application process and no upfront cost or collateral required and owners have full discretion when it comes to how they use the funds for their business.

It’s super easy, operators can receive funds in as little as two business days. This allows them to be agile with cashflow to cover payroll or take swift action in regards to a business opportunity.

How are repayments made?
Mindbody Capital loans are repaid as a percentage of daily sales until they’re paid off. Our customers really like this feature, as they don’t need to worry about making a fixed monthly payment, and payment amounts fluctuate with business performance.

How does this support inclusion?
Since offers are based solely on business performance, Mindbody Capital is an alternative source of loans for businesses that have historically been excluded from financing, such as women-owned and minority-owned businesses.

Is there a ceiling on how much you can invest?
No, Mindbody Capital leverages our data and technology to generate and update offers in real-time based on business performance and need.
Who backs Mindbody Capital?

Mindbody is partnered with Parafin, a fintech company that provides the underlying technology and capital.

What kinds of things is the money being used for?
Owners can use the funds however they need, as long as it’s for a business purpose. This allows complete flexibility for operators to invest where they need in their business.

The most common uses of Mindbody Capital are payroll and hiring to rebuild staffing levels following the pandemic disruption, fuelling new marketing campaigns to win back former clients and acquire new ones, investing in new equipment and refreshing offerings, paying rent and fuelling expansion and growth.

Are you able to see the value investment is delivering for businesses?
We’ve reached the point now where our first cohorts of capital customers have paid off their advances, and over 50 per cent have already taken a second advance.

We’re seeing really encouraging early data showing that customers who’ve accepted and paid off advances are realising a 12 per cent greater revenue after 12 months over those who did not accept capital.

Anecdotally, we continue to hear positive feedback from customers about the value Mindbody Capital is bringing to their business and how it’s enabled them to finally make the investments they’ve been wanting to undertake – whether it’s hiring more staff, adding services, opening new spaces, or doing brand refreshes for their clubs.

How important is this initiative in growing the market?
The goal has always been to support the industry after we saw firsthand the impact of the pandemic on the wellness industry.

Additionally, Mindbody Capital was created to help our customers with one of the most common challenges a business owner faces: access to capital. This challenge is more acute today than ever, given the ways the pandemic has forced our industry to evolve.

Our goal is to help business owners access capital in an efficient and inclusive way – allowing our customers to focus their energies and resources where they’re needed most: growing their businesses.

Where does Mindbody Capital sit within the overall company ecosystem?
Mindbody Capital is available for eligible US Mindbody customers, including those who are on Classpass. Bringing the brands together, there are offers businesses take up by being both Mindbody and Classpass customers. Mindbody Capital is just one of them.

We also rolled out the Classpass Guarantee, which is exclusive to Mindbody customers. This provides a money-backed guarantee that Classpass will drive incremental revenue growth and if the business doesn’t see a positive impact within 90 days of implementation, the customer gets a cheque for twice the difference.

Mindbody customers can watch their client base grow in their software where they can access metrics on how Classpass adds clients to their business.

With access to Mindbody Capital and the Classpass Guarantee, we’re able to show how Mindbody and Classpass work better together.

More: www.mindbodyonline.com/business/capital

Get the new Mindbody/Classpass 2024 Predictions Report at www.HCMmag.com/mindbodyClasspass24

Fast facts
Appetite for expansion

34% Of fitness businesses plan to apply for financing in the next six months

88% Have expanded their services to invest in integrative health offerings

44% Of business owners say they’re ready to start growing again

Yoga London
Favad Malik

Favad Malik moved from London to the US five years ago with an investor visa and a dream to develop a network of wellness businesses, which eventually led him to open Yoga London.

Inspired by a career in wealth management, he says he knows how interconnected the dimensions of wellness are – financial wellness included – and through this lens, saw an opportunity to bring a modern workout to a rural community.

Yoga London became the first hot yoga studio in Idaho Falls and Malik made it Yoga London’s mission to provide a safe community for ‘every body’.

Opening only five months before the start of the COVID-19 pandemic, Yoga London experienced challenges from the beginning and from months of shutdowns and quick pivots to online classes, Malik says growth hasn’t always been easy.

One challenge he faced was securing capital. As a UK passport holder, he’s often ineligible to apply to American lenders, however, he was able to borrow from Mindbody Capital. Because Yoga London was viewed as a growing business and he quickly received flexible funding that he says empowered him to be nimble in executing creative ideas. “You’re having to make decisions, but sometimes you could miss the boat because you’re waiting on someone to help finance or fund it. Mindbody Capital helps facilitate those ideas and creativity,” he says.

“The speed of the process is great. I applied on a Thursday evening and it arrived on Friday afternoon. It’s almost like dipping into an existing bank account.”

Repayment was also straightforward, with a percentage of daily deposit deducted each day. Weekly reports show a summary of the repayments and a timeline of when the funds will be paid off.

Growth is Yoga London’s top priority. Mindbody Capital has enabled Malik to market to a wider audience, increase recruitment efforts and bring in more staff. With Mindbody as a partner, he plans to open additional locations and continue growing his community.

More: www.hcmmag.com/malik

Favad Malik saw an opportunity to bring a modern workout to a rural community
Capital has enabled Yoga London to continue to grow in a challenging market / photo: Shutterstock / 2020 fizkes
Sign up here to get Fit Tech's weekly ezine and every issue of Fit Tech magazine free on digital.
Gallery
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The future of sports and fitness are dependent on the climate. Our goal is to positively influence the future of our planet by instilling a global vision of wellbeing and a sense of collective action
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We don’t just create the technology and bail – we support our clients’ ongoing hybridisation efforts
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features

HCM People: Emily Bartels

Senior VP Payments, Mindbody

If the business doesn’t see a positive impact within 90 days of implementing Classpass, Mindbody will write that customer a cheque for two-times the difference

Published in Health Club Management 2023 issue 7

How does Mindbody Capital work?
As a result of Mindbody’s relationship with its customers, businesses that qualify can receive fast, easy financing with a one-time capital fee, making it an offering unlike any other on the market.

Our customers in the US can log into their Mindbody software to see if they have an active offer on their dashboard and accept it in as little as one click. Offers are customisable, so they have the option to accept only what they need.

Offers are pre-approved and updated in real-time. There’s no application process and no upfront cost or collateral required and owners have full discretion when it comes to how they use the funds for their business.

It’s super easy, operators can receive funds in as little as two business days. This allows them to be agile with cashflow to cover payroll or take swift action in regards to a business opportunity.

How are repayments made?
Mindbody Capital loans are repaid as a percentage of daily sales until they’re paid off. Our customers really like this feature, as they don’t need to worry about making a fixed monthly payment, and payment amounts fluctuate with business performance.

How does this support inclusion?
Since offers are based solely on business performance, Mindbody Capital is an alternative source of loans for businesses that have historically been excluded from financing, such as women-owned and minority-owned businesses.

Is there a ceiling on how much you can invest?
No, Mindbody Capital leverages our data and technology to generate and update offers in real-time based on business performance and need.
Who backs Mindbody Capital?

Mindbody is partnered with Parafin, a fintech company that provides the underlying technology and capital.

What kinds of things is the money being used for?
Owners can use the funds however they need, as long as it’s for a business purpose. This allows complete flexibility for operators to invest where they need in their business.

The most common uses of Mindbody Capital are payroll and hiring to rebuild staffing levels following the pandemic disruption, fuelling new marketing campaigns to win back former clients and acquire new ones, investing in new equipment and refreshing offerings, paying rent and fuelling expansion and growth.

Are you able to see the value investment is delivering for businesses?
We’ve reached the point now where our first cohorts of capital customers have paid off their advances, and over 50 per cent have already taken a second advance.

We’re seeing really encouraging early data showing that customers who’ve accepted and paid off advances are realising a 12 per cent greater revenue after 12 months over those who did not accept capital.

Anecdotally, we continue to hear positive feedback from customers about the value Mindbody Capital is bringing to their business and how it’s enabled them to finally make the investments they’ve been wanting to undertake – whether it’s hiring more staff, adding services, opening new spaces, or doing brand refreshes for their clubs.

How important is this initiative in growing the market?
The goal has always been to support the industry after we saw firsthand the impact of the pandemic on the wellness industry.

Additionally, Mindbody Capital was created to help our customers with one of the most common challenges a business owner faces: access to capital. This challenge is more acute today than ever, given the ways the pandemic has forced our industry to evolve.

Our goal is to help business owners access capital in an efficient and inclusive way – allowing our customers to focus their energies and resources where they’re needed most: growing their businesses.

Where does Mindbody Capital sit within the overall company ecosystem?
Mindbody Capital is available for eligible US Mindbody customers, including those who are on Classpass. Bringing the brands together, there are offers businesses take up by being both Mindbody and Classpass customers. Mindbody Capital is just one of them.

We also rolled out the Classpass Guarantee, which is exclusive to Mindbody customers. This provides a money-backed guarantee that Classpass will drive incremental revenue growth and if the business doesn’t see a positive impact within 90 days of implementation, the customer gets a cheque for twice the difference.

Mindbody customers can watch their client base grow in their software where they can access metrics on how Classpass adds clients to their business.

With access to Mindbody Capital and the Classpass Guarantee, we’re able to show how Mindbody and Classpass work better together.

More: www.mindbodyonline.com/business/capital

Get the new Mindbody/Classpass 2024 Predictions Report at www.HCMmag.com/mindbodyClasspass24

Fast facts
Appetite for expansion

34% Of fitness businesses plan to apply for financing in the next six months

88% Have expanded their services to invest in integrative health offerings

44% Of business owners say they’re ready to start growing again

Yoga London
Favad Malik

Favad Malik moved from London to the US five years ago with an investor visa and a dream to develop a network of wellness businesses, which eventually led him to open Yoga London.

Inspired by a career in wealth management, he says he knows how interconnected the dimensions of wellness are – financial wellness included – and through this lens, saw an opportunity to bring a modern workout to a rural community.

Yoga London became the first hot yoga studio in Idaho Falls and Malik made it Yoga London’s mission to provide a safe community for ‘every body’.

Opening only five months before the start of the COVID-19 pandemic, Yoga London experienced challenges from the beginning and from months of shutdowns and quick pivots to online classes, Malik says growth hasn’t always been easy.

One challenge he faced was securing capital. As a UK passport holder, he’s often ineligible to apply to American lenders, however, he was able to borrow from Mindbody Capital. Because Yoga London was viewed as a growing business and he quickly received flexible funding that he says empowered him to be nimble in executing creative ideas. “You’re having to make decisions, but sometimes you could miss the boat because you’re waiting on someone to help finance or fund it. Mindbody Capital helps facilitate those ideas and creativity,” he says.

“The speed of the process is great. I applied on a Thursday evening and it arrived on Friday afternoon. It’s almost like dipping into an existing bank account.”

Repayment was also straightforward, with a percentage of daily deposit deducted each day. Weekly reports show a summary of the repayments and a timeline of when the funds will be paid off.

Growth is Yoga London’s top priority. Mindbody Capital has enabled Malik to market to a wider audience, increase recruitment efforts and bring in more staff. With Mindbody as a partner, he plans to open additional locations and continue growing his community.

More: www.hcmmag.com/malik

Favad Malik saw an opportunity to bring a modern workout to a rural community
Capital has enabled Yoga London to continue to grow in a challenging market / photo: Shutterstock / 2020 fizkes
Sign up here to get Fit Tech's weekly ezine and every issue of Fit Tech magazine free on digital.
Gallery
More features
Editor's letter

Into the fitaverse

Fitness is already among the top three markets in the metaverse, with new technology and partnerships driving real growth and consumer engagement that looks likely to spill over into health clubs, gyms and studios
Fit Tech people

Ali Jawad

Paralympic powerlifter and founder, Accessercise
Users can easily identify which facilities in the UK are accessible to the disabled community
Fit Tech people

Hannes Sjöblad

MD, DSruptive
We want to give our users an implantable tool that allows them to collect their health data at any time and in any setting
Fit Tech people

Jamie Buck

Co-founder, Active in Time
We created a solution called AiT Voice, which turns digital data into a spoken audio timetable that connects to phone systems
Profile

Fahad Alhagbani: reinventing fitness

The team is young and ambitious, and the awareness of technology is very high. We share trends and out-of-the-box ideas almost every day
Opinion

Building on the blockchain

For small sports teams looking to compete with giants, blockchain can be a secret weapon explains Lars Rensing, CEO of Protokol
Innovation

Bold move

We ended up raising US$7m in venture capital from incredible investors, including Andreessen Horowitz, Khosla Ventures, Primetime Partners, and GingerBread Capital
App analysis

Check your form

Sency’s motion analysis technology is allowing users to check their technique as they exercise. Co-founder and CEO Gal Rotman explains how
Profile

New reality

Sam Cole, CEO of FitXR, talks to Fit Tech about taking digital workouts to the next level, with an immersive, virtual reality fitness club
Profile

Sohail Rashid

The app is free and it’s $40 to participate in one of our virtual events
Ageing

Reverse Ageing

Many apps help people track their health, but Humanity founders Peter Ward and Michael Geer have put the focus on ageing, to help users to see the direct repercussions of their habits. They talk to Steph Eaves
App analysis

Going hybrid

Workout Anytime created its app in partnership with Virtuagym. Workout Anytime’s Greg Maurer and Virtuagym’s Hugo Braam explain the process behind its creation
Research

Physical activity monitors boost activity levels

Researchers at the University of Copenhagen have conducted a meta analysis of all relevant research and found that the body of evidence shows an impact
Editor's letter

Two-way coaching

Content providers have been hugely active in the fit tech market since the start of the pandemic. We expect the industry to move on from delivering these services on a ‘broadcast-only’ basis as two-way coaching becomes the new USP
Fit Tech People

Laurent Petit

Co-founder, Active Giving
The future of sports and fitness are dependent on the climate. Our goal is to positively influence the future of our planet by instilling a global vision of wellbeing and a sense of collective action
Fit Tech People

Adam Zeitsiff

CEO, Intelivideo
We don’t just create the technology and bail – we support our clients’ ongoing hybridisation efforts
Fit Tech People

Anantharaman Pattabiraman

CEO and co-founder, Auro
When you’re undertaking fitness activities, unless you’re on a stationary bike, in most cases it’s not safe or necessary to be tied to a screen, especially a small screen
Fit Tech People

Mike Hansen

Managing partner, Endorphinz
We noticed a big gap in the market – customers needed better insights but also recommendations on what to do, whether that be customer acquisition, content creation, marketing and more
More features