SoulCycle co-founder Elizabeth Cutler explains the initial bootstrapping budget used to build their first studio and website in early 2006.
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“So we took 250,000 dollars and started SoulCycle with that.”
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More from Elizabeth Cutler
Insight
Cutler: Advice to remain emotionally detached when selling a business is false
“I will say that there are those who said to me when we were getting ready to do our original deal in 2011 you know, selling a business is not like selling a child. I mean, You have children. This is your business in a very detached way. And I will say that tha…”
Elizabeth CutlerJan 7, 2019▶ 43:38SoulCycle: Julie Rice & Elizabeth Cutler
AssertionSupported
Cutler: SoulCycle Framed Its $27 Class Price as Two Cocktails
“We started at 27 dollars a class. We thought about it as two cocktails or inexpensive personal training”
Elizabeth CutlerJan 7, 2019▶ 20:19SoulCycle: Julie Rice & Elizabeth Cutler
Insight
Cutler: Customers Value and Engage More When Paying Per Class
“People value what they pay for, and if they pay for something, then when they walk in the front door, And they participate, they're going to bring something different than if they aren't paying for it.”
Elizabeth CutlerJan 7, 2019▶ 20:22SoulCycle: Julie Rice & Elizabeth Cutler
What-if
Cutler: SoulCycle could have scaled without outside investment
“The truth is, looking back, yes, we could have done it.”
Elizabeth CutlerJan 7, 2019▶ 42:31SoulCycle: Julie Rice & Elizabeth Cutler
AssertionNot checkable as stated
Cutler: SoulCycle Reached Positive Cash Flow in Five Months
“So we were positive cash flow by month five.”
Elizabeth CutlerJan 7, 2019▶ 26:04SoulCycle: Julie Rice & Elizabeth Cutler
AssertionNot checkable as stated
Cutler: SoulCycle Reached $10 Million in Transaction Volume by 2008
“We are running ten million dollars of cash from our, all of our transactions through your bank, and that, that is your message to me”
Elizabeth CutlerJan 7, 2019▶ 36:42SoulCycle: Julie Rice & Elizabeth Cutler
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