A fitness company that claims it may be "Covid proof" is raising money for a new type of fitness equipment.
Called Board30, the Santa Fe-based company offers "boards" that utilize resistance band training — where elastic or rubber bands are used for exercise.
"It's lengthening, its strengthening, it's a lot of core work," founder Floery Mahoney told Albuquerque Business First, adding that the equipment could be used to "work out your grandmother" or a "super-duper athlete." The studio version of the board is patented, while a mini version has a patent pending, according to Mahoney.
The company, founded in 2015, offers a licensing model where studios in other markets would be able to use its full-size gym setups, which measure 8 feet in length.
When the Covid-19 pandemic hit, temporarily shutting down in-person activities like exercise, Board30 switched up its workout regimen with a "mini board." The product, which measures 2 feet in length, is meant for home or on-the-go use.
To go along with the smaller piece of equipment, the company also has a mobile workout application that has 70 different videos. The firm is currently raising money for the mini board, and disclosed $125,000 in investment from a single investor with the U.S. Securities and Exchange Commission in November.
“We have both the in-home market and the studio model, which is very unique," Mahoney said. "It's a little bit Covid proof," for that reason, she added.
Opening a physical studio includes a monthly $300 to $600 territory fee but the total cost would be somewhere between $100,000 and $150,000 depending on the market, Mahoney said. By licensing the rights to use the workout model and branding to other businesspeople, instead of opening franchises, the company can reduce costs.
Franchising agreements differ from licensing agreements in that they generally pertain to branding and operations whereas licensing allows the use of something that is trademarked. This means that with licensing, Board30 doesn't have to provide as much support to its licensees.
The Board30 brand appears to have already caught on across the country, with branded-studios in Florida, Utah and Colorado. Those are in addition to one in Albuquerque and the company headquarters in Santa Fe. Most of the firm's investors are from New Mexico, although there is one "heavy-hitter investor from New York," according to Mahoney.
Moving forward, the company's goal is to get the word out about the mini board and eventually land a studio in a major city such as Los Angeles or New York City.
