Rick Stollmeyer and Bob Murphy co-founded MindBody in 2000. The San Luis Obispo, California-based company makes software for yoga studios and other wellness businesses to manage scheduling, payments, and marketing. The platform is used by more than 51,000 locations in over 130 countries. As boutique fitness startups like ClassPass (a MindBody client) and SoulCycle become ever more popular, CEO Stollmeyer and COO Murphy are hardly spinning their wheels.

-- As told to Victoria Finkle

Stollmeyer: People are willing to invest in their health and fitness. We see huge growth opportunities--boutique fitness is still in the early stages of growth, and traditional doctors are embracing this idea of "wellness." They have a patient who is prediabetic, and instead of saying, "Hey, you need to eat better and move more," they can refer them to a wellness professional. One of the things that really attracted me to the business in the first place is that I come from a family of small-business owners. Now our company can help level the playing field, allowing small operators to compete with larger corporate organizations.

Murphy: Our software lets them track whether sales are going up or down, or how much they're paying instructors--and you can use the software to go after clients who have dropped out and incentivize them to come back.

Stollmeyer: Our vision was always that we could do much more than be a business-management software platform. We can help small businesses reach a broader audience, and that vision is emerging right now.