Do you want to share the incredible health benefits of yoga with others? Perhaps you and are inspired by the idea of earning a living doing what you love? Whatever the reason may be, starting your very own yoga studio is a big dream for many – but it’s an idea that very few follow through with. This is mainly because the steps to get there seem so daunting or they have no idea where to start.
If you want to succeed in your dream of owning a yoga studio business, read ahead to carve your path towards a new and fulfilling career.
Making A Decision
The number one mistake made by most yogis is that they start a yoga business purely because they’re passionate about yoga and want to share this passion with others. This is a great beginning – but don’t forget that your yoga studio is also a business.
Be sure that your priorities are in the right place and that you are mentally and physically prepared for the hard work ahead to run your yoga studio. This will ensure your endeavours will be fruitful for many years to come. This includes keeping up with the other not-so-fun parts of running a business such as bookkeeping. If maintaining and documenting your invoices and receipts is not a strength for you, consider hiring a bookkeeper or accountant to help with this.
Thorough planning is the best way to turn your dream into reality.
This business plan gives studio owners the opportunity to work out the finer details about the business including business name, business hours, prices, and more.
Writing a business plan may seem intimidating – but there are many resources available on the topic, both via books and online, that can help you get started.
This section also answers popular questions asked such as: “How much does it cost to set up a Yoga studio?”
While in the planning stages you should also work out your estimated revenue, expenses, and the start-up costs involved to see if you have enough funds available to start your business successfully. If not, the business plan will be vital in helping you to obtain a business loan.
Be mindful that generating a decent income from a yoga studio takes time and you should anticipate low-profit margins in the beginning.
For your yoga studio to be successful you will likely need to invest quite a lot of money into your venture at the start. It takes time to build up a strong clientele base where you can generate a consistent and regular revenue stream to depend on. You will likely need to put in long hours and make sacrifices along the way.
If possible, try getting some insights from others who already work in the industry. They should be able to give you a more realistic idea of the costs and revenue involved.
No matter how much you think you may know about yoga, it’s always worthwhile to have some formal education and training before you begin teaching others. There are a number of different educational institutions who offer yoga teacher training. These courses will not only provide you with a thorough understanding of yoga, but they can guide you in learning the finer techniques and elements required to teach it correctly.
You can start by joining the largest international association of yoga teachers in the world – Yoga Alliance. Yoga Alliance is a US-based non-for profit professional organisation for yoga teachers. If you’re looking to open a yoga studio in Australia, Yoga Australia is the peak body for yoga in the country and a great resource for finding a registered teacher for trainers.
In the UK, the British Wheel of Yoga is your ultimate resource for yoga teacher trainers. You can also register your yoga studio through these organisations so that yoga enthusiasts can easily find your classes.
This section also answers popular questions asked such as: “How much space do you need for a Yoga studio?”
Where will your yoga studio business be based? Will you lease your very own permanent residence? Hire a local hall or venue to hold your classes regularly? Perhaps you’d like to run a yoga studio from your very own home?
To work out the perfect location: Consider who your ideal audience is and where they would be located. Wherever location you choose, there are a number of other more practical elements to keep in mind.
The location you choose should:
- Be convenient and easy for your clients to get
- Have ample parking available.
- Have public transport options nearby.
- Be spacious enough to fit everybody in comfortably.
You should also make a note of other yoga studios in the area. If there’s lots of competition in the suburb, it may be difficult to pick up new clients. Consider looking in a location where the demand for yoga studios is there but the competition is sparse.
With all this in mind, you also need to choose a location that’s within your budget. Be prepared to compromise on a few of these elements if your budget is tight.
Whether you plan to own and run a brick and mortar studio or if you only plan to teach classes now and then, insurance is necessary. Insurance will protect you just in case any of your clients become injured because of your classes.
Professional liability insurance, as well as property and contents insurance, will be needed when owning a yoga studio. When looking to purchase insurance, seek legal advice and always shop around to find a policy that suits you for the right price.
Yoga studios are hugely popular right now. With so much competition around, it’s vital to stay ahead of the game by implementing marketing strategies of your own!
Opening a yoga studio doesn’t mean that people will show up for your class. A solid marketing strategy is needed to get your business name out there. This lets people know that your business exists, and what your business is all about!
A key element of your marketing strategy is having a website in place and building up a decent online presence. Within your website, potential clients should be able to find everything they need to know about your studio and classes. You could even make it easier for web visitors to join your classes by implementing an online sign-up and booking process.
Some other great ways to promote your yoga studio include:
- Creating Social Media accounts for your yoga studio and implementing social media advertising.
- Utilising SEO best practices to rank on google and promote the website further on Google via AdWords.
- Letterbox drops, fliers, coupons, specials and competitions.
Yoga Studio Management Software
Have you thought about how you’re going to manage and organise members and classes effectively? Every yoga studio needs reliable yoga studio management software to do this.
At Clubworx, we’ve worked hard to create a yoga studio management software that’s intuitive, easy to use, and has all the features your looking for to make owning and running a yoga studio a lot less stressful. If you’re serious about starting your own yoga studio, make sure management software isn’t left off the to-do list because it will save you time and money in the long run.
Owning and running a successful yoga studio is hard work, but it’s a rewarding venture for many. As long as you keep this advice in mind, there’s no reason why you can’t enjoy a long and prosperous career doing what you love.
Why not get your free trial today!