Yoga’s practice in North America has persisted and grown enough that it can no longer be though of as a fad or even a trend. The incredible number of benefits that yoga brings you makes it easy to see why it has become so popular. For countless individuals, it has become a passion. For many entrepreneurs, it is a growing and sustainable source of income and a personal calling. Opening a yoga studio does a lot of good for a community, as it provides a boost to both mental health and physical well being. However, opening a studio is much easier said than done, just like any other business. Here we break down how to open your own yoga studio.
First Things First
Business plans are the key to success for entrepreneurs. When thinking about how to open your own yoga studio, a business plan should be the first thing that comes to mind, once planning begins. Some people who aren’t looking for investors skip this part but that would be like trying to drive somewhere you’ve never been to without any sort of guidance.
A good business plan should be able to help you decide whether you want to go forward with the business or not; drafting out your expenses, analyzing your market, planning your marketing strategies, looking at your competition, and projecting for your growth, all help you get a better idea of the business journey you’re about to embark on.
Location and Competition
Finding a location is key. There are an incredible number of factors to consider, when looking for a space. Thankfully, yoga had become fairly common and many different locations will work. You’ll want to look for a neighborhood that is health conscious, although, if competition is fierce in those neighborhoods, it might be better for you to find a different spot. A growing, developing area is great, if you get in at the right time. Too early and you’ll be floating your studio for a while. Too late and you’ll face far more competition with limited options and higher lease values.
Is there a new hip area that people are moving into? Or somewhere that complimentary businesses like cold-pressed juiceries, spin studios, artisanal shops, and organic grocers are opening up? These are some great options, as the other businesses will bring attention to yours. The best situation is if most of your neighboring businesses have the same target demographics as you but aren’t in direct competition.
Staffing and Day-to-Day
Next, you’ll need to find suitable teachers. Depending on the neighborhood you’ve chosen, having a balance of beginner, intermediate and advanced classes is a great idea. Make sure you pay attention to what prospective students are looking for. Too many advanced classes may alienate a lot of people new to yoga, especially in less urban areas. Find reliable staff that can handle multiple roles. Of course this is easier said than done but, if you can find people who are passionate about yoga and small business, you’ll increase the chances of finding great staff members.
Long Term Planning
While manually doing things at the beginning can work, you’ll eventually need to supplement your growth with a good yoga business management software solution. This can help eliminate tedious tasks you would pay your staff to do, make you more efficient, attract more students, and give you a great overview of your business at all times.