Opening a Yoga Studio
You’ve fallen in love with yoga. You have more energy than ever before and you can take your mindfulness off the mat, where you notice that you are a more patient friend, lover, and caregiver. You have a passion and excitement that is contagious - you have the yoga-glow.
And now you want to keep expanding...
You want to actually make a living doing what you love: sharing and practicing yoga. You’ve been dreaming about making your passion a full time business, fantasizing about starting your own yoga studio so you can share the gift of yoga with others in a meaningful way.
So, now what?
Whether you’re a registered yoga teacher, fresh out of teacher training, or want to start a yoga studio and hire great teachers, opening a yoga studio is a great way to take your passion to the next level. Read below for 5 useful tips to start a yoga studio, helping you take the leap toward the business of your dreams:
Write a Business Plan - Your business plan, or a detailed outline of your studio operations, should include start-up costs, day-to-day maintenance, your target market, and long term profit goals. Include every item you may need and it’s estimated cost - rent, utilities, inventory, teachers, decor, hardware, software, marketing, cleaning supplies, etc. Get specific about your studio's goals and who you want to reach: Does your yoga studio have a niche or speciality? Can you expand your offerings with special workshops, teacher trainings or inventory? According to Yoga Journal, yoga practitioners spend $10.3 billion on yoga classes, equipment, retreats, clothing, and media...get in on some of that business to help your yoga studio thrive!
Know Your Expenses - As yogis we tend to avoid the subject of money, but for yoga business owners meeting your expenses and making a profit must be a priority. It's the is the key to keeping your doors open so you can share yoga with your students. Aside from the initial start up costs, your studio will have recurring expenses like rent, utilities, payroll, and marketing. Calculate what percentage of your revenue will be spent on recurring expenses, and from there you can determine your target class size, class packages and prices.
DELEGATE - Don't make the classic small business owner mistake: trying to take on every task yourself!! It's the fastest way to burn-out. Decide what tasks you love doing, and find more qualified people to take care of the rest. This may mean hiring studio managers, web designers or blog writers.
Dream Big, Start at Your Level: Don't be intimidated by high start up costs. If your estimate is beyond your current budget, then adjust your plan by starting small. No studio is too small to make a difference: there are successful, profitable yoga studios in 10,000 square foot lofts, or garages and tiny apartments. You don’t need fancy flooring or decorations, you don’t need a stockpile of yoga mats or blocks or blankets. You only need a well rounded business plan and your passion for sharing yoga.
Constant Adjustments - Speaking of adjusting your plans, let's dig deeper: owning a yoga studio is about making constant adjustments to your plans and expectations. Starting a yoga studio requires more than just a personal yoga practice, you need a desire to share yoga with your community and patience in dealing with others on their journey. You need to be willing to manage your money, deal with tough customers, and stay flexible with your plans. Know that things will cost more than you planned for, may take longer than you expected, and require your maximum commitment. Be willing to make big mistakes, and learn from them - then adjust your initial business plan from step number 1!