Yoga Studio Business Plan: 6 Steps to Success
If you are reading this, you are probably thinking: YIKES! I have to make a yoga studio business plan! But what does that even look like? Can I do this? Will this be stressful for me and my business ideas?
Take a deep breath and relax. I’ll discuss steps on how you can create your very own yoga studio business plan. In order to have a successful business, you need to have a plan to put into action.
So, let’s get to planning. Remember that you don’t necessarily have to write and plan your business yourself. A second opinion is always reasonable, and even a Certified Public Accountant (CPA).
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1. Create a Strong Foundation
The first step in creating your yoga business plan is making a solid foundation. Like building a house, you must lay the foundation first, and it must be realistic, firmly rooted, and laid down first. Without a proper framework, you may as well be at a loss.
Decide on your mission statement. You must know and define the purpose of your studio. If you aren’t sure of this, your business plan will be weak. Take this time to ask yourself this:
- What is your vision for your studio?
- Did you choose a unique name for your studio?
- Who are your ideal students?
Next, draw out your vision. Take this time to describe your yoga studio business plan:
- What makes your studio different from all the others?
- How will you build a community that attends events, speak highly of your studio, and who stays loyal to classes?
2. Set Goals That Will Bring Your Vision to Light
Once you have this strong foundation set for yoga studio business plan, the following are the building blocks of making your studio come to life. First, you must set realistic goals. Your goals need to be specific, not general.
- Are you clear on what type of yoga you will teach?
- Ideally, what size will this studio be?
- How big or small will your classes be?
- Ideally, how many yogis are you trying to retain?
Being exact makes managing your business and success so much easier. When you reach this goal, set new ones. Your business should constantly be expanding and growing. If COVID-19 taught us anything, it's to adapt to change because things aren’t guaranteed to stay the same.
TIP: If you have students, ask them if they have any input. What would they like to see in your business? Do they have any suggestions?
3. Who is Running Your Business With You?
What kind of people will you be hiring? You must have a team that shares a similar vision to you. For additional tips, be sure to check our blog: How to Build a Team that Shares your Vision. When writing this part of your yoga studio business plan, describe what this team will look like. How will you hire reliable and experienced instructors/trainers? Of course, it would be best to have the right people helping you run your business.
Keep in mind that your staff needs to know their roles: it's essential if you want your plan to be successful. In addition, it would be less confusing if everyone knew their part. If you haven’t started hiring your team yet, create an ideal time to begin your hiring process so you can hire the best.
4. Create a Marketing Plan
For some reason, the words marketing and plan seem to scare the living daylights of many people. So breathe. Your goal is coming to reality one step at a time. All this means is to strategize like you would on family game night or a game of chess. Who is your yoga studio for? What is your target audience?
DO. YOUR. RESEARCH.
Location, location, location: create a list of what you want your studio to have.
- Easy parking?
- Busy street or not so busy street?
- Is this location easy to find?
- Is it far from other yoga studios? Is it a noisy environment?
Once you have given your location some thought, now comes digital marketing. Yes, like social media, email marketing, logos, and promotions. If you are overwhelmed with digital marketing, hiring a social media specialist may be ideal. But, it’s okay if you decide to do so, you will be helping your yoga studio business plan, not hurting it.
5. Cash Flow Statements/ Revenue Projections
The next step in creating a successful yoga studio business plan is to generate a cash flow statement and revenue projections. Huh?
In translation: you are calculating the amount of money you need to keep your business afloat. This also will predict future profits.
Finally, you must keep track of your business and all that comes with it.
MAKE A REALISTIC FINANCIAL PLAN.
- How much are you spending?
- How much is your studio making?
- Are you constantly monitoring renewals and attendance?
At the end of the day, your yoga studio business plan should set you up to gain revenue and return on your investment—not lose it. You are taking a leap of faith here, so let's be sure we are doing all we can to have a successful business.
6. Invest in Business Management Software Like KarmaSoft
I know this may seem the opposite of simple to many of you. But there are steps to starting any business. When starting your yoga studio or fitness center, invest in yoga studio software like KarmaSoft.
Karmasoft will help you manage your studio and so much more. You will be running a successful business and what better way than downloading our free app to ensure you are running a successful business.
KarmaSoft will help with class Scheduling, your online store, uploading videos, and your instructor bios while giving you real-time updates!
Your customers can book classes and workshops and make payments through KarmaSoft. In addition, we offer you a live stream, on-demand library, track in-studio classes, and more to make your business more convenient.
Keep track of sales, process credit cards, and run your online store. Keep track of your staff schedules and payroll. Use recurring billing and much, much, much more.
Running a business has its ups and downs. Consider your yoga studio business plan as a seedling to something extraordinary that is bigger than you.