The first step to opening any business is creating a business plan. You might think a yoga business is a bit different given the large market for it, and your undeniable passion for the practice. But, don’t make the mistake of skipping this step. A wise man once said, “Before anything else, preparation is the key to success.”
WHY YOGA?
You’re probably thinking, “Why not yoga?” Right? You love the benefits of yoga classes, you live and breathe the practice, and you have all your teaching certifications. And you feel like it’s time to carve out your own happy corner of the world by opening a yoga studio business.
You’re off to a great start. But, understand it won’t all be yogi pretzels and rainbows to begin with. Kicking off any business threatens to rob even the most mentally zen person of all their ohm. So, ask yourself these questions.
· Is this really what you want?
· How much do you know about owning a small business?
· Are you okay with working many hours?
· Can you afford a pay cut until you can get it fully running?
In this post, you will find a quick yoga studio checklist to get started on your path.
CERTIFICATIONS AND LICENSES
Owning your own studio is different than picking up classes in another studio or doing pop-ups in the park. Having your place of business requires you to cover your legal bases.
· Are your certifications up to date?
· What about your yoga teachers?
· What do you know about obtaining a business license?
· Do you have insurance or liability coverage?
FINANCES:
Money is at the top because you won’t get very far without it. Not many people will have the full amount of money to put down themselves.
· Have you researched initial costs?
· Will you have a co-owner?
· What about investors?
· How much do you expect to make during your first year?
· Have you calculated legal fees, rent, licenses, equipment, employees, marketing efforts, etc.?
· Do you have a nest egg for set-backs and emergencies?
PRICING AND RETENTION STRATEGIES:
Because this is also related to finances.
· What are your class prices and packages?
· Have you thought about cancellation fees?
· Will there be membership options?
· Bonuses or discounts for anything?
TARGET MARKET:
You have an idea of what services you’re going to provide and mostly a target market: Yoga and yogi’s. But that might be too general. Get started on looking at a special niche for yourself, if possible.
· Is there a certain demographic you want to reach most?
· Is there a specific style of yoga that appeals to you?
· Which yoga classes will you offer?
PROMOTION:
Now that you know who you’re targeting, how do you plan to reach them?
· Have you thought about your business name and logo?
· Will you have a website?
· Which social media platforms will you use?
· Will your yoga teachers have social media too?
· What events will you organise?
· Will there be a referral program?
· What do you know about traditional marketing and digital marketing?
MARKETING STRATEGIES AND TOOLS:
Once you’ve thought about how to promote your small business, you can research tools to implement in your marketing strategies. No, they won’t do all the work for you. But, they will relieve some of the stress. They can help with email blasts, performance analytics, sign-ups, check-ins, scheduling and more.
Check into some of these popular digital marketing tools:
· Google Analytics
· Google Adwords
· Canva
· Trello
· Hootsuite
· Later
EXECUTIVE BUSINESS PLAN
The last step is to summarise everything. Because, the first thing potential investors will want to see is the bigger picture for your yoga business. An executive business plan on how you expect to achieve it. If it doesn’t sound realistic or worthwhile, they won’t risk their time or money in your vision. Your executive business plan should get right down to the nitty-gritty in one concise document.
Did you find these yoga studio business tips helpful? Check out the rest of our blog for more industry related tips.