Open Your Yoga Studio

If you are a yoga teacher and you are passionate about what you do, then you have probably considered the option of opening your own yoga studio. It’s an appealing thought, running your own business, not having to worry about conflicting classes when booking a space, being in control of the decor, choosing your ideal location. There are many reasons that you may feel driven to make this day dream a reality.

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However there are several factors that should be taken into consideration when you are thinking of opening up your own yoga studio. As with all businesses, it is important that you plan ahead so that you know just what will be in store for you. This way you can make a more informed choice and be prepared for what your future business may require of you.

Things To Consider First

It would be great to say that once you make a life changing decision, such as opening your own yoga studio, that it is only up from there, however that isn’t always the case. There are always going to be obstacles that need to be overcome, as well as hard times that need to be weathered, all of which should be considered before you take the plunge.

Making A Business Plan

This is an incredibly important point and should be one of the first things you do once you are fairly certain that you are moving forward with opening your own yoga studio. Having a well thought out business plan is an integral part of all successful businesses, as it will give you an insight into projected costs vs profits, your target clientele and your marketing strategy, all of which will help you assess if the idea is viable.

Learning About Finance And Business

Moving from being a yoga instructor to owning your own yoga studio is a big step, and it requires an element of savvy when it comes to finances. You need to be able to stay on top of monthly expenses, monthly income, money your business owes and money that is owed to you. So if this isn’t an area you are familiar with, then it is a good idea to look into a short business course, or sit down with someone who may be able to run you through the basic steps.

Accepting The Ups And The Downs

Starting a business is an exciting endeavour and it is normal to have some dreams and expectations in mind, however it is important to be realistic and accept that there will be a lot of hard work involved in bringing your business to a successful level. Even if you are able to bring yourself to a level of steady profit, things can peter out at times. As a yoga teacher you have probably recognised how some days, weeks and months are busier than others, so be prepared for highs and lows as you move forward. Remember that just because one month may be slow, that doesn’t mean the following month will be!

All The Extra Costs

There are so many hidden costs involved in starting your own yoga studio, including general liability insurance, equipment, maintenance, utilities, staff, marketing etc. Because of this, it is important to have 50% more money than you think you are going to need, because extra costs always arise. If you don’t plan ahead for this, then you may find yourself having to close down your business at a loss, before you even got a chance to get up and running.

Are You Willing To Put In The Extra Hours?

Starting any new business usually requires long hours and little pay, and opening your own yoga studio is no exception. You will be required to put in many hours of shopping, planning, book work etc, and they will likely be unpaid hours.

Location And Size

Location is important, and there are several things that should be considered before signing off on a place. Such as: Is this studio easily accessible (public transport, etc.)? Will it be noticeable for people driving past? Is there off street parking available?  Is the property big enough to accommodate the amount of students you are aiming for?

Marketing

Opening your own yoga studio business will require marketing in order to be successful, potential clients need to know about the place and you want to expand on the students you already have. Word of mouth is great, but you will need more than this to build a successful business. You can either plan your marketing strategies yourself; perhaps utilizing signage, ads, flyers, pamphlets and special offers, or you can hire a marketing expert to help you in this area.

Money Will Become A Priority

Up until now yoga may have been your driving force, and it will continue to drive you, however money is the key component to any successful business. So in order for your business to be successful you need to be money focused.

Competitive Industry

The simple fact is that with all businesses you need to be prepared for a little healthy competition. In 2012 a study showed that 20.4 million Americans practice yoga. Which is great news as these numbers appear to be rising by about 20% each year. Though bear in mind that many people are catching on to this rising trend and opening studios all over the country. Even if you open up a studio in a location that has high demand and no existing studios, that doesn’t mean that others might not decide to open up near you. This shouldn’t deter you though, as competition is normal in all business industries. It should only push you to provide the best studio you can.

Can You Balance A Business And Your Personal Life?

Running a business is a full time commitment and it is important to consider what other aspects of your life might be impacted by this decision, such as family, friends, hobbies and other commitments you might have. This doesn’t mean that your business can’t complement your personal life, however it is important to consider the adjustments and sacrifices you may have to make.

If you approach your new business plan with your eyes open, with vision, passion and a willingness to do what it takes to succeed, then you may have just found the business that not only sets you up for life, but drives your passion for yoga!