But when you start a business that doesn’t require a specific space and can be run from your home, you have it a bit easier than someone who immediately has to rent space for their new venture. And this is the case for anyone wanting to open up their own yoga studio.
Now the idea of opening up a yoga studio sounds like a good one. No one will judge you for wanting to create a sanctuary where you spend all of your time encouraging others in their yoga practice. However, this idea requires a bit of capital outlay before you even open your doors. And for that reason, amongst the many others, it is really important that you prepare yourself. There is no better way to prepare for your new business venture than by creating a solid business plan. This document will help you answer some pertinent business questions before launching. For instance, have you got room to tolerate taking risks? Can you make changes to afford the first month or two if profits are low or worse, in the negative? These questions will naturally be answered when you draw up your business plan and you might consider this as an exercises in self-discovery but regarding your yoga studio idea.
If this sounds like foreign ground to you and the reason you haven’t gone ahead with your dream idea of owning your own yoga studio is because you feel overwhelmed by all the business speak, then educate yourself. Sign up for business training courses or specifically small business training courses. These are easily affordable and will give you an excellent understanding of the basics of what every business needs to flourish.
Your yoga studio feels like a sanctuary but operates like a business
No matter how calming and peaceful the space is. No matter how much you want your customers to remain in a peaceful state, even when they haven’t paid their account, you must still run the studio cum sanctuary as a business. You put money in and you should expect money out. Because peace, serenity and calm won’t pay your electricity bill or put food on the table. If you struggle to substantiate your asking price because your conscience kicks in and you feel guilty then ask an accountant to do your books for you so you can see exactly what you need to charge.
You need to advertise
Just because the nature of a yoga studio is one of positive energy and remaining in tune with your inner peace, that doesn’t mean you can simply positively manifest a clientele. You need to advertise. You need to run marketing campaigns that’ll attract the customers you want, and need, to make a profit. This is a competitive and cut throat game because all types of fitness centres prevail and your competition is not only other yoga studios but also pilates, kickboxing and bootcamp studios. Don’t know how to find an angle? Those business training courses mentioned earlier will cover these aspects of business marketing.
There’s a coolness competition on the go
Yoga studios nowadays are heavily branded. What’s more, they work hard at creating a brand that speaks directly to their target market. They spend time with brand specialists and they align their messaging on all different platforms with their corporate identity and they end up with pretty cool brand ambassadors or sponsors. In this competitive world of fitness it’s crucial that you pay attention to your branding and create a strong identity for your studio and business.
Be prepared for what feels like failure
Have realistic expectations. Be prepared for when profit margins are low or in the negative because this is likely to happen in the beginning. You will be investing quite a lot of money into your set up and your infrastructure but you won’t open your doors and have hundreds of clients. Find a way to supplement your income if possible. This is one of the most important things to remember when you start. And, if you did your homework and created a strong business plan then you’ll know that expecting little to zero profits when you open your business is normal.
Opening a yoga studio is a game changer. Your whole world will do a 180° shift. It’ll be a wonderful change and if you’re a passionate yogi this might be the most fulfilling chapter of your life. But always remember that amidst the passion, positions and Namastay you must also operate like a high-functioning business owner and treat the studio like a money-making business venture.