For many starting a yoga studio is their dream. The literature on the Web about starting a Yoga business emphasizes being prepared for the business side of starting a Yoga business. These articles warn of the consequences of not treating the Yoga business as a business. How true it is that you can’t just expect to be monetarily rewarded for your passion, but you can be monetarily rewarded for making a well thought out and executed business of your passion.
First before starting a yoga studio, if you don’t possess the fundamentals of good business practice, then you need to acquire them by taking some college courses. You will need to hire a good accountant to set up and audit your books. You will also need to choose some good liability coverage and attain professional advice on risk management. A well designed a curriculum based on the kind of Yoga style or styles you will be teaching will have to be drawn up. You will need to hire qualified instructors. You will need to choose a location to meet your needs and that is convenient to your prospective students. You will to conduct market research to determine what are the needs and demands for Yoga in the your community. A customer service policy and employee policy would be a good idea to have.
When starting a yoga studio the major costs are renting the studio space and marketing. A special floor will have to be installed, unless you’re lucky enough to acquire the accommodating studio space from a studio going out of business or relocating. You will need a good liability insurance policy and the council of a lawyer to set up a good risk management plan. You will have to pay for other professional fees, such as that of a accountant.
Where you will be working
A good location for starting a yoga studio is in a community with an interest in Yoga and not much competition. Take some classes at nearby studios and find out where the students are coming from; whether they are from out of town or know friends in other towns who would be interested in taking classes. If Yoga classes are taught through the community continuing education system, but there is a lack of private Yoga studios in town – that may be a good place to set up shop, however market research should be conducted to help you decide whether there is enough demand in a location.
How to start a yoga studio tips
- Market to people’s values – when marketing your classes, educate people about all the benefits of Yoga practice and keep the values of each audience in mind.
- Hold free demonstrations and classes – experiencing is believing. Hook up with local organizations and events to offer free workshops to attract new students.
- Find your niche – find an unmet niche to add to the traditional market, such as “Yoga for the Inflexible,” or “Yoga for Endurance Athletes,” “Yoga for Healing Injuries,” “Yoga for Treating Depression,” etc.
- Shop around for Yoga studios that are one-to-three years old for possible purchase – many studios go out of business in one to three years due to the lack of business skills of the owner. Some of them may be popular studios with good teachers, but the owners just have not come up with a good business model. This would be the best way to get into the business, because the studio is already set up and you can learn from the mistakes and successes of the selling owner. You would also have a clientele with which to start. However be sure that there is enough demand around that location.
- Sell yoga items in your studio – selling to the back end is a good practice for any business. Not only can you sell mats, books and Yoga clothing to your students, but also think about products that will enhance their nutritional needs to succeed at Yoga.
Advertising a Yoga Studio
When advertising your yoga studio you can try out a variety of the following techniques to advertise your business. Be sure to keep track of their performance. Keep the methods of advertising that are working out the best for your business and dump the ones that are not :
- Yoga Business Cards– Create business cards and hand them whenever an opportunity appears.
- Word of Mouth– Word of Mouth can be a very effective way to spread the word about your yoga studio. Encourage word of mouth. Offer members discounts when they refer other members. Offer gift cards.
- Signage– Make sure people can tell what your business is from the outside. This way you can make the most of passby traffic.
- Website– You can decide to have a website to provide customers with general information about your yoga studio such as location and prices.
- Social Media– Take advantage of social media sites such as Twitter and Facebook.
- Flyers– Determine if you can put up flyers in local parks, bus stops, gyms, community centers, and more. It is best to ask the owner of these businesses for permission first. Also hand out flyers to passer byes on the street.
- Yahoo Local Searches– If you include your business in the Yahoo Local Searches, when people search for your service in your local area your business will appear in the list. To add your business to Yahoo local search, enter the term “add business to yahoo local search” in Yahoo.com and click on the first link.
- Google Local Searches– Google has a local search as well. To add your business to Google local search, enter the term “add business to google search” in Google.com and click on the first link.
- Newspaper– You can consider advertising in your local newspaper.