The yogi becomes a teacher who then opens a studio to share knowledge. Plan mindfully.
Begin with the Money or the Bank Loan
Expect to spend money to start a new business.
Borrowing money in today’s economy is difficult, even with good credit. Hope to break even the first year if lucky. Have a plan for repayment if borrowing money from anyone. Have a back up plan should things not go as planned.
Location is Important for Yoga Business
Perform a needs assessment
If the area is saturated with Yoga and Pilates schools, consider moving to a different part of town. Is the area populated with people looking for an outlet for socialization or gaining new skills? If it’s a retirement community the practice can be geared in that direction. If there are young stay-at-home mothers, try not to compete with gyms and community centers or other Yoga and Pilates studios.
The Yoga Studio
Start small.
Hatha Yoga can be suitable to many populations. Eventually adding props and an Iyengar instructor expands the practice. Hot yoga needs heating devices that can be added as the need and income arise. If there are studios to compete against, consider niche yoga such as mother and child or senior yoga or rehab yoga. Don’t add Pilates to a new yoga school. The thought may be it expands the potential pool of students, but the likelihood at first is the current core students will be spread thinner as they try new classes.
- Consistency in class offerings, times, days of week, is good for a new school.
- An answering device of some sort should be available 7 days a week.
- True yoga aficionados don’t need elaborate dressing rooms or bathrooms.
- Consider cost of traditional bamboo flooring and the finish needed. The floor will be heavily trafficked.
- Begin with a single class at a time. This cuts down on square footage as well.
- Consider private sessions to fill unscheduled class time.
- Don’t introduce a 2nd business such as selling products until the first is established.
Legalities of Opening a Yoga Studio
The students become the owner’s responsibility. Basic health and safety standards are observed. Have students bring their own mat and have cleaning sprays for those who must borrow a mat until they purchase their own. The parking area is well lit.
An attorney specializing in yoga studios or small business may be money well spent. Licenses and permits are needed. Taxes are filed. The studio name is registered. Verify zoning laws or home business regulations. The teacher should have malpractice insurance.
Attracting New Students and Marketing the Practice
Market with the target population in mind. This may mean schools or PTA meetings or it can mean doctors offices and physical therapy centers.
- Offer a free class at the gym or health club to introduce the practice and the studio.
- Talk about it everywhere.
- Setting up a website can be inexpensive by using free online templates.
- A local newsletter or community paper may be a spot to leave an ad. The yellow pages may be too expensive for the beginner owner.
- New studios must offer incentives to lure new students
- Offer the 2nd class free and a student returns.
- Reward those who bring a friend with an extra class.
The focus is on building the studio initially. Similar to yoga practice, each step builds upon another until the fusion of mind, body, soul, and business, seems second nature.
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