According to Yoga Journal, over 36 million people are hitting the yoga mat each year in the U.S. Given this, it’s no surprise that the surge in popularity has led to an increase in yoga studios opening across the country. Entrepreneurs are turning their passion for yoga and mindfulness into highly successful yoga studio businesses. And with yoga studios popping up on every corner, it’s been hard not to notice the trend.
But what differentiates a good yoga studio from a bad one? And how can you ensure your yoga business is among the list of successes?
That’s what we’re here to discuss. With the right tools and proper guidance, you can be a yogi turned entrepreneur in no time. Here’s the ultimate guide to opening a successful yoga studio:
Develop a Business Plan
According to Yoga International, the number one mistake made when opening a yoga studio is that “they fail to treat their studios as businesses.”
Yoga aside, your studio is a business first. And any good business starts with a business plan.
In its simplest form, a business plan is a roadmap for your business. It outlines your goals and details exactly how you plan to achieve those goals. Your business plan should include all the following:
- An Executive Summary
A simple reiteration and overview of your intended processes, business goals and objectives
- Market Research & Competitive Analysis
This section should analyze your market and competitive landscape in detail. You should ask yourself the following questions:
- What trends are emerging within the industry?
- What do all successful yoga studios have in common?
- How does your studio provide value to your customers?
- What are the demographics of your community?
- How many similar studios are within walking distance?
- What do other yoga studios within your area offer that you do not?
- Business Services
Within this section you will determine the primary and secondary revenue streams for your yoga business. What style of yoga will be offered? Will retail be part of your business? How much will your services cost?How will you collect payment?
- Marketing & Advertising Strategy
This section identifies which marketing strategies you’ll be using to reach your target audience. Will you be implementing paid social media campaigns? What health business listings will you be joining? Make sure to define the platforms you’ll be using to market your yoga studio business and how you’ll be using them.
- Yoga Studio Software & Business Management Tools
This section of your business plan should identify exactly how you plan to manage the inter-workings of your yoga studio. What yoga studio software will you be using and how? What tool will you use to manage yoga class schedules? Define the necessary components needed to manage your business.
- Financing & Funding
This section will help you better determine your start-up costs and budget. The most simple way to identify your costs is to itemize each expense within a table. Here is a comprehensive list of some of the items you should include within your document: yoga equipment, studio renovations, instructor training costs, design or furniture costs, business registration, website development, trademark costs, branding/logo designs, software and technology, initial marketing costs, etc.
Remember, your business plan will keep you on track and start you off on the right foot. So it’s important to be as thorough as possible.
Determine Your Yoga Studio Type
What type of business model do you plan on implementing for your yoga studio? There are many different business models to consider:
- Running a one-person operation
- Forming a partnership with several other yoga instructors
- Opening a franchise
- Starting a nonprofit
- Opening a niche studio that specializes in a specific type of yoga (i.e. hot yoga).
It’s essential that you determine your business model and your yoga studio offerings from the start. This will allow you to focus on building your brand and your following within the yoga community.
Market Your New Studio
Yoga is a highly competitive market with new yoga studios opening to accommodate the growing number of yoga students. A solid marketing plan is a must when it comes to opening a new yoga studio.
Luckily, spreading the word has never been easier. With several social platforms to choose from, including Facebook, Instagram and Twitter, you can now reach potential studio members with the click of a button. As your following on social media grows, your members will market for you on social media for free. The potential for social referrals is unlimited!
Brand Identity is Important
Brand identity and awareness are essential to opening a successful yoga studio. It combines the visible elements of your brand that studio members can see and the reputation you create that will be associated with your business.
Brand identity includes your studio’s name, location, logo, types of service, and quality of service. How you position your brand will make or break your business in the long run.
Invest in a Website
Investing in a great website will be one of the best decisions you make is a wise investment when opening a yoga studio. Without a website, potential yoga members won’t be able to find your studio, explore your classes or see what your studio has to offer.
A well designed website will help your business grow and it tracks potential yoga studio members. With the right imbedded software, your students can even register for classes online.
As you launch your new yoga studio, be sure to cut yourself some slack. Practice makes perfect, and you’re bound to hit a few bumps along the path to success. By adopting realistic expectations early on, you’ll be able to roll with the punches. This will help you move forward knowing you’ve learned something new that benefits the long-term success of your yoga studio.
Are you interested in learning how strong business management and fitness tracking software can help to streamline your organizational processes, boost revenues and set your fitness studio apart within your fitness market? Contact the experts at OneFitStop to learn more. We look forward to hearing from you.