Starting from the ground up, building a yoga studio business plan won’t be successful without proper research, testing, and trial and error. All of these factors combined will show you whether or not opening a yoga studio is for you. Once you’ve successfully nailed the elements that go into your business, you’ll need to set out to make a business plan.
This should include how your business will make money, and why you’re excited to get people back onto their mats. Yogis can make a major profit, too. After all, yoga is an 83 billion dollar industry. Why shouldn’t you take a stab at opening your own yoga business?
Gather the tools you’ll need to build a business plan that will ensure your studio is set for success. Read this to make sure you’ve nailed down everything you’ll need to account for in making a revenue-focused yoga studio.
You’ve probably answered this question for yourself hundreds of times. What draws you back to the mat after an awful day? How do you find the time to practice? Or the energy? In your business plan, outline why opening a yoga studio is the best thing you can do for yourself and your community. Yoga provides an amazing outlet for exercise and mobility while encouraging mindfulness and meditation.
In your business plan, you’ll have to outline the reason you want to start your new yoga business. The emotional connection needs to be present just as much as the business-minded proposition. You’ll need to detail the overall objective of starting your business in order to clearly communicate why you want to start your own studio.
How will you provide something different?
Okay, so you’ve got a new yoga studio in the works. However, if you’re in a semi-urban area, it’s likely you’ll have competition. Business proposals need to show how you’ll make a standout impression by being different in some way. You can prove your alternate angle with your studio by showcasing some of the different classes you’ll offer, how your location is more convenient, how you plan to expand, or how your pricing will be different.
We encourage you to spend time figuring out your unique angle and compare it to local demographics. If your area is mostly comprised of people who work traditional business hours of 9-5, try not to pitch classes from 10-11 a.m. Just because you think your niche should be something doesn’t mean everyone else in the area will respond well to your ideas. Conduct market research and really show that you’ll take your yoga studio business seriously.
How will you determine revenue?
In this section of the business plan, you’ll need to demonstrate how and why you’ll make money. Map out your annual revenue with given metrics in an Excel sheet to determine realistic goals for your studio. This is something you’ll need to pay attention to, and try out different revenue streams. Your revenue may stem from classes, events, merchandise, or additional services you’ll provide.
Consider the most effective way you’ll take payment. Traditional paper-based booking and scheduling is a thing of the past; learn how the experts at OneFitStop can revolutionize the way your yoga studio pays its staff, books new clients, and allows for seamlessly integrated fitness tracking.
What are your marketing strategies?
You’ll want to set in place additional funding for your marketing. Even the most successful businesses won’t go far unless people are aware you exist. Your marketing needs to involve unique strategies, effective campaigns, aggressive and informative content, and a strong social media presence.
Even before opening day, you should be putting your business to market. Social referrals for yoga studios are huge – if someone loves your business, they’ll likely have no problem sharing that with their social feed. Wouldn’t you like to sell hundreds of yoga memberships before you’ve even started practicing? Learn some of our favorite ways here.
Where will your funding stem from?
Putting a business together is hard. Finding the funding to support your yoga business will be even harder. In your yoga business plan, you’ll need to outline where most of your funding will stem from, and how you’ll make sure the business will come to fruition. The easiest way to identify your costs is to itemize each expense within an Excel spreadsheet.
Don’t forget about these pieces during your planning:
- Yoga equipment
- Studio renovations
- Instructor training/payroll
- Interior design
- Business registration
- Website development and implementation
- Branding/logo design
- Software installment
Your yoga studio business plan should take your time – don’t worry! It’s best to make sure you’ve covered all your bases and don’t make the mistake of opening a studio because it’s a hobby. Treat your studio like a money-making business, and you’ll be on the track to major revenue gains in no time.