Opening a yoga studio isn’t just cute mats and spa water – if you’re in the business of yoga because you’d like to make a profit, you’ll need to know all the ins-and-outs of opening. Beginning a new business isn’t easy, and making a yoga studio profitable will take work. But knowing as much as you can about the industry will cut out the confusion fast.
Initial costs of opening a yoga studio
The pros of yoga businesses: you really only need your body and a sturdy, flat ground to practice. This makes your need for equipment nearly nonexistent upon starting. Finding a place to set up shop is key to invoking the right feeling at your studio: peace, serenity, healing, and change. Steer clear of high-traffic areas if your building doesn’t have correct soundproofing. Natural lighting is important for morning sessions, and sunset classes. Your studio should have doors that prevent those partaking in a session distracted from those walking in late. Additionally, a waiting area that can sit roughly 5 people is necessary. All of these things will cost money, but what will be the initial cost is obviously the studio space.
Because there are so many options for where you choose to conduct your sessions, costs can vary from renting monthly to owning a large-scale studio space. If you decide to purchase the space you’ll teach, there are several different ways to go about financing your yoga studio.
You can expect to pay anywhere between $15,000-$100,000 depending on your area and the location/size of the studio. Pretty big gap, right? Check out what local fitness businesses in your area are paying to rent or own their space, and compare rates like crazy. This way, you’ll have extra cash to spend on your studios’ amenities and marketing – what’s really going to drive new business.
Sizing your yoga studio
Sizing for your studio depends on the number of clients you anticipate hosting per session. An average yoga session may have between 10-30 clients, which is the numerics we’ll be going off of. In order to fit this many yogis, your studio should have enough room to move comfortably. 25 x 30 ft. holds roughly 30 clients maximum, which is a great size even if you don’t usually bring out upwards of 30 clients. 20 x 20 ft. holds around 20 per class, which is a smart number to start with as well.
Give yourself space to grow and host large events – it’s better than spending big anyway on a tiny studio. Because you’ll be paying off the space for a while, increase your chances of bringing in more traffic and go slightly larger than what you’ll anticipate needing. No one wants a cramped yoga class.
Finding the perfect staff for your yoga studio
The staff you hire should perfectly reflect your own goals and thoughts/beliefs about yoga. Your staff will also be doing a ton of interacting with clients. Don’t write off yoga staff members as less important. They’ll be the ones handling the phones, bookings, assisting in classes, helping to clean and organize your space and bring new ideas to the table. You’ll want someone that has these qualities in order to get the most out of the experience.
When you’re conducting interviews, it’s best to ask for proper certifications and proof of practice. Additionally, you should ask for new instructors to help lead a class one day to see how clients react. Asking the right interview questions will be crucial in seeing why the person really wants to work for you.
These three elements of opening a yoga studio are crucial to running a business. We know yoga is your hobby, but are you properly equipped to make money off of it?
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