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Traditional yoga practice has an element of culture and
spirituality. While modern practices focus more on physicality, mental attitude
and postures.
The popularity of the brand attests to over 25 million
yoga faithful worldwide. The discipline is highly popular in modern living
creating good business opportunity for smart entrepreneurs.
To run a successful yoga studio you need to consider the
fixed and working capital. A solid grip on financials will position your
enterprise towards profitability. It is possible to attain profitability within
1 year of operation.
Types of Yoga
The type of yoga offered in your studio is very
important. Not many people are keen on the spiritual aspect of the discipline
so offer varied forms of yoga.
Make your classes fun, light heart-ed and memorable. Life
is about choices so offer your students lots of choices. In time slowly phase
out the unpopular classes and concentrate on the trending forms.
Locating
the Yoga Studio
The location of your yoga studio is very important.
Locate the studio in a densely populated town.
The rented space should accommodate between 4000 sq ft-
4500 sq ft. The size provides adequate space for small, medium to large
classes.
Negotiate rent per square feet not exceeding $60 or
$19,000 monthly. High brow areas attract higher sums per square feet and
smaller space.
Hire
Yoga Instructors
If you are serious about making money from your yoga
studio you need to become a yoga guru. Learn and master the skills needed to
become a first rate instructor.
You can learn under a guru master or through a top yoga
studio. As a yoga master you can teach 70% of the class yourself effectively
saving costs.
It is not frugal
to hire permanent yoga teachers so go freelance. Hire freelance instructors
that work part time in your establishment.
The number of instructors you hire depends on the size of
the classes and number of students. If you have 500 students Hire 2 full time
instructors and 8 part time instructors. Find out what works best for your
establishment and go with your gut feeling.
The number of yoga classes varies from each studio. Based
on 500 students you can have a total of 100 classes a month. Divide the classes
into groups of 20-25 weekly for easier handling.
Membership
Plans
Create multiple membership plans for your students. Offer
quarterly courses that cost between $3000-$4000 and student plans at $10.
Charge drop in students $15, teacher training $1000-$8000 and private classes? These
are just estimated costs so fashion out your own fees.
Cost
Considerations
Your cost consideration should include monthly rent,
expenses, staff, freelance instructors, insurance and marketing. Revenue is
based on number of students, average class, teacher training, quarterly classes
and drop-ins.
Training
Programs
Training programs are huge revenue earners for yoga
studios, same with private classes. However training programs are achievable
with seasoned yoga studios.
Marketing
the Studio
Create a realistic marketing budget for your
advertisement campaigns. Focus on the age group, sex and demography of
interest.
Offer varied classes and provide highly experience
instructors. Secure a good location and hire an interior decorator conversant
with yoga studios.
Another useful marketing tool is a dedicated website for
your studio. Use social media channels and online classified to get new
students.
Business
Name
Select a memorable business name for your yoga studio.
Incorporate your establishment as a sole proprietorship or LLC. You need an
operational permit, insurance and tax form.
Funding
the Business
Present a well written business plan when you apply for
loans. Most bank require 1/3 deposit of total startup before considering the
loan application. You could try a partnership arrangement, sell startup equity
or find a core investor.
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