If you are among those passionate yoga teachers who dream of having their own yoga studio, your mind must be brimming with new yoga business ideas. Starting your own studio can be really exciting. However, to ensure your success in your new yoga business, you must not only be a good teacher with great ideas; you must also be a savvy business person.
Important Things to Consider before starting a New Yoga Business
Ultimately, the success of your studio will depend on a combination of your strengths as a yoga teacher, good business sense, and effective marketing. Before you plunge into your new business, you should take into consideration the following factors that you will need to deal with as a yoga studio owner.
Readiness to learn.
First of all, you should ask yourself how willing are you to learn new things, many of which may not be part of your current skill set or may not even be in your interest at all. This is because if you’ve never had a business before. So, you should learn as much as you can about the yoga business, and about the different aspects of running a business in general.
Some yoga teachers mistakenly think that just because they know how to teach yoga, they can run a business. Unfortunately, this is not true. Because apart from drawing up yoga studio regulations, running a new yoga business means paying a lot of attention to the business aspect, such as yoga studio start-up costs (and how to finance these), hiring staff, maintaining your facilities, bookkeeping, etc. While you can people who can do these things, as the owner, you should be able to at least understand how all of these work so that you can keep on top of your business.
Willingness to work long hours.
How many hours a day are you willing to spend working on your dream studio? This is especially critical if you will be starting your studio from scratch. On the upside, all those long hours mean that you will achieve everything exactly as you want. On the downside, it is plain hard work and can be really challenging.
If your dream is simply to own a studio, and you are not really particular about the nitty-gritty details and are not willing to put in this kind of work, you can also look into the possibilities of acquiring a franchise or an already-established studio. This way, most of the hard startup work will already have been done, and all you need to do will be to maintain it.
Relationship with money.
Chances are, you went into yoga because you like its philosophy and mind-body-spirit aspect. However, the reality of business is a hard material reality— money. How comfortable are you with the idea that you will need to do everything you can to generate good money for your studio to survive?
To do this, you will be dealing with money matters every single day. You will need to keep track of expenses. This includes monthly spendings and making sure your income is big enough to cover these. You will need to put the right price tag on your classes and services. Keep in mind that skyrocketing prices will chase your potential students away. But, keep it too low and you might not hit your target income.
Appetite for challenges.
This is particularly important if you will be running your business by yourself. Ask yourself, how “cool” are you when dealing with life’s sudden potholes and detours? Do you take them in stride, seeking to solve problems with your feathers remaining unruffled? Or does each little thing seem to blow up into crisis proportions? Business will always be full of these challenges. Therefore, if you want to run your own studio business, be prepared for anything coming your way.
The heart of a successful business is a good business plan. So, if you want to open up your own studio, be willing to invest in making it a good one.
A solid business plan contains figures on how much money you will need each month to keep your studio going. This is also true for how many students should be enrolled to meet this target. It clarifies how you will set your studio apart from other studios. It also explains why students will choose your studio over someone else’s.
Yes, as a yoga teacher, you can effortlessly stretch and draw your body up into difficult asanas. But the question is, how flexible are you in real life? Running your studio will require a lot of real-life flexibility.
For example, how will you deal with students who care more about having fun, than taking your practice seriously? If this is your first business venture, how will you deal with your mistakes and bounce from them?
As we have seen in this article, setting up a new yoga business seems to be the logical route for yoga teachers to share their practice— but with the demands of the business side of running a studio, it may not be for everyone. So, before you make the plunge, make sure you have what it takes— or partner up with someone you trust who does— to increase your chances of realizing your dream yoga studio.
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