Yoga is very popular nowadays. This is mainly because it affords urbanites a much-needed respite from the chaos and complexities of daily life. Because of that people discover the benefits of including yoga in their daily routines. In addition, many yoga teachers are considering going into the yoga business to fulfill this demand. If you are one of these teachers, looking for a way to start a yoga business, read on below. Read on to learn tips that will help you find the best places to open a yoga studio.
Tips to Find the Best Location for Your Yoga Business Studio
So, you are one of those yoga teachers looking to start your own yoga business. Here are some tips to get you on the right path:
Identify your potential students.
Chances are, you are a yoga enthusiast yourself. From your own experience, what kind of people go to yoga class? Are they male or female? How old are they? What kind of occupations are they in? Do you have any idea how much are they earning each month?
This information is important because it will help you choose a good location for your business. Basically, the idea is to locate your studio where there are many of this kind of people that you identified. It will help ensure that your yoga business will thrive because your target clientele is just a stone’s throw away.
For a more scientific approach to evaluating your target demographics, you may want to work with a professional broker. This is because, in this age of technology, it is so much easier to get this information. You can simply ask your broker to perform a “radius study” of a location that you are considering. This will get you access to the demographics of the surrounding area, whether you want to see information for around 1 mile from your location or three or five miles. There are also a lot of online sources that you can check if you would like to do this by yourself.
Choose a good address.
You’ve probably heard this a lot of times already. But what exactly does this mean? Well, if you have started scouting for locations already, you have probably noticed two things: first, that good locations can be quite expensive, and second, that cheaper locations can be hard for people (potential customers!) to get to.
If you are put off by the high price of the “good” location, know that these places are expensive precisely because there are a lot of potential customers in the area. For you, this means that you won’t need to spend as much on your yoga studio to be seen and known by the people around. On the other hand, if you are tempted by the cheaper, out-of-the-way studio, you will have to be ready to spend quite a bit on marketing efforts so that people will know you are there and will actually come to you.
Decide on a suitable space.
Different spaces have different advantages and disadvantages. Therefore, choose one that will best meet your needs. For example, shopping center stalls can bring in lots of people, provided you are in the right location. You won’t have to worry about parking space. And if you should need to repair anything, there are maintenance personnel ready to meet your needs.
However, all these conveniences can come at a steep price. In addition to high rental fees, mall tenants commonly need to pay the mall a certain percentage of their earnings. So, consider this only if you are sure that you will be bringing in enough students to cover all those fees. And make sure that the mall you choose has features that your target students will visit regularly.
Another option to consider would be to rent a space on an upper floor of an office building. You may even be given the freedom to put up a signage on your exterior, thus attracting more students. However, the stairs may represent a problem for some clients, like seniors or pregnant women.
Refuse to get rushed.
While you are doing your search, keep in mind that brokers and landlords make a living by getting people to rent their place. Thus, do not rush into signing a deal. Any seller is trying to convince you to buy a space, but unless you ‘feel’ its vibes, steer clear of making abrupt calls. Take the time to carefully assess each place. After all, you will be the one dealing with whatever surprises you initially overlook.
Whether you are thinking of renting a space or actually buying a yoga studio, the tips above will help you make sound decisions from the outset to help increase the chances of success of your yoga business. If you want to get into the business but lack the initial capital to do so, you may also want to tie up with other yoga teachers who want to do the same thing. You can pool your resources and expertise to help you come up with everything you need to start your very own studio.
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