Opening up a yoga studio without wanting to know anything about the business management behind it is like going to a new restaurant and asking for a hot meal without even looking at the menu or the price; it is unwise to ignore the fact that business and opening up a yoga studio go together. Running a yoga studio involves far more than just being good at yoga and passionate about teaching. There’s a whole behind the scenes part that doesn’t usually come to light at first: financial projections, strategic planning, marketing, sales, budgeting, facility maintenance, hiring, subcontractors, bookkeeping, etc. If you are willing to learn about these things, opening a studio is for you.
Some questions you may want to look into:
1. Is a yoga studio right for you?
2. What is your vision, mission and future brand?
3. What will be the location for your studio?
4. What kind of networking will you use?
5. What legal considerations do you need to take into account?
6. Are you willing to work long hours? Your studio is a business and it needs you to put in some hours. It’s just plain hard work at the beginning, but it gives you freedom as well: you are the owner of a business now. If you’re not sure about opening up your own studio, consider getting a yoga franchise or simply taking over an established yoga studio.
7. Are you comfortable learning about finances? Money is the foundation of every business: without it its chances of surfacing as a good initiative are lower. You don’t need to become the next Nobel in economics to know what you need to run your yoga studio, just make sure you dominate the basics.
8. It is estimated than an average U.S. business faces a crisis 3-4 times per year. Are you ready to accept that sometimes things won’t run as smoothly as you’d like? There are daily hassles too. If an instructor is late or someone’s check bounces, you need to be able to keep your cool and find a solution.
9. Do you have a backup for your estimated budget? Sometimes small businesses consume more than what you thought for the first few years. There are always unexpected expenses. Everything from getting the floor polished to taxes to a new phone system. There’s always something your business needs along the way, and it all adds up.
10. Are you willing to learn about marketing or hiring a professional marketing expert? It is important for people to know about your studio and the wonderful experience it can offer them, and making a correct use of marketing will give you a head start.
11. Are you passionate? Not just about Yoga as a practice, but about sharing this practice with others? Running a yoga studio is about sharing your experience and knowledge with others. Most of your students will be novices. If you are not comfortable with offering yoga for beginners, you’ll become frustrated. Be prepared to aid your students at whichever level they may be at.
Once you’ve established that opening up a yoga business is what you wish to do, and once you have a thorough business plan in mind, taking each and every one of the aspects of your business into consideration, you can start developing your plan. Picking the right place for your business, pricing your services in a conscious way and making a good use of your website is key.