If you are a devoted practitioner of yoga and love the positive vibes and effect yoga had on your personal life, it might be appropriate to consider if you should step away from the office setting and into a new path that fulfills your passion and puts money in your pockets.
Do you have prior experience instructing or assisting a yoga class? Do you have experience building a business, background in marketing or active involvement in social media? Yoga is a billion-dollar industry with low barriers to entry due to its lower start-up costs relative to other fitness industry businesses. As a result, it is critical to grow and promote your brand as well as being an excellent teacher. The information below is a guideline to get you going and ends your days with Namaste.
Importance should be placed into developing a business plan before you proceed to spend any money towards your business. A business plan will help you strategize and get you ready in different aspects of running a yoga studio.
There are numerous types of yoga that are currently being taught. They may differ from each other on a range of subjects such as yoga pose, pose sequences, difficulty and the incorporation of breathing exercises and meditation into the routine. Make sure to create a theme off the type(s) of yoga style you envision teaching at your studio. It is also important to build off this by developing a brand that is appropriate to present to your potential customers. Additionally, it will assist you in determining what amenities and equipment you will need for your studio.
Is it worth it to be open and flexible to everybody’s schedule? Having more classes will mean hiring more teachers and being on the hook for payroll that may not offset the money made from membership, especially early on. Alternatively, trying to teaching all the classes yourself has a high chance of burning you out and leaves less time that should be dedicated for administrative and promotional aspect of running a business.
On the other hand, you could avoid having classes during standard hours and target early morning (before 8 AM) and evening classes after 5 PM. This type of schedule may not be a fit for everybody, but it may offset the need for additional instructors and reduce the overall utility bill. The cost saved from this could exceed the profit from the attendees of the session scheduled during standard working hours. Ultimately, the final choice is up to you and what you think is best for your business.
Even though it is not necessarily required, being registered as a yoga teacher with Yoga Alliance is starting to become the standard. Yoga Alliance was created for the purpose of having an internationally recognized industry standard for yoga teacher.
To be a Registered Yoga Teacher (RYT) under Yoga Alliance, complete the following tasks:
1. Find a Yoga Alliance registered yoga school (RYS).
2. Complete 200 hours of training at the chosen RYS. Remember to record your training’s start and end dates.
3. Obtain the certificate of completion.
4. Create an account on the Yoga Alliance’s website.
5. Follow instructions to send a confirmation request to the RYS in order to prove your attendance and completion.
6. Pay the RYT registration and membership fees, which consists of a $50 one-time application fee and a $55 annual fee.
7. Last but not least, Yoga Alliance will expect you to review your experience at your RYS’s training program.
After earning your registry mark, you will have access to online workshops and these continuing education events are searchable through Yoga Alliance’s website.
Upon successfully registering with Yoga Alliance, your profile will be searchable within their teacher directory. You will be able to list your teaching experience and where your yoga studio is located. Furthermore, this directory is helpful for finding authentic teachers when you are looking to hire others and it is also helpful in promoting your business.
You must decide what type of business structure is appropriate for you. Common choices for a yoga studio would be either a limited liability company or a S-Corporation. These options also protect your personal assets during legal liability circumstances. LegalZoom’s website provides additional details on the different business structures available and they could help assemble and file the documents necessary to form your business.
Visit the IRS website to create an EIN. This is required for tax administration purposes at the local to federal level.
You should check out the U.S. Small Business Administration’s website to see if there are any permit and license requirements that pertains to opening up a yoga studio in your destination of choice.
It is important to have a separate bank account from your personal one. Look around at different banks and compare their terms and agreements on fees, services, etc.
Trusted Choice’s website has a section that details an insurance directly tailored to yoga studio businesses. Trusted Choice will also help connect you with an insurance agent or company that is right for you.
Yoga is a physical activity and you do not want to be liable when a member accidentally hurt themselves. Rocket Lawyer helps you create a Release of Liability form that is appropriate for your business and helps against the event of a legal liability situation.
Location is a key to success and finding a prime spot that is affordable on your budget is ideal. This location may be desirable because of it is transportation convenience or parking space availability. It is important to take your time and research your area. For example, it is not beneficial to open up a studio that will be close by to an existing yoga studio.
The Yoga business have low barriers to entry since they do not require as much expense and equipment like others gym related businesses. However, a profitable one still requires careful planning and well-made choices. Having a moved-in ready studio or one with minimally required construction will save time and startup costs.
You most likely will have to replace the flooring at your rental space if they consist of either carpet or wood. Carpet’s ability to hold moisture will cause it to collects odors, mold and bacteria among other things. Sweat from class participants onto wood flooring would make it slippery and a potential hazard.
A popular choice for yoga flooring is to use poly extruded matting (PEM). This type of flooring provides cushion for comfort, traction even under wet conditions, and odor-free due to the antimicrobial formula embedded in the material’s construction. You can order this type of flooring from PEM Surface Creations.
An alternative to PEM Surface Creations is Zebra. They manufacture yoga flooring in terms of 1 meter by 2 meter tiles with non-slip backing. Additionally, it is designed to prevent bacteria growth and Zebra include a 10-year warranty with these tiles!
Opening a hot yoga studio will require additional expenses due to increase in utility bills and equipment needed. In order to properly supply the desired heat and humidity level suited for hot yoga, you will need a climate controlled heat room and a ventilation system. In addition to the equipment is the cost of the installation and modification to your existing facility.
Having an online presence is a must these days. To attract new members, you must be active and multitasking through different means to promote your business. The following are commonly used online methods for marketing.
Create a profile at Google My Business to have information about your yoga studio be easily found through Google Search. This profile should contain your business hours, address, phone number and website. Additionally, this profile will allow people to get directions to your location via Google Maps.
Promote your yoga studio through the power of social media. Four social media sites with large followings are Facebook, Twitter, Instagram and Google+. Have unique, informative and frequent updates on these sites to help promote and build your brand.
Online ads and SEO are additional options to promote your business. SEO is the method of having your website rank higher in search engines, such as Google and Bing, and increases the probability of people visiting your website. Both online ads and SEO will require searching for a proper agency to do it for you, unless you are willing to spend the time to learn it.
The fee structure on how you price your yoga studio could make or break your business. Therefore, you should know your market and what people are willing to spend in your area for yoga sessions. Set a price that not only will welcome new members, but will also reward recurring memberships. Common types of structure fees are charging per session attendance, multi-session packages and monthly unlimited yoga session memberships.
Zen Planner is a convenient software for tracking and billing your customers. Its auto-billing and renewal features will help minimize the time dedicated to administrative work and maximize the time for you to live the yoga lifestyle.