Starting a yoga studio is like starting any other business―the basics remain the same. Let's look at a few important things you need to know before undertaking this business endeavor.
Always make sure that your teaching insurance is up to date.
Opening any sort of business requires a lot of planning and hard work. Opening a yoga studio as a business isn't as easy as you think it is. Yoga is an art that very few are capable of teaching. You are going to be a part of a chain that has been imparting these techniques since centuries.
Initially, you will have to register your company by filing papers at your local county clerk's office. But apart from this, there is a lot more you need to know.
Market research is very important when you want to start a business of any kind. Make a list of studios in your city. Divide this list into two categories: famous and not-so-famous. Write down the fees every studio charges, the services they offer, the number of staff, and their USP.
Study these to come up with something unique of your own. This research will also help you to market your business later on.
You will need some initial capital when you start with this business, isn't it? But how much? To know that, you first need to calculate an estimate. If you don't own the place, how much is the rent? How much will the interiors cost? How much will the salaries cost?
Divide your expenses into proper categories such as marketing costs, operational costs, advertising costs, etc. If you don't have the initial capital, you will have to apply for a loan. In that case, drafting a project report is mandatory.
Marketing and Advertising
Marketing and advertising your business will ensure you're reaching out to people. If you don't have enough capital, you can advertise in local stores for free. Starting a social media campaign will also not cost a lot. Free workshops for a certain age group will also draw potential customers to your studio.
Remember, like others, you need to have an USP of your own. Your entire advertising should be focused on this USP. For this, it is advised you start with teaching a particular type of yoga; preferably, one that is unique.
The set up should be spacious and clean. Since you are opening up a yoga studio, you have to make sure that the location is not exposed to a lot of traffic. This will completely interfere with your work. The set up has to be enough for at least 15–20 people, if you want to reach a financial equilibrium.
Use light colors to make the studio look more lively. If you don't have the money to hire a professional, do an extensive online study.
Your staff is perhaps your strongest and weakest point. A good staff can attract more members and keep the existing ones happy, while a bad staff can ruin your studio's reputation forever. Hire every instructor after doing a lot of background checks. Always give the instructor a trial batch to see how s/he handles it.
Tell your members that it's a trial batch so that they don't assume they're going to deal with an instructor for long, just in case s/he's not that great.
Every business involves a little bit of risk, so don't worry about the profits initially. However, make sure the risk is calculated. Best of luck!