Here’s a subject that most yoga instructor training courses will never inform you about. After all, why should your local studio help you build their future competition? Most of us don’t want to think about competition in the marketplace, but it happens. We love yoga, but we need to make money to live.
Becoming a yoga studio owner takes more than just a casual love for the art but a fiery passion and drive to share yoga with the world and the business smarts to make it happen. First of all, it’s important to have a business plan: Make sure you can make your enterprise profitable. Are you planning on being the sole yoga teacher? Are you planning on hiring yoga instructors? When will you teach? What will be the scope of your business? Many resources for mapping a profitable business can be found online or at your local library.
In addition to the business plan, it’s vital to assemble a series of practical steps to take that will each bring you one step closer to yoga studio ownership. Take a look at your business plan and access what it will take to bring each element to life. Do you need to get a loan for upfront investments? Do you need to be trained as a yoga teacher? Do you need to hire teachers? Make sure you account for things such as necessary building permits and codes as well as certifications if any are required. Look into your local laws and regulations. Account for where the funds to purchase real estate are going to come from. It may be prudent to rent the space for your business for a time while you acquire enough profits to reinvest in your own studio.
After the initial technical issues, the fun can begin. Make sure to design your studio in a way that is inviting and compelling to clients. Marketing is a large part of any successful business, and in the yoga studio business, the feelings of your clients as they walk in the door is half the battle. Use design to communicate to your clients the kind of space you want this to be and the kind of energy you want to encourage. This is likely to be relaxing, serene and meditative, but you can also experiment with hip, determined, athletic, intense, or any other feeling you want to create. It can be a huge advantage to separate your studio from the pack of bamboo, waterfalls, and chakra illustrations.
If you are looking for something with a plan included, consider opening a franchise location. Franchises provide brand recognition and answer all the questions about running the business, design and otherwise. Franchises offer many benefits to rookie owners or those who are a bit risk-averse and are okay with forfeiting some creative control. Whatever you do, make sure to thoroughly research the business side of your operation: It will make or break your studio.