How to Start a Yoga Business
There comes a time when the seasoned yoga instructor tires of driving from one studio to another to teach classes at businesses owned by someone else. In fact, she might want to start a yoga business herself. But starting a yoga studio is not without challenges, given current economic concerns. Before you decide to open your own yoga business, know what's entailed in ensuring that your studio thrives.
- Difficulty:
- Challenging
Instructions
Things You'll Need
- Business plan Studio space Mats and other yoga props Business cards Website for your studio Liability insurance
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How to Start a Yoga Business
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Define your "niche." If you've been teaching yoga classes at various gyms or yoga studios in your city, you may have already acquired a devoted following of students. But if you haven't yet established your reputation, decide what market to target. Do you want your yoga business to be known as a haven for serious yoga practitioners? Or do you wish to provide instruction for those who view yoga as an alternative form of "exercise?" How you define your niche will set the tone of your business and marketing plans.
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Write your business plan. This is where you put down, in writing, your projected expenses and income. A thorough business plan takes into account more than just the costs of rental space and utility bills. You'll need to purchase yoga mats and other props in an amount sufficient to teach a class of a certain number, as well as plan for unforeseen costs, such as the cost of replacing worn-out mats and props, business cards, and other advertising expenses.
The size of your studio space also determines how many students you can fit into one class (plan on 21 square feet per student). Make sure to factor in your professional liability insurance and liability insurance for your small business (addressed below). But where you decide to open your studio is often a concern, as well, as price-per-square-foot vary not only from city to city, but from one neighborhood to another. -
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Find the right space. This can be a time-consuming process in itself. Unlike retail shops, yoga practitioners look forward to going to a studio with a calm atmosphere conducive to their practice. A space next to a major thoroughfare may be less expensive, but extremely noisy. Rental space in a remote bedroom community may be extremely cheap, but you must consider the likelihood that the type of clientele you want to draw may be few--if any. Take a look at some of the successful yoga businesses in your city and note their locations. If you find that studios flourish in urban areas where there are an abundance of singles and childless married couples, target this general area when looking for your rental space.
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Obtain liability insurance to protect yourself from personal injury lawsuits--not just professional liability for yourself, but small business liability insurance for your studio. Make sure that the amount your policy covers is adequate given a worst-case scenario. Remember: even if you have students sign a consent form or liability waiver, this will not prevent them from suing you for an injury if they attempt to show gross negligence on your part.
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Market your business tastefully but aggressively. Advertise the grand opening of your studio in the alternative press and appropriate local publications, such as fitness and holistic living magazines. Design a website for your studio that showcases its ambiance. Make sure to include a schedule of your daily classes, as well as a biography about yourself that describes your training and philosophy on teaching yoga. Carry business cards to hand out to people who show interest in learning yoga, and consider creating a "free pass" to give to first-time students. Ask store and cafe owners in the neighborhood if you can leave brochures and fliers at the cashier's station.
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Tips & Warnings
Make sure to provide a variety of classes for students of all levels, from beginning to advanced. Consider providing specialty workshops and teacher training weekends at your studio, too.
Yoga is a strenuous activity, and students can easily injure themselves, particularly during the course of more advanced poses (e.g., inversions, forearm balances). Counsel students who have specific health concerns prior to your classes as to how to modify their practice to avoid injury.
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