Starting a yoga studio is certainly a good idea since it is estimated to be a million dollar market.
There are now almost 15 million yoga practitioners in the United States. However, like any business venture, not only determination, numerous economic and personal problems should be considered before starting a yoga studio. Before you lease yoga equipment and plunk down that security deposit, it is very important that you identify all variables.
Tips For Starting A Yoga Studio
1. Create A Plan For Your Yoga Studio
No doubt, it is crucial that you write an effective plan for your yoga business, even if you are not looking for investors. If you have always dreamed of a yoga business, then you can turn it into a reality with advance planning.
It is only sensible to get started if you understand what your costs are going to be. A business plan can serve as a blueprint to help you to choose the right space, determine how much risk you can take, and hire the right number of employees.
Your expenses must be accounted for in your written a business plan. Everything should be considered from corporate structure to potential renovations to unpredicted expenses. Your biggest startup expense will be to lease and then build out a space, so assessing the amount of space needed per student is vital. Approximately, you will require at least 21 square feet for each student. Be realistic when writing a plan for your yoga studio.
2. Name Your Yoga Studio
The name of your yoga studio will be its public face, so name it wisely. It is crucial that you give your yoga studio the right name, and it is important that you learn about trademark law. You would not want to adopt a name and begin using it as a service mark or a trademark only to later be informed that it is already in use.
So, you should get in touch with a trade attorney, if you can afford one, to confirm the availability of your desired name and related service marks or trademarks. You can also investigate on search engines like Google. Consider filing your yoga studio’s name online once you find a usable one.
3. Choose Your Yoga Studio’s Location
Location is indeed everything when it comes to starting a yoga studio, or virtually any business. If you are able to relate to and understand your neighborhood of choice, it will make you more conscious about how you present your yoga studio and this is what will make it work.
You should go with the most centralized location available if you want to start your yoga studio in a suburban area. Generally, urban environments are all somewhat the same, unless you can find a neighborhood with a fitness club and/or health food store. However, promoting your yoga studio in an urban location will be much harder and you will have to rely on word-of-mouth.
Preferably, you should also narrow down your options to locations closer to where you live so that long commute is not required.
4. Lease Yoga Equipment
Regardless of the size of the facility that you will ultimately have to fill, the next crucial step in starting a yoga studio is to look for a good yoga equipment lease solution. An ideal company would be one that has financed many top recognized yoga studios in your city or locality. Their experts should have long standing relationships with a wide range of yoga equipment vendors, so that the leasing process is simplified for you. You will likely have to lease equipment such as yoga blocks, yoga bolsters, yoga mats, yoga belts, yoga towels, etc.
There are many reasons why should lease yoga equipment instead of buying it. Of course, the cash outlay will be reduced, while you will not have to extend your credit to buy equipment. Leasing will also make it more convenient for you to keep pace with emerging yoga-related technology. Short-term leasing is even better since you can evaluate whether or not certain yoga equipment is suitable for your needs.
As the title suggests, it is a good thing that you read all of this before jumping into starting your yoga studio. Hopefully the above information has pointed you into the right direction and given you a framework of what you actually need to do if you have been dreaming of having your own yoga studio. The business of teaching yoga has its joys and perks, especially if you know how to get started.
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