By the end of 2020, yoga in the US is predicted to hit a revenue of about 11.6 billion.
Results from a recent study in the United States conducted on 2000 people suggested that 64% of the subjects are looking to yoga as a way of improving their habits in the New Year.
With this in mind, starting a business in yoga is not a bad idea. It is a good step in the right direction. As a first-timer in the yoga business world, there are a few things you should know.
You need to be aware of the risks that abound, especially if you are a yoga teacher starting a studio.
Why Should You Own A Yoga Studio?
You are probably a passionate, certified yoga teacher. It is a natural thing for you to think in the direction of starting your studio. Taking the initiative begins with depending on how profitable the whole enterprise would be.
The average American is willing to spend 40 dollars to enjoy a special yoga session, which is about $63,000 in a lifetime.
33% of the American population have tried out yoga at least once in the past 3years. Interestingly, the number of people engaging in yoga has increased by 400% steadily over the last four years.
There is a massive demand for this service. This market presents you the opportunity to nurture your brand as well as develop a community from your passion, although you must also be prepared as the market is competitive.
Mistakes You Must Avoid
According to the Small Business Association (SBA), only about 25% of small businesses make it past 15 years. Although a lot of reasons contribute to this high rate of failure, repeating mistakes from the past takes the most substantial blame.
Interestingly, these mistakes are not just unique to the yoga industry alone. The problems cut across all sectors, and learning to avoid them could help you stay as long as possible in the business.
1. You need a plan
You must understand that asides being a health facility, your yoga studio is a business outfit. You must know that the business aspect of your studio would have the central control of the entire business. Therefore, you must have a direction in which you are headed in terms of business.
To start with, you should have a business plan. It would show your seriousness. You should also have a vision or a financial plan. In addition to giving you a sense of direction, it will help you secure funding.
2. Get to know your clients
Most yoga businesses that fail tend to make the mistake of not getting to know their customers beforehand. If you want to make headway, your best bet would be to meet up with your potential clients and find out what they need upfront.
For instance, if you are starting a St Louis Yoga studio, you would need to find out everything about your potential customers in St Louis.
Considering that there are a lot of preferences when it comes to yoga, you would face a range of decisions. One would be having to choose between having regular classes or steaming things up a little bit. Whatever you do, your choices should be informed from an adequately carried out market research.
3. Consistency and marketing are key
Yoga is one of the businesses that thrive on the customer to customer adverts a lot. As a startup, the majority of your new customers will come from referrals. It would help if you gave each customer your very best so that you can attract more customers.
Also, it would help if you built an impressive online presence using social media and other available tools. More importantly, you should always try your best to be open to give the very best to your customers every time they walk in through the door.
What Do You Need to Start A Studio?
Just like every other business out there, you will need to put at least a couple of things in place before you can start your yoga studio. The following are things that you will need at the start of your yoga studio.
1. The right location
For your business to thrive, you need to find the right place. The right place for you would be one that can be easily accessed via a variety of transport options. An ideal location should also have enough parking space for your customers.
The size of your place is also a crucial part of the decisions making process. For instance, for someone starting a St Louis yoga studio, the amount of cash you have at your disposal will determine what you can get.
2. Hire well-trained instructors
People who come into your studio do so to get the best service possible. This high-quality service should also come with expert trainers and instructors. Your customers will expect to be trained by the most experienced and qualified hands possible.
You need to employ the best. To hire the best, you need to know, ‘how much do yoga teachers make?’ in that environment.
3. A logo and a website
Your logo is a powerful tool for creating the first impression in your intending customers. Keep in mind that the logo is the first thing that your customers see, and it must convey all the right messages for intending customers.
In addition to this, you should have a functioning website that is properly branded. The website should be easy to use and should have a consistent brand message as with your other platforms.
To start your yoga studio, you’ll need a lot of patience. In other to reach the end of this journey, you’ll need perseverance and self-discovery.
Try to understand the complex and competitive market while doing all you can to stay in business. If you can, try and have another source of income, at least for the first five years of your start.