On a regular basis, yoga is practiced by around 36 million Americans. And, with the number of those who practice yoga having nearly doubled in the last decade in the United States, the popularity of the discipline has risen significantly. However, for those looking to open their own yoga studio, doing so successfully can be a major challenge — especially if you don’t have much experience on the business side of things. From the components of a strong business plan to the value in hiring experienced instructors and what makes a good location, here’s what you should take into consideration.
How to create a comprehensive business plan
When it comes to laying down the foundation for a successful yoga studio, starting any business from the ground up will require the creation of a solid business plan. Often one of the very first steps in starting your own business, a solid business plan will contain not only your mission statement, values, and vision as a business, but will also contain a variety of other factors that will help ensure your yoga studio stays on the right path in achieving your goals. That said, outlining your goals will be a major part of your business plan, and should be as detailed as possible (a factor that is especially important should you plan to have investors look at your plan). From the amount of people you plan to accommodate in your studio to your planned customer retention rate, hours of operation, services offered, financial goals and more, ensuring that everything is clear and concisely planned out will provide an overview of your business right from the beginning.
The value in hiring experienced instructors
In addition to having created a comprehensive business plan to set the tone and goals of your studio, hiring quality instructors is also a necessity in ensuring your business’ success. One way to do this is by creating a clear job description that specifies your requirements for prospective instructors, as well as while taking your studio’s culture into consideration throughout the hiring process. Hiring based on factors like experience is just one way to ensure you’re getting quality instructors, though taking additional factors into consideration — such as additional certifications — can be ideal in setting your studio apart from others.
While traditional yoga certification is likely to be your top requirement in securing instructors for your new studio, those that have additional certification in disciplines like the SOMA breath technique, breathwork, meditation, etc. can bring more to the table. Not only will such certification give instructors more knowledge to pull from during the sessions that they give, but this can also be a way to allow clients to awaken to their fullest potential. Hiring those with additional experience and certifications can also set your studio apart by giving clients a variety of services to choose from rather than just traditional yoga.
Picking the right location
A physical studio location is yet another major staple to any successful yoga studio just starting out, though there are a variety of factors to keep in mind when it comes to size and taking the right precautions. For example, the ideal room width (specifically the space that will be used to hold yoga sessions) is 20 feet, which will allow for the accomodation of one person per 30-35 square feet. In terms of the lease, however, taking precautions such as avoiding giving a personal guarantee will help protect you personally should the business go under. Additionally, opting for a shorter lease of two to five years, when possible, will allow you the freedom to reassess studio location based on business growth in the future.
Successfully starting your own yoga studio is a major accomplishment, though not without an excessive amount of hard work. From laying down a foundation through creating a comprehensive business plan to hiring the right instructors for the job to picking the right location, there are a variety of factors at play in starting a yoga studio that’s sure to thrive.