HOW TO START A YOGA STUDIO (ARTICLE WRITTEN FOR INDIAFILINGS.COM LEARNING CENTER SECTION)

The following article is written by me as a Content Writer for the site IndiaFilings.com in LearningCentre section...

           Yoga is an optimal way to counter the stresses of work, it isn’t hard to imagine that practicing and teaching throughout the day, in your own corner of the world, could create a happier, more peaceful lifestyle. Yoga is an ancient Hindu philosophical practice that combines body movement and fixed postures with meditation, spiritual, and holistic exercises. In recent years, many enlightenment seekers have jumped on the yoga bandwagon, lured in by donation-only sessions, and inexpensive one-off classes. 

            Despite all of its traditions and connections to spirituality, yoga is a very physical activity that can produce fantastic results. Prolonged and consistent practice of yoga has proven to increase muscle mass and flexibility. Similar to anything else that can produce tangible results, a very large and lucrative industry has sprung up to feed the demand for yoga related products and services. The moneymaking potential of opening a studio is encouraging, too. 


BUSINESS ENTITY:

          The first step is to draw up a business plan for ourself as a sole proprietor or as an institution. If someone wants to open up their own studio, they definitely need to, like any other business, look at the working capital.

You can opt to work as a sole proprietor, servicing private clientele on a one-on-one basis. This, in fact, is one of the more lucrative ways for yoga instructors to make a living. You can also work for a private health club or existing yoga center, also as a sole proprietor, with a built-in clientele. 

You can also opt to create a one person company or partnership firm by opening your own brick and mortar establishment. This option comes with far more responsibilities that include rent and utility expenses, managing staff, and assuring that your place of business adheres to zoning requirements depending on the type of yoga that you'll be teaching.
If you start your own studio with a partner, we may consider an LLC partnership.

YOGA STUDIO COSTS AND REVENUES:

            Bill Wyland, who owns and directs one-year old Bernal Yoga in San Francisco with his sister  Savonn Wyland, created this financial checklist of what to expect when opening your studio:

Start-Up Costs

Ø rent and deposit
Ø renovations (cosmetic and code)
Ø furnishings
Ø advertising
Ø mats and props
Ø business permits
Ø retail license (if desired)
Ø phone and utility connection fees
Ø computer equipment

Ongoing Costs

Ø rent
Ø phone, utilities
Ø teacher and staff salaries
Ø insurance
Ø ongoing advertising
Ø taxes
Ø bookkeeping/accounting expenses
Ø banking fees (including interest payments on loans)
Ø credit card fees (if you decide to offer this service)
Ø water (if you provide bottled water for your clients)

Revenue Sources

Ø classes
Ø workshops
Ø renting the space
Ø community events
Ø retail

          Yoga class fees vary greatly by area, and are often made more competitive in urban locales due to free and donation-only classes and an excess of existing studios and private instructors.


GUIDELINES  FOR ESTABLISHING YOGA STUDIO:


            Before you start your own business, brick and mortar or not, it's best to work for an established yoga outlet. This will allow you to gain more experience in the craft, and also to build a loyal following of your own out of the pool of existing students. We need to get loyal clients. If people don't  know who we are, it's going to be pretty hard to do. In addition to working for an established studio, you may also choose to offer a free class or donation-only class every so often in order to heighten customer interest in your instruction techniques.


            You need to determine what type of yoga you're going to teach. Yoga is a generic term that, in the West, may refer to thousands of cross- disciplinary forms with different physical and spiritual objectives. However, some are more popular and therefore more lucrative than others. Kundalini is oriented on breathing techniques and working with the chakras, which are energy points on the body. She notes that Iyengar, Ashtanga, and Vinyasa yoga are also popular choices.


            Hot yoga and Vinyasa yoga are very popular right now because it's very much like going to the gym. The people understand it and what they really want is a workout and to lose weight and look good. Yoga studios specialize in one style so as not to confuse customers. Studios that offer one type of yoga may have a better success ratio because students know that whatever class they go to, that's what they're going to get.


TIPS FOR STARTING YOGA STUDIO:


1.     Figure out what revenue you need to break even and add some percentage on top of that.

2.      Once you have this number, (which you should put on a spreadsheet), figure out what kinds of activities you need to do in order to hit that number. 


3.      This becomes your “business dashboard.”

4.      Create a spreadsheet to track revenue


5.      Create a spreadsheet to track expenses

6.      Open a business bank account with a checking and savings account.


7.      Use your business savings account to save money for taxes. 

8.      Write a weekly business report.


9.      Track leads.

10.     Get your LinkedIn Profile up to date


11.     Create a one-page profile that includes all your experience, not just your teaching experience.

12.     Make sure your teaching insurance is up to date.


13.     Investigate what kind of business structure you want to have. 

14.    Make a checklist of regular weekly activities and create a new one each week.

“SO YOU WANT TO OPEN A YOGA STUDIO” by young entrepreneurs Andrew Tanner and Janis Bowersox:

            This book will help existing yoga studio owners and managers go from striving to thriving. Owning a successful yoga business can be a rewarding path-these authors show you how to pursue this dream and at the same time maintaining your own health and well-being. Andrew Tanner, BA NYU, E-RYT 500, has been running yoga businesses since 2003. Currently, he serves as the director of the Kripalu Schools of Yoga and Ayerveda, one of the largest yoga teacher training programs in the country, and the Kripalu Professional Association, a yoga teacher membership organization with over 2,300 members. Andrew has helped launch more than 8 successful studios. Janis Bowersox, MBA Yale, RYT 200, and CPPC, combines her business background and management experience with her love of yoga. In 2004, she opened a Kripalu-affiliated yoga studio. She grew the business for 6 years and then sold it for a profit. She offers life coaching services to yoga studio owners and their students, and mentors yoga studio owners and their managers.

            If you are thinking about opening a yoga studio, this book is for you! The authors, who have opened and sold several studios, offer advice and insights on how to operate a successful yoga business. Practical advice and real life stories make this book both invaluable and fun to read. It covers everything from: 

* do you have what it takes to start a yoga studio
* defining your dream studio's vision, mission and identity,
* finding the right space,
* marketing including web presence,
* hiring teachers,
* what does your curriculum look like (courses and other offerings)
* how to grow your bank account.
* How to protect your business
* Building your yoga community


For more information or help starting a YOGA STUDIO, talk to an IndiaFilings Business Advisor.

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