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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