Is it your dream to open a yoga studio of your own? Well, before you step on the accelerator of taking it forward, there are certain things you need to be clear of. The ancient practice of yoga transforms our lives in many beautiful ways, but when it comes to shaping your dream of building your yoga business, you need to follow business principles.
The business of yoga is booming and the number of people embracing yoga as part of their lives is increasing on a daily basis. Here are some interesting facts from a survey conducted by Eventbrite:
- $62,640 is spent by an average yogi on workshops, classes, and accessories in a lifetime
- 66% of people attend a minimum of one class in an experimental setting in a year
- On an average, $28,800 is spent by an average yoga fan within a lifetime yoga classes
So, now that you’re aware of the statistics, let’s look at how to start a yoga business and make it a profitable practice.
Remember, this is a Business
Of course, you’re a passionate and aspiring yogi, but you should always take business from a business point of view. More often than not many yogis tend to go overboard with their offerings after opening a yoga studio. From free classes to workshops to discounts, but remember that will devalue your services and cuts down your authenticity. It sets an expectation and once you increase the price, people feel discouraged to attend your classes. So always try to maintain that line which separates your practice from your business.
In this age, it’s crucial to maintain a strong web presence to grow your yoga business. You can either take the help of a yoga marketing agency or do it on your own. However, building an effective online presence is no piece of cake. It takes time and patience but the efforts are worth it.
Apart from an engaging website, you need to spread the word of your business through social media platforms like Instagram, Pinterest, Facebook, etc. If you’re unsure of how to do it all, you can talk to a yoga marketing agency, discuss your requirements and settle upon a price that suits you both.
With yoga studios across every nook and corner, you need to find the right spot for your yoga studio. Across most of the major cities of the world, the price of renting a yoga studio can be quite high. Therefore, you need thorough research on the demographics. Choose a place that you think would best serve your target audience.
Pro-tip: Identify the local competition so that you don’t end up taking a space where there’s already a large number of yoga studios and fitness centers.
Spread the Word
If you’ve managed to secure a few bookings and have established a studio of your own, it’s time to focus further on the marketing part. Talk to your students and ask them if they would be kind enough to spread the word about yoga studio to their friends and family. Another great idea is to take part in local community gatherings, engage in some activities and let people know you.
Knowing someone personally increases the trust factor, people would always love to associate with you when they know you.
Add Something Extra
Going into a business is easy but maintaining it is the most difficult part. Therefore, you always have to be unique with your offers. The young and trendy crowd is more towards drawn towards programs that promise them something which is different, something they have never tried before. So, you can include options like yoga with pets, yoga with surfing, yoga classes at a nearby park, couples yoga, etc.
Pro Tip: You can also get in touch with the local yoga influencers on Instagram, Facebook and invite them over to your studio to take a free class. This can be a good surprise for your students.
Keeping up with the expenses of the yoga studio can seem difficult at times especially in the beginning. To assist your business and generate some extra income, you can start to sell products at your yoga studio. The retail items can include everything from yoga mats, yoga accessories, yoga clothing to nutrition and beauty products. This way you can support your business and also increase your customer base.
In the near future, you can make your own yoga clothing brand which can be a big boost to your brand’s image.
Always be Clear of Your Intentions
Never divert away from your intentions. Why do you want to teach? What’s your authentic self? Your brand needs to have a signature story and that is what you craft through your authentic self. It would reflect on everything – from your teaching style to the décor you’ve chosen for your studio.
It isn’t necessary that people who have made a name for themselves as yoga teachers knew how to start a yoga business, but they believed in themselves and opened up their most authentic self in front of their students. That’s what makes the difference. Authenticity is what makes you different from the others and brings you close to your students.
Opening a yoga business from scratch requires a lot of time, effort, investment, dedication and planning. The journey is long but with commitment and true intentions, you can make a big difference in the lives of people. So stay focused and just get going!