Are you a health freak and a great follower of Yoga? Then opening a Yoga business can be a good money-making opportunity for you. You can also work as a yoga trainer from home with almost no money, as it requires very few tools to train students.
Yoga is an ancient Indian form of exercise practiced for the benefit of the body as well as the mind. It has gained immense popularity for its benefits. That is why more and more people prefer Yoga over other forms of exercise, especially senior citizens.
Also, it will be better if you get a certificate in Yoga training. It is without saying that customers tend to get more confidence if trained by certified yoga trainers.
Here are the 12 Steps to Start a Yoga Business
1. Find a Good Location
The success of your Yoga business depends largely on the location. Be it a city or a small town, choose a place where many people live, preferably a residential area. Do elaborate market research on the people of the area, along with their affordability, demand for Yoga, and average age. Getting a place at a premium location may be expensive but it will give you good returns in the long run.
In choosing the location find out how many Yoga Studios are there in the neighborhood. Inviting too much competition at the beginning may not be a good option for you. Shortlist a few locations and then after considering the pros and cons finalize the location. A place with a parking space is also a point of consideration.
Another key point regarding space is that you have to decide how many students you want to accommodate at a time. Approximately, each person needs 30-35 Sqft of area. Therefore, 600 Sqft of studio space plus a small space for the reception and office will be sufficient to accommodate 15-20 students at a time to run a yoga training center.
2. Decide Who are Target Customers
Broadly speaking, anyone who is a health freak and swears about a healthy lifestyle can be your client. Try to gather more information on the demographics of the local population.
Your client profile may consist of people of different age groups, ranging from 25-year-olds to seniors above 50. Do market research and collect as much information as possible to understand the market more.
In this regard, keep in mind that there are many branches of Yoga for both physical and spiritual well-being. You have to decide the USPs of your Yoga business. However, it is better to go for the popular forms of Yoga to start your business. Because that will be easier to get more clients.
3. Make a Yoga Business Plan
This is an important point to be considered in any kind of business. Make a thorough and detailed business plan for your Yoga Business. If you need, you can take the help of experts in this regard.
Your Business Plan should contain the details about The Investment Needed, Expenses, Profit Margin, Staff Requirement, and most importantly, Marketing and Publicity Strategies. Focus on every point so that you may not face any problems while implementing the Business Plan.
Some of the basic topics that your yoga business plan document are as follows:
- Initial and recurring costs
- Target customers
- Pricing plan
- How do you plan to promote yoga training programs?
4. Name Your Yoga Studio Business
Choose a name that suits your Yoga Studio. Don’t go for very long or difficult names. Find a name that is easy to understand, remember as well as pronounce.
Along with it find a domain name for your website in the name of your business and also a trademark in the same name. Design a good logo also.
Learn More: How to Name Your Business?
5. Register Your Business
Do the necessary legal formalities needed for your business. Different countries offer different legal company structures.
If you are from the United States, the most popular ways of registering your small business are Proprietorship, Partnership (if you have a business partner), or LLC. Most experts though prefer forming LLC as it protects personal assets from business ones.
You can form an LLC yourself directly paying the desired state fees or hire a professional LLC company formation provider paying some extra charges.
6. License, Permits, and Taxes
Get the necessary License and Permits required for your Yoga business both at the federal as well as State levels. Register your business for taxes and get the EIN.
7. Open a Business Bank Account
After all the legal formalities, open a Bank Account in the name of your Yoga company. Along with it, you can also apply for a Business Credit Card.
8. Buy Business Insurance
No matter what scale you are operating, insurance is a must for your Yoga Business. In order to protect the Studio against any accident or other unfortunate event, you have to get General Liability Insurance.
For the persons you hire, you have to get Worker’s Compensation Insurance. Always remember, Insurance is for the safety and security of your Yoga Studio.
9. Buy Equipment
The single most essential tool you need for yoga training is the Yoga Mat. It is observed a lot of sweating occurs when yoga is practiced. Hence, there is always a chance of slipping and falling. Hence, a yoga mat is almost mandatory when someone practices Yoga as it helps in providing a stable surface and better grip.
A good-quality yoga mat will cost you around $100. Most yoga teachers prefer Manduka Pro Mat for yoga training. The other basic tools to have in your yoga studio are as follows:
- Yoga Blocks
- Yoga Strap
- Water Bottles
10. Arrange Fund
If you have savings, you can start with your money. Otherwise, you can apply for Bank Loans or Business Grants.
You have several expense heads which include:
- Salaries of Staffs
- Insurance Premiums
- Cleaning and Maintenance of the Studio
- Publicity and Advertisements
11. How Much Profit Can You Get in Yoga Business
Yoga training is at present a hugely profitable venture. You get your revenue from the payment made by the students. The payment ranges between $ 10-14 per class. If a student goes for multiple classes per week, then the charges can be discounted.
Besides, the monthly membership charges can be reduced further. This is because you are sure of the revenue as well as the attendance of the student. The rates vary from region to region. In big cities, the rates are higher.
The hourly rates of Yoga Instructors vary between $ 10-25. For highly experienced and specialized trainers. It can go higher also. For earning more revenue, you can organize special private classes for students with higher rates.
Furthermore, you can generate more income by selling Yoga props like mats, books, and DVDs. These have very good demand. After your Yoga business has earned some repute, you can also start training classes, which will further add to your income.
After deducting all the expenses like rent, salaries, maintenance, promotion, etc., one can earn a profit of approximately 25-30%. Here, of course, the most important point is the regular flow of students.
There are many successful Yoga Studio business owners making more than $ 10,00,000 annually.
12. Have a Marketing Plan for Making More Profit
This is the most important aspect of growing your Yoga Business. Here, you have to follow a well-planned strategy. Some of the aspects that your marketing plan must address are the following:
a) Build Your Brand
First of all, give an all-out effort to build your brand. Spread the name of your Yoga company before it is inaugurated. Use advertisements, promotional campaigns flyers, posters, and banners to create interest among your clients. Make your Yoga Studio’s name and presence felt by all means.
b) Create an Online Presence
After you get the domain name, launch the website of your Yoga Studio. This is an important aspect of publicity, especially among the young generation. Design your website very nicely and with a lot of information about your business.
Don’t forget to enable the options of online admission and payments. Also, keep your website updated regularly.
c) Build a Social Network
Create pages in the name of your company on popular social networking sites like Instagram, Facebook, Twitter, etc. Share the link to your website on the pages. Keep the pages updated with regular news about your Yoga Studio along with good pictures. This will help in making your yoga training programs known to many people.
d) Go for Sponsorship
Sponsorship is a useful weapon for the publicity of your Yoga business. You can go to sponsoring Fashion Shows, Exhibitions, Annual Sports, etc.
e) Offer Discounts
Don’t forget to offer various discounts. The common discounts are monthly membership, annual membership, etc. You can offer a special discount for couples, aged members or a special festival discount. This is a very effective marketing tool to add a number of clients.
f) Make Cold Calls
Regular visits and face-to-face meetings with prospective clients help to build trust and confidence. You can visit personally, or let your executives visit the residential areas, corporate offices, clubs, parties, etc.
g) Organize a Gala Opening for Your Yoga Business
Organize the opening of your Yoga Studio in a very colorful as well as ceremonial fashion. Try to involve some celebrity visits in the opening ceremony, which will attract several people along with good publicity and press coverage. This will spread the name of your company.
Some Important Tips to Make More Profit in Yoga Business
In order to run your Yoga Business successfully, you have to be careful and take necessary actions in certain areas of the business. Some of them are listed below:
a) Hire Good Instructors
Keep in mind that people pay a good amount for Yoga training. Therefore they will expect the best from you and it begins with a good instructor. Hire good and duly certified instructors for your Yoga Studio. Take the interview of the candidate with utmost care and caution. It is better to hire experienced and energetic trainers because they will not only give you good service, but also several references and new clients.
b) Maintain Cleanliness
Cleanliness is a vital element to keep customers captive and bring new customers. Maintain clean odor-free surrounding and use good accessories and props.
c) Listen to Your Customers
Take regular customer surveys and consider their opinions seriously. Try to incorporate changes that they suggest as well as new services they want from you.
d) Don’t Expect High Returns Overnight
Don’t expect to earn high profits right from the first month. No doubt it is a profitable business, but you have to give the business some time to settle. Meanwhile, you have to focus on building your brand and gearing up a client base.
To sum up, your Yoga Studio Business has a good prospect. You have to adopt a professional approach and be hardworking and focused.
Frequently Asked Questions
Is Yoga Business Profitable?
Yoga is much in demand now and more and more people spend a good amount of money on Yoga classes. This is your first and foremost plus point for the business. However, it is no exception from other forms of healthcare business where you need hard work, dedication, and determination to succeed.
As per Statista, the number of people practicing Yoga, as well as the revenue from the Yoga Industry both on a continuous rise. The global yoga industry’s worth is more than $80 billion dollars. In the United States alone there is a growth oF more than 50% in the last four years.
With the growing popularity of Yoga and the demand for it, the Yoga Studio Business is undoubtedly profitable. With the right planning and proper management, you will be able to get good returns from your investment.
What is the Cost of Starting a Yoga Business?
To start your Yoga business, you will need an investment of approximately $ 1500-$18000. This will include your space contract, interior decoration, props, equipment, and office set-up along with a computer, printer, furniture, telephone, etc. Moreover, you need some Yoga Training Software.
Can I Start a Yoga Business Online?
In recent years, the online yoga business has boomed. So, if you are an expert in yoga, consider teaching students online. Broadly there are two ways of building a yoga online business. One is teaching on platforms like YouTube or Instagram. The other recommended way is to create a website of your own and provide training modules there. Since you own the website, you will have better control and freedom.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their businesses.