Yoga Enterprise
How to Build Your Own Yoga Business
For over a thousand years, yoga has been hailed as one of the most effective methods in the world for spiritual liberation. Yoga promotes both physical and mental strength, provides great workouts, and helps practitioners adjust to their bodies. With that in mind, it’s no wonder yoga is so popular.
More than one in ten Americans does yoga regularly. By now, around 44 percent of adults have reportedly considered trying yoga classes – and an estimated 80 million Americans say they’ll likely start doing yoga at some point in the next twelve months. Overall, the country’s yoga industry is valued at around $ 16 billion annually and offers many fantastic opportunities for aspiring small business owners.
Starting a successful yoga business can be a little more complicated than mastering the Crow Pose. It takes a lot of research and dedication to find your place in the industry. But as long as you are willing to put in a bit of work, there is no reason why you cannot succeed.
Start your own yoga business
Here are some key tips to help you build your new yoga business:
Be certified
The first is the first: if you want to start your own yoga business, you must be fully certified by an institution affiliated with the Yoga Alliance. The Yoga Alliance is the organization that oversees industry standards across the country – and while it is not technically required for a yoga teacher or school to be certified by the group, it goes a long way in helping your new business get a certain level of success Builds brand trust.
When you complete an apprenticeship with a registered yoga school, you not only receive internationally recognized credentials, but also access to the body’s marketing tools, workshops, and advocacy notifications. You can get either individual or institutional certification from the Yoga Alliance – depending on the type of yoga business you want to run.
Get a plan
After you get certification, it’s time to start thinking about the type of business you want to start. As an independent contractor, you might want to run classes in multiple studios, work with clients individually, or even start your own yoga studio. All of this can be done either part-time or full-time. But once you make up your mind, the type of yoga business you are going to build will be the cornerstone of your business plan.
As with any business plan, you need to make fairly detailed cash projections based on the type of business, demographic, and the resources you need to devote to effectively manage your business. When trying to start your own yoga studio, you inherently have to include some overheads in the equation and most likely need to apply for a loan or funding.
It is usually worth checking out the US Small Business Administration website, which offers a free service to assist with business plans and loan advice.
Get to the right place
It doesn’t matter whether you’re trying to lead a few part-time classes or open the largest yoga studio in the country. Either way, you should think a lot about the location. You should always do market research first to better understand your ideal customer base. Get an idea of the demographics that make up the majority of your visitor numbers, and then find out where a high concentration of these people is on a regular basis. It should be noted that accessibility and convenience are important for ordinary yogis. You should therefore try to find a place that is easily accessible by car, public transport and on foot.
The studio costs are usually dominated by rental prices or property prices in the region. So if you’re on a tight budget, a busy downtown location might be hard to pin down. Likewise, larger, more established gyms may charge independent yoga teachers more to use their space to deliver classes. To minimize overhead and maximize profits, do your research and be ready to compromise on an aspect or two of your wish list.
Be insured
If you want to build a successful yoga business, you need to get insurance. Even if you are simply teaching one class or another or clients as a freelancer, it is wise to get professional indemnity insurance. This will protect you in the event one of your clients develops muscle, joint or back injuries because of your class and blames you.
You’ll also want to get professional indemnity insurance if you’re planning on opening your own yoga studio. In addition, you must also take out general liability insurance, property and content insurance. When you hire employees, you need to ensure that your policies cover trained personnel. Depending on your insurer, each employee may need to meet certain requirements. When in doubt, always do your research before signing up for a policy and you should always seek legal advice to make sure you have all your bases covered.
Meet people
Once you’re insured, certified, and fully funded, it’s time to start thinking about building your clientele. As with any small business, social media and digital marketing are critical to the survival of an aspiring yoga business. It is important to find and connect with potential customers online. That being said, you should definitely not take old fashioned marketing methods for granted.
One of the best places to do business is to catch people in cafes, the gym, or other athletic settings. Hand out flyers, offer startup discounts and never forget word of mouth is your best friend. Get creative, know your audience, and reach out to aspiring yoga practitioners wherever possible.
As long as you are willing to put in a bit of work, there is no reason why you cannot succeed as a yoga teacher or a studio owner. However, don’t forget that no two companies are alike, and you may encounter some unforeseen challenges. As you face these challenges, remember to practice what you preach and try your best to stay balanced spiritually.
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