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Making a Risk Management Plan for Your Business
It’s impossible to eliminate all business risk. Therefore, it’s essential for having a plan for its management. You’ll be developing one covering compliance, environmental, financial, operational and reputation risk management. These guidelines are for making a risk management plan for your business.
Developing Your Executive Summary
When you start the risk management plan with an executive summary, you’re breaking apart what it will be compromised of into easy to understand chunks. Even though this summary is the project’s high-level overview, the goal is describing the risk management plan’s approach and scope. In doing so, you’re informing all stakeholders regarding what to expect when they’re reviewing these plans so that they can set their expectations appropriately.
Who Are the Stakeholders and What Potential Problems Need Identifying?
During this phase of making the risk management plan, you’re going to need to have a team meeting. Every member of the team must be vocal regarding what they believe could be potential problems or risks. Stakeholders should also be involved in this meeting as well to help you collect ideas regarding what could become a potential risk. All who are participating should look at past projects, what went wrong, what is going wrong in current projects and what everyone hopes to achieve from what they learned from these experiences. During this session, you’ll be creating a sample risk management plan that begins to outline risk management standards and risk management strategies.
Evaluate the Potential Risks Identified
A myriad of internal and external sources can pose as risks including commercial, management and technical, for example. When you’re identifying what these potential risks are and have your list complete, the next step is organizing it according to importance and likelihood. Categorize each risk according to how it could impact your project. For example, does the risk threaten to throw off timelines or budgets? Using a risk breakdown structure is an effective way to help ensure all potential risks are effectively categorized and considered. Use of this risk management plan template keeps everything organized and paints a clear picture of everything you’re identifying.
Assign Ownership and Create Responses
It’s essential to ensure a team member is overseeing each potential risk. That way, they can jump into action should an issue occur. Those who are assigned a risk, as well as the project manager, should work as a team to develop responses before problems arise. That way, if there are issues, the person overseeing the risk can refer to the response that was predetermined.
Have a System for Monitoring
Having effective risk management companies plans includes having a system for monitoring. It’s not wise to develop a security risk management or compliance risk management plan, for example, without having a system for monitoring. What this means is there’s a system for monitoring in place to ensure risk doesn’t occur until the project is finished. In doing so, you’re ensuring no new risks will potentially surface. If one does, like during the IT risk management process, for example, your team will know how to react.
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Business plan template for yoga studio owners.
Before opening your yoga studio, you need to have a business plan. You wouldn’t be thinking about starting a yoga studio if you didn’t love to teach and practice yoga, but it takes much more than that. You need to have a business plan for your studio, and we’ve got the perfect template for that.
There are a lot of things you'll want to have when starting your own yoga business (e.g., a strong financial plan, an adequate marketing mix, the right location, the best yoga teachers, the most effective yoga software , etc.). A business plan lets you put your thoughts and plans all in one spot. Plus, it serves as a guide when you are up and running and when you plan to grow your studio in the future.
After you’ve read the guide on How to Create a Business Plan for Your Future Yoga Studio , download this template to create your own yoga studio business plan, including:
Executive Summary, including the vision of your yoga studio, your target market, and how you plan to create a values-based yoga business, both for yoga teachers and students alike
Organization and Management, including what management software you'll use and how you plan to staff your yoga studio (both instructors and front-desk employees)
Pricing and Retention Strategies, including the drop-in price for your yoga classes, cancellation fees, and any membership options at your studio
Marketing and Sales, including how you plan to market your yoga teachers and various offerings (yoga classes, teacher training, retail products, etc.) across your website, print ads, social media, and more
Equipment and Retail, including the various equipment you'll need to help clients practice most effectively in your yoga studio as well as any retail products you plan to sell
Financial Projections, including the costs you'll need to start your studio (licensing, legal fees, equipment, rent deposit, etc.) as well as ongoing costs (rent, retail inventory, marketing efforts, etc.)
Key Performance Indicators (KPIs) and Future Vision, including the metrics you'll track to measure your progress and what it will take for your yoga business to first, breakeven, and then find long-term success
This comprehensive Microsoft Word Document walks you through all of the essential parts of a business plan and includes budgeting tables that link to Excel spreadsheets. It's the perfect way to keep track of everything for your yoga studio in one place!
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How to Create a Business Plan for Your Future Yoga Studio
Running a successful business starts with writing a business plan. Learn how to write a plan for your yoga studio with this guide and template.
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How to make a yoga studio business plan.
Whether you’re a new business owner or are looking to update your current yoga studio business plan, you’re in the right place! Having a proper foundation and set of goals is vital to the success of your organization. Think of your yoga studio business plan as a compass, keeping your facility on course and always pointing you in the best possible direction.
Without a proper framework for your business, you may as well be lost. It’s important to have a plan to lay out your targets and establish what your business wants to accomplish year after year. This also helps you understand the ins and outs of your yoga studio and where your weaknesses and strengths lie. Your yoga studio business plan can help you work on the ways to evolve and establish the best possible methods to bring your facility to its highest potential .
Take your time when drafting your business plan, as it needs careful thought and consideration. If you have partners or a team, make sure to include everyone’s input as each may add their own sense of expertise. This is essentially a reflection of your yoga studio, so make sure that you are covering all aspects of your business and considering all elements.
What to Include in Your Yoga Studio Business Plan
Not sure how to get started creating your yoga studio business plan? Here are the steps we suggest.
1. Solidify your base
The first thing your plan must do is solidify the foundation of your business. With an accurate definition of your yoga studio’s core, you will be able to clearly describe it and explain to others what makes your facility unique.
The base of any business is its mission statement and vision . It’s important to understand the purpose of your yoga studio and what you want to offer people in your community. How is your facility going to improve the lives of others and what problems will you solve? Once you’ve clearly articulated these elements, you can start to decide how you’ll achieve your business’s vision.
Next, provide a proper description of your company. How did your company get started and how long has it been in business? Is your yoga studio specific to one certain type of teaching or do you include all different types of yoga? What types of services do you offer? How are these services unique at your studio? By answering all these questions, you can highlight the crucial elements of your facility.
Lastly, a strong base wouldn’t be complete without a description of how your studio is different than all the others. What makes yours stand out? How will you offer your members something new? This takes careful thought, as you want to make sure that your yoga studio is one of a kind.
With a proper yoga studio business plan, you can establish exactly what makes your facility in a class of its own.
2. Set goals and establish targets
Now that you’ve laid the foundation of your yoga studio, you can start to build on it by setting goals and establishing your targets. Whether you are writing a one or five-year plan, you must outline the direction you would like to take your facility.
This portion of your business plan is essential as you are outlining your path to success. It’s important to make sure the goals you’re setting are realistic. Try to be practical when setting your objectives, bearing in mind that your yoga studio may be new and just starting out.
Make sure that your goals are also specific. If your targets are too general, such as achieving a high client retention rate, then you’ll have no way of measuring them. Be more precise by saying that you would like to achieve a client retention rate of at least 60% within the first six months of your business. By being detailed, you can easily measure your success year after year.
Once you achieve your targets, it’s vital to set new ones. There is no true end point when managing your own business. Your yoga studio should always be growing and evolving to new heights with every target you hit. If you stop setting goals and get too comfortable with your present state, your facility will stagnate, so always think about the next big challenge and how you’re going to accomplish it.
3. Describe your management team
A description of your management team is another important piece of your yoga studio business plan, especially if investors are going to be taking a look at it. Highlight the members involved in your business and provide a brief summary of each.
When writing this portion, include job title, previous experience, as well as previous successes. Show that you have the right people helping you run your business and that their expertise is adding to your establishment.
This is also essential for all staff to know exactly what their job title and responsibilities are. With everything written down and in the open, there’ll be less confusion and more clarity when it comes to running an efficient business.
If your business is just starting out and you haven’t hired all key members of your team yet, include this in your plan. Think about providing a time frame for when you’d like to have all staff on board and make it a priority to hire the best team for your yoga studio .
4. Design your marketing plan
Now it’s time to come up with a strategy to market your yoga studio . This requires market analysis so you can get to know your competitors and the best possible ways to promote your facility.
First, you must become familiar with your target audience. Who are the types of people you want to market your yoga studio to? Think of age demographic, location, occupation, and challenges your customers may face. Next, begin to design an approach to effectively reach them and make your yoga studio’s presence known.
This can be done in several ways from email marketing to the use of social media. Email marketing is an effective method to promote your business, so compile a list of emails of the clients you currently have. Send monthly emails to keep them in the loop of what’s new at your studio and of any promotions you may be offering. Social media is another strong advertising tool, as it puts you in direct contact with your clients and prospective members. Everyone is active in the digital world these days, so join them and benefit from this free advertising space! Come up with creative posts to capture your target audience’s attention and engage them by regularly uploading new content.
When designing a marketing plan, it’s also important to know your competitors in the industry. Who are they and how is your studio different than theirs? This is also a great way of getting to know your studio’s strengths and weaknesses in comparison to others. By studying these factors, you’ll be able to develop strategic methods to set your studio apart and rise above the competition!
5. Devise a cash flow statement and revenue projections
Your yoga studio business plan must contain a cash flow statement and revenue projections to calculate the amount of money you need to keep your business afloat and your forecast earnings in the future. This will help you keep track of your facility and measure your success.
Cash flow statements are important to keep track of the money flowing in and out of your business. How much are you spending in order to maintain your facility? Being wary of such costs will help you sustain the livelihood of your yoga studio by ensuring that you are able to cover all expenses such as rent, staff salaries, and facilities. Capital expenditure is also important to note in this section, which is essentially the money you have put into the launch of your yoga studio. Logging these records will help you manage your financial costs and keep track of profit loss over time.
Revenue projections are an essential part of your yoga studio business plan as well. This is the amount of money which you predict your business will make month after month, year after year. This can help you devise targets and adjust certain aspects of your business to gain more revenue and return on your investment.
6. Invest in business management software
When measuring costs and efficiency of your yoga studio, consider including a section in your yoga studio business plan concerning investments you are willing to make to lead your business to success. For instance, why not put your money into an efficient business management software which will help streamline your facility ?
With WellnessLiving’s all-in-one yoga studio software , you can focus on the bigger issues while we handle the day to day tasks and logistics. For instance, with our exclusive software we can offer you a unique staff and client app to help take care of your organization. Our Elevate Staff App will help you manage your business on the go! From booking and cancelling appointments, to receiving payments and analyzing data, our app can simplify your daily tasks. Our Achieve Client App gives your clients the opportunity to manage their own schedules and rewards points. They can manage their accounts and interact with your studio in a fun, unique way.
Not only can we help you with such tasks, but we can also make your studio’s popularity soar with the help of our automated marketing options! Choose from seven campaign types to increase your client retention rates and achieve your marketing goals.
What’s Important to Remember is…
Having a yoga studio business plan is vital to the success of your company, from helping you define exactly what the purpose of your facility is, to allowing you to keep track of costs. Only by looking at your plan, can you measure how well your business is doing and set new goals for the future.
This is not to say that everything will always be outlined. Running a business comes with a lot of ups and downs and things will not always go according to plan. Remember to stay positive when things get hard and stay humble when things look up. If you are flexible and go with the flow, your business will stand the test of time.
We’ve only just touched on the ways that WellnessLiving’s yoga studio software can help your business. Curious to learn more? Book a free, no-commitment demo with us today!
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How To Craft The Perfect Yoga Studio Business Plan (FREE Template Inside)
Are you looking to start your own yoga business? Or, are you someone who already owns one and are looking to take it to the next level? The first step in achieving either of these goals is planning!
And the best way to do that is by making a solid yoga studio business plan!
A business plan is essentially a roadmap for your studio which entails everything from marketing to business management, by defining its various aspects in detail. It also includes a business summary, talking about the aims and objectives of the business for the future. Simply speaking, it is a blueprint for your business.
Now you might be wondering why you need a business plan. Here’s why:
- A business plan can help you get funding from investors and help your business expand.
- It will help you to figure out what you want your business to offer, where you aim to take your growth , what kind of people you want to cater to, and who you’re competing against .
- It can help you make more informed decisions and boost productivity by having a clear roadmap with milestones of what you want to achieve out of your business.
- It is easy to write and even easier to update!
So what goes into this plan we keep talking about? Listed below are the highlights. Read on to find out!
- Analyze the market
- Figure out products and pricing
- Identify your vision and mission statement
- Make an executive summary
- Plan your operations
- Think about finances
- Make strategies for marketing
1. Analyze the market
The yoga market size is rapidly growing and is projected to reach $66,226.4 million by 2027 . While that is great news, you need to be prepared to take advantage of this growth and set your business up in the most profitable way possible.
In order to do that, you need to do some research before getting to the finer details of the business.
A. Industry-wide Research
You need to take a deeper dive into the industry by looking at what are the best practices that are followed by yoga studios currently and how you can implement them.
After that, you can look into the current trends within the industry in order to gain an extra edge in the market. For example, some studios offer online yoga classes in order to prioritize convenience and comfort.
A good starting point for keeping yourself updated on trends is by using online platforms like Facebook, Instagram, Twitter, Reddit, and YouTube. Join highly-followed communities and follow popular bloggers to stay up to date on the latest information.
B. Competitor Research
Where there is a great demand, there is also a large supply. At the end of the day, you want to stand out and not get lost in the shuffle!
Figuring out your competitors’ strategy gives you a necessary nudge in the right direction to take your yoga center business plan forward. It gives you a better idea of what is working in the locality as well as what are the problems that exist in the locality that you can solve and stand out within the business.
I. What to look for in your competitors?
- Find out what the other yoga studios in the area are doing successfully or poorly.
- Get a rough idea of the type of yoga classes they offer, their pricing as well as how the services are offered.
- Identify how many yoga studios provide services that focus on a specific niche and do not serve a wide group of customers.
- Find out the industry-specific challenges they are facing that you may also face while running your own studio.
- Look into how they are branding and marketing themselves.
- Try to identify what are the issues customers face when going to these businesses.
II. How to look for the information?
- Visit your competitor studio’s websites.
- Follow them on social media platforms (Facebook, Instagram, LinkedIn) to get an idea of their influence and reach.
- Look into reviews on Google, Yelp, etc. to look at things from a customer’s perspective.
- Visit the other studios in the market as customers, to get an idea of their quality of services.
C. Customer Research
A yoga studio can offer services for all genders and age groups.
Your target audience can include working professionals, college students, homemakers, senior citizens, and even children. While that is great, each group will require different types of services that are tailored towards them.
So it is important to look into the type of customers that exist in your area and what could be the services that can cater to them best. In order to do this effectively, you can segment your potential customers .
Divide the clients interested in yoga using categories such as age, gender, ethnicity, and income . Then look for patterns like which age group has a preference for what type of services and how much are they currently willing to pay for it.
A good way to look for this is by using social media to see which type of community follows and interacts with yoga bloggers and influencers. For example, power yoga is preferred by the working population as a way to work out.
2. Figure out products and pricing
Now that you have the data using your market research, it is time to plan how to best fit into the industry. At the end of the day, you want to set up classes in a way that you get maximum clientele and efficient use of your investment. In order to do that:
- Setup services for maximum activity. Use your customer research to spread out niche services across timings to ensure maximum efficiency. For example, old people prefer early mornings for gentle yoga, executive clients prefer slow yoga during lunch hours, etc.
- Try to establish a base crew that shows up for all services. You can do this by offering packages that cover all services and give incentives to people for showing up to all classes. It is important to do this as no one wants to be the only person in class and having more people increases your chances of retention.
While looking at a pricing strategy, do not forget to refer to your analysis to factor in what people are willing to pay. And also factor in that you’d need to be able to cover operating costs while making a profit.
- Per class/ per session rate The per class/ session rate is a flexible option for the students and allows them to decide which services they want to opt for. This allows for a more flexible but unreliable revenue stream as there is a larger chance of people dropping out.
- Membership subscription rate The membership subscription rate offers access to multiple services and access to the studio for a fixed number of sessions/ days at a fixed price. This allows for higher retention amongst clients, however, lesser signups.
- Hybrid subscription Some yoga studios offer a hybrid pricing model that combines both per service as well as membership. They do this by offering both but giving incentives for a membership like a discount. This has become a trend because some customers prefer flexibility and others prefer lower rates offered by membership. Combining both allows you to target both types of clients.
If you want a more detailed blog that talks about the nitty-gritty of planning your prices, check out our yoga pricing guide .
3. Identify your vision and mission statement
Before you hit the ground running, you need to first identify what you want to do with the business and where you see yourself taking the business.
A. Mission Statement
It articulates the immediate purpose of your yoga center . Under this, you can state all the short-term goals that you plan on achieving with your studio within 6 months, stretching up to a year.
Within this include your inspiration for opening the studio as well as what value you plan to provide to your potential clients. It is important to keep these goals realistic and achievable .
B. Vision Statement
This is where you can be ambitious and talk about where you see yourself in the next 5 to 10 years . Think of it as a roadmap with all the milestones you want to achieve.
- Set up the strategies that you wish to set out for yourself in the long term and keep in mind the trends and how the industry will impact your vision.
- Map out how your clients will benefit from your vision.
- Link how it will affect the end goals of your business. For example, you see yourself creating a franchise and expanding to other locations, or acting as a special attraction in one location.
4. Make an executive summary
After you write the mission and vision statements, you can summarize everything you aim to achieve with your studio under an ‘Executive Summary’.
A good executive summary will explain the business aims and objectives, as well as other important information, such as where you plan on basing your business. It is important to keep everything concise as it can be explained in later sections of your yoga studio business plan in detail.
Key questions you need to answer in your executive summary include:
- How are you trying to achieve recognition in your target market?
- What is your vision statement?
- What is your market statement?
- Which demographic is your studio targetting?
- How are your services aligned with your target market?
- What products and services is your studio offering?
- What is the unique selling point of your business? For eg: The unique ambiance of your studio.
- How are you different from your competitors? For eg: Is it the lower cost of services of your studio, or the vast range of services that make you stand out?
- What is the studio costing you? List down the projected expenses and costs that come from daily operations, for, let’s say, the first 6 months. After that, factor in the continuous stream of revenue that’ll go into maintenance and overhead once the studio is well-established as well.
- What is the cash flow and how much profits are you bringing in for the initial 6 months? This is completely variable and the reaction of your target market to your studio decides this. So, aligning your services with them is of utmost importance.
- If your yoga center needs financing, then why do you need it? For eg: you can convey that you’re trying to meet the anticipated demand of the industry in your studio in the market.
5. Plan your operations
The operations plan describes the day-to-day operations of your business. A proper operations plan ensures that everything you do on a daily basis is aligned with your long-term goals .
A well-written operations plan will streamline your workflow and ensure that things run smoothly and efficiently. Things that you need in an operational plan include:
A. Hiring employees
You will need to hire the right employees in order to run your business well. Some things to keep in mind while factoring in who to hire are:
- The number of services you wish to provide
- How much you can afford to spend on staff wages
While interviewing, you can:
- Look for qualities and values that align with your business
- Make sure they have a strong work ethic
- Check if they are dependable and responsible prospects
- Ensure that they have good communication skills
- Confirm that they are good team players
B. Setting up a training plan
- Develop a training plan, as having a plan in place well ahead of time will help you train your employees properly, even in the busiest of times. It should include training sessions on different yoga sessions and good customer service.
C . Use technology
- Set up your Google My Business listing Getting listed on Google ensures that when a customer searches for “yoga studio near me”, your business pops up! The reviews and ratings that your business will accumulate in the future will add to the trust factor in the community as well.
- Integrate a Point Of Sale (POS) system A POS system is critical to your business in managing day-to-day finances. Along with POS, setting up a few different payment methods such as – Square, Stripe, and PayPal makes payment easy for your customers and gives them the freedom to choose their payment option.
- Adopt a scheduling software A yoga appointment scheduling software will be an enormous help to boost your productivity. It helps you automate scheduling, reminders, payments, trainer management, marketing, and much more!
6. Think about finances
This is the heart of your yoga studio business model. Every other section of the business plan relies on this solid financial outline of projected costs and revenue.
In terms of costs, make a 5-year timeline of the financial obligations for your yoga business plan. This should include the following elements:
A. Costs associated with starting a yoga studio
The start-up costs associated with a yoga business include:
- Licensing fees
- Equipment expenses
- Sales inventory
- Hardware & Software
B. Fixed costs associated with the business plan
- Rent deposits
- Employee salaries
- A security system
- Access control
- Future advertising
- Inventory restocking
- Miscellaneous expenses
Additionally, in order to break even and not shut down your studio within the first 3 years, it is important to ensure that your net profits are greater than losses. In order to do that use:
I. Prospective profit/ loss sheet : This is the overall sheet that tabulates your revenues, costs, and expenses incurred during a specific period of time. It shows the ability of your business to generate profits by increasing revenue and reducing costs.
II. Prospective balance sheet : This indicates the financial future of your business. Using your profit and loss spreadsheet, you can project what your balance sheet will look like at the end of your first year.
III. Break-even analysis : This indicates when your business will be able to cover all of its expenses and begin making a profit.
7. Make strategies for marketing
Now you have to think about how to market in a way that makes people take an avid interest in your studio. You want to reach a point where your customers end up marketing for you!
Here are some ways you can market your yoga business:
- Your studio should show up on Google. Make sure you are listed on online directories like Google My Business, Yelp, etc.
- Create a website with all clearly available information. Make sure that there is a way to take appointments on your website .
- Leverage influencer marketing to your advantage. Clients already have established trust with influencers so getting them to promote your business can significantly increase your reach.
- Offer discounts and promotions to get people to try your studio.
- Spread out to all social media platforms to promote your business so that your customers can get to know your business. Connect with your business community by following other small businesses in the area. Actively engage with your target market and share targeted content based on trends. Add a book now button to your social media handles like Facebook and Instagram to get more bookings.
Want to pull off a great marketing campaign for your yoga business but don’t know where to start? For more details, check out our blog on 9 Effective Yoga Marketing Ideas to Grow your Business .
You don’t need to follow these exact steps when creating your yoga studio business plan. Pick and choose those topics that you find most relevant to your business.
To help you avoid spending a lot of time on creating the design of your plan, we’ve gone the extra mile for you! Here is a free yoga studio business plan template to get you started. All you need to do is enter your email below and you’ll get your very own printable copy!
Download the free yoga studio business plan template!
Save it or print it out and use it to create a robust business plan!
Congratulations! Your download is complete.
Remember, a business plan for a yoga studio may not be necessary to start a business, but a well-written one can save you a lot of time and money in the long run. We wish you the best of luck in your new endeavor!
About Appointy We at Appointy, help business owners grow and run their businesses with our online scheduling software. This blog was a part of our ‘Manage your Business’ category, where we provide expert tips, and resources, or simply talk about the challenges that small and medium businesses face every day. If you have any thoughts on this blog or would like to chat about your business struggles and achievements, let us know in the comments below. We love a good talk!
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The Ultimate Guide to Creating Yoga Business Plans (With Template)
If you’re reading this, you’ve probably been teaching for a bit and started to think…this is tougher than I thought! I mean, how am I supposed to actually support myself doing this?? I feel like something’s missing…
Well, that something is most likely…
[CUE THE CRINGE]
Did you just make a face as though you just sucked on a lemon?
Or maybe your belly did a backflip?
You’re not alone!
Business totally wasn’t my thing in the beginning either!
Between wanting to bury my head in the sand and not think about it, to not seeing the value in it…let’s just say it’s been a loooong journey to get to where I am today!
And that’s why I’d LOVE for you to benefit from my struggles and make your journey to becoming a successful yoga business owner shorter than mine was!
I’m excited to tackle this important topic head-on because it daunts most if not ALL yoga teachers at some point in their journey.
We’ll explore what to think about before starting a yoga business, what a yoga business plan is, why you need one, how to make one, types of yoga businesses, and some common FAQs.
The more you are cringing, the more I encourage you to dive right in! So EXHALE and let’s go!
What To Think About Before Starting A Yoga Business ?
First, let’s get on the same page in terms of what we mean by “yoga business”. Some examples of yoga businesses are:
- Yoga studio owner
- Co-op yoga space owner/partner
- Online yoga teacher
- Private yoga teacher
- Yoga retreat leader
- Workshop leader
- Yoga and wellness coach
- Contract yoga teacher ( corporate yoga , yoga at schools, events, health clubs, pop-ups, festivals, etc.)
- Specialty yoga teacher (kids, disabled populations, elderly, veterans, disenfranchised populations)
- Yoga teacher training leader
- Continuing yoga education provider
- Yoga podcasting
- Yoga writing
- New teacher mentoring
- Yoga school owner
- Selling yoga products
And really, whatever ideas you can dream up!
If more than one of these sparks your interest, that’s great! I often recommend building a yoga business with multiple revenue streams.
Now, onto what you’ll want to consider before building your yoga business. Some questions to ask yourself are:
- What is your risk tolerance? Do you have a day job that can support you as you transition into being a new business owner? If so, read why I suggest holding onto that gem! Are you the sole breadwinner with a newborn baby and a partner out of work? Or maybe you’re single with few financial responsibilities and a large amount in savings so you can handle more risk?
- Are you ready to say goodbye to some free time? If you already have no wiggle room in your schedule for things like self-care, you might want to question the timing or scale of your vision.
- Are you ready to change your relationship with yoga? Turning a passion or side-hustle into your bread-and-butter will change your relationship with it. Are you ready to leave the dewy-eyed honeymoon phase with yoga and enter into a committed marriage with it through sickness (hopefully less of this haha) and health?
- Are you down to level up your yoga practice? Having a yoga business means your personal practice needs to be on point! Having a dedicated personal practice while staying up-to-date on the latest developments and trends in the yoga world will support you in your entrepreneurial journey as well as keep you on your A-game so you can better serve your clients.
- Are you ready to face your fears and work on your money mindset? Being a successful business owner takes a bit more than the law of attraction and magical thinking. It requires getting down into the muck of your limiting beliefs in addition to learning the nitty-gritty of running a company.
What Is A Yoga Business Plan?
Before we dive into what a yoga business plan is specifically, let’s start with “Business 101” and talk about what a business plan is at all!
A business plan is defined as a document that describes a company’s core objectives, business activities, and how it plans to achieve its goals.
The exact layout will depend on its intended use and audience (whether it’s just for you or to seek funding from potential investors for example), but basically, it’s a road map!
In order to get to where we want to go, we have to know where we’re going and have at least a rough idea of how to get there, right?
That’s why behind most successful companies is a business plan—it’s KEY in turning dreams into reality.
While a yoga business plan is generally the same as any other business plan, there is one noteworthy difference…the typical yogi mindset! Often the main thing in the way of a successful yoga business is the yogi behind it!
Yoga teachers are known to have this idea that yoga and business aren’t compatible and that yoga business is bad and un-yogic because it’s “selling a spiritual practice” blah, blah, and aaaall the baggage this mindset brings with it. So keep in mind two things:
- Be aware of what comes up for you as you write your business plan. What inner fears, objections, and past traumas get stirred up? These reactions could present future obstacles to your success so note them and use your own yogic tools to work through them or enlist help (see #2).
- Your business plan might need to include spending some resources on this mindset work in the form of hiring a business mentor or coach . I personally coach each student in my Yoga Business + Entrepreneurship Teacher Training on their business plan. Talking it through with your peers and a professional is invaluable!
Why Do You Need A Yoga Business Plan?
At least part of you is currently thinking, that sounds nice and all, Brett, but I know that I PERSONALLY don’t need this for what I want to do.
Not so fast my friend! Because I recommend that EVERY yoga teacher who wants to earn a living in the yoga industry begin with some basic business planning. Here’s why:
It shifts your mindset
As a yogi, you know it’s pretty literally all in your head because your mindset links your internal beliefs to your external actions. So if you want to believe and act as if you run a company, then a business plan will spark the perspective shift that will have a ripple effect on everything else!
It helps you know if you ACTUALLY want what you think you want
Writing a business plan asks you to get really real with what you want. Crunch the numbers, do the market research, go through paperwork, etc. You might get part of the way through this due diligence and realize…this isn’t what I want!
Maybe the time commitment, up-front investment, potential revenue, etc. aren’t actually what you thought. Well…great! What better time to discover that than BEFORE pouring tons of time, energy, and money into it. This teaches you more about what you really want so you can pivot to a more aligned direction that you can feel better about committing to.
It helps you focus and make decisions
Having a clear roadmap makes decisions about time and money management, choosing aligned partnerships, marketing, and more, way easier. #worthit
It helps you attract money and partners
Having a business plan ready to go will help you greatly in your quest for funding or partners if that’s something your yoga company needs.
It gives you confidence
Having a clear vision in your mind (and on paper) and an idea of how to get there will help give you the clarity and courage you need to get you over those bumps along the entrepreneur road.
It increases your likelihood of success
While doing your market research , SWOT analysis, and marketing plan might make you groan upfront, your future badass business self will absolutely thank you for it! These will help you avoid potential pitfalls and up your chances of creating a thriving business.
Expect your yoga business planning to:
- Scare you . You’re going to avoid it, but once you get started, it’ll be easier than you thought.
- Anchor you into reality . Ideas are great. Realities are better. A business plan will help you take the real-world steps towards building your own dream business while providing you a practical reference to guide you along the way.
- Motivate, inspire, and embolden you . Often, all it takes to ignite us into action is getting clear on the vision and the path.
How To Create A Yoga Business Plan: Step-By-Step (With My Template Worksheet)
I’m stoked to show you that creating your own yoga business plan is much simpler and less scary than it seems! Let’s walk through it.
1. Executive Summary
Think of your company summary as the Cliffs Notes of your business. Make it shiny and polished so that others could take a quick peek and know what your business is all about. It’s helpful to start here because it gets your wheels turning on the rest of the plan elements. Once you complete the rest of the sections, you can revise the summary as needed.
Some things to include are:
- Your business name
- Your mission (A few sentences on why your business exists, who it serves, and how it does that)
- Your vision (The ultimate dream of where you see your business going)
- Your “Unique Selling Proposition” or USP (What makes your business different from your competition?)
- Goals and plans (A brief sketch)
- Your team and organization (Could be business partners or a support team like social media marketers, coaches, accountants, even babysitters, and your home team!
2. Market & Customer Analysis
It’s great to tackle this section early on as it helps inform the other business plan categories. The market analysis piece includes an industry description (trends, growth rate, etc.), analysis of competitors, how you will stand out, and research on what your target market wants and needs.
If this part is boggling you, a fun way to get to know your customers is to just have conversations with your people! What do they need and want in their lives? The customer analysis further includes the demographic of your target market, size of the audience, and their purchase potential.
3. Products & Services
For many yoga instructors, this is the fun part because it’s all about what we share and how we serve people! Write a full description of what exactly you offer and the prices.
4. Funding & Financial Summary
For yoga people, this is usually one of the cringiest elements of the plan, and so I tell you this out of love: no one gets too far in business without at least a basic financial plan.
The full version of this section includes startup costs, ongoing and long-term investments, and financial projections.
But here’s the good news: You can make a quick and dirty business plan just by getting real about your cash flow! How? In my 300-hour yoga teacher training , I’ve got you covered. In the course, I walk you through cash flow and profit as well as how to avoid the mistake that causes many businesses to fail in the first year (hint: it has to do with working capital).
5. SWOT Analysis
SWOT stands for strengths, weaknesses, opportunities, and threats. Doing a SWOT analysis before building your business helps you foresee and avoid potential problems and brainstorm strategies for success. See the business plan template for the full deets!
6. Sales & Marketing Plan
While you don’t have to become a social media influencer to have a successful business, you do need a marketing and sales strategy to promote your business and attract potential customers!
To most yogis, sales and marketing are the same, but they do have some differences. Your marketing strategy gets you in front of your customer and piques their interest while your sales strategy relates to the actual selling of your products or services.
This section includes your marketing ideas, sales strategies, associated costs, and rollout timelines.
Yoga Business Plan Template
Woot woot! As a little reward for getting through all of this business talk so far, I’ve made you a template so that you can get started right away!
It is PACKED with helpful exercises that will guide you into clarity so that you can create a business plan that WORKS.
Because launching a business is hard…
…but it doesn’t have to be. Especially when someone who has already done it SUCCESSFULLY gives you the exact steps to doing it.
This worksheet will help you address all the details of your yoga business, both big and small.
In fact, it is SO helpful that it’s actually a part of my 300-hour yoga teacher training curriculum .
And I’m sharing it with you here, for FREE.
Because I honestly believe that everyone deserves a chance at success 🙂
Different Types Of Yoga Businesses
Now that you’re (hopefully) feeling more excited about making your own yoga business plan, I’m going to hook you up even more and share some extra considerations to keep in mind while making a plan for your specific type of yoga biz.
Online Yoga Business
For online yoga businesses, consider and include in your plan:
- A market analysis specific to online offerings . What will make you stand out online right now? Can you offer something different?
- Offering platform . How will you make your offerings? Will you invest in a course software platform or keep things simple to start?
- Drop-in or membership basis . Are your offerings drop-in or on a monthly or annual membership basis?
Yoga Studio Business
Some things to think about and include in your yoga studio business plan:
- Location analysis . Is there a market in the area you’re looking at? Is there a lot of competition in the area? Does the location have good visibility or will it require more marketing?
- Space size & lease cost . How many people do you want to accommodate? Can you realistically afford the rent based on the capacity, what you want to offer, and how much you want to charge?
- Retail inventory . Will you also sell yoga products in your studio? If so, which values will determine what you sell ?
- Yoga instructor recruiting & retention . How will you find and keep quality teachers?
- Community building & client retention . How will you cultivate a thriving community and keep your loyal students coming back for more?
Yoga Teacher Business
This general category can include many offerings ( many examples of how to make money as a yoga teacher are listed here ). Some things to keep in mind include:
- Address each offering in your plan . If you have multiple offerings, include all of them in your plan as well as separate sections on market research, SWOT analysis, etc. as needed.
- Rank your offerings . Will you focus on all of your offerings equally or emphasize some over others? You might assign a percentage value to each of your offerings and focus on those in the sweet spot where your passion and revenue potential overlap and those that are natural marketing funnels for others. Prioritizing will help you focus your energy, money, marketing, etc. so you don’t spread yourself too thin.
Co-Op Yoga Business
Some things to take into account as you write your plan for a co-op yoga business structure include:
- Offering scope . How broad or narrow are the offerings? Will it be all one style like Hatha or power yoga ? Or is the aim to create a space with diverse offerings? Will you open it to other related healing modalities like massage or energy work?
- Business ownership . How will ownership and responsibility of the facility be shared? Whose name(s) will be on the lease?
- Financial division. What is each party financially responsible for? How is revenue shared?
- Marketing responsibility . Will marketing be done jointly or individually?
- Partnership scouting and terms . How many co-op partners do you need to be sustainable? Do you already have enough? If not, how will you find these people? How long are partners committed to the space for?
FAQs About Creating Yoga Business Plans
If you were one of the “cringers” as you started this article and you’ve made it this far with questions, it’s a sign your mind is opening to the idea of running your own yoga business and making a plan for it. Congratulations! This is the most crucial step (see, it’s so easy that it’s already happening!)
How Much Does It Cost To Start A Yoga Business?
Short answer: From a couple hundred to several thousand dollars.
Long answer: It depends on your business! Obviously, opening a brick-and-mortar yoga center has a significantly larger start-up cost than a pop-up studio. Or if you want to offer online yoga classes and have a large email list your start-up costs might be limited to some management software and an online platform.
This is where your business plan will help you! As you explore your mission and vision and get real about the potential costs, you can pivot if the financial investment isn’t aligned right now and see if there’s a way to make your business happen in a more cost-effective way.
How Much Money Can I Make As A Yoga Instructor?
This is a big topic, my friends! So big that I suggest checking out the entire post that I’ve written about how much yoga teachers make .
As with most things, it depends on you! If you’re mainly into teaching yoga classes and want to teach a few times a week, making $31 per class brings in $6,500 annually. This could range up to around $40K per year if you teach 20 classes a week at $40 per yoga class. But if you’re willing to expand your offerings and your business knowledge, you could earn $100K and up!
The main barrier to a high income is usually YOU, your mindset, and your willingness to put in the work!
Is Yoga A Profitable Business?
It can be! There are MORE opportunities for yoga teachers now than ever before and lots of room for you to be creative in your yoga service! Just like with anything, you can do the bare minimum and get paid accordingly or if you’re passionate about teaching yoga AND living your best life, that’s totally possible too.
In my advanced yoga training , I walk you through two key aspects to making what you want from your yoga business (hint: the math and your thoughts). We basically map out how to earn $100k per year as a yoga instructor by figuring out how much you need to earn per student. You could sell one high-priced item or lots of lower-priced items! It’s actually simple math.
Then we go into exactly how to do that and what you could create in order to earn that amount per student/customer. It’s the way that I grew my own profitable business as a yoga instructor so I know that you can do it too!
Why Do Yoga Studios Fail?
According to this 2018 IHRSA article , 81% of fitness studios close within the first year 😱 .
Maybe a yoga studio doesn’t seem like a fitness business, but for these stats yoga studios are lumped in with the health and fitness industry. If your heart is still longing to join the ranks of yoga studio owners and to provide yoga classes at your own facility, don’t throw out your dream just yet! Just do your due diligence on the yoga studio biz to inform your decision first.
Some common mistakes made by first-time yoga studio owners include:
- Choosing friends instead of business partners
- Not prioritizing quality yoga instructors and quality instruction
- Not having a business strategy or vision
- Not focusing on community building and client retention
- Poor money management
- Not doing market research
- Poor leadership and organizational skills
- Not actively attracting new students
- Not choosing the right location
How Much Space Do You Need For A Yoga Studio?
Of course, this depends on your vision, goals, and budget. Do you dream of a small basic studio with a tight-knit community or a big booming hub? (Hint: this should be in your business plan!)
To give you an idea, if you’re crafty, a 250-square foot space could be enough for you, up to 10 students packed in, and some props.
How Much Space Do You Need Per Person For Yoga?
The common estimate is about 21 square feet per yoga practitioner. This is the equivalent of an average 2′ x 6′ yoga mat plus about 6 inches on all sides. That’s less than a hand width between you and your neighbor which is pretttty cozy so tweak this number as needed.
Can I Be A Yoga Teacher If I’m Not Flexible?
Short answer: Heck yes and please do!
Long answer: In fact, I dare to say if you aren’t flexible but are passionate about sharing your love for yoga…the world NEEDS you! We need more yoga instructors to shatter the common misconception that yoga is only stretching for already bendy people and mostly women. So if you don’t exactly fit that description, please get out there and show potential future yogis that pretzel-ability is not a requisite for yoga.
Can You Teach Yoga With A 200 Hour Certification?
Short answer: Absolutely!
Long answer: It’s common to not feel ready to teach the first year after finishing your 200-hour yoga teacher training (read more about that and what to expect with a 200-hour certification ).
However, you absolutely can start teaching and earning money with a 200-hour certification as you continue to learn and dial in your personal style. It’s easy to feel like there’s always more to learn because…well…there is! News flash: that feeling doesn’t go away no matter how much you study because yoga is a rich and deep life-long study and practice. But a 200-hour training is the starting point, so don’t wait…get started!
- Explore my Yoga Teacher Resource knowledge hub for more tips about how to grow your yoga business.
- Download my sequences for a jumpstart on your upcoming yoga classes!
- For more detailed tips, processes, and worksheets to supercharge your yoga business, download my yoga business launchpad course !
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The Yoga Studio Business Plan: 6 Steps to Creating Your Own
Yoga has grown in popularity over the last few years, with passionate yogis stretching all around the world. Roughly 36% of the world’s population practices yoga, that’s about two billion people. It’s no secret that the yoga industry is booming. In the last several years, yoga has exploded in the U.S showing no signs of slowing down.
With over 6,000 yoga studios in the United States alone, current trends in the yoga industry show a lot of promise of growth for you and your studio. However, this also means there will be a lot of competition. You should distinguish your yoga studio from the competition and focus on your demographic. To do this, you need to create the perfect yoga business plan.
A business plan helps you to determine your goals, figure out your funding and select a suitable location, to name a few. Your yoga business plan will be your guide to growing your business effectively in the first year and well into the future. Whether you’re a new business owner or have been in the yoga biz for years, a detailed and concise business plan is exactly what your yoga business needs.
In this guide, these are the steps we are going to be talking about to help you create, research and develop a yoga business plan that will get you started on the road to success.
Yoga Industry Overview and Competitor Analysis
Executive summary, customer analysis.
- Services and Products
- Sales and Marketing
Cost Projections and Funding
Starting a new business requires a significant amount of planning and strategy. Take an in-depth look at the yoga industry, current trends and how the industry is expected to grow. Yoga classes make up the majority of the industry’s revenue with yoga and pilates classes accounting for 71% of all revenue generated in the U.S. Finding out where the current yoga industry stands and where it’s predicted to be will help you to position your yoga studio well.
The demographics of yoga will also guide you in many decisions down the line and help define your target market. The majority of yoga practitioners are female , with 72% hitting the mat regularly. There has also been a 300% increase in the number of American over 50s practicing yoga.
During this stage, you can find out more about what your competitors are doing. Competitor analysis is critical, especially in terms of pricing and location. This initial step in your business plan will help you outline the problems your yoga business will be solving and show your competitive advantage.
To kickstart your business plan, check out BPlans monster library of resources. They have free basic business templates you can download and use for your own business as well as a ton of information on writing business plans.
The executive summary is the introduction to your business plan, and it’s meant to keep the attention of the reader and truly capture your business proposition. The synopsis is designed to provide an overview of your yoga business and answer questions such as:
- Who are your ideal customer and target market?
- What type of classes will you offer?
- What are your financial projections?
- Why is your yoga studio different from the competition?
- What are your goals and how will you achieve them?
Although the executive summary is at the beginning of your business plan, generally it’s easier if you write it last. This way, you can cull all the information you need from the rest of your plan. The executive summary basically highlights the rest of your business plan in a concise, detailed and interesting way.
To help get you started, check out Tim Berry’s Hurdle: The Book on Business Planning . The world-renowned expert on business planning breaks every step of building a business plan into digestible and actionable points. With plenty of examples on a range of elements from calculating profit to keeping track of your cash flow, the book comes complete with a workbook so you can construct a business plan as you read.
Another valuable resource is the J. Brown Yoga Talks podcast. The yoga teacher and writer interviews yoga teachers to discuss philosophy and the business of yoga. Listen to the episodes “ Inside the Yoga Alliance ” with Kerry Maiorca and “ Instagram Yoga Girl on What is Real ” with Rachel Brathen.
It’s no surprise that finding out about your customers is an integral part of creating your business plan. By carrying out customer analysis during the planning process, you examine which people are most likely to invest in your service and attend yoga classes. Once you understand what motivates your customers, you can build a business around providing a solution to their needs.
Knowing your audience and identifying your ideal client lets you know how to reach your customers, where they hang out both online and offline as well as what they want. Whether you want to offer a broad range of classes to a wider audience or cater to a more niche audience, your ideal client profile helps to firm down these decisions. A better understanding of your customer and potential customers is needed to increase sales and grow your yoga business.
To help you perform a customer analysis, here are a few steps you can take:
- Identify your current or potential customers – the more detail and understanding you have the better. You can split this group into sub-groups that have similar motivations, traits, age, income, and education.
- Find out the needs of your customer groups.
- Work out how your yoga service or products meet the need of each customer group.
For some excellent business inspiration check out:
- The One Page Business Plan for the Creative Entrepreneur by Jim Horan
- The Art of the Start 2.0 by Guy Kawasaki
- The Secrets to Writing a Successful Business Plan by Hal Shelton
What Services and Products Do You Offer?
This section of your yoga business plan will delve into the services and products you will be offering. Creating detailed and compelling descriptions of your yoga service is an essential step in your yoga business plan. A description of your yoga service will cover a number of elements from types of yoga classes on offer to how students will book classes.
The Customer Engagement Playbook for Your Fitness Business
The services you provide determine the revenue stream for your yoga business. For the majority of yoga businesses, this will be through teaching yoga classes. However, you can generate additional revenue through online classes, workshops, teacher training courses, and yoga retreats.
Some of the newest trending yoga styles include Acro Yoga and Doga , yoga with your dog. On average, prenatal yoga classes cost more than Ashtanga and Bikram yoga. Experts cite Flexibility and stress relief as the most popular reasons for starting yoga with 98% of people expecting to see an improvement in their health. Now that you have a clear idea of your target market, ideal client, and competition, you can decide what gap your services will fill in the yoga community and where your yoga studio will be located.
Topics that you can include in the services section of your business plan are:
- What style of yoga practice will you be offering? – e.g., Vinyasa, Hatha, Iyengar, and Kundalini.
- Will you be selling yoga products such as yoga mats or yoga clothes?
- How much will you be charging for each class? – consider several pricing structures such as drop-in rates, bulk packages, and monthly memberships.
- What level of experience is the class? – beginner, advanced or open to all abilities.
- Who is the class or product aimed at?
To keep you inspired, listen to the Abundant Yoga Teacher podcast by Amy McDonald. Each episode brings in yoga teachers and holistic practitioners who are looking to create an authentic business which isn’t pushy or ‘salesy.’ The Business of Yoga Speaker Series by Amy is an absolute essential.
Sales and Marketing Strategy
So, how will you attract students and keep them coming back for more? The sales and marketing section of your business plan should aim to answer this question. Without an effective marketing strategy, small businesses wouldn’t survive as no one would know your yoga studio even exists!
When it comes to your marketing plan, you should already have a solid idea of how your potential customer operates and how to reach them from your customer analysis. Depending on your budget, time and resources you have available there are a number of ways you can market your yoga studio and bring in new clients such as:
- Word of mouth
- Sponsored social media advertising
- Influencer marketing
- Local community events
- Content marketing like blogs and videos
- Engaging on social media and building a following
- Partnering with similar non-competing businesses
Developing a marketing plan and implementing marketing ideas can seem a little overwhelming. Fear not! We’ve already done the legwork to help you build a realistic marketing strategy for your yoga studio business .
The sales element of this step focuses on the customer journey. Describe how a customer will discover your business through to payment. Things to consider here include sales points such as a website, branded app or in-person. If your customers can book classes through Facebook, Instagram or your website, this is another way for customers to reach you and make a sale. This section should cover how a customer could turn into a repeat customer and eventually a lifelong member.
For more marketing advice, The Social Organism: A Radical Understanding of Social Media to Transform Your Business and Life by Oliver Luckett and Michael J.Casey, takes a scientific look at the world of social media allowing marketers to formulate plans more intelligently.
Opening a yoga studio is a great way to continue your passion and help others, but as with any business you need to have a good understanding of your finances. The cost projections and funding section of your yoga business plan will be a financial overview that will help you to manage your spending and set measurable goals.
This is probably one of the most important parts of your business plan, without proper financial planning and cash flow predictions, it’s difficult to get off the ground. When creating your initial financial outlook, you’ll need to think about startup costs such as marketing, branding, retail inventory, and management software.
Your cost projections will be affected by several elements including:
- Class and membership prices
- Maintenance costs
- Additional revenue streams, if any
- Employee salary
If you’re looking for extra funding to bring your dream into fruition, this is the section to create a funding page. Be as detailed as possible as to what financial help you need and what you plan to use it for. You want to show that, without a doubt, your yoga business proposal is a solid investment with a massive potential to grow.
The Anatomy of a Business Plan: The Step-by-Step Guide to Building a Business and Securing Your Company’s Future by Linda Pinson is a classic how-to guide that focuses on creating a well-structured business plan and building for the future with financial and supporting documents.
Listening to podcasts is an excellent way to squeeze in some extra business inspiration and knowledge during your commute or even at lunch. Check out some of the best business podcasts like:
- The Tim Ferris Show
- The Marketing Companion
A well-researched and detailed business plan puts you in the strongest position possible to achieve your dream of starting a yoga business. It helps to both secure any potential funding you need as well as act as a guidebook to keep you and your team on track. From nailing the right location for your yoga studio to creating the ultimate marketing strategy, a business plan is an essential tool for yoga studio success.
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Yoga Center Business Plan
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Garden Way Yoga Center
Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.
Hatha Yoga is an ancient discipline that explores, develops, and integrates the body, mind, and spirit. Yoga systematically stretches and strengthens muscles throughout the body, increases circulation to internal organs and glands, quiets the nervous system, and improves concentration. This ancient system of self-care brings vitality, health, deep relaxation, and peace of mind.
The style of Hatha Yoga taught is the Anusara method. Anusara Yoga is a new style of yoga that is heart-oriented, spiritually inspiring, yet grounded in a deep knowledge of optimal body alignment in the poses. Instructors encourage students to listen to their body, respect its wisdom, and to progress at their own pace.
Deep relaxation is taught in each class after completion of the postures. The intention of the instructors at Garden Way Yoga Center (GWYC) is to assist students in the development of physical, mental, and spiritual well-being: a truly priceless health advantage.
The Garden Way Yoga Center offers 8 eight-week sessions of classes per year. Courses offered include Anusara-style Hatha Yoga plus workshops in related topics. The Yoga Center features well-trained, professional instructors, progressive teaching methods, a non-competitive and encouraging atmosphere, and a beautiful light-filled facility.
The Garden Way Yoga Center also has a boutique that will sell workshop clothing and yoga training aides.
Jill Gordon, Ph.D., founder of The Garden Way Yoga Center, is one of Anusara Yoga’s leading teachers. She conducts workshops and teacher trainings nationally and internationally, and has previously established yoga training centers in Santa Barbara, CA; Denver, CO; and Charlottesville, VA. She co-founded and co-developed the Four Winds Yoga Center in Portland, OR, which offered instruction to nearly 1,000 students per week. She has been a yoga practitioner since 1985 and a meditator since 1989. Jill is a certified Anusara instructor and one of the few Designated Teacher Trainers in the Anusara style of Hatha Yoga. She is registered with the national Yoga Alliance at the highest 500-hour level.
The objectives of Garden Way Yoga Center are the following:
- Acquire 300 customers by the end of the first year of operation.
- Achieve sales in excess of $60,000 from the boutique.
- Increase customer base by 25% by the end of the second year of operation.
- Increase sales by 15% by the end of the second year of operation.
The mission of Garden Way Yoga Center is to give the student, whether a beginner or advanced a place to practice Anusara. It is our intention to keep the teaching of Anusara as close to the way we have been taught as possible. It is incumbent for the teacher to always act responsibly and with the student’s interest in mind. No matter what we learn or from whom we learn the real and only teacher is within.
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How to Write A Yoga Studio Business Plan: Ultimate Guide
- Last Updated: 12th June 2020
- Yoga Teacher Resources
- Verified By: Luke Hughes
Stuck on where to start with your yoga business plan?
Starting your own business is a really exciting opportunity, but there are also a lot of things to think about when you’re first getting set-up.
But don’t sweat it! Whether you want to open your own studio, become an online yoga instructor, or start your own business working as a home-based yoga teacher, OriGym are here to help.
Below is a full guide to everything that you need to know about how to write a business plan for a yoga studio or any other yoga business.
If you’re interested in offering nutrition advice and meal plans as part of your new business, enquire about our online sports nutrition course before we get started. Or, download the OriGym course prospectus for more information on our range of courses.
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What Is A Yoga Business Plan?
Before we go ahead and share our tips for how to make a business plan for a yoga studio, we thought we’d quickly explain what a business plan is and why it’s so important that you have a good yoga studio business plan.
Here’s the definition of a business plan according to Investopedia :
“A business plan is a written document that describes in detail how a business—usually a new one—is going to achieve its goals. A business plan lays out a written plan from a marketing, financial and operational viewpoint.”
A lot of the time, a business plan is used to present to a potential investor or to a bank for a loan, but it is also a good way for a new business to lay out all of its goals and objectives, as well as the strategies it is going to use to meet them.
What you include in your studio or yoga teacher business plan completely depends on your individual business, but it mainly depends on whether you are writing it for your own reference, or as means of generating funding.
Don’t worry, all of these details will be explained a little further on!
For now, all you should know is that a typical yoga studio business plan should start with an executive summary of your business and it’s key goals and objectives.
Following that, it should include:
Products & services
Marketing & sales strategies
Funding and financial summary
Within this article, we’re going to break down each of these sections and what they should include.
But before you jump straight into writing a business plan for a yoga studio, the best place to start is by doing some research.
Here’s what you need to do!
Starting A Business Plan For A Yoga Studio? Do Your Research!
If you want to open up your own yoga studio and make it one of the best yoga studios out there, you’ll need to carry out some extensive market research.
This means taking a look at the industry, identifying who your target audience are and what they want, as well as who your competitors are, and what your competitors are doing.
You should already have an idea of what kind of yoga business you want to start, whether that’s a freelance business, travelling to students homes to teach yoga classes, or setting up your own studio.
Regardless of what kind of business you are writing your yoga business plan is for, doing market research should be your first step.
What exactly are you looking for?
You should be looking for answers to these key questions:
What kind of business do you want to run?
More importantly, what kind of business do your target market want?
What kind of studio or business is missing in your area?
How can you offer something different from your competitors?
‘Yoga lovers’ is not a specific enough target market for your yoga business plan, so before you do anything else, you'll need to think of a more niche demographic of people.
At the same time, there is no point in having a specific target market and the perfect yoga business plan if there’s already a studio in the area doing exactly what you want to do.
The same goes for freelance yoga teachers.
If there are already a couple of home-based teachers working in your area, then you’ll need to do something to stand out.
The purpose of market research is to establish what will make your business different from your competition.
Then when it comes to writing your yoga business plan, you can clearly state what ‘problems’ your business will solve.
By problems, we mean gaps in the market or anything that your competitors are doing, but you think you can do much better.
Your market research should aim to identify these problems and find any new and upcoming trends that you can jump on to set yourself apart from the competition.
As a starting point, you should start with a target market in mind and then research what they want that other yoga professionals in your area don’t currently offer.
You should choose a specific age, gender, and even consider targeting people based on their budget.
But it doesn’t stop there - choosing a target market should not be based on the kind of people that you want your customers to be.
Instead, you need to make sure that there are actually people out there who meet this demographic and are actually interested in the kind of services your business will offer.
You can gather this information by holding focus groups, sending out surveys to those that visit competing studios, and carrying out mystery shops - which we’ll talk more about a little further on.
Want to learn more about running your own yoga business? Check out this full guide to marketing a yoga business from OriGym .
Decide What Products & Services You Are Going To Offer
Now you’ve chosen a target market, it should be pretty easy to decide what kind of classes you want to teach in your studio.
But even writing a ‘Bikram yoga studio’ business plan might be too generic for the investor reading your business plan. Think about exactly what classes you will teach, whether there will be varying classes for different age groups or fitness levels.
If your target market is ‘affluent women’, think about whether you should offer classes to appeal to a subgroup, such as pregnant women, or a class purely consisting of yoga poses for two .
Ask yourself, will your studio sell any additional products?
Hint: the answer should be yes!
That could be fashionable yoga tops , supplements or health foods - pretty much any other equipment that you think your students would want to buy from you.
Once you have really planned out what products and services you want to offer, you’ll be in a better position to think about what equipment you’ll need to buy - which will really help with the financial aspect of your business plan.
How To Determine What Kind of Products and Services To Offer
If you’re unsure on how to decide what kind of classes you should offer or how to choose what kind of products you should sell alongside your teaching business, here are the best ways of carrying out market research.
#1 Mystery Shop
If there’s a local studio or yoga teacher running a business with a similar target market to yours, this is your competition, so you’ll need to check out what they’re doing.
The best way to understand what their business has to offer is to get the experience of one of their students by carrying out a mystery shop.
There are a number of ways you can approach mystery shopping. Relevant to researching a yoga business, you can either make an enquiry or attend a class.
This approach to market research will give you first-hand experience of how your competitors run their business, as well as a complete insight into how they interact with their students.
It’s a good idea to create a research evaluation form before you jump straight into your mystery shop.
This form should include questions that cover all of the key aspects of the business that you could possibly need to think about when it comes to writing your very own business plan.
That might include a section how they deal with enquiries, from whether they use an online platform or take calls, as well as how quickly they respond to their customers.
Client retention is key in this line of work, so seeing what your competitors are (or aren't doing) to keep students coming back can really pay off in the long run.
If you’re going to attend a class, you could create a similar form that you can access on your phone.
This might include sections on the size of the classes, the equipment available, as well as the smaller details, like how (or if) you were greeted as a new student.
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#2 Use Online Reviews As Secondary Research
When you’re carrying out this kind of market research, you want to try to see your competition from a consumer perspective.
So if you were somebody looking for a new yoga teacher, what would you do? You’d probably go on to google or the likes of Facebook or TrustPilot and check out the reviews.
And that’s exactly what you should do for secondary research!
Find the pages of your competitors, those teachers that work in a similar area to you and offer the kind of classes that you’d love to teach, and see what their students have to say about them.
Take on board everything that the reviews have to say, the good and the bad!
This will help you to see what works well for them, where they’re going wrong, and what you can do better.
#3 Carry Out A SWOT Analysis
Arguably the most effective way of researching your competitors is by carrying out a SWOT analysis.
SWOT stands for:
A SWOT analysis is a brilliant way of assessing exactly where your business will fit in the market, by comparing it against your competitors.
According to Pickton & Wright :
"SWOT is proposed by many as an analytical tool which should be used to categorize significant environmental factors both internal and external to the organization."
They go on to discuss the benefits of SWOT for analysis, explaining:
"SWOT analysis has been praised for its simplicity and practicality."
Carrying out this kind of analysis is surprisingly easy if you follow our full SWOT analysis guide here .
Yoga Business Plan: Choosing Your Name & Branding
When you’re opening a yoga studio you need a business plan, but you won’t get very far until you have a name for your business and an idea of what your branding will look like.
We know that choosing the perfect name can be really overwhelming, which is why we created a full guide to finding the perfect fitness business name .
When it comes to your branding, think about what you want people to know about your business!
If you’re writing a hot yoga studio business plan, consider how you can incorporate this into your branding to make it really clear what your business is about. This could be something as simple as sticking to warm colours tones.
Or, if you will be specialising in prenatal yoga classes, maybe create a logo that includes a symbol of new life.
Want to create your logo yourself? Check out the best fitness logo tools .
Yoga Studio Business Plan: Choosing The Right Location
Now that you know what kind of business you want to set up, the next thing to decide is where you want your yoga studio to be.
Choosing the right space and location is one of the most important things you will do when you’re starting your own business. It ties in with a number of different sections of your yoga studio business plan, such as marketing, finances, and management.
For that reason, it’s a good idea to look for the right location and type of venue before you write up your business plan, as this will give you a better idea of important factors, such as business rates and rent prices.
You might already have a good idea of the kind of location you want after completing your market research. For example, if you’ve decided on an older target market, then you’ve probably already decided against a city centre location.
But, if you’re unsure about where would be best to set up your studio, here are 6 things to consider.
Already got your heart set on starting an online yoga business?
Running a studio can be both expensive and stressful, whilst teaching online is a lot more flexible and still allows for a geneorus yoga teacher salary.
If you want to teach online or work freelance visiting peoples home, skip straight to the next section and get stuck into writing your business plan!
When you open up your studio, you’ll want it to be in a visible location. Having a business that is based somewhere that plenty of people will walk or drive past and see your business can really improve your marketing.
A visible location gets your brand name out there and gets your business known by everybody who passes by, but most importantly, it gets you known by your target market!
Plus, when a potential customer decides that they want to try a class, they know exactly where to find you.
Having a space that is easy to get to is just as important as visibility, fortunately, the two tend to go hand in hand.
When we talk about accessibility in terms of location, we’re talking about how your customers are going to get to your studio.
You could have a gorgeous studio and a glowing yoga business plan, but if you aren’t based in a location that is reasonably easy to get to, you’ll struggle to get students through the door.
Your location should have at least one of the following to things:
Public transport links
This will also help when it comes to hiring new staff as an accessible location can increase the quality and quantity of yoga teachers wanting to work at your studio.
#3 Rent prices
Good visibility and accessibility can often come with higher rent prices and business rates , especially if you’re thinking that your business would be best based in a city centre or on a busy high street.
You need to find a good balance so that your venue is accessible and visible without costing you so much in rent that you struggle to make a profit.
Perhaps you’ve decided that it is worth paying higher rent for a central location, as it will make your business visible and accessible to a larger amount of potential customers.
But wait! Any good yoga business plan should pay a lot of attention to the competition, so where are yours based?
Starting a business in a location where there’s already a studio with really similar objectives just down the street will reduce your potential students as your target market will have two options.
At the same time, if there’s a big chain gym or health club just around the corner from a potential venue, it’s a good idea to look elsewhere.
Even if you offer better services it’s still tough to compete with big companies who can afford to offer yoga classes at a fraction of the price that you would need to charge.
#5 Future Plans
Something else to consider before choosing a location is what your business plan has in store for your yoga studio in the future.
If your yoga studio business plan includes ideas of how you might expand your business, for example by becoming a personal trainer alongside holding yoga classes, you should take this into account when choosing a location and a venue.
#6 Council Permission
Regardless of where you want to set up your gym, you will always have to ensure that you have both council permission and landlord authorisation before you can make the space into a yoga studio.
A lot of available spaces have planning permission for offices or retail, but if you want to open a studio, you will need to find somewhere with D1 planning permission.
Knight Frank explain that D1 planning permission covers the developement of:
"Clinics, health centres , crèches, day nurseries, day centres, schools, art galleries (other than for sale or hire), museums, libraries, halls, places of worship, church halls, law court."
You’ll also need to find a space where the landlord is happy for you to change the use of their property, as opening a yoga studio could mean lots of changes to flooring, maybe installing aircon, or even changing the layout.
Writing Your Yoga Studio Business Plan
Once you’ve identified what makes your business unique and found the right location, you’ll need to start actually writing a business plan for your yoga studio.
Above we shared a list of the sections that might make up a typical sample yoga business plan. Those were:
Seeing as you're here looking for help on how to write a business plan for a yoga studio, we thought we’d go into a little more detail about what each section should include.
Stick with us because after that, we’ll let you know where you can find a free yoga studio business plan template.
Whether you want to call this an executive summary or simply an introduction, the first part of your yoga business plan should outline exactly what your business is about.
A good executive summary will explain the business aims and objectives, as well as other important information, such as where you plan on basing your business.
Whether that's online, in a studio, or on a freelance basis without a permanent location, this is something that you need to make really clear in this introduction.
You need to keep this section concise but it should still be clear enough that a banker or investor with little knowledge on yoga can understand your key objectives.
If you are writing your business plan to present to a potential investor, you should always end your executive summary by explaining how much funding you require and what that funding will be used for.
You might also want to include whether you will be registering your business as a sole trader or as a limited company .
Top tip: write your introduction at the end! Writing a clear and concise introduction is much easier once you’ve completed all of the other sections.
Next, you’ll need to provide a full company summary.
This section should start by explaining more about your business, starting with what your business will offer both in terms of what it will bring to the market and in regard to the kind of products or services that you will be offering.
If applicable, you should also explain a little bit about your proposed location and venue, talking about why you chose that specific location and what facilities your venue will have.
For an online yoga business, explain how your online business is going to work.
Instead of talking about venue facilities, explain how you will teach, for example will you run live classes, or post pre-recorded content?
Cover how you will set up your website and exactly what your online services will include.
Regardless of the type of yoga business you are proposing, talk about the kinds of classes that you will offer, highlighting any specialities or trends that set you apart from the competition.
For example, do you have a Level 4 lower back pain management qualification that allows you to work with a specific group of clients?
Or, is this specifically a yoga retreat business plan? If it’s the first of its kind in your area, make that known!
You should also talk a little about any staff that you plan on hiring, explaining the level of experience and qualifications you want your employees to have.
From there, you should include some information about yourself (as the business owner) as well as any business partners that you might have.
This is where having the right qualifications will really benefit your yoga teacher business plan!
Being passionate about yoga and pilates is a good place to start but it’s still a good idea to become a qualified yoga instructor before you open up your studio.
This helps you when it comes to understanding your customers and carrying out your marketing strategy, and it shows your potential investors that you know this industry well enough to run a successful business.
The higher level of qualification you hold, the more of an expert your customers and investors will perceive you to be.
If you’re going to open your own studio you should at least hold a level 3 yoga instructor qualification. If you really want to market yourself and your studio as a higher-end business, then enquire about an advanced Level 4 yoga course.
Here, you can use some of your findings from your market research to explain what makes your business unique and talk about why you have chosen the direction you have.
Opted to take your business online? Explain the benefits of becoming an online yoga instructor!
If you’ve chosen to write a hot yoga business plan, talk a little bit about why you came to that decision.
For example, is this something that you have noticed your competitors don’t offer? Or is there a studio holding hot yoga classes at an extortionate price?
This section of any yoga business plan should also clearly explain who the target market is, explaining some key demographics such as age, gender, and lifestyle.
Are you targeting a more affluent audience? Or, will you be offering student discounts to cater to a demographic with a lower budget?
Whatever your target audience, it will help your case to include some evidence to support that the market is out there and that there is a demand for your services.
You could include quotes from focus groups or statistics from polls, any kind of evidence to support your yoga business plan is useful, especially if you will be using the plan to ask a third party for funding.
Marketing & Sales strategy
Within this section of the business plan for your yoga studio, you need to outline your pricing structure and how you are going to market to your audience.
In terms of the sales side of your business, a good business plan for a yoga studio should explain each step that takes an individual from your target market and make them into a regular customer.
Write out how much you are going to charge your customers and how you are going to charge them.
The actual prices of your services will completely depend on your business, where you are based, and your marketing.
If you’re based in London and targeting a high-end market, then your prices will be higher than a business based outside of London, or a business marketing towards individuals on a budget.
When writing a business plan for a yoga studio your two main options are to charge per class or ‘session’, or to operate on a membership basis.
Charging per class is a really flexible option for your students, but at the same time, setting up packages and memberships can be a really effective strategy to ensure client retention.
Your pricing structure could include the best of both, offering a discounted rate for buying classes in bulk or committing to a membership as an incentive for customers to buy.
Whichever option you choose, you’ll need to give a breakdown of your pricing structure as part of your yoga teaching business plan.
So you know what classes you’re offering, where your studio will be, and you’re almost finished writing your yoga studio business plan. But how are you going to get customers into your studio? Marketing!
Hopefully, you take our earlier advice on board and choose an accessible and visible location as this will really help to get your brand known.
But your marketing strategy shouldn’t stop there. To really get your business name out there, you should think about using a handle of different marketing channels.
That can include print materials, building an online presence, and building relationships with similar businesses’ in the community.
Tip: Choose a business name, logo, and colour scheme, and stick to it! Keeping your branding consistent builds brand awareness and makes your business easy to recognise.
Need some help with developing your marketing strategy? Check out OriGym's full guide to marketing a yoga business .
To finish your section on your marketing and sales, you’ll need to explain how you are going to get your target market to not only buy your services, but become repeating customers.
If you’re going to be sharing your yoga center business plan with an investor, then they might want to see details of your customer sales journey.
That means including every detail from how your customers will find out about your business to how they enquire, book a class (or buy a product), and what you are going to do to make sure that they come back.
Even if your yoga business plan is only for your own use, writing out a sales journey is still really useful.
This can help you to stay on track to achieve your goals!
Plus, having a good yoga business plan in place can ensure that all owners and employees are following the same steps, and it can be used as a point of reference when training new members of staff.
If you don’t have any experience as a salesperson then it’s worth looking into a fitness business course to help you to develop your sales skills.
This kind of qualification will also help you when it comes to registering your business and complying with regulations, such as GDPR for fitness professionals .
You should also include information about any products or services other than your classes that you are going to sell to generate additional revenue.
Teaching yoga classes takes up a lot of time, energy, and money, so it can help your business to have some extra income.
You could get qualified as a nutrition coach and offer nutrition plans to your yoga students, or think about selling yoga-related products at your studio.
Whatever additional products or services you choose, including this information in the business plan for a yoga studio will show potential investors that you’ve really thought about how you’re going to generate revenue.
Funding And Finances
Finally, any good business plan for a yoga studio should always cover funding and finances with a full sales forecast.
You will need to calculate your income vs your expenditure so that you can clearly show how much income you expect to generate.
Here’s how to complete this section of your yoga business plan!
When it comes to calculating your income as part of a sales forecast, it’s a good idea to split your income into individual sections. That’s if you have multiple sources of income, of course!
Say you hold classes, and sell yoga blocks , mats, and any other accessories you might find in a yoga kit , it’s a good idea to produce a table with a separate row for each source of income.
For example, you might have one row for group classes, one for your 1-1 classes, and another for any equipment that you will be selling.
You can choose to forecast your income using the revenue from each income source or you can input expected unit sales - basically, whatever you think will work best for your individual business.
For us, we’d say ‘units’ is the simplest option.
Obviously you don’t sell physical units of classes, but you do sell billable hours to clients. So you could input this as 1 class = 1 unit.
To keep things simple when it comes to writing up a sales forecast, it’s best to pick one metric to forecast your income. For example if you’re just starting out, you might use month to month projections for the first year.
You can show this in a table or in a line graph, depending on what is easiest for you to interpret.
A lot of people find that line graphs are easier as they show a visual representation of your expected business growth.
Once you’ve determined how much you are going to charge for your products and services, the next thing to do is to calculate month by month projections.
Don’t forget that your pricing should be based on what your competition is charging, but also, who your target market is!
Multiple academic studies, for example Volckner & Hofmann (2007), have shown that high prices indicate high quality, and therefore attract a more affluent demographic.
To calculate your projections, all you need to do is multiply the number of units in the above table by the price of the product or service.
It really is that simple!
So say you expect to sell 10 hours of 1-1 yoga sessions at a £20 a session, you would multiply 10x£20, giving you a gross revenue of £200.
Finally, to finish your funding and finances section, you’ll need to include a list of your potential expenditures.
If you have already decided on a venue, this is where you should include details like the cost of your rent, how long your lease is, and how much you expect to pay for bills.
This section also needs to include an outline of your start-up costs, covering how much it will cost to turn the space into a yoga studio and how much each piece of equipment costs (as well as how many units you will need!).
Don’t forget to factor in your staffing costs, your own wages, and smaller one-off expenses like yoga teacher insurance .
Before You Go!
Now that we’ve covered what to include in each section you should have a good idea of how to go about starting a yoga studio business plan. We hope that you found this useful!
For a good example business plan for a yoga studio, check out this free template on the UK GOV website.
If you’re interested in offering nutritional advice as part of your yoga business, then enquire here for our REPs endorsed nutrition course.
Want more information on the range of courses we run here at OriGym? Download our online course prospectus for all of the details!
Kenton, W. (2019). Business Plan. Available: https://www.investopedia.com/terms/b/business-plan.asp . Last accessed 12/06/2020.
Pickton, D. and Wright, S. (1998). What's swot in strategic analysis? Strategic Change . 7 (2).
Volckner, F. and Hofmann, J. (2007). The price-perceived quality relationship: A meta-analytic review and assessment of its determinants. Marketing Letters. 18, pp. 181-196.
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Written by Abbie Watkins
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Holding an MA Marketing Communications and Branding as well as a BSc Psychology from the University of Liverpool, Abbie’s experience encompasses the retail, hospitality and fitness industries. Since joining OriGym, she has become a qualified Personal Trainer and gone on to complete a specialist qualification in advanced Sports Nutrition. Abbie’s main focuses cover staying up to speed with YouTube fitness influencers, identifying successful and innovative content formats. She has contributed to various publications, including the Daily Express. Beyond OriGym, she describes herself as a ‘work-hard, play-hard’ type going on scenic runs and upbeat exercise classes, and often found on the front row of a Saturday morning spin class.
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How To Write A Yoga Studio Business Plan (Templates Included)
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- July 5, 2021
- 22 Min Read
Last modified on December 29th, 2022
Do you want to start a yoga studio? If so, you will need a yoga studio business plan.
Business planning is a key to success in any industry. It is a framework that outlines business targets and sales and marketing projections.
A yoga studio business plan identifies strengths and weaknesses within the business.
A yoga studio business plan template is a predesigned plan of action. The business owner follows this plan from the first year onward.
The plan outlines:
- Marketing ideas to bring in clients
- The style of yoga offered
- Additional products and services
- Projected yearly profits
- The target market, etc.
Writing A Yoga Business Plan
Writing a yoga studio business plan requires patience and an eye for detail. All members of the team should have a voice, as each person’s input is a reflection of the yoga studio.
This will ensure all bases are covered, leading to a better business plan. This article examines the essential elements of a yoga studio business plan.
Do market research before opening a yoga studio. Studio owners can thus discover elements that will make their studio better than the competition.
Include this information in the yoga studio business plan.
Competition Analysis: What To Look For
Competitor analysis is important, especially when it comes to pricing and finding the right location to host yoga classes. When searching for market information look for things like:
- The projected growth of the yoga industry in your area
- Current best practices used by most studios
- Gaps in the market that your yoga business could fill
- Upcoming trends that can make your studio stand out
- What the competition is doing, but you think you can do better
Market research helps to give studio owners a competitive advantage in the industry. This step in a yoga studio business plan never ends.
To remain relevant , use studio management software and continue to do research. Also , try to answer these questions year after year:
- What am I looking for from my company?
- What kind of yoga studio business do I want to run?
- More importantly, what kind of yoga studio does the target audience want?
- Who is the primary target audience?
- How can I offer something different from my competitors?
- What kind of yoga studio is missing in the area?
- Are clients interested in that style?
- Can I offer a range of yoga styles to attract a wider audience?
- Will there be enough interested clients to make doing this sustainable?
- Should I stick to one yoga style to reach a niche audience?
To decide what type of yoga and branded products to offer, follow these market research methods.
Check out the competition. If there’s a yoga studio or a yoga teacher in the area check them out.
Are they teaching similar yoga styles? Learn more about them by stopping by their studio.
This will provide insight into what can set your business apart.
Social Media & Online Reviews
Check out the digital reviews that competitors have gotten. Check platforms that you would use if you were a customer searching for a yoga teacher.
For instance, check reviews using online platforms like:
Do a SWOT Analysis
A SWOT analysis is the best way to thoroughly research the competition. SWOT means:
- S for Strengths
- W for Weaknesses
- O for Opportunities
- T for Threats
An executive summary is an important part of a yoga studio business plan. It highlights your yoga studio and tells people what makes the business unique.
It helps to set the foundation by listing the major elements of your yoga studio business plan.
The summary gets potential investors interested in your yoga studio. It makes them want to read the rest of the business plan.
It helps to solidify, organize, and pitch your ideas to the reader. The executive summary includes:
- Your reason for teaching yoga
- The types of yoga you plan to offer
- How your yoga studio differs from others
- The definition of the ideal customer base/ Target market
- How the yoga studio benefits the community
- The projected success of the business
- Branded goods and extra services you plan to offer
After you’ve written the plan, information for the executive summary becomes identifiable. This is because the executive summary is a highlight of the rest of the business plan.
Describe Your Yoga Company
Detail how the company got started and how long it’s been in operation. Include in this description details on:
- The type or types of yoga your studio offers
- Additional services offered by the yoga studio
- How your services are unique
Detailing this information outlines your competitive advantage and the company’s core elements. It identifies the benefits your business will bring, e.g. improved health of the community.
It identifies who the main students are. For example, local community members who are health conscious.
When writing the company description seek to answer these questions:
- What makes my yoga studio different from the competition?
- How many years of experience and training do I have?
- Is the yoga studio located in a convenient or populated location?
- Does the yoga studio offer training workshops or teacher certifications?
- Does the business have a unique vibe or offer member benefits?
- Who are the officers that hold key positions in my yoga business?
Be sure to include the company’s goals and add details about the management team.
Products & Services Offered By Your Yoga Studio
This is the fun part for many yoga instructors. It’s a full description of all that their studio offers and how they serve people.
Ensure that the yoga studio business plan doesn’t seem generic as this makes it hard for an investor to read it. For instance, adjust a ‘Bikram yoga studio’ business plan template to personalize the services offered.
Specify the type of classes taught. State whether there are classes for different fitness levels or age groups.
For example, the target market might be ‘affluent women’. So specify whether there are classes for subgroups, like:
- Pregnant women
- Yoga poses for two
In this section of the yoga studio business plan be sure to include anything that brings in revenue .
Will the studio be selling additional products? If yes, include these.
Think about all of the possible sales touchpoints of your yoga business. Describe the studio’s sales cycle, how a client journeys from discovery to membership.
Here are some relevant elements to include in this section of your yoga studio business plan:
1.The type of yoga practice/ fitness business
- This may include Hatha, Vinyasa, Bikram, or a mix of styles
2. Yoga class name based on its purpose , for example:
- Teacher Training
- Series Class
Be sure to include details about the activities planned for retreats and training workshops.
3. How students book classes
- Include details about how clients can book classes. For example, do they rent a yoga mat to reserve a space for a session?
4. What items you will sell
- Specify what branded or general merchandise you will sell.
5. How your yoga studio collects revenue
- Include all activities that will help make a profit – even if it’s renting out lockers.
6. Patents and licensing
- Tell whether you are using a trademarked style of yoga or a form you created and want to license.
Customer analysis is an important part of a yoga studio business plan. It helps you discover people’s interest level in yoga.
It shows which classes they prefer, their available times, and their reason for doing yoga. Analyzing potential customers impacts sales and the growth of your yoga business.
Confirm People’s Interest In Yoga
Be sure to verify that people in the planned area of operation have an interest in yoga. Analyzing the potential client base highlights what people want from a yoga business.
By doing customer analysis early in the business plan, one can discover what will motivate students to attend your yoga classes. This information can help to build your yoga business around their needs.
Determine The Target Audience
Once familiar with the general audience in the area, determine the target audience. Identify the types of people you want to market the yoga studio to.
Focus on their location, age demographic, occupation, and any challenges they may face. Think about the type of student that you want to attract, as this will impact the yearly profit.
Tailor Your Services
Plan how to market your yoga studio to the target audience. To reach a wider audience, you could offer a range of classes.
Otherwise, tailor the classes to a more niche audience.
For example, if operating in a college town, tailor classes to suit younger members. Whereas, within the retirement community, offer more restorative/gentle yoga styles.
Here are a few tips for carrying out customer analysis:
1. Identify current or potential customers
- To gain insight, get as many details as possible about what current and potential customers want. Split them into sub-groups according to their similarities, like:
2. Identify the needs of each customer group
- The information acquired in step one will give insight into this
3. Identify how your yoga studio business meets the needs of each customer group
- Think about what you can do to meet their needs. What added products and services you can offer.
This step of a yoga studio business plan template outlines how you will attract customers and promote the yoga studio. This is important as a yoga studio will not survive if people don’t know about it.
Depending on resources and available time, there are a variety of marketing methods to attract new business. These include:
- Building a social media following
- Influencer marketing
- Sponsored social media ads
- Content marketing (blogs & videos)
- Hosting local community events
- Word of mouth
- Partnership with similar non-competing businesses
Today, almost everyone is plugged in digitally. So, it makes sense to use this free advertising space to reach people.
Use creative posts to capture their attention. Engage them by uploading a regular stream of fresh content.
If seeking funding from an investor, the yoga studio business plan template needs details about the sales journey .
Creating a sales roadmap is useful even if the yoga studio business plan is for personal use. It should include:
- How customers discover your yoga studio business
- How they enquire about your yoga business
- Your Business’s sales points
This has to do with how customers can book classes and buy products. For example, through Facebook, Instagram, a website, in-person, or via your branded app.
- What you plan to do to ensure customers return
This has to do with what you will do to turn a customer into a lifelong member.
The cost structure of the business plan depends on marketing and business location. Is the yoga studio located in a more affluent area?
What is the volume of customers that the marketing strategy pulls in? Do you operate in a space with little to no competition?
All of these are factors that help determine your prices.
There are two pricing options. A per class/ per session rate and a membership rate .
The per class/session rate is a flexible option for the students. But, a membership package is an effective strategy to ensure client retention.
A New Strategy
It’s possible to form a new strategy by incorporating both options . This can be done in two ways:
- Offer a discounted rate for booking classes in bulk
- Offer a discount incentive for committing to membership
Restricting customers to one pricing option could lead them to abandon your studio.
Some may prefer the flexibility of a per session cost. Others may prefer the lower rate of a membership/ loyalty package.
But, combining the advantages of both may prove to be the most profitable move.
Funding And Financial Projections
The final part of a yoga studio business plan focuses on funding and financial projections.
Writing a financial outline helps to manage spending. It further convinces investors to fund your business.
This is the heart of your yoga studio business plan. Every other section of the business plan relies on this solid financial outline of projected costs and revenue.
In terms of costs, make a 5-year timeline of the financial obligations. This should include the following elements.
Costs Associated With Starting A Yoga Studio
The start-up costs associated with a yoga business include:
- To verify which licenses you need, check out the local yoga studio regulations in your area.
- This includes equipment expenses, etc.
- Sales inventory
- Hardware & Software
Fixed Costs Associated With The Business Plan
- Rent deposits
- Employee salaries
- A security system
- Access control
- Future advertising
- Inventory restocking
- Miscellaneous expenses
Another important aspect of a yoga studio business plan is the revenue projections. This is a prediction of the amount of cash the business will make monthly or yearly.
This forecast of earnings helps to calculate the cash needed to keep the business afloat.
With information about the expenses and income, you will be able to create a cash flow statement. Cash flow statements keep track of monies flowing in and out of the business.
This will help to measure the success of the yoga studio.
Yoga Studio Business Plan Templates
Here are a few examples of a yoga studio business plan template:
- Check out this free template for a yoga studio business plan example.
- Click this link to view the Hatha Yoga Center Business Plan
- Click this Yoga Studio business plan template link to get the core elements to create a winning Yoga Studio business plan.
- The Yoga Lunch Box link takes you to a great yoga studio business plan template.
- This Yoga Studio Business Plan Sample link is from a yoga studio business plan startup named ‘Kelly Yoga’.
- A Sample Yoga Studio Business Plan Template . This link is a great example of a yoga studio business plan template. It includes a feasibility study report that one can use for free.
Ending thoughts on how to write a yoga studio business plan
A yoga studio business plan contributes to the success of your business. It tells clients the purpose of your business, the products/ services you offer, and why.
A yoga studio business plan will help to discover what works and what doesn’t. This will empower studio owners to set innovative goals and make changes as needed.
Running a business has its ups and downs. So, one must expect that things won’t always go according to plan.
Stay positive and don’t give up. Try to be flexible and do what you can to improve the situation.
When things start going well stay humble and enjoy the fruits of your labor. If you formulate a business plan and remain flexible, your yoga business will be a success.
Now that you know how to write a yoga studio business plan, don’t hesitate. Go ahead and write your own business plan or use one of the templates in this selection.
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If you enjoyed reading this article on creating a yoga studio business plan, you should check out this one with yoga business names .
We also wrote about other yoga-related subjects like starting a career in yoga , yoga colors to use in the studio, yoga franchises , teaching yoga without certification , yoga studio software , yoga studio owner salary (curious?), and yoga marketing ideas you could use
We also have articles on yoga websites , and how to start a yoga business .
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Ljubica Buha is a Digital Marketing Specialist with extensive experience in the IT industry. She writes by day and reads by night. She is somewhat of an innovation enthusiast, as she enjoys discovering and experimenting with unconventional and new ways of doing things. She enjoys yoga, snowboarding, and hiking.
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Yoga Studio Business Plan Template
If you want to start a yoga studio business or expand your current one, you need a business plan.
Over the past 20+ years, we have helped over 5,000 entrepreneurs and business owners create business plans to start and grow their yoga studios.
Below are links to each section of your yoga studio business plan template:
Next Section: Executive Summary >
Yoga Studio Business Plan FAQs
What is the easiest way to complete my yoga studio business plan.
Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Yoga Studio Business Plan.
What Is a Yoga Studio Business Plan?
A yoga studio business plan is a plan to start and/or grow your yoga studio business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
Why Do You Need a Business Plan?
If you’re looking to start a yoga studio, or grow your existing yoga studio, you need a business plan. A business plan will help communicate your business goals and your strategy for reaching them. Your Yoga Studio Business Plan should be updated annually as your company grows and changes.
What Are the Sources of Funding for Yoga Studios?
Yoga Studios are typically funded through small business loans, personal savings, credit card financing and/or angel investors.
YOGA STUDIO BUSINESS PLAN OUTLINE
- Yoga Studio Business Plan Home
- 1. Executive Summary
- 2. Company Overview
- 3. Industry Analysis
- 4. Customer Analysis
- 5. Competitive Analysis
- 6. Marketing Plan
- 7. Operations Plan
- 8. Management Team
- 9. Financial Plan
- 10. Appendix
- Yoga Studio Business Plan Summary
Start Your Yoga Studio Plan Here
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How To Write A Yoga Studio Business Plan (Templates Included)
A yoga studio business plan is a plan to start and/or grow your yoga studio business. Among other things, it outlines your business concept, identifies your