![]() Who do you see? Expectant mothers? Folks from the local nursing home? Millennials doing beer yoga? (It’s a thing.) A rugby team? A mix of ages, abilities and genders? So a crucial part of your business planning is taking the time to examine what kind of customers you want to attract (in other words, market research.) They're kind of important if you want to run a business. And let’s face it, if you don’t have the motivation to do this, it’s probably time to reconsider the whole shebang.Ī business without customers is like a birthday without cake. It’s a lot to think about, but taking the time to work out answers to the big questions will set you up to have a successful yoga studio. What are your goals? How will you achieve them?.Why will people want to come to your yoga studio?.What is your budget? What will be your pricing structure?. ![]() What kind of yoga classes will you offer?.There are a few key questions you’ll want to concentrate on answering. An executive summary formalizes your ideas and helps you set actionable goals. When starting a new business it can be easy to talk about what you’ll do. It outlines your business proposition to readers-think banks, investors or potential partners - but it’s also a way for you to define your vision for the business. The executive summary is the introduction to your business plan. With that in mind, let’s take a look at what your yoga studio’s business plan should include. It's like a good yoga teacher - it guides you along your journey and sets you up for success in the future. A business plan is the first step to starting your new studio beyond the initial idea of “I should start my own yoga business”.Ī business plan is where you determine your goals, decide on your budget, analyze your competition, and figure out how you’re going to separate your studio from the pack. ![]() This isn’t exclusive to yoga studio owners, any business or charity should create one. She’s shared her expert tips with us on what it takes to open your own yoga studio, from zeroing in on the right location to making sure your social media game’s on point. That’s why we picked the brain of Chandelle Hay from Think Big Studios, a marketing and branding company that excels at building yoga businesses from the ground up. But going from yoga teacher to small business owner isn’t an easy transition, especially in the hyper-competitive fitness industry. With numbers like that, of course you want to start a yoga studio. It’s gone from an obscure practice to a massive global industry, with revenue in the United States hitting $11.6 million in 2020 alone, and showing no signs of slowing. Thankfully the world’s changed a lot since then, but yoga’s popularity has only grown. While yoga is over 5,000 years old, the modern practice as we know it was first introduced to the west in the late 19th century.īack then people still travelled by horse and buggy, women didn’t have the right to vote, and you could mosey on down to the local pharmacy to buy a spot of heroin. ![]()
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