Yoga has been growing in popularity for the last few years, with many Americans opting for this form of exercise. In this guide, you will learn How to Start a Yoga Business and learn some untapped tips to grow a yoga business as well.
If you feel like starting your yoga studio to make money, this article will help you successfully understand how to start a yoga business.
How to Start a Yoga Business?
Top 7 Must Follow Things to Start Your Own Yoga Business
Before you think about starting a business, it is vital that you first become certified as a yoga teacher either by taking courses at an accredited college or university or by enrolling in a course offered by one of the companies that specialise in training yoga teachers today. Aspiring yogis can choose from different certifications depending on their end goal.
Since yoga has become so mainstream, many college students are taking it up to help relieve stress while also getting some exercise. If you have no interest in teaching yoga yourself or opening your studio, being certified will give you an edge over the other applicants when applying for jobs at fitness centres.
It is always better to be more than less qualified when applying for positions at gyms and spas, especially if hundreds of people are competing for the same job. You also check The Best Yoga Teacher Training in the USA.
Sole Proprietor or Owner
Now that you have decided on pursuing certification to teach yoga, you must next determine whether or not you want to open up your own business or work for someone else’s business that offers yoga classes.
For the most part, you will have a lot more freedom in your choice if you choose to open a sole proprietorship instead of selecting a corporation or S-corporation. These options are great for people who do not want to go through all the trouble of starting up an LLC or an LLP.
Remember that it is easier to be sued as a sole proprietor than it would be if you were working for someone else’s company since you would be personally responsible for any debts and lawsuits filed against your business.
In addition to this, when filing taxes, owners must pay self-employment tax which is 15% of their net income. At the end of the year, they must also pay estimated taxes annually to avoid facing penalties the following April.
If you are not worried about taking on extra responsibility or paying self-employment tax, a sole proprietorship is likely your best option. You may also claim any expenses required to maintain the studio as business deductions during taxes.
This can include rent, insurance premiums, advertising costs, and travel expenses for conventions if directly related to running the yoga studio.
Build a Clientele
Word of mouth is key to attracting people to your studio, especially if you’re starting. It’s best if you have a large social media following before opening your doors so that at least the initial interest in your studio doesn’t come from just your contacts and then spread by word of mouth from there on out.
If Facebook isn’t your thing, consider joining business networking groups where potential clients are already active. Meeting up with them face-to-face will help facilitate trust in what you do and build relationships with future students.
The advantage of going this route is that it allows for a much more personalised way to connect with people, and those who make an effort to meet you in person are likely to be more committed and long-term clients.
Choose a Type of Yoga
When choosing what type of yoga you should teach, you must first determine whether or not your class will be heated or non-heated before anything else is decided upon since both types require different equipment.
However, other factors are at play since some varieties are more popular than others. For example, Ashtanga yoga is a Vinyasa Flow style with six sequences that must be practised in order. On the other hand, Bikram yoga only requires 26 postures and two breathing exercises, making it very appealing to beginners.
Bikram is also one type of yoga that does not require an air conditioner because it is always done in a heated room. This makes it great for people who might have difficulty practising if they cannot sweat out toxins during their class.
The downside to Bikram classes is that there can sometimes be too much sweating, or students might become sick if they do not drink plenty of water before and after their practice.
The Bikram Option
Taking a Bikram yoga class will enable you to easily teach your students how to drink plenty of water before and after their workout and how to breathe during each posture.
If you are not going to be heated, find a different style that works for you instead. It can cause serious health problems if someone practises without drinking enough water beforehand.
Choose a Location
Once you have decided what type of yoga is best for your needs, it is time to choose the location where you will do business. Many people think having a storefront would be the best idea. This forces customers to walk past the studio every day and could potentially build a clientele for you.
However, this can also be a bad idea if no one knows where your storefront is located or you have little to no signage outside your building.
In addition to this, storefronts usually cost more money than renting out a space somewhere else because the owners must pay the utility bills and any other expenses that go along with running a business from home. There are many hidden costs involved in operating a storefront, making it harder to make ends meet each month.
If you absolutely cannot afford a storefront and there is not a yoga studio close enough to you to teach at their location instead, then teaching from home might work for now until you have built up a clientele that can support you enough to allow you to move into another location.
Also, pick a good yoga studio scheduling system to make the life of your customers easier. By choosing this option you can solve the problem of finding a proper location.
Expand Your Brand and Be Unique
Once your yoga business is earning enough for you to expand, you must do so to avoid losing customers who might try a new studio if yours becomes too small or crowded because there are other options out there.
However, expanding should not include adding on more teachers because this will cause problems later down the road if one resigns from their position. If this happens, you will have fewer staff members than before, which could be problematic when it comes time to take vacations or get sick.
In addition to this, it has been found that many yoga studios tend to go under because the owners refuse to hire more people and instead try and do everything on their own, which can be extremely harmful to your business.
For example, if you want to offer life coaching as well as yoga classes but you cannot make enough time for both, then it might be a good idea to expand your brand and hire another teacher who specialises in the type of work that you do not know how to do yourself.
Also Check to Grow Your Business:
Starting a yoga studio is hard work because it requires your time, dedication, and a lot of patience but we hope this guide on How to Start a Yoga Business helps to settle your business and grow it as well.
However, if you can figure out how to do everything that is needed, the payoff at the end could be more than worth all of your efforts up to this point.
You should always try and do something unique to stand out from other studios but never forget to help those around you because these acts of kindness might come back around to benefit you in some way or another down the road.