In the last decade, yoga has become a popular form of exercise most especially in the United States. According to Statista, the number of Pilates and Yoga studios in the country increased by five percent this year. There were 40 thousand businesses operating under these categories, which is up from 38 thousand last year. With this popularity comes many new studios opening up that are trying to cash in on the trend. While it is an exciting time for those who want to open their own studio and share their love of yoga, there are some things you should know before diving into this venture.
Establishing your brand identity is key to success
Brand identity is a powerful way to set your brand apart and establish yourself as an authority in the yoga industry. However, it’s not something that happens overnight – you need to create both visible representations of your business(like logos) and intangible qualities like a reputation for quality customer service. The good news? You have complete control over this process!
This shows what branding means for entrepreneurs who want their businesses to be successful: brand identity starts by making sure everything you do matches your company image; otherwise there’s no way anyone would reach out or come back again if they don’t find you credible from the start.
You need to market like crazy
Yoga has been growing in popularity over the past decade. With studios popping up on nearly every block to accommodate this boom, it’s no wonder that there are more people practicing yoga than ever before! To ensure your studio stands out from the crowd and gets noticed by potential customers, you’ll need a solid marketing strategy that will get word of mouth buzzing too.
The internet is a great place to spread the word about your company. There are several social platforms you can use, from Facebook and LinkedIn all the way down to Instagram or Twitter – even Google local listings or paid ads! If marketing isn’t really your thing but it’s something that needs done anyway, then invest in hiring someone who has experience with things like this because they do exist for those purposes.
Treat your studio as a REAL business
The passion that drives yogis to open new studios often blinds them to the need for making a profit. New business owners should plan their studio’s pricing and revenue streams before opening, because if you’re not prepared or realistic about your goals then you will never succeed.Consider actualizing an ambiance in your studio that every student could wish for, from the wall paintings and bathroom layout design to the interior plants. You could even infuse some natural scents as well.
The best way to get new customers is by making the lessons feel like a luxury. Offer them an experience, not just a service that they need to pay for each session in order to see progress or have fun. It’s important as a studio owner and instructor that your classes are worth every penny!
Tip:Your property is one of your biggest investment, you need to back it up with a commercial property liability insurance as this serves as a backbone of your business when something goes wrong along the way.
Expect a slow start
Starting your own yoga studio is a challenging and risky endeavor. In the first few years you’ll be investing quite a lot into the start-up costs of the business, such as renting out space for classes, purchasing equipment to accommodate all skill levels, and hiring instructors. You will also need to secure your very own Yoga instructor insurance; this is a package that usually includes liability insurance for your property(can be rented) and professional liability(in case someone files a claim against your professional service). And if you plan to hire employees, not all states will require but a workers compensation insurance is best to insure your employees to cover the cost of injuries while on the job.
Expect that you won’t be making a ton of money in the first few years of operation especially with start-up costs including your insurance. It’s not always easy, but there are many benefits when starting up such as building relationships with others who share a similar lifestyle goal and those who enjoy working out at least three times per week as you do.
You’ll make mistakes, a lot of it.
It’s all about practice, and that means making lots of mistakes. And yes, every business owner made plenty in the beginning too. You’ve always loved being active and doing yoga, but you never thought about actually opening your own studio until now. Starting up a new business is hard work so be sure to plan everything out before jumping in head-first!
Like any other small business, the prevalence of yoga is leaving many studios feeling vulnerable when it comes to potential liability issues. Professional liability insurance through various companies can ensure that your yoga business never suffers the repercussions of high insurance costs or ineffective plans. The importance cannot be undersold, as it’s one way to protect yourself from risk and assure you’re able to take on new clients and carry on your operations without hesitation. You can head over to SmallBusinessLiability.com to read more about general liability insurance for yoga practices.
One thing that you will learn in the process of starting your own yoga studio is about yourself. You’ll find out who you are and what matters to you on this journey, as well as having a clearer understanding of how much work it takes – from start-up costs all the way through maintaining profitability month after month. It’s not just a matter of being physically prepared to handle those demands either; be sure that emotional preparation doesn’t fall by the wayside too!