Yoga has been one the fastest growing health and lifestyle trends in that last century, and for good reason. The ancient practice, originating in India, has improved countless lives across the globe with its emphasis on the peaceful union of the mind and body. Now over 300 million people practice yoga worldwide and roughly 36 million in the US alone. That’s why many have decided to start their own yoga business as the community continues to expand.
Respect the Work
If you’re interested in starting your own yoga business, there are few things you should consider. Like any business venture, it’s essential to have a passion for the project and respect for the work the project will require. Are you a certified yoga teacher already? Or are you simply a savvy business practitioner? Maybe you’re somewhere in the middle. Either way, starting a niche business will need an in-depth knowledge and understanding of the venture, so be prepared for the leg work. It’s important that you acknowledge your strengths and weaknesses and be open to asking for help and seeking advice when necessary. Starting a business can be a real mental strain, and you wouldn’t want it to turn your passion into a burden because you bit off more than you could chew.
Make a Plan
Another key to starting a successful yoga business is having a clear business plan. This can be developed by studying the industry and its trends. Doing the research will greatly help you formulate a cohesive business strategy. Having a comprehensive outline of how you expect your business to become established and eventually flourish will contribute to its success! Your business plan should include things like the company’s concept and mission statement, as well as financing details and management organization. Will your studio focus on a specific style of yoga? Who will be your target audience? What is your personal message? What makes your concept different and stand out from the rest? The answers to these questions will help you formulate the business plan and focus on what’s important.
Location, Location, Location
The next thing you want to consider is the location of your yoga studio. There’s a saying among entrepreneurs when starting a new business: “Location, location, location”. Having an accessible venue can really make or break a business however these unprecedented times are changing the way we operate on a daily basis. Consider having online classes available as opposed to the in-class setting during the pandemic. There are many benefits to starting an online yoga business before you establish your own brick and mortar. Offering online classes gives you a chance to build your client base in a safe and covid friendly manner. You can also use this time to learn more about opening up your studio in the future so when the time comes to invest you will be ready. Posting classes online also has much lower start-up costs so this could contribute to generating any extra needed income.
Build Your Brand
Lastly, and possibly most important, is your marketing. Oftentimes companies that offer a sub-par product will be more successful than their competitors thanks to their clever and engaging marketing. Your business will need a strong logo and a user-friendly website to encourage your brand and business concept. Your logo should stand out from the rest and inspire your company principles when people see it. Don’t be afraid to promote yourself! The influence of social media is peaking so definitely harness that power to get your brand out there. Run ads, sales, weekly promotions, and any other clever marketing strategies that will attract more customers. Networking and collaborating with other businesses is also a great way to expand your reach.
To summarize, starting a yoga business could be a great investment for your future. The industry will only continue to grow as more and more people turn towards a more holistic lifestyle. It’s important to understand that it requires the same respect as starting any other business and will take proper planning and preparation. Be sure to put in the work and the rewards will be reflected back to you.