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What is a Yoga Business?
Although yoga has been around for thousands of years, its popularity in mainstream culture has soared in the last decade.
Yoga is an ancient practice that focuses on both the mind and body. It involves physical movement, meditation and breathing techniques and is designed to promote mental, physical and spiritual wellbeing. As well as the physical health benefits, such as increased strength, balance and flexibility, yoga has been found to have significant mental health benefits too.
There are six different branches of yoga:
1. Hatha Yoga – This is the most common branch of yoga. It focuses on breathing, controlled movements and stretching. Hatha yoga is usually practised at a slower pace.
2. Raja Yoga – Raja yoga is often referred to as the yoga of the mind. It involves meditation and the disciplinary steps of the eight limbs of yoga.
3. Karma Yoga – Karma yoga is also known as the path of action. Actions are performed without attachments and ego. It aspires to create a future free from negativity and selfishness.
4. Bhakti Yoga – This type of yoga is a spiritual practice. It doesn’t involve traditional yoga poses and instead revolves around love, devotion, emotion and tolerance.
5. Jnana Yoga – Jnana yoga aims to improve concentration and self-realisation and enhance creativity. It teaches your body how to react to stress and anxiety and involves a deep inquiry into who you are.
6. Tantra Yoga – Tantra yoga combines many different yoga and meditative practices. It involves breathing, yoga and meditation. It focuses on studying the inner universe through the human body.
As well as the six traditional branches of yoga, there are other types of yoga that have been created or have become popular in recent years.
Including:
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- Bikram Yoga – Also known as hot yoga, it is done in a sauna-like room (approximately 40°C and 40% humidity), which results in a more intense workout.
- Restorative Yoga – This focuses on relaxing the body and the mind.
- Prenatal Yoga – This is a safe form of exercise during pregnancy. It helps to prepare you for labour by focusing on pelvic floor work and breathing.
- Aerial Yoga – Instead of using a mat, poses are performed in a hammock or sling that hangs from the ceiling. It takes the pressure off certain parts of the body, improves flexibility and is good for digestive issues.
- Vinyasa Yoga – This is the most athletic style of yoga and has many types of poses in different sequences.
- Iyengar Yoga – Iyengar yoga focuses on alignment. Movements are very precise and involve controlled breathing.
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Modern yoga usually focuses on asana, which is a succession of poses connected together. By teaching yoga, you can help your students improve their strength, stamina, flexibility, coordination and balance. You may incorporate aspects from different branches of yoga or choose to focus on one type of yoga.
If you are considering starting up a yoga business, you have several different options available to you:
- Open a yoga studio.
- Operate your yoga business from an existing gym or another facility.
- Start a home yoga studio business.
- Teach yoga outdoors, in public spaces such as a park or beach.
- Run a yoga retreat or yoga holiday.
- Teach yoga online.
- Teach yoga at events, such as festivals and conferences.
- Run yoga workshops.
You may work with your students on a 1:1 or on a group basis. To be an effective yoga instructor, you will need to focus on the physical, mental and spiritual needs of your students.
Starting up a yoga business can be very rewarding in many ways. To set up a successful yoga business, you will first need a deep understanding of yoga, have many years of yoga experience and have a good understanding of alignment, breathing and poses. A desire to help people improve and grow is also key.
Types of Customers
Yoga is a practice enjoyed by many different types of people. Anyone can enjoy yoga, regardless of their shape, size, fitness level and flexibility. Yoga is enjoyed by people of all ages.
Although yoga is a universal practice, you may be more likely to attract particular types of customers, depending on several factors:
The type of yoga business you run:
This will be a significant factor in the type of customers you attract. For example, if you run a yoga retreat, you are likely to attract more experienced Yogi (people who are proficient in yoga) and those who are happy to commit to a longer more intense experience and pay higher prices. Comparatively, if you operate your business from a gym, your customers are more likely to be people from the local area who are trying to improve their fitness or wellbeing.
Where your business is located:
Your location will impact your typical business, as many people will visit a yoga business that is conveniently located to where they live or work. If you are located close to a residential location, your clients are likely to be people who live nearby. If you are located in a town or city centre, you may attract clients who work in the area or visit the centre for other reasons, such as shopping and socialisation. If you operate your business online, you will have the opportunity to reach a larger demographic. Yoga retreats are commonly located abroad, in counties such as India, Thailand, Indonesia, Costa Rica and Spain.
The type of yoga you teach:
As already mentioned, there are many different branches of yoga. You may choose to teach a specific branch of yoga or focus on one of the more modern variations. The type of yoga you teach will impact your typical customer base.
The experience level you teach:
You can offer beginner, intermediate and advanced yoga classes. Students will attend a class based on their ability. If you choose to specialise in one particular level, this will affect your customer base.
Your pricing:
You will determine your pricing policy based on multiple factors (we will look at this more later). It is important to keep in mind that your customers may have a specific budget in mind when choosing their yoga instructor.
Your clients can typically be categorised in three ways:
1. Budget: Budget clients look for yoga businesses that offer classes for the lowest possible price.
2. Mid-range: This type of client looks for a combination of value and luxury. Although they don’t want to pay premium prices, they don’t look for the cheapest option and instead look for an experienced instructor at a reasonable price.
3. Luxury: This type of client usually wants the best yoga instructor and classes using the best equipment and in the best location. They are happy to pay higher prices for the best service.
Equipment You Will Need
Compared to many other businesses in the health, fitness and wellbeing industries, a yoga business has relatively few equipment requirements.
The amount and type of equipment you require will depend on the type of yoga business you run and whether you supply equipment for your students to use or expect them to bring their own. Take this into consideration and consider what will be best for your business before purchasing equipment.
Below is a list of equipment typically required by yoga businesses:
Yoga mats
You will need a yoga mat for yourself and may also buy mats for your students or as spares to keep in your studio. A yoga mat offers cushioning and provides a layer of protection between you and the floor. A yoga mat also provides a better grip on the floor, reducing the likelihood that you will slip or fall and obtain an injury. Yoga mats typically cost between £10 and £20 per mat.
Yoga blocks
Yoga blocks are usually made of foam, bamboo or cork. They are a type of prop most commonly used by beginners. The blocks help your students to achieve certain positions or extend further if they are not yet very flexible. If you are planning to teach beginner yoga classes, you will need to purchase blocks for your students. You can expect to pay between £6 and £20 per block.
Yoga straps
This piece of equipment will help your students improve their flexibility. They can also help to reduce the chance of muscle strains and decrease muscle tension. Yoga straps usually cost between £5 and £10.
Yoga wheels
Yoga wheels have grown in popularity in recent years. They are large, circular-shaped props that are hollow. A yoga wheel helps with stretching, improving flexibility and relieving tension and are particularly popular with people who experience pain in their back, shoulders, hips or abdomen. Yoga wheels cost between £20 and £50.
Foam rollers
Although similar to yoga wheels, foam rollers are smaller and thicker. You have to apply more pressure to a roller to move it, making this a good piece of equipment for strengthening muscles. Foam rollers are popular in warm-up and cool-down routines. You can expect to pay between £10 and £20.
Meditation pillow
Meditation pillows are great for lessons that focus more on the meditational aspects of yoga. They help you to maintain the best position to remain comfortable and ensure your spine and hips are supported. Meditation pillows come in different shapes and sizes and cost between £20 and £50.
Aerial hammocks, slings or swings
If you teach aerial yoga, you will need hanging equipment to enable your students to perform the poses. You will need to ensure the hammocks are made from strong, supportive material and that they are safely attached to your ceiling. Expect to spend between £50 and £150 per hammock.
Yoga clothing
Because yoga involves a lot of stretching and moving, you will need workout clothing that is comfortable, appropriate and professional. Yoga pants are usually made of thicker, more stretchy material. They are more moisture-wicking than other types of workout leggings meaning you feel less sweaty – essential for people who work out for multiple hours a day. You will also need an appropriate top that is tight to your skin and isn’t going to move if you are bending over or doing the downward dog. You will likely need several sets of yoga clothing and can expect to spend between £100 and £200.
A microphone
If you are teaching in a large studio or online, a microphone will ensure that all your students can hear you without you needing to shout. A microphone that attaches to your clothes or sticks to your face is recommended so that your hands and arms are free to do your poses.
A camera and tripod
If you film your classes or run your business online, you will need a high-quality camera to record your lessons. Choose a camera that offers longer video recordings, as some only offer a 30-minute maximum. You will also need a camera that records sound.
Client forms
These forms should be completed by new clients during your client consultation. They should include your students’ personal details, emergency contact information, known health conditions and injuries and their yoga goals. You can create client forms yourself and print them out at minimal cost.
A first aid kit
In case of an accident or injury, a first aid kit is an essential piece of equipment. You may have to treat cuts, strains, sprains or swelling, or even treat a more severe injury before professional medical treatment is sought. A fully stocked first aid kit can be purchased for approximately £15.
A website
A website is useful for advertising your business. It should contain your contact information, your experience and areas of expertise, your training and qualifications, where you operate, the type of yoga you teach and your customer reviews. Design your website to include your business logo and to reflect your branding.
Business cards
Business cards are an important marketing tool and can be given to new or existing customers. They should include your business name, contact information and the types of services you offer.
Typical Pricing
When starting up a yoga business and creating a business plan, you will need to calculate your approximate set-up costs and running costs. Planning your business’s finances can help you determine how to finance your initial investment, plan your pricing strategy and predict your profits.
Some of the typical costs you can expect when setting up and running a yoga business are:
A yoga studio
Your yoga studio or other premises will likely be your biggest expenditure. You will need to rent your premises on a monthly or annual basis. Rental prices can vary significantly, depending on the location, the size of the premises and the on-site facilities. City centre locations and newly built premises usually have the highest rental costs. Rental costs are often calculated per square metre. They can range significantly, from £500 to £15,000 per square metre annually.
Refurbishment and installation costs
You will likely need to refurbish or convert your premises to incorporate the equipment you need for your yoga business. You will also want to decorate your premises to fit the aesthetic of your brand, ensure it is suitable for workouts and make it attractive to customers. Renovation costs can vary, from £500 to £20,000 depending on the level and scale of work required; for example, if you need to install hammocks, your installation costs will be higher.
Equipment
The type of equipment you require, and the associated costs, will vary depending on the type of yoga business you set up. To reduce your start-up costs, you could buy only essential equipment initially and then purchase more equipment as your business grows. You can expect to spend between £200 and £2,000 on equipment.
Maintaining, repairing and replacing equipment
Repairs, maintenance and replacements are ongoing costs you will need to factor into your budget. Cleaning and maintaining equipment and ensuring it is used correctly can extend its life, but repairs and replacements are still inevitable, as using unsafe equipment could be dangerous.
Branding
Branding can help you to establish your yoga business’s identity and help your business to stand out from any local competition. Branding could include creating your business’s visual identity, a logo, your business name and your business website. You can hire a professional to help you with branding or do some of the work yourself. Branding can cost between £500 and £5,000, depending on the amount of branding you require.
Marketing and advertising
This can help you to attract clients and grow your business. You may require more advertising and marketing when your business first launches. It is recommended that you spend no more than 1%-3% of your annual revenue on advertising costs; for example, if you make £30,000 per year, you should spend between £300 and £900 on advertising. Some of the ways you can advertise are via your website, in local gyms and fitness centres, through leaflets, posters and business cards and via social media. As your business grows and you build your client base, you may be able to reduce your advertising costs.
Running costs
These are the everyday costs associated with running your yoga business. It could include your overhead costs such as electricity, gas, water and council tax. Most of your running costs will be paid monthly, although some may be paid quarterly or annually. Keeping your running costs as low as possible allows you to maximise your profits.
Business insurance
There are several types of coverage options you could choose for your yoga business. The cost of your insurance can vary depending on your insurance provider and the level of coverage you choose.
Your insurance options include:
- Public Liability Cover.
- Business Contents Cover.
- Professional Indemnity Cover.
- Buildings Cover.
- Business Interruption Cover.
- Employers’ Liability Cover.
- Equipment Cover.
- Personal Accident Insurance.
Once you have calculated the typical costs associated with setting up and running your yoga business, you can then determine your pricing.
The majority of yoga instructors charge per session. However, if you run workshops and retreats, your pricing strategy may differ.
Prices per yoga session can vary drastically, from £10 to £50 per hour.
Your pricing can depend on several factors:
- Your teaching experience.
- Your location.
- Your reputation.
- The type of yoga you teach.
- The type of yoga business you run (e.g. online vs yoga retreats).
- Your equipment.
- The venue you operate from.
Safely Running a Yoga Business
Safe practices in your yoga business are essential to protect the health, safety and wellbeing of you and your students. Exercise can be a high-risk industry where accidents and injuries can occur, whether from unsafe equipment, improper techniques, carelessness or unsafe practices.
Some safety practices you can employ in your yoga business are:
Obtain qualifications
Obtaining qualifications will not only make it easier for you to teach yoga, but it will also make your business more attractive to potential students and ensure you are aware of safety procedures.
Some qualifications you could obtain are:
- Level 3 Diploma in Teaching Yoga.
- Level 4 Diploma in Teaching Yoga.
- Level 3 Certificate in Teaching Yoga to Children Aged 5 to 16.
Join a professional organisation
Joining a professional organisation can help your professional development, help you connect with other yoga teachers and help to regulate the industry.
Some professional bodies you can join are:
Obtain training
Health and safety training can teach you the importance of safe practices in your yoga business. You could undergo training in First Aid, Health and Safety for Businesses, Fire Safety Awareness, Assessing Risk, Slips, Trips and Falls and PUWER Awareness. Consult our website for more information on health and safety training.
Properly maintain and set up equipment
If you supply any equipment for your students to use, you will need to ensure it is properly maintained, correctly set up and safe to use. You must protect your clients from accidents or injuries caused by equipment. You should also perform regular equipment inspections to ensure your equipment’s safety and help to extend the lifespan of your equipment.
Ask your students to complete disclaimer forms
Any individual who engages in activities with an element of risk should complete a disclaimer form. If a student becomes injured during a session, a disclaimer form is a legal statement that limits your liability. Ensure you go through the disclaimer form carefully with every student and that they sign and date the form.
Complete a fitness assessment form and a Physical Activity Readiness Questionnaire (PAR-Q)
These forms allow you to establish your students’ general health, including any health conditions, injuries and illnesses. They also allow you to record their health and fitness levels and exercise capabilities. Not only can these forms protect your students from harm, but they can also protect you and your business in the event of an injury.
Obtain emergency contact information and medical information
In the event of a serious injury or a medical emergency, this will allow you to contact your student’s next of kin or inform medical professionals about any known allergies or health conditions.
Carry out risk assessments
Although risk assessments are only a legal requirement for businesses with more than five employees, they can help to ensure the safety of you and your students. Risk assessments can help you to identify any potential hazards and risks in your business and how these can be reduced or eliminated.
As part of your risk assessment, you should:
- Identify hazards.
- Determine who could be at risk.
- Evaluate any potential risks.
- Implement relevant safety measures.
- Record the results of the risk assessment.
- Review the risk assessment regularly.
Implement cleaning policies and procedures
Strict cleaning procedures must be in place at all times, especially if you teach multiple students in the same space. You should clean, disinfect and sanitise all equipment and surfaces between every customer and then perform an intensive clean at regular intervals, such as every day.
Legal Requirements
The yoga industry is not highly regulated. However, there are still some legal requirements you must ensure you follow.
Apply for a premises licence
You will need to apply for a premises licence with your local authority if you run your yoga business from your home or other premises. Contact your local authority for more information.
Comply with the Provision and Use of Work Equipment Regulations (PUWER) 1998
These regulations apply to you and any equipment you use, such as hanging hammocks and yoga blocks. You must ensure that any exercise equipment is fit for purpose, is maintained and inspected regularly, that health and safety risks are minimised to an acceptable level, that you have the correct knowledge and training to use the equipment, and that protective measures are put into place. You must also ensure the equipment is used under appropriate conditions.
Comply with the Reporting of Injuries, Diseases and Dangerous Occurrences Regulations (RIDDOR) 2013
RIDDOR states that you must report all injuries, diseases and dangerous events that occur when your business is operating. Reports must be made to the Health and Safety Executive (HSE) using an appropriate recording document. This includes injuries that occur during your classes.
Comply with the General Data Protection Regulations (GDPR) and the Data Protection Act (DPA)
You must comply with both pieces of legislation when storing or sharing personal information, such as your students’ contact details. You must also apply for a Notification to Process Personal Data Licence. If you process or store personal information such as customer accounts and records, you will need to apply for a licence with the Information Commissioner’s Office and renew your registration every year.
Obtain a permit if operating outdoors
If you teach any of your yoga classes in outdoor spaces, such as public parks, beaches and green spaces, you may need to obtain a permit from your local authority. The requirements can vary depending on where you live so contact your local authority for more information.
Obtain a criminal record check
If you teach yoga to any children or vulnerable adults, you will need to apply for a criminal record check to prove your suitability.
The type of check you require depends on the country you live in:
- England: Disclosure and Barring Service (DBS).
- Wales: Disclosure and Barring Service (DBS).
- Scotland: Protecting Vulnerable Groups (PVG) Scheme.
- Northern Ireland: AccessNI.
Apply for a music licence
If you play music during any of your yoga classes, you will need to apply for a Licence to Play Background Music from the PPL PRS and pay an annual fee.
Implement or follow health and safety policies and fire procedures
All businesses should have health and safety policies that help to manage health and safety in your business. You are also responsible for fire safety on your premises including conducting fire risk assessments and implementing fire safety measures and emergency procedures. When operating in other locations or venues, be aware of any emergency procedures you may need to follow.
Register your business
You must register your business with HMRC before you begin operating. You can register as a sole trader or as a limited company. You will need to register your business name and any other relevant information.
Register for self-assessment tax
This allows you to calculate and pay your own taxes each year. You will need to track your finances every month and submit any expenses as part of your tax assessment.
Positives of Owning a Yoga Business
Owning a yoga business can be rewarding in many ways, including:
It helps your personal growth
Yoga encourages mindfulness and teaches you how to react to stressors and anxiety. It can also help to teach you coping mechanisms and self-reflection. All of this can help your personal growth.
Improve your yoga practice
Practising yoga every day will inevitably help you to improve your proficiency. You can stay up to date with new techniques, poses and trends and gain a deeper understanding of the foundations, origins and principles of yoga.
Connect with other people in your community
You will have plenty of opportunities to connect with other people in the yoga community, including other instructors and students. You can spend time with like-minded people, learn new skills and gain knowledge from them and create both personal and professional connections.
Physical benefits
Yoga has an abundance of physical health benefits, including:
- Increase in flexibility and balance.
- Increase in strength and muscle tone.
- Improved circulatory health.
- Improved respiration.
- Encourages metabolic health.
- Reduced inflammation.
- Improved mobility and reduced pain.
- Improved cardiovascular health.
- Increase in energy levels.
- Improved sleep.
As a yoga instructor, you will likely be practising yoga for several hours a day, multiple days a week. You should experience significant physical health benefits and see an improvement in your overall health.
Mental health benefits
Multiple studies have shown the positive impact that yoga has on your mental and emotional health and wellbeing.
This can include:
- Increase in dopamine, serotonin and norepinephrine.
- Reduces stress and anxiety.
- Helps to relieve the symptoms of depression.
- Boosts concentration and memory.
See your students grow and improve
Supporting your students in their yoga journey can be very rewarding. Yoga can help your students physically, mentally, emotionally and spiritually and you will be a key part of this journey. You will be able to see your students grow and improve and this can be extremely rewarding. Yoga can also help your students improve their overall health meaning your students will have fewer health concerns and you will have made a real difference in the lives of your clients.
Constant opportunities to learn
Your own understanding and knowledge of yoga and yoga practices can constantly grow. You can learn from your students and from other yoga instructors and continually self-improve.
Opportunities for travel
Yoga has its origins in India and is popular all over the world. You could choose to set up your yoga business abroad and teach classes in beautiful places around the world. You could even travel and practise and teach yoga around the world. Yoga gives you the opportunity to travel, earn money and do what you love.
Do what you love
Yoga instructors usually love practising yoga and genuinely enjoy what they do. Being able to expand your education and knowledge, help people achieve their goals and be able to practise every day is a huge advantage to many yoga instructors.
Choose the type of yoga business you want to run
You can choose the type of yoga you want to teach and the type of yoga business you want to run, including how and where to teach yoga. This allows you to set up your dream yoga business.
Face-to-face interaction
If you enjoy being around other people and connecting with new people, running a yoga business can be extremely rewarding. Most of your day, every day, will be spent with other people and you can meet lots of people in your local community.
Low start-up costs
Starting up a yoga business can be relatively low-cost. Depending on the type of business you set up, you can have very few initial outgoings, meaning you won’t need to acquire an investment and can begin turning a profit faster.
Negatives of Owning a Yoga Business
However, there are some negative aspects of owning a yoga business that you should be aware of.
Teaching can be difficult
Even if you have extensive yoga experience and understand the foundations of yoga, this doesn’t mean you will find teaching easy. Teaching requires completely different skills including good communication, empathy, patience and confidence. Running a yoga business isn’t as simple as doing yoga every day.
Unconventional working hours
As a yoga instructor, you will likely need to run your lessons at times when your customers aren’t working. This could mean teaching sessions in the evenings, at weekends and during the holidays. Even if you run retreats, these are likely to fall during peak times. This could mean you miss out on time spent with family and friends.
Irregular income
Running a yoga business may mean you don’t always have a regular income. You may have fewer students than usual or have issues with your venue that affects your teaching. Having an unreliable income can be problematic if you have bills and expenses to pay.
It can be physically exhausting
Although practising yoga every day can have physical benefits, it can also be physically exhausting. You will be engaging and stretching the same muscles over and over again and this can result in pains, strains, exhaustion or even injury.
It can be competitive
There are an increasing number of yoga businesses and yoga instructors in the UK. This can make it a very competitive industry and make it more difficult for you to make your business succeed.
It can take time to build your business
Many yoga instructors have to start small. It often takes a while to build your reputation and increase your client base. This could mean your profits are initially low.
Lack of job security
As you will not be in a contract with any of your clients, they can choose to stop working with you at any time. Many people hire a yoga instructor initially but then may begin practising alone once they have mastered the basics. This means you have no guarantees for future work and could find yourself losing clients and losing income.
Lack of benefits
Not only will you not have a guaranteed income, but you also won’t receive benefits such as holiday pay and sick pay and pension contributions. You will also be responsible for paying all of your taxes yourself.
It can be stressful
As the business owner, you will have the sole responsibility of trying to make your business succeed. You will have a lot of important responsibilities, such as ensuring health and safety, advertising and marketing, creating your class content, teaching your students and ensuring they are satisfied. This can be emotionally demanding, time-consuming and stressful.
Risk of your business failing
Starting up a yoga business can be risky. Many new businesses fail which could result in you losing money or getting into debt. Your business could fail for several reasons, such as high local competition, an ineffective business plan or if the UK encounters another recession or period of financial difficulty.
High liability
A yoga business has many potential risks that could result in liability issues for you and your business. This could include accidents or injuries and the higher risks associated with certain customers. Handling the risk of accidents and injuries can be stressful and any incidents that occur can damage your reputation and business.
Planning Your Yoga Business
If you are considering starting up a yoga business, an effective and well-designed business plan is essential.
A business plan can help you to focus on the specific steps that will help your business succeed and grow. It can also help you to plan your short-term and long-term business goals and create your financial forecasts.
When creating your business plan, ensure it contains information such as:
- Your company information.
- Your company description.
- The services you will provide.
- Your branding, marketing and advertising plan.
- The structure of your business.
- The operational plan for your business.
- The financial plan for your business.
Some of the factors you need to consider when creating your yoga business plan include:
What type of yoga will you teach?
This will be one of the first considerations you will need to make when planning your yoga business. Consider your own yoga experience and your skills and knowledge, as these will be the most important factors. You should also consider which types of yoga are the most popular and which will bring you the most customers.
What type of yoga business will you run?
There are many different types of yoga businesses, such as online teaching, yoga retreats, yoga studios and workshops. Determine the type of business you want to run, and which is likely to be the most profitable. Consider the logistics of running each type of business and determine whether you have the necessary skills. For example, to run an online business, you will need to be social media and marketing savvy.
Where will you operate your business from?
Will you operate from a yoga studio or from an already established gym or fitness centre? Will you run your business from home or even abroad? There are many different ways you can run your business and determining what works best for you is key. You may even choose to initially run your business from one venue and then change as your business grows.
How will you attract potential clients?
Your marketing and advertising strategies will vary depending on the type of yoga business you set up. You could receive some clients through word-of-mouth recommendations, but you will also need an effective advertising plan. You could promote through social media and online, partner with other professionals in your industry, advertise in local fitness centres and give out leaflets and business cards.
What qualifications and training courses will you choose?
You will have several options available to you. Determine which qualifications will most benefit you and your business and which will be most attractive to your clients. You should also consider what health and safety training you will need.
What competition do you have?
Being aware of your competition is an important step to ensuring the success of your yoga business. Look at what other yoga instructors do well and areas you feel they could improve. You should consider yoga businesses in your area and look at the type of yoga they teach, how and where they run their business and their typical customer base. Consider how you can make your business stand out from your local competition.
What are your equipment requirements?
Consult the list above to determine your equipment requirements. The equipment you require will depend on the yoga you teach, the type of business you run and your location. Once you have determined your equipment requirements, you can then calculate the initial costs of purchasing the equipment and the costs of repairs and replacements.
What are your initial set-up costs and running costs?
You need to determine your approximate start-up costs and running costs to enable you to calculate your initial investment and what your monthly or annual running costs will be. Creating a budget is a key part of your business plan. It can also help you to determine whether you can finance the business yourself or whether you require outside investment. Consult the list above to help you calculate the approximate costs associated with setting up and running your business.
What will your price points be?
Once you have calculated your approximate costs, you can then determine your price points. You will need to decide whether to charge by the hour or operate a different pricing strategy. Your pricing will depend on multiple factors, such as your location, experience and the type of yoga business you run.
What are your sales forecasts?
You will need to determine how many students you can feasibly teach per day and week and what your weekly, monthly and annual sales forecasts will be. As your business grows, your sales forecast may change. Your sales forecast and pricing strategy can be used to calculate your profit forecast.
What are your business objectives?
Determining your business objectives is an essential component when creating your business plan. Your business objectives highlight the targets and goals of your yoga business and help you to create a one-year, three-year, and five-year business plan.
Your business objectives should be SMART:
- S = Specific.
- M = Measurable.
- A = Achievable.
- R = Realistic.
- T = Time-bound.
Have you complied with all legal requirements?
Consult the list above and ensure you have complied with all legal requirements before opening your yoga business. Failure to comply with the legal requirements could negatively affect your business and your profits.
