If you are looking to open your own yoga studio as a business, then be ready to meet all the challenges of running a venture successfully. If you are turning the practice into a thriving source of earning, you have to follow some principles of business. Read on to know more about such principles.
Yoga is a group of physical, mental, and spiritual practices or disciplines that originated in ancient India. Yoga is one of the six Āstika schools of Indian philosophical traditions. In India, this industry is estimated to surpass USD 17.32 billion by 2025. The yoga industry has become quite attractive to the population as more and more people are motivated to maintain their health and fitness. It also provides a sense of calmness. This industry has made room for so many aspiring business people to venture in and make profits by making the world a better place.
If you are dreaming to open your own yoga studio, here we have a few things that are worth knowing before jumping into it, to make greater profits.
1. Business Plan for the Yoga Studio-
Creating a business plan is quite essential according to the business type. Before creating one, find out how much working capital it will require to run the business successfully for at least a few months initially.
The business plan must also incorporate everything like knowing your target audience, the best location, yoga class schedule, the rate per session(which must be in accordance to the area), and marketing your studio through various platforms such as social media and print media. Remember, the charges in the urban area might be higher than those in rural ones.
While starting your yoga studio, your plan must include the rent and utility cost and finances for managing the employees.
2. Know your Clients-
Every business runs successfully because of its strong customer base. In a yoga studio, to build a strong customer base, you have to be true to your customers and be honest with them. The happiness of your customers is prime and for this, you have to understand the needs and demands of every customer that comes to your place. You could also find out your best marketing tactics by knowing what your customers really want. For instance, free hours, fee deductions, giving stress on a particular asana for a few weeks, etc are some of the personalized touches you must give that will go a long way. So, keeping your customers happy becomes an essential part of building a strong customer base.
3. Specialization in Yoga forms-
With around 84 asanas that can heal uncountable diseases, yoga has so much to offer to an individual. Kundalini yoga, Iyengar, Vinyasa, Asthanga, and some others could be taken up specifically for starting a business. Deciding on a niche is beneficial as it makes the business more specific and attracts more customers. This suggests that there could be different needs for each customer, depending on body type, flexibility, health issues, etc.
4. Best Location-
The location of the yoga studio plays a crucial role in its success. A yoga studio should ideally be at a place where there are fresh air and open spaces.
In a country like India, it is difficult to find fresh air, but an open terrace or a place near the gardens could work well with this business. Also, a yoga studio needs to be at a location that is easily accessible for customers with ample parking and close to a residential area.
5. The Franchise Option-
One of the easiest ways to start a lucrative business in yoga is to own a franchise of already existing brands. As you own a franchise, you can buy certain rights of the brand and can use certain privileges, hence earning more profit than an independent business venture. One of the better-known brands in the yoga industry, Bodhi Wellness Centre Private Limited, offers a franchise in just Rs 5-10 lakhs for an area of 1000-1500 sq ft. By buying a franchise, you also enjoy privileges like a lower investment, brand identity, more expansion, and much more.