Opening a yoga business franchise seems easier than starting a yoga business from scratch. But, there are certain things that one must keep in mind to keep away from any kind of loss. Read on...
From being an ancient Indian discipline to becoming an active contributor to a better world health, Yoga, as a concept, has traveled a long way. According to statistics, the global yoga industry is estimated to be around $80 billion and is expected to become an $11.5 billion industry by 2020. The demand for yoga has increased so much that it has created avenues for various small businesses related to yoga ranging from yoga studios to yoga accessories to even yoga classes.
Opening a yoga business franchise seems easier than starting a yoga business from scratch. But, there are certain things that one must keep in mind to keep away from any kind of loss while buying a franchise. Here are few of those things that are needed to keep in mind while starting your own yoga business franchise.
Analyze the Demand in the Location
Before starting with your yoga franchise, you might have to select a perfect location for you business. Location plays a very important role in the success of any business. Suppose, if you open a yoga studio at a place where there is not enough people who would like to go to a yoga studio, you could face a great loss in such a case. So it’s better to analyze the demand of your business in the location.
Franchise’s Track Record
Just because you wish to buy yoga business franchise does not mean you would buy any brand’s franchise. A proven track record is the most important thing to be researched before reaching any conclusion. As an aspiring franchisee, you aim is to know more and more about the brand and how successful they are at franchising their business. You could talk to current franchisees about their experience to get an idea of whether the franchise is worth buying.
Investment of Capital
After you decide whether it’s worth buying or not, it’s important to know where all your money is going to be invested. While investing in a franchise business, a sizeable portion of your initial capital goes to franchisor as fees for training, equipment and licensing. For instance, if the investment required to set up the yoga franchise is Rs 50-1 crore, then how much goes to franchise fee, and other fees are some of the things you need to know before buying the franchise.
For those who are new to franchising do not understand it just on the basis of their theoretical knowledge about franchising. Keeping this point in mind, a lot of franchisors conduct special training programs for franchisees. This is one of the brownie points that franchising brings to the new franchisors. For your yoga business, choose a franchise that offers substantial training.
Rules, Regulations and Restrictions
There are certain guidelines and standards that are to be followed by franchisees. Various aspects of running a business such as product offerings, prices, operational hours, store design among others are a few of them that encompasses in those rules and regulations.
The franchisors are generally in-charge of the brand and have most of the control on the business. If you are comfortable with such restrictions, then you could start your yoga business franchise easily.