The craze for yoga has turned into a profitable business opportunity for many
Nothing seems to be as trendy as the tradition of practising yoga today. This ancient practice encompassing physical, mental, and spiritual wellness has become one of the hottest trends in the fitness and wellness industry currently.
According to some reports, the estimated value of the yoga industry is at around $80 billion globally and yoga classes are the main source of revenue for the industry.
The craze for yoga has turned into a business opportunity for many. With yoga becoming a thriving business idea, many yoga studios have started franchising their business model, for example, Premanand Yoga, Skill Yoga, Yog tree etc. So, if you want to cash in on this lucrative business idea, below are the following steps you need to follow to start your own yoga studio.
The crucial step before starting any business is to write a good business plan. A clear plan is essential for success as an entrepreneur. A business plan is a blueprint that will help to select the right space, hire an appropriate number of employees, and determine how much risk you are able to take.
You may also seek assistance from your franchisor while preparing your business plan. Your business will also help you in getting financing from investors/banks. While designing your business plan, consider a few important topics like your initial costs, your target market, your competitors, marketing goals and how long it will take for you to break even, etc.
Permits and Licenses
Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down. To start a yoga studio in India, you would require service tax registration if the annual taxable services income exceeds Rs.9 lakhs. Service tax must be collected from the clients once service income exceeds Rs.10 lakhs at the rate of 14%. Rest assured, your franchisor will assist you in attaining all the necessary licenses and permits. Some franchisors even cover the documentation in franchise fee itself.
A good location ensures that you generate sustained revenue that would grow and expand your business. Choosing the right location for your yoga studio is very important. Conduct thorough research on the best location before starting your yoga studio franchise.
Generally, franchisors conduct a survey of the location beforehand to ensure the success of the franchise. Survey report helps to know about:
In addition, when it comes to choosing the right location, there are certain factors that you shouldn’t undermine, such as convenience, security, accessibility and conspicuousness. It is also vital to have ample parking space for all persons to be accommodated in the class in a highly visible, safe and secure nearby area. This would ensure higher chances of success for the yoga studio.
Marketing is a significant part of any business and if done correctly allows a business to not only create awareness for the business but also generate revenue that will grow and sustain it. Luckily, taking up a franchise relieves you from the hassle of creating a detailed marketing plan. Mostly franchisors take care of the marketing and advertising part, leaving you with few things that you might want to do especially for your studio; this is one of the major benefits of taking up a franchise.
That doesn’t mean you shouldn’t do anything, you can use social media platforms such as Facebook, Twitter, Instagram, Google Plus, Whatsapp and Snapchat to market your yoga studio, leverage on word-of-mouth marketing, etc.
Most of the yoga franchise works on a low-cost business model. For instance, Premanand Yoga requires an investment of INR 50k-2 lakhs depending upon the area size. The required are ranges from 300-1000 sq. ft. With a small investment of up to 2 lakhs can fetch you a profit between 50,000 to 1 lakh per month as the anticipated percentage return on investment is around 50 %.
Skill Yoga requires an investment of INR 5-7 Lakhs with minimum carpet area 1500 square feet and an open hall of a minimum of 500 square feet.