How to start a yoga business in 2022? This is the question that many people are asking themselves. There are so many options for getting into the yoga business, how do you decide which one is right for you? If you’re looking to break into the industry with your own studio, there are some tough decisions ahead of you. In this blog post, we’ll explore how to start a yoga business in 2022 and answer some frequently asked questions about how to get started.
Starting a new business may be stressful, even if it is centered on the stress-free art of yoga. There are a ton of considerations to make and details to plan out before you get started. No matter how much research you do, how many questions you ask or how carefully your business is created, there will be things that take you by surprise once your doors open for the first time.
The global yoga market size is forecast to reach $66.2 billion by 2027 and is expected to have a compound annual growth rate of 9.6% from 2021 to 2027.
How do I start a yoga business?
Getting into the Yoga Business – Your Options
Corporate gigs for Yoga sessions
If you’re a freelance yoga instructor, corporate engagements are an excellent method to filling your practice and earning a living.
Working for a yoga studio
Working for a yoga studio is another practical option. If you’re not sure how to start your own business but teaching others how to do Yoga sounds like an ideal job, some studios are willing or may even offer the opportunity to teach classes while they handle marketing and bookkeeping.
If you are a considerate and active instructor, you may be able to grow the studio’s client base and be scheduled for more classes as a result. You might be requested to hold specialized workshops on one specific yoga theme, such as gong meditation or alternative medicine.
Teach Online Yoga Classes
Teaching Yoga classes online might be an excellent choice for your new venture. This can allow you to work from anywhere and teach clients who may not have access to studios near them at any given time or
With advancements in technology and the recent pandemic, teaching yoga online is a totally viable option.
You can also work in a joint venture with a massage studio or a rehab facility. Yoga has been proven to help improve a number of physical injuries, from carpal tunnel syndrome and arthritis pain.
There are many ways how to start a yoga business as you can see. The key is learning as much as possible about how the yoga industry works before committing to one path over another. Once you have an idea how your life might look like in the yoga world, you can start looking for potential partners or investors to get your business off the ground.
Owning your Own Yoga Studio
Yoga studios are quite prevalent. You probably have many in your neighborhood. And maybe you’ve been considering opening a yoga studio business. You may have dreams of living the yogi lifestyle. Those are beliefs that stress non-harm and the search for inner happiness instead of looking for a dollar.
Opening Your Own Yoga Studio
As you can see, there are many ways to get into the yoga business. When it comes down to how to start a yoga business, there is no right answer for everyone because every person and their dreams of what they want from life will be different.
The ultimate path to starting your own Yoga business would be to open up your own yoga studio.
Benefits to Opening Your Own Yoga Studio
Although it is a highly competitive industry, it allows you to start from the bottom up and create a community and brand you can be proud of.
It’s a challenging and rewarding business.
You will be able to make your own schedule as long as you meet the demands of the studio, not those of another company or boss.
As an owner it is easier to set your niche and find students that fit into how you teach yoga best.
There are many benefits to starting your own full service yoga studio, with the most obvious being that you can create a community of like-minded people that share how much they love yoga.
Additionally, owning your own yoga studio can be very profitable. The average yogi is willing to spend $40 on a single, unique yoga experience and will spend about $62,640 on yoga over their lifetime.
Steps to Opening Your Own Yoga Studio
Get your yoga teacher training certification.
Yoga Teacher Training will take a few months and even a year to complete. Once you have completed your Yoga Teacher Training certification, you will need to find employment at an existing studio or gym.
Apply for jobs and internships with yoga studios and gyms in the area where you are looking to open up shop.
A internship will give you hands on experience on how things function within the business and help with achieving your yoga certification.
Yoga Teacher Training is important, but believe it or not is not required for opening a studio. You could essentially, just be the owner and hire other yoga trained people to run the classes.
Pick a Type of Yoga
There are many different types of yoga, how do you know which type is best for you to teach? Some people may find that the physical practice helps them to feel better while others might want a more spiritual aspect.
If your goal is to build a business around yoga then it’s best if you get very clear on what kind of class or service would be most popular with your community. You may have a yoga studio where you teach all kinds of different classes, or perhaps it would be better to focus on one specific style.
Hot Yoga is very popular. Hot yoga helps with weight loss. A form of hot yoga is called Bikram yoga.
There’s also Kundalini yoga which focuses more on breathing and does some work with chakras.
Another popular form of yoga is Vinyasa yoga. It’s good for feeling like you are getting a good workout.
Have a Business Plan
A business plan is critical for launching a new company, particularly one in the yoga sector. Having a business plan demonstrates how your yoga studio will be different from the rest and how it can grow. If you are looking for help with creating a business plan, there’s a good workshop available online through the Yoga Alliance.
Form a Legal Entity
This is how you protect your personal assets, which can be jeopardized if business fails.
There are several types of businesses you can create. The easiest and probably the most common one is sole proprietorship or single owner LLC (limited liability company). Other types of legal business entities you can form include a C Corp, S Corp or Limited Liability Partnership.
Register for Taxes – EIN
As a business owner, you are responsible for registering with the IRS and paying taxes.
One of the first steps to starting your own yoga studio is to get an EIN or an employee identification number from the Internal Revenue Service (IRS).
Your EIN number is used when you file your taxes.
Open Up Business Financial Accounts
If you’re going to be a business owner, it is important that you know how to open up different types of financial accounts. You’ll need a business checking account, a credit card and net 30 accounts with your vendors. Knowing which ones are the best for your situation will help ensure that everything goes smoothly with taxes and record-keeping.
Setup Your Business Accounting
Do some networking and look for local accountants that are reputable. Read their reviews and decide what accountant or company is going to be the best fit.
Avoid signing any contracts with a new accountant or bookkeeper though in these initial stages of your yoga business startup. Signing a contract with an accountant is not necessary to receive services.
You will however, have to sign a contract when it comes time to file your taxes but that should only be for that particular instance or service not for long term bookkeeping and accounting services.
Get Required Permits and Licenses
Licenses and permits are among the most important factors to opening a yoga studio successfully. For example, you will need a valid business license in order to operate within any city or state.
Typically, your business license needs to be display somewhere conspicuously inside of your yoga studio.
Get business insurance for Your Yoga Studio
To find out how much coverage is adequate for your needs, it’s best to consult with a local independent agent or an online company who knows how to provide Yoga Studio Insurance quotes.
Establishing a Brand for Your Yoga Business
What will you name your yoga business? Once you come up with a name, you’ll need a short slogan and some unique imagery or logo to associate with your business name. This helps customers to identify with your business and remember you.
Marketing for Your Yoga Business
Once you’ve established your brand, how will customers find out about it? Online marketing is a popular form of advertising for small business owners.
There are many different forms of online media that can be utilized to advertise your business – such as social media and blogging tools . You might consider creating an email list or newsletter subscribers, where people who are interested in your business can receive updates on how you’re growing or where to find deals.
If social media isn’t for you, how else will people hear about what you do? Consider utilizing word of mouth strategies at events and community gatherings , so that more people know how they can benefit from your services. If there are groups of people who might be interested in your services, reach out to them and let them know how you can help.
Having an online presence is a great way for people to find what they’re looking for – especially if that’s yoga! However, not all customers will seek you out on the internet, that’s why other forms of marketing are important to integrate in your whole strategy.
Establish a Yoga Business Website
You’ll need to establish a website that showcases what you do and how people can contact you. This is an opportunity for customers who may not otherwise seek out yoga services in the area, to be able to easily find you.
Make sure that your website is easy to navigate and user friendly, so that people can easily find what they’re looking for without having to search too hard. Having an FAQ page on how yoga works or how things are done at the studio is helpful in answering any questions potential customers may have about how this service will benefit them.
Find a Great Location for Your Studio
If you have a limited financial budget, renting a place first before buying a property is a smart idea.
You’ll need to select the best site for your yoga business with adequate parking and good access to public transportation lines.
Mistakes to Avoid When Opening Your Yoga Studio
- Not developing a business plan
- Not understanding how much money you will need to make
- Failing to research the market
- Creating an unrealistic budget
- Overlooking yoga studio design and location.
- Not investing in a website
- Hiring the wrong types of employees
- Picking the wrong location
- Not Understanding Your Clients’ needs
- Neglecting or not having a marketing plan
All of these mistakes can be avoided by doing your homework before opening a new business. Developing a comprehensive plan is essential, as it allows for accurate financial forecasting, proper staffing decisions, and a marketing plan.
What Does it Cost to Open a Yoga Studio?
The price of establishing a yoga studio can range from $5,000 to $200,000.
The following are some of the expenses associated with starting your own yoga studio: business registration, legal fees, equipment leasing or purchase, member management software, employee salaries, marketing & advertising, space refurbishment, website hosting and website development.
As you can see, expenses of starting a yoga studio may differ based on factors such as location and size.
Frequently Asked Questions: