Yoga Journal estimates that 15 million people practice yoga in the United States. The total estimated market for yoga studios is in the millions of dollars. Many yoga studios, however, are founded solely out of a yoga practitioners’ love for the practice and desire to share it with others. Because of the spiritual nature of the yoga practice, many people feel uncomfortable thinking about financial matters when they build a yoga studio. Taking a business approach to building a yoga studio, however, gives you a much better chance of sustaining your studio so that students can benefit from the practice in the long term.
Write down a vision statement for what you want your studio to be and do.
Write down what you need to do in order to maintain your vision every day for years to come.
Imagine the ideal clients for your services. List as many demographics (characteristics and locations) associated with your ideal client market as you can. List the psychographics (attitudes, values and lifestyles) of this group of people as well.
Write down the key measurable results you aspire to achieve through your yoga studio. Consider what your primary goals and objectives are for the yoga studio during the next six to 12 months.
Decide what your primary strategies will be to make money. You can consider teaching yoga, retail sales, workshops, online sales, teacher training, having private clients and renting space for your studio as options to choose from when deciding how you will financially sustain your studio.
For each strategy you decide to use, list the daily activities necessary to implement it. See “Tips” for examples of daily activities to perform if you plan to make money for your yoga studio through teaching classes.
For each of the strategies and tactics you have listed, plan out how you will execute them, what resources will be needed to do so and a timeline of your action steps and desired dates of completion.
Once you have developed a clear business plan through carefully following steps one through seven, name your yoga studio. Contact a trademark attorney to see if your desired trademark is available.
File your yoga studio name online. Be prepared to pay a few hundred dollars to register a trademark with the U.S. Patent and Trademark Office. See Resources below for links to the site.
If you plan to make money for your studio through teaching yoga classes, your tactics could include selling class cards, hiring teachers, word of mouth promotion, proper scheduling, having teachers arrive early to check students in, etc. Make sure to consider everything that goes into offering yoga classes that earn revenue.