Are you passionate about yoga and want to share your love of the practice by opening your studio? Here are the steps you can take to get started on building your very own yoga studio.
Ten Steps to Launching a New Yoga Studio
1. Choose Your Type of Yoga Studio
The first step in launching a yoga studio is to identify the type of yoga studio you want to launch. You might choose from the following types, among others:
- Ashtanga Yoga Studio
- Hatha Yoga Studio
- Iyengar Yoga Studio
- Kundalini Yoga Studio
- Power Yoga Studio
- Restorative Yoga Studio
- Vinyasa Yoga
2. Name Your Yoga Studio
Give your yoga studio an identity so people will consider it a well-known and respected brand. You can take the name of your yoga studio from your industry, focus on a geographical location, or use your name, among other options.
The main goal for naming your yoga studio is to make it sound appealing and trustworthy so that people will feel good about giving your brand a try.
3. Determine Your Yoga Studio Model
There are several possible types of business models for a yoga studio, including:
No matter which model you choose, ensure it aligns with your business goals and the services you offer.
4. Choose a Legal Form for Your Business
By incorporating your yoga studio, you will limit your liability. You can incorporate as a Limited Liability Company (LLC), a C Corporation (C-Corp), or an S Corporation (S-Corp). Or you can operate as a sole proprietorship.
The business structure you choose for your yoga studio will determine the amount of taxes you pay and which state or federal tax forms you need to file.
Read our article comparing the most common yoga studio structures.
5. Write a Yoga Studio Business Plan
All yoga studio owners should develop a business plan.
A business plan is a document that outlines the goals, strategies, and operations of a business. It can be used to secure funding from investors or lenders, as well as to guide the day-to-day operations of the business. The business plan should include information on the company’s products or services, market analysis, financial projections, and management team.
When developing your yoga studio plan and strategy, you should think about the following questions your customers might have:
- What are your class offerings?
- Do you offer private classes?
- Do you have a teacher training program?
- Do you host special events or workshops?
- Do you sell yoga props or retail items?
- Will you offer food and beverages?
- Do you have a loyalty program?
Read our article about how to write a yoga studio plan.
6. Apply for the Necessary Permits and Licenses
There may be required licenses and permits you need to obtain before launching your yoga studio.
You must also register your yoga studio as a legal entity with the state where you plan to do business. You can simply file an online form through your Secretary of State website.
Registering with the federal government is also essential so you can properly pay taxes for your business. You will also need an Employer Identification Number (EIN), which you can apply for at the IRS website if you plan to hire employees.
Read our article about obtaining the proper yoga studio licenses.
7. Determine Your Budget & Apply for Funding as Needed
In developing your yoga studio business plan, you will figure out how much funding you need to start and grow your business.
If you have your own funds to invest in your yoga studio, you may consider taking advantage of that. In addition to your funds, other forms of potential funding for your yoga studio include traditional bank loans, SBA loans, credit cards, angel investors and family and friends.
Read our article about the costs associated with starting a yoga studio to help you determine if funding is needed.
Read our article about how to fund your yoga studio.
8. Get the Technology & Software Needed to Run Your Business Efficiently
When you start your yoga studio, it’s essential to have the right technology in place to maximize efficiency. You need a computer with Internet access, and accounting software for tracking expenses and revenues.
You may also want to invest in a Customer Relationship Management (CRM) system, which is software that helps businesses manage customer information. A CRM system can help you track your customers’ contact information, purchase history, and preferences.
Read our article about the technology and software you need to run a yoga studio.
9. Market Your Yoga Studio to Potential Clients
Before selling your services, you must let the world know you exist. The first step is to create a website so people can learn more about your services and how they benefit them.
After you launch your website, start promoting it through social media channels like Facebook, LinkedIn and Twitter. Also consider networking with other people in the yoga studio industry through social media and blogs so they can help share your business.
You also need to start gathering the materials needed to execute on your promotions strategy, which is your strategy for attracting new customers. Yoga studios should consider the following promotional strategies for which you should start getting prepared:
- Develop a promotional video that you can post on your website and social media channels.
- Design eye-catching flyers and posters to hang up in local businesses and promote special events.
- Develop a strong presence at local health and wellness fairs.
- Create an email list of potential customers to whom you can send updates about your yoga studio’s offerings.
Read our article about how to market your yoga studio for more tips.
10. Get New Clients & Grow Your Business
When you promote your services, you’ll start to get interest from potential clients.
Make sure you’re ready to serve these clients. Also, be sure to establish systems to ensure consistency and reduce costs. And be sure to find and train the right people to help you grow your yoga studio.
Read our article about how to effectively grow your yoga studio to learn more.
Starting a Yoga Studio FAQs
Why Start a Yoga Studio?
The yoga industry is growing rapidly. In 2017 alone, the yoga industry was worth $80 billion and is expected to grow to $150 billion by 2022.
With more and more people looking for ways to improve their health and wellbeing, there’s never been a better time to start a yoga studio.
What Are Some Tips for Starting a Yoga studio?
Here are some tips for starting a yoga studio:
- Find the right location: Look for a location that is convenient for your target market.
- Get the necessary equipment and supplies: You will need yoga mats, props, and possibly audio/visual equipment.
- Get liability insurance: This will protect you in case of any accidents.
- Get a business license: If you plan on teaching group classes, you will need to get a business license.
- Create a marketing plan: Develop a promotional strategy to attract new clients.
Where Can I Find a Simple Checklist for Starting a yoga studio?
A simple checklist to use when starting a yoga studio is as follows:
- Choose Your Type of Yoga Studio: This should be based on what you are best at and how much experience you have. Remember to keep your interests, skills, and experience in mind at all times.
- Name Your Yoga Studio: This should be done with care, as your brand is important for attracting the right customers. A simple, memorable name will go a long way.
- Choose a Legal Form for Your Business: Whether you choose to become a sole proprietorship, partnership, LLC, corporation or another option will depend on your business. Ensure that you are aware of all the implications of each type.
- Determine Your Yoga Studio Model: Determine how your business will make money. Will you sell products, services, or a combination of both?
- Write a Yoga Studio Business Plan: Your business plan will also help you determine what your start-up costs will be and will provide a roadmap with which you can launch and grow.
- Apply for the Necessary Permits and Licenses: In most locations you will be required to apply for a business license and/or permits before you can begin operations.
- Determine Your Budget & Apply for Funding as Needed: You will need to know how much money you have to spend on all of your business-related expenses before opening any doors. If needed, apply for a small business loan or other funding options.
- Get the Technology & Software Needed to Run Your Business Efficiently: You need to have the right tools in place to succeed. Implement software that will help you manage your time, contacts, and business operations in general.
- Market Your Yoga Studio to Potential Clients: A solid marketing plan will be crucial to your success. It should focus on attracting the right customers so that you can provide them with the services they truly need.
- Get Clients & Grow Your Business: Once you have a solid marketing plan, it's time to actively pursue and secure those who could benefit the most from your services.
Opening a yoga studio can be a great way to share your passion for yoga with others, but there are some important things to keep in mind before getting started. Be sure to find the right location, get the necessary equipment and supplies, get liability insurance, and get a business license if you plan on teaching group classes. Also, create a marketing plan to attract new clients and grow your business. With careful planning and execution, you can open a successful yoga studio that will be enjoyed by many for years to come.