If you’re looking for a way to break into the yoga industry, then a yoga studio franchise may be the right option. Yoga studio franchises offer a lot of perks that running your independent yoga studio does not, such as brand recognition and support. Still, there are also some downsides to consider before you decide to open a yoga studio franchise.
This article will cover everything you need to know about yoga studio franchises – from startup costs and requirements to pros and cons – to help you decide if a yoga studio franchise is the right decision for you.
What is a Yoga Studio Franchise?
A yoga studio franchise is a business owned and operated by an individual franchisee but follows the business model, branding, and guidelines of the franchisor. Franchises are popular in many industries, including the yoga industry, as they offer entrepreneurs the opportunity to start their own business with the support of an established brand.
The Requirements of Starting a Yoga Studio Franchise
However, starting a franchise has a few requirements that you need to meet before you can even begin the process.
- Liquid Capital: To start a yoga studio franchise, you’ll need access to liquid capital, which is money that can be easily converted into cash. This is important because most franchisors require an upfront investment – also known as a franchise fee – ranging from $10,000 to $100,000. In addition to the franchise fee, you’ll also need to have enough money saved to cover the costs of renting or purchasing a yoga studio space and hiring yoga instructors and other staff.
- Good Credit Score: You’ll also need a good credit score to be approved for a yoga studio franchise. This is because most franchisors will require you to take out a small business loan to cover the upfront franchise fee and other costs associated with starting your yoga studio.
- Business Acumen: Finally, you’ll need basic business knowledge and experience to run a successful yoga studio franchise. This includes understanding how to manage finances, market your yoga studio, and hire and train yoga instructors.
If you meet all the requirements above, you’re ready to start looking into yoga studio franchise options!
The Costs of Starting a Yoga Studio Franchise
As mentioned earlier, you need a lot of capital to start a yoga studio franchise. That’s because many startup costs and fees are associated with franchises, including the franchise fee, which we’ll cover in more detail below.
- Franchise Fee: The franchise fee is the most significant cost to consider when starting a yoga studio franchise, as it ranges anywhere from $10,000 to $100,000. This upfront fee gives you the right to use the franchisor’s name, logo, and business model.
- Royalty Fees: In addition to the franchise fee, you’ll also be responsible for paying ongoing royalty fees to the franchisor. These fees are typically a percentage of your yoga studio’s monthly or annual revenue and are used to cover the costs of providing you with support, marketing, and other resources.
- Studio Space: In addition to the franchise fee, you’ll also need to factor in the cost of renting or purchasing a yoga studio space. The price of studio space will vary depending on the location and size of the yoga studio, but it’s important to factor in this cost when determining if you can afford to start a yoga studio franchise.
- Instructors and Staff: You’ll also need to hire yoga instructors and other staff members to help run your yoga studio. The cost of hiring staff will vary depending on the number of instructors and staff members you need, their experience, and qualifications.
- Marketing and Advertising: You’ll need to budget for marketing and advertising expenses to help promote your yoga studio. The cost of marketing and advertising will vary depending on the type of marketing and advertising you do. Still, it’s important to factor this cost into your overall budget for starting a yoga studio franchise.
The Pros of Opening a Yoga Studio Franchise
Many advantages come with opening a yoga studio franchise, such as:
- Brand Recognition: One of the biggest advantages of running a yoga studio franchise is that you’ll have instant brand recognition. This is because people are already familiar with the franchisor’s name and logo, which makes it easier to attract customers.
- Support and Resources: Another advantage of running a yoga studio franchise is that you’ll have access to support and resources from the franchisor. This includes things like marketing resources, training materials, and operational support.
- Turnkey Business Model: A yoga studio franchise is also a turnkey business model, which means everything is already set up for you. This includes the yoga studio space, the instructors, the staff, and the marketing and advertising. So all you need to do is open the doors and start running the yoga studio!
- Proven Business Model: Finally, a yoga studio franchise comes with a proven business model. This means that the franchisor has already been successful in running yoga studios and they know what it takes to be successful.
The Cons of Opening a Yoga Studio Franchise
While there are many advantages to running a yoga studio franchise, there are also some disadvantages that you should be aware of, such as:
- High Initial Investment: The biggest disadvantage of running a yoga studio franchise is the high initial investment. This includes the franchise fee, the costs of renting or purchasing a yoga studio space, the costs of hiring instructors and staff, and the costs of marketing and advertising.
- Ongoing Fees: In addition to the high initial investment, you’ll also be responsible for paying ongoing fees to the franchisor. These fees include things like royalty fees, marketing fees, and other support fees.
- Limited Autonomy: Another disadvantage of running a yoga studio franchise is that you’ll have limited autonomy in running the yoga studio. You’ll need to follow the franchisor’s guidelines and procedures in running the yoga studio, which can be restrictive for some entrepreneurs.
- Limited Creativity: Finally, a yoga studio franchise offers less scope for creativity than an independent yoga studio. This is because you’ll need to follow the franchisor’s guidelines and procedures in running the yoga studio, which can limit your ability to be creative in how you run the yoga studio.
Yoga Studio Franchise Opportunities to Check Out
If you’re interested in running a yoga studio franchise, you may consider the following top yoga franchises:
- CorePower Yoga: CorePower Yoga is a national yoga franchisor that offers yoga studio franchise opportunities. They offer a turnkey business model and provide support and resources to franchisees. It costs $150,000 to open a CorePower Yoga franchise and you need a liquid capital of $75,000.
- YogaFit: YogaFit is a yoga franchisor that offers yoga studio franchise opportunities. They provide support and resources to franchisees, and their model is designed to be scalable. It costs $30,000 to open a YogaFit franchise, and you need liquid capital of $10,000.
- Real Hot Yoga: Real Hot Yoga is a yoga franchisor that offers yoga studio franchise opportunities. They provide support and resources to franchisees, and their franchise model is designed to be scalable. It costs $20,000 to open a Real Hot Yoga franchise and you need liquid capital of $10,000.
- Honor Yoga: Honor Yoga is a yoga franchisor that offers yoga studio franchise opportunities. They provide support and resources to franchisees, and their franchise model is designed to be scalable. It costs $40,000 to open an Honor Yoga franchise, and you need liquid capital of $20,000.
Is a Yoga Studio Franchise Right for You?
As you can see, there is a lot to consider when starting a yoga studio franchise. A significant investment is required, and you’ll need to follow the franchisor’s guidelines in running the yoga studio. However, running a yoga studio franchise can be rewarding and provide you with the opportunity to be your boss.
A yoga studio franchise might be the right business if you’re interested in yoga and want to help people live healthier lives. Do your research and talk to franchisors to see if starting a yoga studio franchise is the right decision for you.