Writing a yoga studio business plan is key if you want to build a successful practice.
Turning your love of yoga into a well-thought-out yoga studio business plan will require focus, research and a lot of dedication.
In this article, you will learn how to plan the studio of your dreams while also positioning yourself among your competition as the leading yoga experience in your community, whether you desire to teach in your home, in a co-op, or in an independent yoga studio.
Crafting a Business Plan Template
Just as you set your intention for each yoga practice, a good business plan begins with an intention or a vision.
To start, design your studio vision based on how you desire it to be positioned and operate within five years of the date you capture this vision on paper.
As you plan, ask yourself, “What is my studio like when it’s most successful? What does this community need that I can offer?”
Don’t Hold Back When Envisioning Your Yoga Studio — DREAM BIG!
Now that you have a vision, break it down into a plan that helps ensure you are on track in year three, then tap into the most important goals to make this dream a reality in year one.
These important goals are what will help you execute your vision statement into important details for your marketing plan, reason for being to pitch investors, the community, and potential clients of your studio.
If you want help in manifesting your vision, several websites help yoga studios succeed in this critical first step.
After you have your vision, start to identify your target market or client. To open a yoga studio, you must design your yoga business with certain students in mind.
For example, perhaps you wish to open a studio that offers specialties, including pre- and postnatal yoga, senior wellness, helping runners recover faster, or classes with animals, such as goat yoga. Research yoga market growth trends to help develop your vision of your yoga business.
The next step past establishing your target market is to determine if other places offer yoga to that clientele.
Consider attending one of their classes and talking to participants for feedback and information before and after class.
Observe what kind of space is necessary to successfully open a yoga studio for that population. For example, prenatal yoga uses balance balls to help pregnant participants safely sit and stretch. [insert prenatal yoga photo]
Plan and build a website to connect with your students and advertise your yoga business. Word-of-mouth support is a leading and free advertising tool, so you must take time to design and launch a website to create this success.
Consider collecting data on your potential customers by offering a first-time free class in exchange for their email address, name, phone number, and services they desire. Be sure your social media links show up on your website to help spread this offer by word of mouth!
A business plan must include financial goals. Your financial goals should itemize membership fees, single class fees, and what costs are attributed to running your business.
These costs include marketing, yoga studio rent, instructor payroll, and business registration fees. Find a business financial planning organization in your area that helps first-time business owners know what to expect each year.
An executive summary must be included in your business plan for new investors or financial institutions to get top-level metrics on your proposal.
Comply with Yoga Studio Regulations
Like all businesses that earn sales and service the public, an open yoga studio must follow regulations.
These include business licenses from local government, instructor certifications from accredited yoga training programs, and maintaining financial statements for tax filings. Contact your local chamber of commerce to learn the financial requirements of your business in your area.
Build a Yoga Studio
It is unlikely a location exists perfectly outfitted for your new yoga studio’s needs, so you must find the best area that suits your vision and build one.
Find a venue location in your community where your future students will want to go. For example, is there a neighboring business your students also support? These could be a juice bar, coffee shop, or day spa.
Hire a contractor to design and build your yoga studio with the colours, smells, lighting and sounds you want students to enjoy during each experience. The way your students feel in each session will determine if they return. The environment is as important as the quality of yoga instruction!
Consider a Yoga Co-Op Business Plan
If you are nervous about taking full responsibility for the overhead and needs of an independent yoga studio, you might wish to start or join a yoga co-op. This is a facility where different yoga business owners share in the ownership of a facility by renting a private space to offer their unique yoga services.
This option enables some instructors to offer hot yoga within the same facility as aerial yoga, for example. A co-op can have as many yoga business offerings as necessary to maintain the needs of the owners and the community.
A co-op offers a broader community of like-minded people in both studio business owners and clients. If you desire to participate in a co-op, it will be important to include the other yoga operations within the executive summary of your business plan so investors know you rely on others to help your business succeed.
After all, if several co-op owners decide to leave, then your plan will be in jeopardy unless you find new co-op yoga businesses to fund the space and keep the overall business strong.
Opening a Yoga Studio in Your Home
Many certified instructors who want to establish a yoga studio business choose to start small and launch their first year of practice in their homes so they can start their yoga business with lower overhead costs.
A home yoga studio business needs a quiet, large and clean space to guide participants in meaningful yoga sessions without distractions. Therefore, an outfitted freestanding garage or a room with little furniture would be good spaces to offer classes.
Creating a business plan for a small-scale yoga business with goals of only 30 members is still a good idea so to ensure revenue goals are made and met.
Unless your home studio is in separate quarters than your place of rest, use precaution when servicing the public from your home. A home yoga studio owner might wish to start their new business with friends as initial customers.
A referral program is a popular marketing method that can build a trusted community of new studio clientele as you practice in your sacred space.
Yoga Retreat Business Plan
A yoga retreat is a unique getaway experience that includes staying in a beautiful destination and eating delicious and healthy food alongside a diverse yoga class schedule to satisfy attendees.
A business plan for an annual yoga retreat is essential. Your yoga retreat will need its own website, as well as a social media, plan to effectively address all event details and sell as many tickets as possible. Pricing for the retreat will be critical to ensure you meet profitability projections.
Planning a yoga retreat takes at least one year, so start early and be prepared to plan a “rain or shine” schedule in case using the outdoors is a part of the plan. Prepare to offer a lot of perks in your retreat to make the high ticket price worth the investment AND to ensure repeat customers for years to come.
The retreat industry has grown significantly as people satisfy the need to break away from technology and fully connect with themselves and loved ones. Many tips are available online for designing and marketing your purpose-driven retreat.
Barre Studio Business Plan
Barre studios are popular facilities that offer similar benefits as yoga but through a very different style of workout. Students participating in barre classes stand and sit using a wooden bar attached to a wall or freestanding support. Barre classes are low impact like yoga.
A barre studio business plan is similar to a yoga studio business plan in that they both require market analysis, writing business growth goals, and determining monthly profit statements.
A barre business plan will still need marketing through a website, a well-established clientele to share testimonials, and a great location registered to the company. Unlike yoga, barre classes typically occur only in a studio, given the need for bars attached to walls and long, floor-length mirrors.
It is recommended to include information in marketing statements about how barre classes train muscles in new and beneficial ways that are not addressed in other fitness formats.
The Final Word on Creating Your Yoga Studio Business Plan
No matter the details of your desired yoga-oriented business, the need for a yoga studio business plan is essential to get started.
The business plan will ensure many of the requirements that need to occur in execution, marketing, and growth are captured to help keep you on track every year as you build a successful yoga business.
The yoga community is ONE community. Be encouraged to share this article on social media and tag us with the respective handle below so others desiring to build their dream studio can also get the direction they need.
Brandi Stewart is a lifelong fashion designer whose creations first appeared in the US comic book series, Katy Keene, when she was twelve-years-old. She’s the wife of an endurance exercise fanatic, mother of two boys, and housekeeper for four rescue cats. Brandi is also a certified personal trainer and group fitness instructor striving to help people live their healthiest lives. She does her best writing early in the morning with a quiet house and a warm cup of coffee. Brandi loves to practice yoga, read biographies, and collaborate with business professionals in bringing beauty into the world.