So, you are beginning the journey of starting your own yoga studio, that’s wonderful! This is an exciting time of transition for your career and a major step for your personal growth as a yoga instructor. Now, where do you go from here? How do you know what the next steps are on this journey? Do you need yoga liability insurance? Do not panic! These questions are typical when you are first getting started.
As a provider of insurance for yoga instructors, at beYogi, we know a thing or two about what every successful yogi needs and how to get started. In this blog post, we will expand our insight into the cost of opening a yoga studio, how to prepare private yoga sessions, and why some yoga studios fail. Roll out your mats and prepare to immerse yourself into the good energy of these tips for starting your own yoga studio.
First Things First: You Need Insurance for Yoga Instructors
While this is certainly a blog about starting your own yoga studio, we would be remiss if we did not discuss this crucial point of your journey as a yoga instructor.
As you are growing your students in their fitness journey, there is always a chance for unfortunate accidents. Keeping yourself protected from the liability of these incidents gives you peace of mind to focus on bettering your students.
By providing some of the best yoga liability insurance, beYogi understands the risks and rewards of leading others to be their best selves. That’s why we take great care of our members and provide reliable liability insurance yoga instructors need to have a successful and secure career. Before you set out on building your dreams of opening your own yoga studio, protect yourself with yoga liability insurance.
Consider Your Market
As a yoga instructor looking to start a studio, you probably already have a fairly good idea of the interest in your area. Still, it is important to do your research on the area in which you want to open your yoga studio to make sure there is a market for it. Here is where you both envision your target classes and collect data about the area around your prospective studio.
The data you gather will need to include the following information:
Demographics: This includes the median income and age, education levels, marital statuses, genders, etc.
Interest: Learn what the interest would be in a yoga studio in that area.
Fitness and wellness activities: Find out what other fitness activities are in the area. Are there a lot of gyms or public walking tracks in that area?
Competition: Learn about other yoga studios in the area. If there are several that are close by, it may not be the best of locations.
Build a Business Plan for Your Yoga Studio
As exciting and rewarding as guiding others on their wellness endeavors will be, there is a business side of opening a yoga studio that is just as important. When creating your thorough business plan, you will put to use the data you have collected and outline your business strategy, and business ideas.
Building your business plan for your yoga studio requires meticulously thinking through the particulars of your business. Every business plan should include:
Executive summary: This is going to be a brief overview of what your business is going to be and what service you plan to offer. This is a good opportunity to define your yoga studio and why it is a marketable business idea.
Summation of products and services: Within the product and services summary, you will provide the exact services you plan on offering. For example, if you plan on performing private lessons, group classes, hot yoga, or some other modalities.
This is also where you will clarify how you intend on increasing your revenue from your business through your business model. Indicate if you intend to charge for a monthly membership. Per class, or student. Be precise and clear when creating this portion of your business plan. Define with exact detail how your business will generate revenue. After all, this is an essential part of opening a business.
Marketing Strategy: One of the most important factors when starting a business is building awareness. You want to draw people to utilize your yoga studio by generating a buzz about what you offer. Your marketing strategy will be about how you intend to let people know about your studio, who you are as a business, and what services you provide.
Forming a successful marketing strategy involves knowing your market. Reflect on who you envision participating in your yoga classes and how you hope to inform them of your yoga studio.
For example, let’s say that your yoga studio is geared towards young parents. You may want to communicate in your marketing the stress-relieving benefits of yoga or the ways that your studio caters to people with non-typical sleep schedules. There are many different approaches you can take depending on your intended audience.
Of course, you may choose to advertise to a diverse group of potential students, and that is okay. The more people that know about your new yoga studio, the better it is for business.
Operations summary: Here is where you pinpoint how you hope to complete the services you will offer and what your day-to-day will entail. This could include hours of operation, staffing, sanitization services, and how many classes and private lessons will be scheduled each week. This section of your business plan should be detailed and thoroughly explain your operations expectations.
Projected finances: In this segment of your business plan, outline the projected cost of launching your business, your daily operations, monthly expenditures, and annual expenses. You will also outline your projected revenue based on your business model and what your students will pay.
Calculating this estimate will give you an idea of what your potential expenses and income will be.
Cost of Starting a Yoga Studio
Whew, that is a lot of information and data to gather. Once you have formulated a solid business plan, it is time to start exploring some of the largest questions when opening a yoga studio. Naturally, you will want to know the cost of opening your business and maintaining it well.
There are several things to consider when estimating the cost of starting a yoga studio of your own. You will need to consider what equipment and amenities your studio will need, what the rent or mortgage will cost, the cost of liability insurance for you the yoga instructor, and the facility management costs. A lot goes into opening any business and it is important to have an idea of the cost before you begin. Though it can certainly vary widely, a typical cost range for opening a yoga studio is between $20,000 and $100,000.
Because the upfront cost can take years to recuperate, it is essential to protect your individual investment with yoga liability insurance. Here at beYogi, we work to protect your career by offering personal liability insurance.
Why Some Yoga Studios Fail
Unfortunately, there are instances where a new business will fail. Though this can be caused by several unforeseen factors, here are a few of the main reasons why a yoga studio fails:
A poor location: Whether it is bad energy or a bad neighborhood, the right location is paramount.
Poor management: Either from bad business practices or unwise financial decisions, poor business management is not sustainable.
Competition: Either the competition offers less expensive services or has a better marketing strategy.
A lawsuit: Yet another reason why yoga insurance for private instructors is important. A liability lawsuit could be devastating to you and your career as a yoga instructor.
Bad marketing: Even if you have the best studio and location, if no one knows about your yoga studio, you will not generate business.
Avoid some of these pitfalls and you are well on your way to a successful studio. For more tips and tricks, check out this article.
How to Structure Private Yoga Sessions
Now that you have a business plan, know the estimated cost, and what to avoid when opening your yoga studio, let’s talk about structuring private yoga sessions. With every class or private section, you will create a progression of poses and exercises. Following the warm-up, work, and cool-down structure, will give your students a full yoga session. The particular poses you perform during each of these phases are entirely up to you.
Take the First Step
Now that you are equipped with the insight into starting your yoga studio, it's time to put your dreams into action. Take the first step on your journey and get yoga liability insurance from beYogi. Protect yourself and your investment in your career with some of the best yoga instructor insurance around.