6 Tips On How To Start Your Own Yoga Studio
Yoga is an ancient Indian practice encompassing physical, mental, and spiritual wellness and has become one of the hottest trends in the fitness and wellness industry. The overall wellness market in India is estimated at INR 490 billion. Over the next three years, the Indian wellness industry is estimated to grow at a CAGR of 20% to reach INR 875 billion. The investment for starting a yoga studio is minimal, making it a thriving and lucrative business idea. Below are the following steps you need to follow to start your own yoga studio.
The crucial step before starting any business is to write a good business plan. A clear plan is essential for success as an entrepreneur. A business plan is a blueprint that will help to select the right space, hire an appropriate number of employees, and determine how much risk you are able to take. While preparing your business plan consider few important topics like your initial costs, target market, competitors, marketing goals and how long it will take you to break even.
Establishing a legal business entity prevents you from being personally liable if your yoga studio is sued. You should keep in mind factors such as liability, taxation, ease of set up and ownership control while choosing any legal entities. It is generally preferred that yoga studios be started as a Limited Liability Partnership (LLP) to ensure the investment in terms of rental deposit or interiors are transferable to another person in the future if the need arises. But if you are planning to start a small scale yoga studio, then consider to start off as a sole proprietor and change to another legal entity later if your business expands.
Permits and licenses
Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down. To start a yoga studio in India, you would require service tax registration if the annual taxable services income exceeds Rs.9 lakhs. Service tax must be collected from the clients once service income exceeds Rs.10 lakhs at the rate of 14%.
Select your Niche
Open up your yoga studio with the niche you have in your mind. You need to determine what type of yoga you’ll be offering in your studio. There are various forms of yoga; some are more popular and therefore more lucrative than others. According to a survey conducted, studios that offer one type of yoga may have a better success ratio because students know that whatever class they go to, that's what they're going to get.
A good location ensures that you generate sustained revenue that would grow and expand your business. Choosing the right location for your yoga studio is very important. Conduct a thorough research on the best location, before starting your yoga studio. When it comes to choosing a right location, there are certain factors that you must consider such as convenience, security, easily accessible and conspicuous. It is also vital for a yoga studio to have ample parking space for all persons to be accommodated in the class in a highly visible, safe and secure nearby area. This would ensure high chances of success for the yoga studio.
Marketing is a significant part of any business and if done correctly allows a business to not only create awareness for the business but also generate revenue that will grow and sustain it. Place ads about your yoga studio in newspapers and magazines as well as on radio and television stations. The close-knit yoga community near your studio is a wonderful place to implement simple word-of-mouth marketing, as well as utilizing this to build your team. Use social media platforms such as Facebook, Twitter, Instagram, Google Plus and Snapchat to market your yoga studio.