If you’re a dedicated yogi or yogini, you may have thought about buying a yoga studio to create your own type of yoga offering to the greater public. Yoga is a very popular form of exercise these days. So, it’s safe to say that there are probably many studio spaces available for purchase depending on where you live.
However, before you go ahead with it, there are some business practicalities that you need to consider. In this post, we will cover some of the pros and cons of buying a yoga studio. We will also explore some of the reasons why yogas studios fail and how to prevent this.
The Pros And Cons of Buying A Yoga Studio
There are many pros to buying a yoga studio, depending on the studio itself, where it is located, and who you are buying it from. If the yoga studio is established, that means that purchasing it will already come with a dedicated list of clients that you can take over. This takes away the stress of starting a business from scratch.
Another pro is that if you’re buying a yoga studio, it is already physically set up. So, you won’t have to invest too much time, money, and effort into designing and building the studio yourself. Of course, you will need to think about the costs involved and come up with a proper business plan.
For those who are passionate about yoga, this is also an opportunity to meet and connect with fellow yoga practitioners. Having your own yoga studio gives you a chance to bring your own experience of yoga to others who might be looking for the same ethos that you are.
There are also many different types of yoga that appeal to different target groups. Hiring specialty yoga instructors or buying an existing specialty yoga studio can give you a competitive edge and grow your audience of regular yogis.
Unfortunately, buying a yoga studio also comes with some cons. These could include the current condition of the studio and how it has been maintained, which might not be apparent at first glance.
If you’re buying an existing studio, you might expect the clientele to remain. But, this will all depend on whether you continue to cater to their needs and aren’t looking to completely rework the service offering so it doesn’t appeal to them anymore.
Buying an existing yoga studio also means that the structure of the studio is established. So, it might be difficult to modify the space to suit your needs.
If you are starting a studio from scratch, know that you will also need to plan and invest effort into marketing your business in addition to managing the studio and dealing with payments and clients.
Why Do Yoga Studios Fail & How To Prevent This
As with many businesses, the reason why yoga studios fail is because they don’t plan properly and don’t price their services accurately. This leads to problems with cash flow.
Yoga is traditionally based on the concept of dana, or giving what you can afford. So, yoga studio owners may feel bad about charging too much for classes and therefore undersell their offerings.
For this reason, it’s important to define exactly who you are catering for. There are so many different styles of yoga available that appeal to completely different target markets. So, it’s very important to do research and talk to as many people as possible before you even think about purchasing a yoga studio.
Location is another factor that significantly impacts a yoga studio’s success rate. It’s all about convenience and practicality. Yoga students don’t want to have to travel far to go to their yoga lessons. Thus, finding a yoga studio in a good location is one of the most important considerations.
The Bottom Line
As with purchasing any kind of business, buying a yoga studio comes with pros and cons. There are also many pitfalls when it comes to managing a yoga studio. But you can help prevent these by coming up with a solid business plan, doing your research, and being very clear on what target market you are serving.