If your dream is to open a yoga studio, you’ll need more than a well-practiced Crane Pose. A yoga studio business plan is critical for your business. It can distinguish you from competitor studios, and help you to understand the goals and direction you envision for your studio. It will also help you to understand how to grow your yoga studio.
How To Create A Yoga Studio Business Plan
To set a good premise for your competitor analysis, you’re going to need to dive deep into some industry research. This could include current and projected trends in the fitness industry. Think about how the industry is expected to grow (for example, are younger people starting to join yoga classes more?). This can help you place your studio well amongst your competitors by appealing to those trends.
The competitor analysis is essential. You need to have a unique position, be it by introducing something new or doing something better than your competitors (for example, offering smaller and more frequent classes). Figuring out what your competitors are doing can help you understand what you can improve on.
This section is going to introduce your business plan and your yoga studio business model - so spend time on it. The executive summary is an overview of the business plan. Include your vision for the yoga studio, and define your target market. Include your goals, and how you intend on achieving them.
It should also include information such as the classes you plan to offer, general financial projections, and your unique selling point. The unique selling point is what makes your studio different from your competitors. It should relay how you intend on creating a value-based business that both staff and customers will have a good experience with.
Try to write this section last (although it will be at the start of your yoga studio business plan), as you’ll have compiled all the necessary information by then.
Just as you need to analyze your competitors to understand how you can stand out, you need to analyze your customers to understand what they want from your business. This can help you to see who is most interested in your classes, which classes they would like, time schedules, and why they’re doing yoga in the first place.
Understanding your customers’ preferences can help you sculpt your business. For example, if customers work late, you might want to consider having an early morning class. Try to identify your target market, assess their preferences, and then understand how your yoga studio can meet their needs and fit their preferences.
Products and Services
After you’ve established what your customers are looking for, it’s time to get down to the nitty-gritty of exactly what you’re going to be selling. In this section, you’ll need to define your goods and services in detail. You’ll need to talk about the different types of yoga you will be offering, and the different levels and ages you will offer these classes to.
It will also be important to explain how customers might go about booking classes, whether there will be yoga mats to rent for sessions, and so on. If you plan on organizing retreats for your customers, or training workshops for your staff, then these activities should also be laid out clearly. Any activities that will generate your income need to be described well - even if it’s renting out lockers.
This section goes hand in hand with your customer analysis. Think about the costs per class, why people would take your yoga classes (is it for flexibility, stress, or other reasons?), and the size of classes that the customers would prefer. Also keep in mind the equipment you might need for your studio, and yoga studio space requirements.
Marketing and Sales
A marketing plan for yoga studios will lay out how you plan to attract customers, and how you plan to market your yoga studio and classes. Remember - small studios might not survive if enough people don’t know about it! Marketing is essential.
This can take place in several ways, across many platforms - social media, your website, newspaper advertisements, and more. Think about local influencers promoting your studio, sponsored social media posts, and partnerships with businesses that aren’t competing with you (such as a health juice brand or a local store).
In terms of sales, this section requires you to describe the customer experience - from the first click on Instagram to the payment after a class. Think about what platform a customer would book a class through, and how to make this experience the best. This could include unique apps for customers or a booking mechanism through social media. Think about how to turn a newcomer into a loyal and valued customer.
Funding and Cost Projections
The last section of your yoga studio business plan we’ll be talking about is the funding. In this section, you’ll need to include the financial projections - such as licensing fees (for example, fees to register a business, or a Health Department license), rent deposits, equipment expenses, access control, and a security system.
You’ll also need to think about ongoing costs, such as marketing efforts, staff salaries, rent, and any retail expenses. Make sure to check out yoga studio regulations in your area, so that you know which licenses you need.
It would be a good idea to include how you’ll be tracking your progress - such as the number of customers or income from each class. You also need to understand how you expect your business to break even (this means that your revenue will have covered your costs) and have a plan for long-term financial success.
This section is potentially the most important one - without financial sustainability, your yoga studio probably won’t work out. However, if you have a clear financial vision, and a well-researched understanding of the direction that your studio is going in, you’re destined for success!