Opening a Yoga Studio

Yoga Discussion General Yoga
#1

Hello all! I am a Maryland resident and have been thinking of opening my own studio. A lady friend and I have been discussing our options. In our city, there does not seem to be any studio’s dedicated to a yoga practice-only sporadic classes offered at a few health clubs. My question: Who has been in this situation and who has opened a studio? There are a lot of spaces for rent around. What are our first steps? Dealing with banks? Our own money for rent? Zoning? We are VERY serious and curious to get something rolling here. Any advice, stories, or instructions would help a lot!!! Thanks!! :slight_smile:

1 Like
#2

Are you a first time business owner? Most first time business owners fail because they fail to effectively research, plan, educate themselves, and a variety of other variables. Let me throw these questions at you:

  1. What sort of business entity are you planning to form? LLC? Subchapter S? C corp? Why? What state do you plan to incorporate in? Why?

  2. Have you crunched numbers? If so, how much capital do you need per month to cover ALL expenses? Now multiply that by 24. Do you have or can you acquire that much capital?

  3. Is the size of your town/city large enough to support a yoga studio? What is the demographic breakdown of your city?

  4. How many square feet of space are you looking for? Why?

  5. What sort of business arrangement are you looking to have with your friend? 50-50 partners? 60-40? Who is drawing up that agreement?

  6. How much do you expect to spend to bring the rental space up to studio spec? Have you priced how much the hardwood flooring is per square foot? If so, how much is it?

  7. How do you plan to market the studio? What is your marketing budget?

If these questions don’t overwhelm you, you are willing to do the research to provide the answers, and still want to move forward, I’m here to answer what questions I can. I’ve founded a few companies and am always willing to help spread yoga. :slight_smile:

#3

good questions!! I actually have a gentlemen interested in providing the capital for the business-profits would most likely be split into three.

#4

I remember reading this thread a while back…

http://www.yogaforums.com/forums/f16/starting-a-new-studio-what-you-should-know-2890.html

#5

I think those serious in opening a business in north america would write a thorough business plan first. Not only does that document show that you’ve thought out your process, but also serves a feasibility function and provides a framework for forward progress once doors open.

The Small Business Administration (sba) has plenty of sound info on their web site. Many questions are raised about the planning process.

There are many things to consider and most of them are difficult to consider once you are open and relying on day to day operations to keep things afloat. If you want to have a solvent business it would be appropriate to research the demographics of the area within 5 miles of your projected location. Additionally it would be critical to determine what your fixed and variable costs would be AND how you will structure teacher compensation.

Bottom line is “will my revenues exceed my expenses?”. If one doesn’t calculate or project either then a successful operation would be luck rather than business.

#6

hi wellyx yoga studio software is a sophisticated and multi-functional solution that will assist you with managing administrative activities, scheduling, payment processing, and even marketing initiatives. It will be very helpful to you.