The Yoga business is considered a profitable and lucrative retail venture opportunity in the health and wellness industry. Traditional medicinal and health practices like Ayurveda and yoga have propounded the concept of mental and bodily wellness.
With the progress of time, wellness as a concept has taken up a multi-dimensional definition, encompassing the individual’s desire for social acceptance, exclusivity, and collective welfare.
Wellness services under which yoga studios or fitness studios would fall alone comprise 40% of this market. The increasing awareness of consumers from remedial care to a preventive care approach has created an enormous potential for initiating a yoga business for entrepreneurs.
Here are the 10 Steps to Start a Yoga Business
1. Get Trained
The first step towards starting a Yoga business is to get trained and get certified by a reputed yoga trainer or an institute. It is essential to get properly trained before imparting yoga education commercially. Check out locally for reputed yoga training institutes and get the required certification. There are many online popular yoga courses you can attend if you want to learn from the comfort of your home.
2. Do Market Research
Like any other business, it is essential to do in-depth market research and understand the local demand and trends in the local community. Also, talk to other yoga business owners and gather information regarding their pricing, and service offerings. This information will certainly help in exploring the gaps that exist and planning accordingly.
3. Select your Niche
The next important step is to choose the type of Yoga you are going to train. Broadly there are eight popular styles of yoga. They are Ashtanga yoga, Hatha yoga, Hot yoga, Iyengar yoga, Kundalini yoga, Power yoga, Restorative yoga, and Vinyasa yoga. Select the one as per the demand and your skills.
4. Create a Yoga Business Plan
It is important to have a detailed business plan with the objective before getting into the startup. The following aspects need to have key considerations while creating your yoga business plan document:
- Investment
- Maximum class capacity
- Positioning
- Cost per session
- Location
- Human resource
5. Name Your Yoga Business
Selecting a catchy name that properly relates to your yoga services goes a long way in not only fetching new customers but also enhancing brand growth.
Furthermore, check the availability of a similar website domain name. This is because creating a website is almost mandatory in today’s marketing plan.
6. Yoga Business Registration & Licenses
In starting a yoga studio in India, you will need to register your business with ROC. For a small setup, you can go for a Person Company Registration.
And if you are starting the business with other partners also, you can start with a Limited Liability Partnership or Private Limited Company. In addition, you must obtain a Trade License from the local Municipal Authority.
At present, GST registration is a must to run a Yoga business in the country.
7. Arrange Funds
If you have sufficient capital, you can skip this chapter. If you are short in budget, you will need to apply for business loans. Reach out to banks, and financial institutions for funding. Additionally, apply for a credit card to handle small expenses.
8. Location & Setting up Yoga Studio
Location plays an important role to run a successful yoga studio. A good visible location with ample parking space for all persons to be accommodated in the class in a safe and secure nearby area is needed.
Yoga studio design refers to your color scheme, decor, and furnishings. It is advisable to talk with an interior expert to get a proper floor plan and perfect implementation. Look for a space where all places offer an unobstructed view of the teacher.
Another important aspect is setting up a professional yoga studio is buying proper studio management software. Check our list of the best studio management software available in the market to learn more.
9. Buy Yoga Studio Equipment
You need to buy a wide variety of tools and equipment to run a professional yoga studio. Some of them are listed below:
- Yoga Mats
- Blankets
- Blocks
- Bolsters
- Straps
- Chairs
- Meditation cushions
- Eye pillows
- Mat cleaning wipes
- Tissue papers
- Chime, bells
- Essential oil diffuser
- Yoga CD’s
- Sound System
In addition, to run a successful yoga business, it is essential to buy appropriate yoga studio software. Check out whether the software provides online booking system facilities.
10. Promote your Yoga Business
The final and most critical step in establishing a successful yoga business is an effective promotional plan. Create visiting cards, pamphlets, and brochures with your business logo printed on them. Also, create an online presence by creating profiles on social media pages.
Also, do not forget to enlist your yoga business with Google Business so that when people search for nearby yoga studios, you are ranked higher in google search.
Frequently Asked Questions
What is the Cost of Starting a Yoga Business?
The investment required for starting a Yoga business is relatively less compared to other businesses in the beauty and wellness industry. The major investment in a yoga studio is only the interiors.
You must pay special attention to ensure a calm and serene interior is established. In addition to the interiors, the rental deposit would be the other major requirement for establishing a yoga studio.
The major working capital cost is manpower salary. Unless you are not the owner of the space, probably you will not get finance for the yoga studio business from banks. You can go for a mortgage loan or can approach angel investment. Overall, one can start a yoga studio business from home with an investment of around 5 -10 Lacs in Indian Rupees.
How much one can earn from a Yoga business?
The earnings will majorly depend on the number of clients your yoga studio business caters to and the fees charged. It is seen, successful yoga business owners make more than 3-5 Lacs in Indian Rupees easily.
In addition to training workshops, it is advised to increase your revenue by selling products related to health. Some of the items you can consider are yoga mats, yoga bricks, yoga locks, clothing, yoga bolsters, cushions, etc.
In addition to training workshops, it is advised to increase your revenue by selling products related to health. Some of the items you can consider are yoga mats, yoga bricks, yoga locks, clothing, yoga bolsters, cushions, etc.
Editorial Staff at NextWhatBusiness is a team of Business Consultants having years of experience in small and medium scale businesses.