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Yoga Studio business in India is considered as a profitable and lucrative retail venture opportunity in 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.
Yoga Studio Market Potential
According to a report of Federation of Indian Chambers of Commerce and Industry (Ficci) and global consulting firm PricewaterhouseCoopers (PwC), the wellness industry in India is poised to touch Rs 1,00,000 crore (Rs 1 trillion) by 2015, with a compounded annual growth rate of 15-17%, from about Rs 70,000 crore in 2012. Wellness services under which yoga studios or fitness studios would fall under alone comprise 40% of this market. The increasing awareness of consumers from remedial care to a preventive care approach has created an enormous potential of initiating a yoga studio for the entrepreneurs.
Yoga Studio Business Plan
The yoga studio is definitely a cost and management intensive business. It is important to have a detailed business plan with objective before getting into the startup. Following aspects need to have key consideration:
- Maximum class capacity
- Cost per session
- Human resource
Yoga Studio Business Registration & License
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 One Person Company Registration. And if you are starting the business with other partners also, you can start with Limited Liability Partnership or Private Limited Company. You must obtain Trade License from local Municipal Authority. When the annual taxable services income exceeds Rs.9 lakhs you would require Service Tax Registration. Therefore, you must collect service tax from the clients once service income exceeds Rs.10 lakhs at the rate of 14%.
Financial Investment For Yoga Studio
Yoga StudioThe investment required for starting a yoga studio are relatively less compared to other projects 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. Major working capital cost is manpower salary. Until unless you are not the owner of space, probably you will not get finance for yoga studio business from banks. You can go for a mortgage loan or can approach angel investment.
Location & Infrastructure For Yoga Studio
Location plays an important role for 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 space where all places offer an unobstructed view of the teacher.