The yoga Studio business in India 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 studio for entrepreneurs.
8 Steps to Start a Yoga Studio Business
1. Do market Research
Like any other business, it is most essential to do in-depth market research and understand the local demand and trends in the local community. Also, talk to other yoga studio owners and gather information regarding their pricing, and service offerings. This information will certainly help in exploring the gaps that exist and plan accordingly.
2. Yoga Studio Project Business Plan
The yoga studio is definitely a cost and management-intensive business. 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 studio plan document:
- Maximum class capacity
- Cost per session
- Human resource
3. Name Your Yoga Studio
Selecting a catchy name that properly relates to your yoga services goes a long way in not only fetching new customers but also enhance 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.
4. Yoga Studio 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 studio business in the country.
5. Cost & Investment
The investment required for starting a yoga studio is 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. 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.
6. 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 colour 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.
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.
7. 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
- Meditation cushions
- Eye pillows
- Mat cleaning wipes
- Tissue papers
- Chime, bells
- Essential oil diffuser
- Yoga CD’s
- Sound System
8. Promote your Yoga Studio
The final and the most critical step in establishing a successful yoga studio business is an effective promotional plan. Create visiting cards, pamphlets, brochures with your business logo printed in them. Also, create an online presence by creating profiles on social media pages.
Editorial Staff at NextWhatBusiness is a team of Business Consultants having years of experience in small and medium scale businesses.