Are you keen to learn how to start a yoga business? Perhaps you’re an experienced yogi that wants to start a studio. Or a yoga teacher with an incredible product idea.
In this article – we explain how to start a yoga business in 5 simple steps, from developing the plan and securing funding to marketing and launching.
Starting a Yoga Business – Overview
Starting a successful yoga business can be broken down into five different stages…
- Come up with an idea
- Develop a business plan
- Source funds
- Secure a location & equipment
- Launch with a bang
1 – Come Up With Yoga Business Ideas
Step one is to come up with your business concept. What will you offer to customers? Why will it be different to or better than the competition?
Some people will have a clear idea from the outset but others may find this part hard. You might know that you want to do something yoga-related but be unsure of the right business model. If so, here’s a list of yoga business ideas to inspire you…
- Classic yoga studio
- Boutique fitness club
- Yoga franchise
- Pilates or meditation studio
- Yoga clothing brand
- Online yoga business
- Yoga equipment or accessories distributor
- Mobile yoga classes
- Workplace yoga instruction
- Home yoga business
- Yoga affiliate marketing website
- Yoga blog monetised through ads or online courses
It’s also vital to consider whether setting up a yoga business is the right way forward. A passion project might sound appealing but it can also suck the joy from your favourite hobby. Owning a yoga studio and starting a business can be tough and may mean that yoga becomes a chore instead of an escape.
2 – Develop a Business Plan
The next step is to develop your yoga business plan. This enables you to test the financial and practical viability of your idea.
This might sound dull but it’s crucial to the success of your yoga business. Research shows that founders with business plans are almost twice as likely to secure funding and make it work.
“Business plans double the chance of success”.
A good yoga studio business plan should cover these elements…
- Executive summary
- Industry and local market analysis
- Company overview
- Products and services
- Sales and marketing strategy
- Financial information
- Implementation plan
By working through these points, you’ll know if that there’s sufficient demand for your idea. It also enables you to define a clear target market and quantify the precise start-up costs involved.
3 – Source Funds
A solid business plan will allow you to source funding for your venture. Depending on your model, this may require anything from $50 to over $1 million.
Based on Entrepreneur.com data, here are some yoga studio startup costs for different business types...
- Cost to start a yoga class business – $2000-$7000
- Boutique yoga studio start-up costs – $575,000-$1.5m
- Cost to start a fitness studio (e.g. Pure Barre) – $198,000-$446,000
- Pilates studio start-up costs (e.g. Club Pilates) – $168,000-$280,000
- Online yoga business start-up costs – $50-$2000
As you can see, the funds needed to start a yoga business can vary a lot. Location, equipment, and overall quality will all affect the costs involved.
If you’re wondering how to start a yoga business with no money, then the key is to start small. Running independent classes or selling online yoga programs are both good options. Neither one requires investing in equipment, rent, or staffing since you can take care of everything yourself.
For those of you looking to secure funding, here are some of the most popular options…
- Traditional bank loans
- Personal savings
- Online lenders
4 – Secure a Location & Equipment
This applies to both physical and online fitness businesses. If you’re starting a yoga studio, then you’ll need to find the best possible location. Likewise, if you’re launching an online yoga business, then you’ll need to build a blog or website.
For physical studio locations, look for areas where your target market already spends time. Passing traffic is important but their demographics matter more. There’s no point being somewhere busy if none of those people are interested in yoga.
Once your studio location is secured, you can start to kit it out. This needs to happen quickly so that you can open ASAP and start generating income to pay those overheads. Think about…
- Scale floor plan
- Electrics and plumbing
- Interior design and decoration
- Changing areas, toilets, and shower facilities
- Yoga equipment and accessories
If you’re wondering how to start a yoga business from home, then some of these factors will still apply. You’ll need a space with the right atmosphere, decor, and equipment like mats, blocks, and straps.
For those wanting to learn how to start a yoga business online, it’s slightly different. You can begin with a minimum viable product and then scale up once the money is coming in. You don’t need to invest as heavily upfront as a web address and hosting cost less than $100.
5 – Launch With a Bang
Starting your own yoga business is about more than just teaching. It involves sales, marketing, and customer service. Successful yoga studios are never short of clients because they have strong sales funnels and impressive retention rates.
Marketing is vitally important during your pre-sales period. It’s essential to sell as many memberships as possible during this time to maximise cash flow from the start.
- Offer a limited time discount to encourage people to sign up early.
- Run online ads to generate a steady flow of leads.
- Organise a launch event to celebrate the opening and invite local media.
Check out our article on yoga marketing ideas and strategies for more inspiration.
Yoga as a Business
Starting your own yoga studio or online business can be a fun and rewarding experience. As a growing trend in the fitness industry, there’s never been a better time to get into the sector. By following these steps, you’ll maximise your chances of success from the start.
If you’d like a little help along the way, then check out our Fitness Business Templates. They include a business planning cheat sheet, 50+ creative brand name ideas, and loads of sales and marketing resources too.