In not too distant past, I made a dramatic change in my life by quitting my corporate job, packing my bags, and heading to a tiny island in Thailand to manage a scrambling yoga studio. Although I was new in the yoga industry, I knew a lot about the business itself, which helped me resurrect the financials of the facility. Here is how you can do it;
1. Give You Business Its Due Respect
I know you are passionate about yoga, and that is why you have opened a yoga store to spread the joy of this ancient spiritual practice. However, not passion but dollars will pay for your livelihood.
Therefore, it is mandatory to have a well-crafted business plan outlining your tariff, and various types of fixed and variable expenses. Also, do not fall into the trap of offering massive discounts to build your clientele. You need to value your service and price it accordingly.
Lastly, keep track of every cent that is flowing in and out of your business. However, if numbers are not your thing, hire a bookkeeper.
2. Market Your Yoga Studio
It is a no-brainer because with new yoga stores popping up in every nook and cranny, your yoga studio risks becoming invisible. In past four years, there is a 30% increase in the number of yogis. Therefore, harnessing the power of offline, and especially online marketing by appropriately marketing yourself on many platforms.
3. Brand Identity Is Critical
A brand identity is the combination of your studio’s name, location, logo colors, and quality of service. Therefore, it is critical to position your brand in a manner that becomes a reflection of you, if you want to build a business based on values and objectives.
4. Expect Low-Profit Margins First up
Let’s face it, starting a yoga studio is not bitcoin trading. Therefore, money will be tough to come by initially. In fact, for the first couple of years, you would be perhaps investing a lot to sustain and as well as grow the business.
5. Expect to Make Mistakes
Remember, the only person who never made a mistake, never tried anything new. Therefore, prepare yourself mentally for the blunders, as you would eventually be better off learning from them.