why yoga studio business plans are essential
TABLE OF CONTENTS
A yoga business plan can help you meet your goals
Yoga studio business plans are more important than you might think. To yoga students and clients, yoga is many things: a way to exercise, relax, improve their fitness, and heal from injury. However, to studio owners and teachers, yoga is also a business and service. Having a clear plan to increase a yoga studio owner’s salary will keep the studio up and running. And as a business, yoga teachers have a responsibility to provide their clients with the best customer experience at their studio. To do so, they must first write a business plan.
As you take the steps forward to launch your own yoga studio, you too must first create a well thought out, well-written business plan. A business plan serves as your roadmap to focus and will help you stay on track to achieving your goals. Business plans include details such as who your target market is, what services you will provide, and why clients would benefit by investing in your studio. They are an incredible tool that every new business needs to set their business up for success right from the start.
This guide will teach you how to write a business plan for your yoga business, what it should include, and how to use it to launch your business.
What are yoga studio business plans?
A business plan is a document consisting of at least 10-20 pages that detail and describe who you are, what your business is, and how you will successfully run your business. In addition, it should include your goals, strategies for marketing, finance, and operations, as well as the valuable details that will entice investors and readers of your business plan to buy into your business, both literally and metaphorically. It’s about more than just increasing a yoga studio owner’s salary, though. It’s a roadmap for your business.
While as a new yoga business, you might be thinking that you know what you want to achieve and how to do so. Writing and compiling your goals and objectives into a concrete plan will help you identify the gaps and figure out how you can logistically put your plans into action. In addition, showing the readers of your business plan evidence of why your yoga business will differ from that of your competitors will help them determine the success of your business and what you need to do to get there.
Why is a business plan important for my yoga business?
Although your business plan will be unique to your business, there is a set structure you need to follow to best represent your plans, strategies, and goals. Not only can a business plan help you succeed and grow your yoga business, but it can also help attract valuable investments and build your legitimacy in the yoga industry.
There are several cases in which a potential investor, a bank, a property owner, might ask to see your business plan, and not having one will discourage their interest in your business. These organizations read dozens of business plans daily, so ensuring yours is not only adequate but will stand out helps guarantee that they approve your project. In addition, having a business plan shows that you are professional and prepared, and as a result, they will be more interested in supporting your growth and helping you where you need it.
Business plans can also help you make the best decisions for your business right from the start. Having a guide and tool that can help you identify where you need to strengthen your practices or invest more in a particular aspect of your business and the target markets you should focus your efforts on will keep you on track. Whether you are looking to increase your yoga studio owner salary, or want to make sure your financial decisions are in line with your overall vision, a business plan will help you see where you need to make adjustments and updates along the way.
The fine details: what to include in your yoga studio business plan
Don’t worry about your business plan being absolutely perfect in your first draft. As a business owner, you will quickly see that, as with any business, changes need to be made regularly, and that’s ok. However, a business plan will help you stay on the right path, create and build strategies that will help you manage those changes, grow your yoga studio owner salary, and support you in areas where you can grow and develop your business.
There are specific areas to cover in your business plan in each section, including what your business is about, what you will offer, and who your ideal client and market are. You will include the following topics in your plan:
- Executive summary
- Mission statement
- Industry analysis
- Competitor analysis
- Customer analysis
- Marketing plan and analysis
- Products and services
- Financial plan
- Facility and location
- Management team
These critical sections will help you organize your plan and make it easy for the readers to follow. As a new yoga business owner, you might be able to answer every question asked of you, but having an idea of what you would like to achieve will suffice, as long as you provide detail and evidence to support your vision. Finally, include your future plans, no matter how distant they may seem now. Business plan readers will appreciate that you have thought ahead into the future and will see this as an indicator that you are thinking of the big picture and are here for the long haul. So without further adieu, here is a breakdown of each section of your business plan.
Also read >>> Best Online Yoga Teacher Training Certification 2021
Yoga Studio Business Plans: the Executive Summary
Every business plan needs to include an executive summary or a synopsis of your entire project. In the executive summary, readers should clearly understand what is included in your whole plan and what to expect in each section. In this summary, you will write 2-3 sentences on each business plan topic with a clear statement about your projections, market, and goals.
A well-written executive summary will tell readers how you plan to start a yoga studio, what your yoga studio start-up costs will be, your yoga studio revenue model, and so on. Readers want to know this information right off the bat. Remember to keep the executive summary section concise and straightforward. The full detail to support your claims will be discussed in-depth in each section.
The mission statement
In your executive summary, you will also include your mission statement, the purpose, and why your business exists. Your mission statement should consist of your yoga business’s values, what you plan to achieve, who for, and how you will achieve it. Your mission statement should be clear, authentic, and represent your business to the best of its abilities. A reader should be able to read your statement and understand what your business is all about. It should also be unique.
Your business plan reader does not want to know that you will serve the yoga community and help people improve their practice. Instead, they want to understand how, why, and what makes you different from a yoga business that already exists and serves the same purpose. Keep this in mind when crafting yours and trying out a few before you decide on the perfect statement that best describes your business and brand.
The industry analysis
Starting a yoga studio now is more worth it than ever. Yoga studio revenue model is an $88 billion business that is projected to grow to $215 billion by 2025. That’s an 11.7 percent compound annual growth rate! And that’s just a yoga studio; the worldwide business of the yoga industry is worth well over $130 billion when you include retreats, clothes, mats, blocks, and other accouterments.
The next section of your business plan is the industry analysis. Here, you will share your knowledge of the yoga industry and your business’s positive relativity in the industry. Include a brief summary of the history of yoga, what has influenced you to join this industry as a business owner, and why this industry exists. You can provide evidence with popular yoga trends, common and specific needs yoga clients have, and how your yoga business will serve your community. Using facts and data you have researched to support your claims will show your readers that you understand your market and clientele.
Also read >>> The Best Online Yoga Classes & Yoga Streaming Platforms
The competitor analysis
To support your industry analysis, you will also need to include a competitor analysis, which will detail how you differ from the competitors in your marketplace. For example, whether you plan to run your yoga business in a physical yoga studio or as an online yoga studio, you will have local competitors offering yoga also. Therefore, you will need to share what makes you different in this section and how your services are unique.
Do your research on what your competitors are offering, and don’t make assumptions. With concrete examples, demonstrate that you understand your local market and what competitors are doing in their businesses. List your strengths and weaknesses to help identify how these compare to that of your competitors, to your benefit.
The customer analysis
There are a variety of reasons why someone may wish to attend a yoga class. Maybe they go to get a good exercise or to benefit their bodies, or maybe they go to rest or clear their minds, or maybe they go to do something fun with friends or meet new people. You may integrate these reasons into your business yoga marketing messaging after you’ve figured out why your customers come to your company. “Bring a buddy in and get a discount on your next class,” for example.
The customer analysis section should cover everything a reader needs to know about your ideal client and why that type of client will benefit from your services. Examples include creating customer profiles, knowing their demographic, their likes and dislikes, where they spend their time, how they spend their disposable income. All of this information can help you identify and target which groups and types of people you should market your business to. Then, using details, you can explain why customers would choose your business and help them see how you can grow your clientele list in a specific market.
Marketing strategy and sales forecast
Your business plan’s marketing and sales section will detail how you will attract and win over the business of the clientele you described in your customer analysis section. Here you will outline your marketing strategies, how you plan to enter the market, and how you can grow and expand deeper into your market or other markets.
Also, this specific section will develop over time, clearly stating the strategies you will put into place when you launch provides the reader with a clear understanding of how you will build your customer list and what growth in the department will look like in the future.
Detail the prevalent market trends, which marketing strategies are currently most successful, how you will put them into action, and which methods are best for earning clients and retaining them. You will also want to detail your forecasted earnings and how marketing and investing in marketing strategies targeted at this specific clientele will make you the revenue you project. Go as far into the future as possible, up to the next five to ten years, to show your readers you understand your projected growth, both of your yoga studio owner salary and the business as a whole, and what you need to do to achieve that.
Products and services
The bread and butter of your business plan is the products and services section of your business plan. Here you will describe what your yoga business will offer, types of services, classes, and products. Will you provide specialized yoga, for example? How about private one-to-one appointments? On-demand video yoga content or online classes? Group classes and semi-private lessons, or a combination of all of the above? You should include all of this information in detail in this section so your readers can fully understand why you are delivering these specific services and how they will benefit your customers.
You will also need to include any other types of products or services you need to deliver these services to your clients. For example, what equipment you need, such as mats and blocks, to yoga studio management software to offer payments and bookings online. Explain why these products are essential to your service and make it clear how they will help you provide a professional and customer-friendly experience.
The financial plan
The financial plan section of your business plan is all about the money. You won’t be able to increase your yoga studio owner’s salary unless you have a clear understanding of where your business’s money is going. This section will detail how much you will charge and expect to earn from running your business and the services you offer.
You should provide an example of a yoga studio income statement, what you intend for your projections to be, and what yoga studio start-up costs you expect to incur in your first year, the second year, and so forth. This section will give both you and your readers an expectation for your financial gain, how much you will have to put forth, and how much you will need to launch your studio and deliver the services you want your clients to benefit from. You will also need to discuss the budget and the additional costs you expect to dedicate to marketing, operations, developments, and later expenses.
Facility and location
Opening a yoga studio is not necessarily inexpensive, and yoga studio start-up costs can be high if you plan to buy a facility outright or rent. Considering your location and taking that into account and how you plan to manage are important factors to discuss in your business plan’s facility and location section. Share with your readers where you plan to run your business, if it will be in-person, online, or both, and how this equates to your financial plans. Take into account that your readers will know how to launch a business. Still, not everyone will know how to open a yoga studio, so be as specific as possible with the logistics, and what it will need to include. Knowing these costs is essential, especially to win over early investment.
It is also important to demonstrate your costs for your facility and location, even if that is your home. Providing an example of a yoga income statement and sharing what expenses you will need to cover from your monthly revenue will help investors determine the financial amounts appropriate for each cost.
The management team section of your business plan will include if you plan to have any staff or management members on your team. Even if you do not intend to have any staff or additional teachers as a part of your studio at the launch, you can include in your plans at what stage you would hire as you continue to grow. You will describe their salary and where you will recruit from, the exact positions you will offer, and where those members will be located (regardless of an in-person, online, or hybrid business).
Your employees are crucial, and you wouldn’t be able to operate your business of yoga without them! Everyone in the firm, from the yoga teachers to the front desk personnel to the cleaning crew to the energy exchange students, plays a vital part in the company’s success. These are some tips for a better team management:
- Responsibilities of the team.
- Staff hours should be scheduled and updated.
- Keep in touch with your colleagues.
- Keep track of your employees’ salary.
- Elevate Staff App allows you to manage all of your employees.
- Getting all of your employees on the same page
Start writing your yoga studio business plan
While launching a yoga studio and yoga business might seem like a daunting task, especially in an industry already saturated with so many teachers and studios, you have the power of you. There is no reason your business won’t succeed as long as you take the proper steps and put the best strategies in place to launch your business the right way. A clear, informed, and detailed business plan will guide you and help you establish your yoga business and increase your yoga studio owner’s salary with success built into your foundation.
A yoga studio business plan is essential to the success of your business, from assisting you in defining the purpose of your facility to keeping track of expenses. You can only assess how well your company is performing and establish new objectives for the future by looking at your strategy.
This isn’t to imply that everything will be explained at all times. Running a company is fraught with ups and downs, and things do not always go as planned. Remember to remain optimistic when things are difficult and modest when things are going well. Your company will survive the test of time if you are adaptable and move with the flow.
Read next >> 3 simple ways to free up your time