Yoga, an ancient spiritual practice that originated in India that has the power to heal diseases and illnesses at all levels, is taking the world by storm. In India, the value of the yoga industry is estimated to surpass $11.5 billion by 2020. The industry has become quite vibrant and has made room for so many aspiring business people to venture in.
If you are planning to start a yoga studio or already have one, then read this article as we unveil five tips to nurture your own yoga business to make greater profits.
Create a Comprehensive Business Plan
Creating a business plan is always essential irrespective of the business type. Before creating a business plan, find out how much working capital it will require to run a studio successfully for at least a few months in its initial phase.
Your business plan must also include everything from identifying your target audience, finalising a location, class timings, charges of yoga classes(which must be in accordance with the area), and last but not the least a great plan to market your studio. Remember, the charges in the urban area might be higher than those in rural ones.
While starting your brick and mortar business, the plan must include the rent and utility expenses and finances for managing the staff.
Know your Customers
Every business runs successfully because of its strong customer base. In a yoga studio, to build a strong customer base, you have to be true to your customers and be honest with them. The happiness of your customers is prime and for this, you have to understand the needs and demands of every customer that comes to your place. You could also find out your best marketing tactics by knowing what your customers really want. For instance, free hours, fee deductions, giving stress on a particular asana for a few weeks, etc are some of the personalised touches you must give that will go a long way. So, keeping your customers happy becomes an essential part of building a strong customer base.
Specialise in one or two forms of Yoga
With around 84 asanas that can heal uncountable diseases, yoga has so much to offer to an individual. Kundalini yoga, Iyengar, Vinyasa, Asthanga, and some others could be taken up specifically for starting a business. Deciding a niche is beneficial as it makes the business more specific and attracts more customers. This suggests that there could be different needs or each customer, depending on body type, flexibility, health issues, etc.
Find a Perfect Location
The location of the yoga studio plays a crucial role in its success. A yoga studio should ideally be at a place where there are fresh air and open spaces.
In a country like India, it is difficult to find fresh air, but an open terrace or a place near the gardens could work well with this business. Also, a yoga studio needs to be at a location that is easily accessible for customers with ample parking and close to a residential area.
The Franchise Option
One of the easiest ways to start a lucrative business in yoga is to own a franchise of already existing brands. As you own a franchise, you can buy certain rights of the brand and can use certain privileges, hence earning more profit than an independent business venture. One of the better-known brands in the yoga industry, Bodhi Wellness Centre Private Limited, offers a franchise in just Rs 5-10 lakhs for an area of 1000-1500 sq ft. By buying a franchise, you also enjoy privileges like a lower investment, brand identity, more expansion, and much more.
