Understand the business of Yoga: Learn about the economics of running & marketing a studio. Here’s more on how to start a yoga studio in India.
Yoga, despite being born in India, might not be very popular in India yet (surprisingly its extremely popular abroad). However, the scenario seems to be changing (with the Indian prime minister Mr. Narendra Modi himself promoting Yoga).
So if you have been thinking of starting a Yoga related business, this could be the right time as it seems to be on a positive trend in the fitness and wellness industry.
Further, the investment for starting a yoga studio is not much, making it an ideal business for those interested in yoga.
Before starting any new business, its important to have a business plan in place that details your business objectives, along with the requirements in order to achieve the business objective.
Working as a Freelancer
At the most basic level, you could start as a freelancer by teaching Yoga at people’s home. So basically you go to your client’s place and make them practice Yoga (like a personal trainer).
In this case, your costs will be marketing related. You will have to let people know that a Yoga teacher is available to visit at home.
You will need to print business cards, have a website, and even put ads in local newspapers. Once your start getting clients, its easier to get more clients through word-of-mouth and client referrals.
Space and Infrastructure for Yoga Studio
With more experience, and more money at your disposal, you could start your own yoga studio.
To start a yoga studio, you need investment, you need place at proper location, you need to think about maximum class capacity, how much to charge per session, human resource requirement, and more.
A typical yoga studio needs approximately 12-15 square feet of studio space per person per visit (in foreign countries the number is higher). Therefore, a 500 square foot studio room space (changing area, welcome area, restroom, office area not included) can accommodate 30-35 students.
In terms of location, its better if there’s ample parking space near your yoga studio. Ample parking space and high visibility would ensure high chances of success for your yoga studio in the long run.
For a yoga studio, the following major expenses will need to be incurred (its much cheaper compared to a gym):
- You will need to spend on the interiors (you need a calm, soothing and serene interior).
- Rental deposit would be another major requirement for your yoga studio.
- Marketing expenses (brochures, cards, website, ads)
Considering the above two requirements, a yoga studio can be started with an investment of anywhere between 5 to 50 lakhs, based on the location, size of your studio and the investment on interiors.
How to Arrange for the Finances?
Because no physical assets are being created, banks may not lend money for starting a yoga studio. You may consider opting for loan against property (assuming you own a house/office); the loan amount will depend on the your income.
Other option is to use your savings to start your yoga studio.
Once you have the finances in place, talk to your CA about registering your business.
Its Not Just About Investments
Opening a yoga studio can be VERY expensive, and will vary depending on the location, and how you operate.
Its best that you become a good teacher (with a good following) before you get to starting your own studio. It will turn out cheaper because you will have students coming into your studio from day one.
So aim to be a great yoga teacher first so that you can attract a large following.