Across the country there are people who specialize in yoga. They are professional yoga instructors running studios where they conduct both group and one-on-one classes. It is probably safe to say that most of them do what they do because they have a passion for yoga and people. But there is a business side to all of it.
Offering yoga classes as a side gig is one thing. Operating a yoga studio demanding a full-time effort is another matter. A yoga instructor who attempts to do so without giving adequate attention to the business side of things is setting herself up for failure.
It’s More Than Just Classes
Classes are the foundation of a yoga studio. But a yoga studio is also a business entity. And the business side of things goes well beyond the classes themselves.
One of the first things new yoga entrepreneurs come to realize is that pursuing the dream of running a studio costs a lot of money. Studio facilities need to be rented or purchased. That can take quite a toll on an entrepreneur’s budget.
Once up and running, a studio owner faces recurring expenses. There is rent or mortgage payments, insurance payments, utilities, and facility maintenance and upkeep. A yoga instructor planning to bring on staff will also have to pay wages and benefits.
Revenue Matters When Bills Come Due
It’s easy to go into a brand-new yoga studio with unreasonable expectations. Like newly married couples who insist they only need love to get by, the new studio owner is tempted to believe that all will be well as long as her students are happy. But when the bills come do, revenue will suddenly matter.
It is very possible to build a successful yoga studio with classes being the only source of revenue. But fortunately, there are other revenue streams out there. Here are just a few examples:
- Memberships – Rather than simply offering classes with set fee schedules, a studio can offer memberships. Monthly membership packages can include a variety of classes plus access to other studio amenities.
- Workshops and Retreats – Outside of the studio setting, a yoga teacher can offer workshops and retreats. More on that in just a minute.
- Retail Sales – Studios are a great environment for selling products related to practicing yoga. Yoga mats, apparel, and accessories are good candidates for retail sales. Likewise for books and videos covering a litany of yoga-related topics.
Getting back to the idea of workshops and retreats, transformational retreats are a big part of taking yoga to the next level. Yoga nidra expert and transformational retreat leader Scott Moore says that yoga practitioners around the world want the retreats. They are actively looking for them.
The Labor Question
Having run several successful businesses myself, I feel comfortable in saying that the biggest challenge for a new yoga entrepreneur is answering the labor question. Bringing on employees completely changes the entrepreneurial dynamic. Once a studio owner begins hiring, a whole new set of obligations enters the picture.
A studio owner needs to find the right people. That is no easy task. She also needs to pay competitive wages and benefits if she hopes to get the best in the business. Finally, she needs to make sure her employees have every reason to stay with her. Again, easier said than done.
In a perfect world, offering yoga classes would be enough to sustain an instructor with a passion for yoga and people. But the world is not perfect. There is a business side to running a yoga studio, and it cannot be ignored.
