Why You Shouldn’t Open A Yoga Studio
You read it right, you shouldn’t open a yoga studio.
I don’t want to start this post off with anything negative, but I also want to start this off with encouragement. Having an award-winning yoga studio didn’t come easy but with the right strategy, it can be easier. When I decided to open my studio I had ZERO business knowledge. I mean to the point I had no idea what revenue really meant… net or gross? I got a huge business from one day to the next with employees, massive overhead and manager expenses.
I was drowning in work, projects, payroll and more. I had never done payroll in my life. Thankfully I had admin jobs in the past, but nothing like this. It was literally 17 hats all day everyday. Dealing with water and plumbing issues while having to promote an event, then teaching my class. It was madness.
You said award winning?
With all that mess one thing we did right was quality and branding. Why does this matter? First of all, when you have a good product people recognize it instantly. People start spreading the word, creating a marketing campaign for you. Our branding was on point as well, meaning everything matched our guidelines, was easily recognizable and looked fresh. To open a yoga studio is no easy feat but it changed my life.
That still didn’t clean up the mess we had little idea to handle but because of hustle and resourcefulness was able to figure it out with my partner. We asked the questions we didn’t know, we created magic out of thin air with elbow grease and good intentions.
This still left me drained and well, unmotivated. I had no idea how to increase our revenue or attendance. It was always up and down with classes and income. Has this happened to you at all?
How it all shifted
When I realized I could no longer do what I was doing, the way I was doing it, I decided to look to see who could empower me with the right knowledge. VIDYA. I know a ton about yoga, asana, meditation… because since I was 23 all my attention was focused there. You see, I had to realize that my attention had to shift elsewhere to make not just my yoga studio, but my entire life, be more successful. That meant having more time, more space, less worry, less stress, more abundance.
I sought help. I asked the right questions. I enrolled in a mastermind program and got my business pants on (on top of my yoga pants that is) and get my other side of my life get busy. What happened? Our income grew because of 2 or 3 little changes. We had a system, an organized system. Hired the right people and I gave myself days off. I also created other revenue streams to sustain my lifestyle I wanted better.
You see it’s not about having all your eggs in one basket, but more like having many baskets with some eggs. My advice to you who want to open a yoga studio is to break the model. Create a business that is innovative, fresh, exciting and makes you feel good. Also know there are other ways to create an awesome yoga business than having a full blown yoga studio. Having high overhead is your number one quickest way to go into debt and possibly fail. I am here to answer questions and be a guide.
If you are thinking of opening a studio, let me know as I have some nice tips for you – we need more yoga in the world, just less broke yogis.
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