Want to overcome the hurdles of starting a yoga business?
I’m not going to lie… running a business is NOT easy. As a matter of fact, 96% of small businesses fail in the first 10 years and I think about 50% fail before year two. If entrepreneurship is so dismal why would you ever want to think about taking on the hurdles of starting a yoga business?
Well, typically it is because you are filled with passion. Passion for yoga – one of your true loves. Passion for helping other people reap the rewards of a life filled with yoga. Those are pretty strong and sometimes this is more than a desire. Sometimes it is a calling.
In a previous article titled What is a YOGApreneur & Thoughts on Yoga Business Success? I focus a bit on what a YOGApreneur is. To be honest… if you are serious about starting a yoga business, then you are a YOGApreneur. You love yoga and you probably are somewhat attracted to business or leadership.
Let’s address some of the hurdles of starting a yoga business as a way to get you up to speed, and avoid as many of these hurdles, as possible.
Starting a yoga business can be incredibly rewarding, but it also comes with its own set of challenges. Here are some of the biggest hurdles you might encounter…
What Don’t Know What We Don’t Know – Blindsides:
When it comes to any business, sometimes the biggest hurdles are blindspots – the things we don’t know we don’t know. This is why it is so important to find quality resources, coaches, or other support systems or communities to help us continually flush out those things we don’t know that we don’t know.
Here is a video I did a while back based on this idea.
Yoga Business Competition:
The yoga market is quite saturated, especially in certain areas. Standing out from the crowd and attracting clients can be challenging. Take the time to find your niche and what makes you different than every other studio, and also something you will be able to replicate with the yoga teachers you will eventually be hiring to represent your studio and continue building the strong differentiator. This may take some time, but it is time well spent exploring and committing to once defined.
Financial Investment:
Starting any business often requires a significant financial investment, whether it’s for renting/buying space, buying equipment, marketing, hiring staff, legal business setup, and the list goes on and on. Financially you need to consider a few things… will you buy an already established yoga business, buy a yoga franchise, or start from scratch?
All of these options could need different strategies to get off the ground. All have pros and cons as well, and this is where you need to be honest with yourself, your goals, and your financial capabilities. What strategies could help you reach success? Because this area can be pretty scary, and very risky, you can see why financing can be huge hurdles of starting a yoga business.
Finding the Right Location:
Location is crucial for a yoga studio. You need to find a space that is easily accessible, has good visibility, and is in a neighborhood where your target market resides. OR… you can build an online presence that is the equivalence of a top real estate location getting a lot of traffic and interest.
Building a Client Base:
Attracting and retaining clients is one of the biggest challenges for any new business. You’ll need to invest time and effort into marketing and building relationships with your students. You need to set yourself apart from the competition and know your ideal target audience extremely well.
This comes with time, but when dialed in it’s like honing your marketing/sales messaging in like a laser speaking directly to the perfect audience and understanding their problems inside and out so you can not only land clients but overdeliver. This will create word of mouth and raving fans when you get it right. Many people think sales is “icky” but if you cannot bring in new students and retain current students you’ll struggle with these hurdles of starting a yoga business.
Regulations and Permits:
Depending on where you are located, there may be specific regulations and permits required to open a yoga studio. Ensuring you comply with all legal requirements can be time-consuming and costly. Do your best here because legal issues can sink a ship and be a nightmare no one wants to deal with. Just do your due diligence and this is something you can overcome with a little legwork.
Managing Overhead Costs:
Rent, utilities, insurance, and other overhead costs can quickly add up. Managing these expenses while still turning a profit can be challenging, especially in the early stages of your business. This is why early on you might want to create a business plan and really work the numbers and try to find what it’ll take to break even and what it’ll take to profit.
If you are not familiar with profitability, bookkeeping, and accounting you might want to brush up on this stuff. If you are really new to this stuff then maybe you will be interested in a few books I got early in my entrepreneurial career. The first is The Accounting Game. This is an easy read to better understand the basics around account using the simple idea of running a Lemonade Stand Business.
The second book I’ll recommend is How To Read A Financial Report. This book digs a bit deeper in learning to understand the numbers and financial reports. If you are not familiar with an Income Statement, the Balance Sheet, and the Cash Flow Statement then you’ll want to get familiar with this stuff.
Finding Qualified Instructors:
Hiring qualified and experienced yoga instructors is essential for the success and scalability of your yoga studio. However, finding the right people who align with your studio’s values and vision can be difficult. Hiring and recruiting or finding qualified instructors can make or break the business. It is a skill set you must master or find someone who can help in this area.
Maintaining a Work-Life Balance:
Running a yoga business can be demanding, both physically and mentally. It’s essential to prioritize self-care and find a balance between work and personal life to avoid burnout. You might find that continuing your yoga learning or continuing education can help not only further your career but it might also help you try new things for your own practice and personal interest.
I ran into burnout in my business when I was going through a downturn in my business. I spent a decade focused just on what could help me avoid a burnout like my worst burnout. The above photo is me meditating at a public area in the museum district after a date-day with my wife. A yummy meal, a little time at an art museum, and some meditation. Those things fuel me and fill my cup.
I have coached business clients who truly struggled with this and I ran across some that thought work/life balance was bullshit. In a few years, they had to close their business though, and I’ll tell ya part of the shutdown was caused by not committing to self-care.
In a yoga business, this may be even more important as you want to create a soothing, safe, and enjoyable space for your students. If the atmosphere is stressful in any way, it could really harm the business.
Despite these challenges and hurdles of starting a yoga business, with careful planning, dedication, and perseverance, starting a yoga business can be a fulfilling and profitable venture. As amazing as a solid yoga session can be, running a yoga business can also be as rewarding when you overcome the hurdles of starting a yoga business. If you read this far I can tell you are passionate about yoga and business and I wish you much success.
What was surprising on this list? Was there anything I missed that I should add? Share your thoughts below in the comments.