In this post, you’ll find the information you need to start your own yoga business. You’ll find everything from statistics about yoga practitioners, to how to market your yoga business, to resources you can follow. I have organized these resources into sections filled with articles offered by a variety of authors, which will give you an overall perspective of the yoga industry.
But before you go to the Resource Section, let’s look at a few key issues you’ll want to think about before proceeding.
First: Why Do You Want to Start A Yoga Business?
Your reason for starting your own business is important! People have different reasons for starting one: Some see it as an opportunity, others see it as a way out of the job they hate, and others see it as a way to do what they love.
I’m a firm believer that you should avoid any business opportunity you have no interest in because it takes a lot of effort to run a business. It’s hard to be successful in a business you’re not interested in.
So if you’re interested in starting a yoga business because you love yoga, you’ll put your heart into it, and when problems arise, you’ll come up with solutions, rather than looking for a way out.
Some Interesting Yoga Statistics to Consider
Here is some information, along with my comments, about people who practice yoga. You may find this useful in planning your yoga business. These statistics come from The Good Body
“36 million Americans practice Yoga.”
With a U.S. population of 331 million, 36 million yoga practitioners make up over 10.8% of the nation’s population. This is a positive market worth considering! For example, if you live in a small city of 40,000 people, you have about 4,320 potential customers. Not bad!
“Between 2012 and 2016, the number of Americans doing yoga grew by 50%.”
This is a strong upward trend. It could be a bubble. Or it could indicate people are making yoga a lasting part of their life. This trend is something to examine more closely. See the Trends Section in the Resources below for more insights.
“The number of over 50-year-olds practicing yoga has tripled over the last four years.”
This statistic shows that the older generation is a target market you can tap into. For example, you could create specific kinds of yoga classes and pricing plans to target 50-year-olds and above.
“Flexibility and stress relief are the most popular reasons for starting Yoga.”
You can design yoga classes as a way to relieve work-related stress–and then you can market your yoga business by making sure that potential customers know that you offer these classes. In other words, you can let them know that you can help them solve a problem. This kind of planning can drive personal interest and get people through the door.
“Americans spend $16 billion on yoga classes, clothing, equipment, and accessories each year.”
Knowing that people spend money on yoga accessories, you could add clothing and other items to your yoga studio and online shopping presence. These sales could bring in revenue during slow times.
“There are currently 6,000 yoga studios in the US.”
Did you know that there are more yoga studios in the United States than there are KFC fast-food franchises? That’s 6,000 studios compared to 4,200 KFC locations. It means that there is a lot of interest in yoga, and you have an opportunity to bring something new to the market.
What Is the Demand for Yoga Classes in Your Location?
When you are planning your yoga business, make sure you determine whether there is a demand for yoga in your area. You might live in a small town where people have demonstrated no interest in yoga. Do you think you’d be successful in getting them to come through the doors? Or let’s say you’re in a small town where there are already five studios. Is the market already saturated? Or do you think you can make a go of a yoga business by adding another studio to the town?
Generally, it’s best to avoid locations where there is no demand or where the market is already saturated. It’s usually wiser to open your yoga business in an area where there is demand but which is not highly competitive.
What Kinds of Yoga Will You Offer?
There are many types of yoga, including baby yoga, chakra yoga, pregnancy yoga, yoga for weight loss, yoga for seniors, and so forth. Will you focus your studio on any of these? Or will you offer them all?
You could decide by introducing different kinds of yoga to your customers and then have them tell you what they like and want. Then, with enough interest from the majority of your customers, you can design your yoga classes to provide what your customers want.
Will Your Yoga Business Be Full-time or Part-time?
You can do it either way. Operating a full-time business on your own requires you to quit your job. Operating a part-time business will allow you to keep your job and operate when you’re not at work. One approach is to start off slow and transition from part-time to full-time as you gain experience and clients.
Will You Work Out of Your Home or Have a Separate Studio?
If you’re planning on opening full-time, then having a studio in a location apart from your home is an option. Having a separate studio is a professional way to go and keeps your personal life and family separate from your business. But you can start your yoga business in your home, and then expand to a separate location when your business is successful. You decide which approach is best.
How Will You Get Your Customers?
Building a customer base is challenging. It’s not like you open the doors and people come rushing in. It takes time, planning–and money. Have you considered how you will get customers? Will you reach out through local advertising, social media, and networking? Will you create a joint venture with other businesses? Make sure you have done your research and have a plan to build your customer base before you invest time and money in this venture.
If you’re starting a yoga business part-time at home while keeping a full-time job, then your startup costs are minimal compared to quitting your full-time job, leasing a location for your studio, creating an advertising campaign, and so on. Whichever you choose to do, you will need capital to start and operate your business. In the Resource Section, you’ll find information to help you estimate startup costs; then you can figure out how to get funding.
A Collection of Resources for Starting Your Yoga Business
Disclaimer: The publisher and author are NOT liable for any damages or losses associated with the information contained on this website.
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