I’ve been doing a lot of research lately as I try to compile information and numbers for my business plan. I really do want to run a full-time business involving yoga, and I am looking at ways to set up multiple income revenues so that it could actually succeed. The strategy thus far involves running a studio that offers classes (and diversifying the classes to have broad appeal) with recurring monthly membership, a (small & realistically manageable) retail/online store, privates, on-site yoga instruction at the workplace and renting out the space when its not occupied by one of my own classes.
Some interesting articles to share…this one from NY Mag about a yoga studio in Manhattan, Joschi.
Their website looks pro and seems like they are doing great 2 yrs later. A little hard to know what to take away from the ending statement, though: “Few studios in Manhattan survive three years, and fewer turn more than a 10 percent profit. ‘Honestly, I would do private lessons in people’s homes instead’ says Campaniello. ‘You make $100 a session with no overhead.'”
Lots of helpful tidbits here: http://www.yogaforums.com/forums/f16/an-introduction-to-niche-marketing-making-your-yoga-studio-a-specialty-shop-2692.html. I love the successful marketing tactics illustrated to reach more customers.
This google answers posting had a lot of interesting links: http://answers.google.com/answers/threadview/id/316190.html that I thought could support my business plan, but the research looks a little dated and has me wondering if the yoga trend reached a bubble around 2004 and is now on the descent? It also seems like the suggested startup costs are all over the place.
For me, it will be important to offer an integrated, holistic and personalized service that has real value to my customers. I don’t want what I offer to be considered a flash-in-the-pan trend.
Here’s an interesting post about a yoga instructor who Ontario, Canada, who who went from earning $5k/month in a stressful corporate job to earning almost $3k/month working 1/3 the time doing something she loves.
Finally, YogaJournal has many useful business articles that cover everything from marketing to retail to contracts…