Opening your very own yoga studio can be a challenging but rewarding experience. According to Statista, revenue of the yoga industry is expected to reach $11.6 billion. With the average yogi willing to spend $40 on a single, Statista has calculated the revenue of the yoga industry to reach $11.6 billion in 2020. Although it’s a very competitive space, opening your very own yoga studio gives you the chance to build a community and brand from the ground up in an industry that you love. After you have created your business plan and have secured your investment, take a look at the next steps to open a successful yoga studio!
Location, Location, Location – First and foremost, location is key to reaching the most foot traffic. Finding the most suitable property within your budget and in the right area of town will play a role in how many members join your space. It’s important to work out if there’s enough people in your chosen location, with a disposable income that can afford approximately $20 for a drop-in yoga class (this is the average cost of drop-ins in major cities).
Research Your Competitors – The next thing you should consider are your competitors. You should calculate how many other yoga studios are in the area. Is the area saturated? Check out what their customer experience is like. Once you have this figured out, create a plan to bring a better experience and service to the neighborhood.
Yoga Studio Design – Also, look into ways you can make your studio aesthetically pleasing. Decor and interior design are key because they create the ambiance and vibe of your entire studio! Your studio design doesn’t need to be pricey, but it does need to be inviting, well-curated, and effectively embody your branding.