Thinking about starting a yoga business? If you are, one of the first things you need to do is come up with a business plan. Sure, you’re excited about all of the things you want to do as a yoga business owner. You may have it all in your head, and you may even have clients who you know will frequent all of your yoga classes. But a business plan will help you to not only grow your business, but it will help you to create better services for your customers.
The purpose of a business plan is to help you to come up with the best strategy for your business. If you plan to apply for a business loan to pay for the startup of your yoga studio, you’ll be required by a bank or other lending institution to create a business plan to show how you plan for the business to be profitable.
Through a business plan, you come up with a mission and purpose for your business. You figure out how you’re going to attract customers. You determine how much money you will need to start and grow the business, as well as how much money you can potentially make. In a way, writing a business plan is like creating vision board. In both, you’re expressing your vision for the future. However, unlike a vision board which leaves the details to the universe, your business plan will provide the steps you intend to take to get there.
With a business plan, you’ll also figure out who your competitors are. Lightworkers don’t think in terms of competition, as we know that there is enough prosperity for everyone. However, we can learn a lot from those who are in the same business that we are in. From other yoga business owners, we can learn how much customers expect to pay for yoga classes. We can identify classes that nobody else is offering. For example, by surveying the other yoga studios in your region, you may find that noone is offering a ‘Yoga on the Beach’ class, and that could be something you can offer to yoga lovers in your area.
Another reason a yoga business plan will be helpful is because it can help you identify obstacles and challenges that your business may face down the road. Sometimes the act of writing out a plan causes us to see areas of concern that we might not have seen otherwise. It can also help us to better understand our customers if we do research for a business plan before we go into business.
How to write a yoga business plan
If your purpose in life is to teach yoga, chances are you’re not adept at writing business plans. But that’s ok. There are books and programs designed to help you to draft a yoga business plan even if you don’t have a business background. (If you want to brush up on business basics, one way to do so is to take a community college course on business planning or marketing. Such classes are typically inexpensive; you may even be able to find free classes through the Small Business Association or business associations in your area.)
If you want to utilize the expertise of business professionals to help you craft your yoga studio business plan, How to Start a Yoga Studio Plus Business Plan is a product that you might want to consider. In addition to guiding you step by step in drafting the business plan, the book provides advice on raising money, choosing a location for your yoga studio and also marketing your yoga studio so that you attract the best clients possible.