Whether you have been teaching at a studio or freelancing on your own, if you are interested in becoming your very own studio owner then this piece is for you.

Many new yoga instructors take their first career steps by gaining valuable experience working for others. It gives them the opportunity to feel comfortable instructing others, helps them find their own unique style of teaching, and gives them an idea of what they do and do not want from their yoga career.

Not surprisingly, many of these instructors decide to channel their inner entrepreneur and open a studio of their own. Well, it’s the ultimate dream isn’t it?

If becoming a yoga studio owner has been an ambition of yours, then listen closely because there are a few incredibly important things you will want to consider before investing your time and money into this new venture.

Create a Detailed Budget

Running your own studio is going to be costly in the beginning and presents several challenges.

You need to start saving every last penny so you can invest it in things like studio space, equipment, additional teachers, marketing and promotion, utility bills, and more.

For a better understanding of how much you actually need to save, you will want to start by creating a detailed budget. If you are new to budgeting, start with the basics.

Make a list of every expense possible, research potential costs and chart everything. Here is an example of a budget plan:

Yikes, did you just start sweating too?

What this potential budget does not include is your daily living expenses, the cost of additional teachers and things like utilities.

These are all factors you will have to consider when creating your final budget.

Determine Your Price Points

The difference between freelance pricing and studio pricing is that now you have to consider the cost of running a studio into your actual fees.

While it may have been profitable for you to charge $10 per session as a freelancer, you may need to bump up your price to $15 per session to cover the studio costs and still make a profit.

Creating realistic goals will be helpful when working on your price points. Do some market research and estimate to the best of your ability how many drop-ins or monthly memberships you will need to sell in order to maintain your studio.

This is often one of the hardest things for people to do when they transition from freelance yoga teacher to studio owner. As you may know, the practice of yoga is incredibly spiritual for some and they have a hard time swallowing the business side of it.

If you are unwilling to charge higher prices then perhaps you are not cut out for the business side of making your practice profitable.

Tap Into Your Current Network

If you’ve been freelancing for a while then you will already have an established client base. Now is the time to tap into this network and get them on board with your new direction.

Have no fear, there are more than a few ways you can do this:

  • Location location location! Choose a studio location that is near the majority of your current client base (assuming this is affordable)
  • Have them join a mailing list so they can stay up to date on what’s new with your studio
  • Bring them on board at discounted monthly memberships
  • Ask them for referrals – bring a friend, your spouse, or your mom at an attractive price!

If your current client base already loves you and your teaching, chances are they will be more than happy to help you spread the word and join you at your new studio. Remember, don’t ask – don’t get.

Identify Your Strengths and Weaknesses

Businesses tend to succeed when they have a leader who understands and harnesses the power of their strengths, and then outsources their weaknesses.

Great at networking, but not so hot at accounting? Hire an accountant and use the time you free up to manage your own marketing campaigns.

Recognising your personal limitations will allow you to either learn a new skill set or to hire someone who already possesses that knowledge. Just remember that you cannot create a successful studio on your own. It will require help and that’s okay, too! We’re all friends here.

Be Willing to Make Mistakes

You are going to make several mistakes when you first get started. Are you willing to learn from them and move forward?

A willingness to make mistakes and grow from them will help you navigate the ups and downs of your first year in business (Click here to see what Jules learned about business when she first started out with her studio) and build you a thicker skin.

Business can be emotionally, mentally and physically draining sometimes, and only the strong persevere and ultimately survive. If becoming a studio owner is truly what you want then get ready for the ride of a lifetime – and lean on us here at Yoginomics for all the help and support you need!

About The Author

Jules Barber

Jules Barber is the Founder & Creator of Yoginomics. Having worked in a golden cage in London for 15 years she sold out of her business to become a yoga teacher, corporate wellness specialist and location independent entrepreneur, on a mission to mentor and coach the next generation of amazing yogis - teachers and students alike.

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