May 16, 2022 | Business Resources
5 Things to Consider When Opening a Yoga Studio
In North America, yoga has proven to be more than a passing trend. And, as community-oriented workout spaces become more popular, opening a studio can be an exciting and profitable business opportunity. If you love yoga, you may consider turning that passion into a career by opening your own space.
Although it may seem like an overwhelming process, with the right planning and expert support, opening your own yoga studio is totally possible. That being said, hospitality is a unique industry and there are a few special factors to be aware of when business planning.
Here are 5 things to consider when opening a yoga studio.
1. Location
It’s hard to overstate the importance of location, as it will impact almost every element of your business. For example, where you choose to open your studio will directly influence the clientele you attract and serve. If you have a certain demographic in mind, consider looking for a studio space in an area that already caters to that type of client. While trendy, urban neighbourhoods seem like an obvious choice for a yoga studio, there are plenty of great spots in the suburbs too.
In addition to client access, there are other locational elements that you should keep in mind. One item that is often overlooked by small business owners is parking. If you plan on hosting a two-hour class with 30 clients, relying on street parking may not cut it. Regardless of how great your class is, if your clients are spending their entire visit worried about whether or not they’ll get a ticket, they may not want to return.
The best way to find a great location for your studio is by working with an experienced hospitality real estate agent. Their knowledge of the local business landscape will help determine the best spot based on your vision.
Ready to find the perfect space for your yoga studio? Explore my current listings here.
2. Market & Competition
Once you’ve found the perfect location, you’ll want to analyze the market and determine how competing studios may impact the long term viability of your business. If there are already a number of yoga studios in your preferred neighbourhood you may have a tough time attracting new clients. This can be especially true in the hospitality industry where client loyalty is an elevated factor.
That said, existing competition shouldn’t always deter you from opening up shop. Ideally, your studio can fill in the gaps when competitors may be under-serving their clients. For example, if your competitor is closed on Sundays, offering classes then can be a great way to serve the area and create loyal clients of your own.
Your hospitality agent can help you determine if an area is too saturated, and offer additional guidance around other businesses that may impact your revenue.
Want to learn more about how a hospitality specialist can help you? Explore our services.
3. Finding Great Staff
For your yoga studio, finding the right staff may require a few extra steps than a typical small business. First and foremost, you’ll need to hire well-qualified and experienced instructors. Your clients will expect to be taught by experts, and it’s important that you offer a high-quality experience. During the hiring process, ensure that instructor candidates are certified by a reputable institution. Governing bodies and instructors’ colleges vary by location, so this may take some research on your end. However, this is an important step in finding the right staff.
It’s also important to remember that having staff for your business goes far beyond the hiring process. Ensuring your staff are satisfied, supported and well managed will be a critical part of your studio’s long term success. Competitive wages, strong benefits packages, and a positive work environment are some of the basic elements that should go into your staff retention strategy.
4. Image & Marketing
It goes without saying that a strong digital presence is a crucial part of any business. In 2022, there’s a good chance that most of your clients will first discover your studio online. It’s a good idea to begin working on your online presence before you open to the public. First, ensure you have a great website set up. Next, build profiles on the leading social media sites and create a content strategy for connecting with your new audience.
No matter the size of your studio, don’t underestimate the importance of establishing your brand. Strong brand imagery and messaging is something your clients can connect with and will make them as invested in your studio as you. If you’re unsure where to start with your brand, ask your hospitality agent. They can connect you with local marketing specialists who work with small businesses like yours.
Ready to explore the current hospitality market? Check out these pages on our site.
5. Don’t Forget About Retail
Although your business will be primarily centred around classes and sessions, retail can be a great way to bolster your profits and brand image. Consider setting up a small retail space in your studio where you can sell yoga supplies and other related items. Retail is also a great way to foster and showcase your studio’s brand by selling merchandise.
While these tips are a great starting point, there’s a whole lot more that goes into opening your own studio. No matter your vision, working with an expert is a great way to begin your small business journey. As a leading hospitality real estate specialist, I’m here to help.
Ready to open your dream yoga studio? Get in touch.
