Correction: How to Open a THRIVING Yoga Studio
Anyone can open a yoga studio. At least that is what the other yoga-related franchises and business coaches will tell you and to a certain extent, it can be true. Almost anyone can get a lease and get a space stocked with props and products, but from my experience NOT anyone can be the owner of a thriving yoga studio. In fact, successful yoga studios and talented studio owners are like unicorns nowadays. People underestimate studios; they don’t realize that owning a studio is a complex business and cultivating consciousness is a heavy lift. If it were easy, wouldn’t most other organizations value and integrate more conscious business practices?
It is sad to say that in recent years some not-so-conscious, highly opportunistic yoga franchise concepts have coined the term boutique fitness. They have also convinced enough people to lump yoga studios into that group alongside cycling, rowing, barre, stretching, etc. They are not only diluting the marketplace with cookie-cutter studios, but they are actively dumbing down the public’s perception of yoga. This doesn’t do the yoga industry any service, it is actually causing the long, slow death of yoga in America. The long, slow, death (LSD) is a concept I talk about quite a lot with our studio owners.
We have a different approach at Thrive Yoga Studios; our approach includes a long-term vision where the practice of yoga becomes a highly valued, highly practiced movement and mindfulness modality. Despite the above stated setbacks, yoga is continuing to blossom and help countless individuals. Recently the US Department of Public Health has expressed an intent to make these mindfulness practices available to ALL Americans including the lowest income brackets, incarcerated persons and refugees. THAT IS FRICKEN INCREDIBLE! It is a HUGE win for all yogis that have worked to make mindfulness more accessible. Not only that, but the public health sector has acknowledged and is aggressively integrating yoga into government organizations, schools, non-profits and corporate America. It is truly an incredible time to be a yoga teacher and an aspiring or existing studio owner.
“Greatness, it turns out, is largely a matter of conscious choice, and discipline.”
Anyone can open a yoga studio but exceptional studios are run by conscious owners that are aware of what is happening in the industry and with the public health at-large. A prepared studio owner recognizes that owning a yoga studio is a public health initiative. It is equally about offering movement, mindfulness and community as it is about mastering the subtle but profound art of behavior and lifestyle change. I wrote this article to help aspiring studio owners understand what it takes to open an impactful yoga studio. Myself and the Thrive Yoga Leadership team want to see owners thriving, we want to see studios elevating communities and improving the wellness for all. We are a smaller, budding studio collective and yoga franchise model but we provide a studio concept that our competitors clearly don’t understand. We are the bright future of yoga and we hope you will consider joining us. Keep reading to learn more about how to open a thriving yoga studio.
How to Open a Thriving Yoga Studio
- Know the reason why you want to open a yoga studio and get a team mobilized behind you to help make your dream a reality!
- Understand the value of exceptional branding, realize the power of reputation and immediately enjoy the benefits of collective marketing.
- Get involved in the community, bring your energy and expertise! Let others know that you are an expert and you are there to help!
- Befriend local teachers; build their trust, and cultivate a teacher community before your studio opens.
- Work with a real estate expert to understand regional demographics and find your ideal location. Let them negotiate the hard deal for you, it is their job!
- Work with a team of experts to build a budget and create a forecast to understand your future cash flow
- Integrate your budget, forecast and cash flow predictions into an existing business plan from a proven concept.
- Secure funding. You can self-fund, crowdfund or work with one of our preferred lenders and organizations to find affordable financing options
- Make a long-term plan for your space and understand what it will take to build equity by purchasing or leasing a space.
- Identify and hire trustworthy designers and contractors that will help you design and build your studio to maximize space, efficiency, comfort and facilitating consciousness. We can save you a lot of money by being a freedom franchise model. Ask us what this means.
- Hire and train your teaching staff to understand the value of your brand, operate your studio, provide impeccable customer service and become the most talented teachers of teachers.
- Intentionally create a class and event schedule that is a reflection of your passion AND meets the needs of the community.
- Adopt a pricing structure that is both fair and mindful of profitability,
- Create studio policies that are both kind to the customer and sustainable for the studio.
- Learn how to implement numerous revenue streams such as retail and create the coziest, niche boutique that is the perfect compliment to your studio
- Work with a team of talented marketers and position your studio front and center of your ideal target audience.
- A Grand Opening is the perfect way to celebrate the birthing of your conscious community and the inauguration of YOUR role as a leader and visionary behind the studio. Throw a big party!
- Open your studio and enjoy every minute of the process because your grand opening is the beginning of a journey into conscious leadership and collective impact.
If you found this article inspiring and if you are ready to open your studio, contact us today! We would be thrilled and honored to serve you and see your studio through from concept to fruition.
With enthusiasm, gratitude and passion,
Brittany Romano, Founder of Thrive Yoga Studios