So you want to open a Yoga Studio? – 5 Things you Should Know!
The yearning to open a studio is natural – as a yoga teacher it would be wonderful to have your own space in order to teach. However, it is not a decision to be made lightly. Before you jump into becoming a studio owner, be sure to consider the 5 points below and remember, there are upsides to being a freelance teacher!
1) Don’t quit your day job.
Yes, – seriously. Yoga studios often don’t make much money at all in the first 2 years. Keeping your day job ensures you have money to pay your bills, and back up in case you can’t make your rent or other expenses. Also, being desperate for students so you don’t go bankrupt isn’t a great vibe for your new studio!
2) Have some savings
Set up costs can include: lease security deposits, signage, renovations, buying props so you will need some savings. Of course your studio set up can be done cheaply, but savings are necessary to get you through the first while during which there won’t be enough students in class to cover all of your ongoing expenses. There are many hidden expenses in yoga studio set ups, so be sure to have savings for, if and when you need it!
3) Get a lawyer
If you can’t get a lawyer, learn to read really, really thoroughly! Setting up a business requires many negotiations which then become contractual obligations. Whether it is your company set up, your shareholder agreement, your business plan or your lease, all documentation needs to be read in full, understood and clarified before it is signed off on. Otherwise you will be in for rude shocks – whether it is annual rent increases you didn’t realise or a business plan that allows your business partner to be frivolous. Be sure to get a lawyer, or read carefully!
4) Invest in your staff
Your staff are your studio’s biggest asset. If you wish to go on a holiday, have maternity leave, or take time off, it’s your staff that will help ensure your studio keeps running smoothly. Treat your staff well. You may not be able to pay them what you wish you could, but people will sacrifice the big bucks for respect, autonomy, and work/life flexibility. Live your yoga in how you run your business and how you treat those around you. Be sure to always keep your eyes peeled for additional teaching or business opportunities that might be beneficial for your staff. And eventually, if you truly want them to stick around, partner together on joint projects.
5) Practice
Teaching is directly related to practice. Our own practice is the training ground for both our life, and our work. Always be aware of the fine balance between your practice and your teaching load. Continually work on finding that balance so your teaching remains fresh, inspired and real. Seek out professional development opportunities as much as possible, network with other teachers, find a mentor and take every opportunity to be a student.