| Would you walk into a restaurant you had never | | | | had a flat tire and were having a hard time changing |
| been to before and tell the waiter "I just want some | | | | it, and a tow truck was driving by, but he didn't stop |
| hot food, and by the way, it doesn't matter what it | | | | because he felt it would be too pushy to ask you to |
| costs!" Most people think this is ridiculous. But | | | | pay him to help you change your tire! |
| honestly, it is not that different when someone with | | | | People miss out on something they want and need |
| years of experience as a yoga instructor decides to | | | | when they don't know about the awesome |
| open a studio, but does not really want to know | | | | experience your studio could offer them. Letting |
| about the business side of things. | | | | them know about this is what true marketing is. |
| I know you want to share your practice with others | | | | Consideration #6: |
| so that they also may benefit, but please believe | | | | Can you accept that while yoga may incorporate |
| when I tell you that you will be able to impact many | | | | energy, spirit and flow, running a business adds a |
| more people's lives if you choose to learn a little | | | | new kind of energy to the mix: money. If you |
| about business before starting your own studio. | | | | believe your practice is above needing to worry |
| One of the first things a client planning to open a | | | | about money, you may be reassured to know that |
| yoga studio will often tell me is how many years | | | | you are not alone. What may be less reassuring is |
| they have been practicing yoga. They go on to | | | | that very few studio owners who hold this |
| elaborate on the school they went to and what | | | | perspective stay in business for more than a couple |
| other yoga experience they have. I honor and admire | | | | of years. |
| this kind of experience and the discipline it takes to | | | | Perhaps in an ideal world, this would be different, but |
| acquire it. | | | | her, now, today, money is a part of our life. Like |
| At the same time, it's my job to point out that if | | | | other forms of energy, money is simply a way to |
| they primarily want to focus on the teaching and | | | | create change. This may take the form of having a |
| practice of yoga, then opening a studio is probably | | | | new studio floor put in, donating to charity , or |
| not for them. If you're shocked, thinking "What | | | | paying your phone bill. |
| background could be better than years of experience | | | | Money is really just another form of energy. And it is |
| with yoga?!", then this article is for you. | | | | the form that every business today requires to exist. |
| Running a business successfully involves far more | | | | We don't need to worship it, just view it as an |
| than just being good at yoga. In fact, in a recent | | | | important resource. Just as a car needs gas to run, a |
| conversation with the founder/director of one of the | | | | business needs money. I wish my car ran on |
| largest and most successful yoga studios in Baltimore, | | | | something other than gas, but for the time being, I |
| she revealed that she's not even an instructor. She | | | | accept that this is how it works. Such is the case |
| emphasized that she is a businesswomen who loves | | | | that a studio is a business and needs money to |
| yoga. | | | | operate. |
| Business is a lot more than just giving a service or | | | | Consideration #7: |
| product to a customer. It has a whole | | | | Are you really passionate, not just about practicing |
| "behind-the-scenes" part that we don't usually see | | | | yoga, but about sharing the art of yoga with others? |
| when we walk in the front door. Business is about | | | | Running a yoga studio is about sharing your practice |
| financial projections, strategic planning, marketing, | | | | with others. Many of your students will probably be |
| sales, budgeting, facility maintenance, hiring, | | | | novices. Some will do things that make you cringe, |
| sub-contractors, bookkeeping, and so much more. | | | | others will make you proud to have made their |
| If you are someone who is willing to learn about | | | | mastering the art possible. |
| these things (and you don't need to be an expert, | | | | In running a studio, you will be quickly frustrated if |
| but you do need to have a working understanding of | | | | you are not comfortable serving beginners, people |
| them), then maybe opening a studio is for you. It can | | | | who like yoga but do it poorly and people who don't |
| be a wonderfully rewarding and fulfilling experience. It | | | | take it seriously, as well as those that are a pleasure |
| can truly be the fulfillment of a dream for many. | | | | to watch practice. |
| However, understanding what is really involved | | | | Consideration #8: |
| before starting out is essential to success. Here are | | | | Are you willing to make mistakes and learn from |
| some things to ask yourself before diving into | | | | them? Success is about mistakes. Just as Thomas |
| opening a studio. | | | | Edison tried over a thousand different materials for |
| Consideration #1: | | | | the filament of the light bulb before discovering one |
| Are you willing to work long hours in the beginning? | | | | that worked, such is business. |
| Every small business owner will tell you about the late | | | | Success is not about doing it perfectly the first time |
| nights and weekends spent on building a business | | | | - striving for this leads to mediocrity. Success is made |
| from scratch. It's just plain hard work. But, it has | | | | of trying, failing and learning; then taking what you |
| great freedom as well. If you're not sure about this, | | | | learned and doing it better the next time. |
| consider buying an established studio, or even a yoga | | | | Sometimes this approach is referred to as |
| franchise. | | | | "Fire...Aim...Fire...Aim..." If you're a perfectionist, running |
| Consideration #2: | | | | a business may be very frustrating to you. Business |
| Are you comfortable learning about finances, | | | | is very imperfect, and those who are most |
| budgeting and bookkeeping? For better or worse, | | | | successful at it, and who find it most fulfilling, are |
| money is the lifeblood of every business. Without it, | | | | those who truly understand that things just need to |
| the business fails instantly. To succeed, you need to | | | | be "good enough" and not perfect. |
| have a moderate handle on finances. This means | | | | Consideration #9: |
| knowing how much you earn each month, how much | | | | Are you able to do this without destroying your |
| you spend, how much you owe and how much is | | | | personal life, should it fail? While no one plans for a |
| owed to you. | | | | new business to fail, and it's certainly the last thing |
| It also means knowing how much you'll need to earn | | | | you want to think about, it does sometimes happen. |
| each month to pay operating expenses (rent, | | | | Plan your divorce while you are still in love. |
| electricity, etc.), payroll (paying employees) and to | | | | In other words, you need to design an exit strategy |
| pay yourself (you need to eat too!). It also means | | | | for the business in the beginning. You don't want to |
| projecting this for the next year, and figuring out | | | | lose your house and have to declare bankruptcy if |
| how the studio is going to earn this much money | | | | things don't pan out. Do your best to make sure you |
| (how many students you'll need, private sessions, | | | | can personally survive even if the business does not. |
| etc.) This kind of planning is essential for success. | | | | If you can't, then this may not be the best time to |
| Consideration #3: | | | | start a studio, or maybe finding a partner or investor |
| Are you able to accept that business will never be | | | | to share the burden would help. There are many |
| entirely smooth, but rather that it is wrought with | | | | creative solutions that could work for you. |
| some degree bumps and potholes, and that is just | | | | Consideration #10: |
| part of owning a business? It is estimated that an | | | | Are you willing to make a thorough business plan? I |
| average U.S. business faces a "crisis" three to four | | | | believe this is the single most important item on the |
| times per year. This might be a key employee | | | | list. The business plan doesn't need to be in the form |
| quitting, an IRS audit, a major unexpected expense, | | | | a bank needs to lend you money, but it should be |
| etc. | | | | complete. |
| In addition, there are "daily hassles." An instructor is | | | | It is unfortunately all too true that "failing to plan is |
| late, someone's check bounced, the stereo doesn't | | | | planning to fail." A real business plan outlines the way |
| work and so on. This is just part of business. And, as | | | | your studio will operate. It defines the kind of people |
| the owner, much of it will be your problem to deal | | | | who will come to your classes and private sessions, it |
| with (until you grow enough to hire a manager, then | | | | estimates how many clients and students you need |
| someone else will worry for you). See it as a wild and | | | | each month in order to pay the bills. It is like having a |
| exciting adventure that let's you share an amazing | | | | map with you when you are on a long road trip. |
| gift with the world, and you'll be fine! | | | | By the way, the reason that banks want to see a |
| Consideration #4: | | | | business plan before lending money is because they |
| Do you have at least 50% more money available | | | | know that most businesses that don't have one will |
| than it seems like you'll need to get started? Most | | | | end up failing, and they don't want to lend money if |
| small businesses underestimate their expenses (and | | | | they might not get paid back. Doing a business plan |
| overestimate profits) for the first few years. It is | | | | isn't hard (I frequently guide my clients through this |
| rare that running any small business (at least to start | | | | process. There are also numerous books available on |
| with) costs what you expect. It always seems to be | | | | the subject at your local bookstore). However you |
| more. | | | | do it, make sure you have a plan. |
| This is because there are numerous unexpected and | | | | In Conclusion: |
| miscellaneous expenses. Everything from having the | | | | These are among the most important things I believe |
| floor polished to paying business taxes to buying a | | | | someone should consider when opening a studio. |
| new phone system. It all adds up. Plan ahead for this | | | | Take your time, plan it out, then, if it still looks and |
| one, and you won't be surprised. | | | | feels right for you, take the leap. |
| Consideration #5: | | | | Owning a studio can be one of the most rewarding |
| Are you willing to learn about marketing, or do you | | | | things there is. My very best wishes for you on this |
| have the money to hire a professional marketer who | | | | exciting adventure. I encourage you to take a look at |
| will do this for you? I know, marketing makes you | | | | other items I've written on running a studio for more |
| think of tele-marketers and used car salesmen. These | | | | guidance (visit my website at for weekly articles and |
| are just poor examples of marketing, just as a Big | | | | free yoga business downloads). |
| Mac is a poor example of gourmet food, yet it is still | | | | If you are looking for personal, one-on-one support in |
| food (technically). | | | | starting a new yoga studio, you may find our yoga |
| Marketing simply means letting people whose lives | | | | business coaching program extremely valuable. |
| could benefit from yoga know that you have | | | | Contact me at for further information. |
| something that would really help them. If you don't, | | | | Wherever your journey takes you, may you find |
| you not only miss out on business, but you sell them | | | | peace, fulfillment and success. |
| short of having this benefit in their life. Imagine if you | | | | |