Tips for Writing a Business Plan for a Yoga Studio
According to Statistics Canada, 1 in 5 Canadians practice yoga and the fastest-growing segment is the 18 to 34-year-old age group. From Yogis to Yogipreneurs, yoga instructors will find they have the flexibility of opening brick and mortar studios, teaching classes via online platforms such as Zoom or Google Hangouts, offering sessions for businesses or school children, or even instructing clients in their own homes. The steady growth of the yoga industry makes it possible for a business to do exceedingly well, and it’s essential to have a clearly defined vision and specific goals so that you are running your business instead of the business running you. A well-written business plan is a tool that helps you to do this, and a business plan consultant who assists you in crafting your plan is worth their weight in gold (and a deductible expense for your taxes). Some people believe that a business plan’s only purpose is to secure financing, but it’s much more than that. A professional business plan is a way for you to define your goals and objectives and identify strategies needed to meet them. Before you sit down to write your plan, make sure you’ve done your research. Have a clear idea about the kind of services you intend to offer and where you’ll offer them. At this point, you should have visited many different studios, taken several classes, and talked with other yogis. Don’t be shy. Most yogipreneurs are happy to share their stories.
Some Things to Include:
1. Executive Summary
This is the first impression. It’s a quick but concise introduction to your business, background, intended location, objectives, and how much money you need. This may seem counterintuitive, but writing the Executive Summary should be the last section you complete.
2. Company Summary
Be detailed here about who you are and what qualifications you hold. If you’re taking on other instructors as employees, detail their backgrounds. Explain your products and services and where they’ll be offered. For example, if you’re considering an online business, outline the setup. Will you be offering live yoga classes, or will there be pre-recorded sessions that participants can choose from?
3. Market Analysis
The level of commitment you had to research will shine through here and will significantly help the small business plan writer you may have hired. How are your services different from your competitors? Demonstrate that you understand the demographics, age, gender, and lifestyle of your target market. Include results from informal focus groups or polls. It will show lenders you have a market and demand for your services.
4. Strategies for Marketing and Sales
You could be the best yoga instructor on the planet, but nobody will realize this without great marketing. A marketing consultant can outline a plan that will help you to build your brand and draw customers. Include your logo design, printed advertising materials, and links to social media. Explain how potential customers will buy your products and services and why they will come back. Lenders want to see the customer sales journey of finding you, purchasing what you are selling, and becoming repeat customers.
5. Funding and Finances
While your business idea has been born from your passion for yoga, you also want to make money. And so do your potential investors. In this section, you’ll identify income streams – be conservative with the numbers. Lenders have experienced businesspeople and tend to feel much more comfortable with conservative numbers. Next, write a sales forecast that is broken down monthly and itemize each source of revenue. Once you’re done with the income section, work through the same process for expenses. The idea is to show a point in time where your business will break even and then begin to turn a profit.
One of the goals of practicing yoga is to train the body and the mind to be thoughtful and focused. Use these skills to write your business plan carefully and deliberately, and don’t be afraid to hire a professional who can help! If you’re looking for some business plan writing help for your current or upcoming yoga studio, it can be worthwhile to start by talking to a professional business plan consultant to get a sense of what to include in your business plan.