Like many health and wellness businesses, many people open yoga studios with the intention of helping people. While this is, of course, a worthy aim, it is also important to keep in mind that a yoga studio is still a business. Successful yoga studio owners have to find a way to balance their need to help people and their love of yoga with the hard realities of business. Here are 4 mistakes to avoid if you are planning on opening a yoga studio.
No Pay, No Play
One unfortunate reality of business is that you have to learn to always be asking the question “what’s in it for me”? You can always barter by trading a certain number of classes for advertising or other services you might need or even trade free classes for referrals. In that case, you are not actually giving something away for free. If the other person can’t provide you with something of equal value to what they want from you, however, don’t do it.
Understand the Needs of Your Clients
While a yoga studio might be a massive hit in a liberal town, it may be outright boycotted in a small conservative town. Creating your brand can be tricky, however, because in some cases people want something that is just like what everyone else has and in some cases they want something that is new, unique and different. Just like all businesses, failing to understand the needs of the customer is almost a sure way to see your business fail.
Lack of Marketing
Getting and maintaining clients is hard, never-ending work. Look at it this way, industry giants like Coca-Cola, Apple, and Nike still have giant marketing budgets. If corporate giants that are household names still need to market their products, you can rest assured you will need great marketing if you want your business to succeed.
Taking on the Wrong Partners
It is rare that a single individual can open and run a business by themselves. Usually, you need capital, and that often involves taking on a partner. Having a partner can be great, but just like a marriage, if you don’t choose wisely, it can also be hell.
On average, 80% of all new businesses fail within the first 18 months. While that may be a pretty sobering statistic, one of the best ways to be in the 20% that don’t is by learning from the mistakes of those that have.