Yoga Studio Business Plan

9 Chapter Business Plan Template in MS Word, Google Docs and MAC Pages
Pitch Deck Template in PowerPoint, Keynote & Google Slides
5 Year Financial Model Template in MS Excel, Google Sheets and MAC Numbers
Financial Dashboard Template in MS Excel, Google Sheets and MAC Numbers
Business Model Canvas Template in MS Excel, Google Sheets and MAC Numbers
SWOT Analysis Template in MS Excel, Google Sheets and MAC Numbers
Competitive Analysis Template in MS Excel, Google Sheets and MAC Numbers

I.- Yoga Studio Executive Summary

Business Overview

[Location]-based [Company Name] is a yoga studio with the aim of improving the lives of its students. The yoga studio is strategically positioned in a commercial building in [Location], closer to the city but far away enough to be an ideal place for the students to pause, relax, and connect with nature.

[Company Name] believes that in order to make the world a better place, there is a need for one to first transform him/herself. As a result, its personnel are dedicated to helping students achieve mind-body wellness one session at a time. This is accomplished by teaching the students strength, flexibility, balance, concentration, and mindfulness in everyday activities.

[Company Name ] has highly qualified and experienced instructors who are passionate about what they do.They sincerely care about their students and provide both caring and challenging sessions to encourage them not to dwell in the past or worry about the future, but rather enjoy what is happening now and enjoy life to the fullest.

[Company Name] also aims to be a welcoming environment, providing services that will attract both newcomers and experienced Yogies.

Services

[Company name] provides the following services to its customers:

• Restorative: Concentrates on Slowing down the body to help it relax, heal, and recover.


• Pranayama and Meditation: A short class that teaches breathing practices in order to build up the lungs and core while also cultivating feelings of tranquility.


• Pilates: A well-rounded exercise that moves the spine and muscles in all directions.


• Pre-natal: A class designed to help mothers cope with pregnancy changes.


• Post-natal: A fun class for women who just gave birth. These new moms usually start the class four to six weeks after birth. The aim of the class is to help them tone their body after child delivery.


• Kids yoga: A class for children aged 3 to 12 years old that helps them develop confidence, physical coordination, and necessary skills in a peaceful environment.

[Company Name] offers both in-person and online classes to its customers.

Customer Focus

The many people that [Company Name] will offer its services to are people who live in the city. The following are the demographics of these customers:

• 304,000 residents


• 189,651 workers


• Average income of $52,000


• 40 percent of married individuals


• 36 percent in Management and Professional occupations


• Median age of 38 years

Management Team

The CEO of [Company Name] is [Founder’s Name]. She is an athlete and a business management graduate. [Founder’s Name] spent ten years working in the fitness sector as a gym instructor before discovering the passion she has for yoga.

A fellow yoga teacher with a background in business and accounting will work alongside [Founder's Name] in managing the company. This assistant director will receive intensive training on how the company operates so that she can run the company smoothly while [Founder's Name] is away.

Success Factors

There is a high possibility for [Company Name] to excel. However, this is because of the following reasons:

• In the growing community we are about rendering our services to, the Company will fill a distinct market niche. Furthermore, we conducted a survey of the local population and received overwhelmingly positive responses, with the majority stating that they intend to attend at least one class once the studio opens.


• Many residential and commercial areas will have easy access to our services because of where our company is located.


• The management team has always been known for excelling in the fitness business.


• Yoga classes are popular and have had a lot of success in communities all around the U.S.


• Local rivals create a huge market gap. There are low-cost ($20-30/month) and ultra-luxury ($120+/month) providers, but nothing in between.

Financial Highlights

[Company Name] is currently looking for $230,000 as the yoga studio start up costs. The start-up capital will be utilized to cover capital expenses and facility construction. It will also cover for initial staff recruitment, marketing costs, and working capital according to the yoga studio financial model.

However, listed below is the breakdown of how the startup capital will be used:

• $110,000 for store design/construction


• $120,000 for working capital to cover marketing, payroll, and other operating expenses until [Company Name] breaks even. Yoga studio business plan throws more light on this.

II.- Yoga Studio Business Overview

Who is [Company Name]?

[Location]-based [Company Name] is a yoga studio with the aim of improving the lives of its students. The yoga studio is strategically positioned in a commercial building in [Location], closer to the city but far away enough to be an ideal place for the students to pause, relax, and connect with nature.

[Company Name] believes that in order to make the world a better place, there is a need for one to first transform him/herself. As a result, its personnel are dedicated to helping students achieve mind-body wellness one session at a time. This is accomplished by teaching the students strength, flexibility, balance, concentration, and mindfulness in everyday activities.

[Company Name ] has highly qualified and experienced instructors who are passionate about what they do.They sincerely care about their students and provide both nurturing and challenging sessions to encourage them not to dwell in the past or worry about the future, but rather enjoy what is happening now and enjoy life to the fullest.

[Company Name] also aspires to be a welcoming environment, accepting people of all ages, faiths, genders, colors, and sizes. It also has classes for those who want to try yoga for the first time.

[Company Name]’s History

[Founder's Name], a fitness instructor from [Location], established [Company name]. She started her career in [xxxx], obtaining her fitness trainer certificate from [School] and spending [x] years working at [gym name].

In [year], she discovered her passion for yoga. She chose to open her own yoga class two years after discovering a deep feeling of serenity through the gradual practices of yoga. Furthemore, [Founder's name] established [company name] after conducting a survey of the local population and confirmed the demand for a mid-price yoga option..

The following achievements have been made since the company's inception:

• DIscovered a studio location and signed a lease agreement.


• Created the company’s name, logo and website


• Hired an interior designer for the studio’s decoration and layout


• Established needs for equipment and fixtures


• Started employing key personnel with yoga and yoga instruction experience

[Company Name]’s Products/Services

Here are the services that [Company name] offers to its consumers:

• Restorative: Focuses on slowing the body down to relax, heal, and recover.


• Pranayama and Meditation: A quick class that teaches breathing techniques to strengthen the lungs and core, and cultivate feelings of calmness.


• Pilates: A well-rounded workout that moves the spine and muscles in all directions.


• Pre-natal: A class that supports the mother as she goes through changes that come with pregnancy.


• Post-natal: An enjoyable class for moms 4-6 weeks after birth; it helps tone the body after delivery.


• Kids yoga: A class for 3-12 years old that helps children to build confidence, develop physical coordination, and learn relevant skills in a calming environment.

The classes at [Company Name] are available both in-person and online.

III.- Yoga Studio Industry Analysis

There has been a rapid increase in the number of people who practice yoga and the yoga studios sector has befinited from this. The Yoga Journal's "Yoga in America" study found that 36.7 million Americans practiced yoga last year. In addition, an estimate of 80.0 million Americans are projected to likely try yoga in the next few years.

Thus, indicating increased interest for the yoga studios industry services. The revenue of the yoga studio sector is also predicted to increase at a 5.1 percent per annum in five years to come according to the business plan for a yoga studio.

Furthermore, the revenue of the yoga sector is expected to stay constant over the next five years, increasing at a yearly rate of 0.5 percent. The industry is also expected to benefit from a relatively untapped customer base, such as the 34.0 percent of Americans who did not practice yoga but claimed to be interested in attempting it, according to the Yoga Journal's "Yoga in America" research.

Additionally, several studios will likely strive to offer male-only mobility classes in order to increase the number of men who enroll in yoga classes. Other yoga studios, on the other hand, will likely focus on promoting yoga's health benefits in order to appeal to the growing aging population.

Over the next five years, there are key industry drivers which are predicted to rise. These key drivers include per capita income,and time spent on leisure activities.

What you Get in Your Yoga Studio Business Plan Package

IV.- Yoga Studio Customer Analysis

Profile of Target Market

[Company Name] will offer its services to those who live in [company location] as well as the neighboring areas. It will also offer its services to workers of [company location].
The people we will offer our services to can afford yoga memberships, personal training, and other fitness-related services. This is because the area we intend serving is primarily dominated by upper-middle-class individuals.

Demographics

The precise demographics of the town in which the company resides is as follows:

Customer Segmentation

The following customer groups will be [Company Name]’s main focus:

• stay-at-home moms: there are many stay-at-home moms in the town who are involved in the school and community. These mothers frequently seek out fitness services. However, gaining a mother's loyalty most of the time equally means gaining her children's and husband's loyalty as well. Furthermore, these stay-at-home moms are well connected to one another , thus, they will be a great source of referral business.As a result, [Company name] anticipates receiving new consumers from referrals on a regular basis.


• Professionals :There is a large population of working men and women in the area where our yoga studio is located. This population of working men and women want to stay fit and can afford to pay for services that will improve their overall wellbeing.

V.- Yoga Studio Competitive Analysis

Direct & Indirect Competitors

Affordable Yoga
Affordable yoga was founded in 2013. The company was established with the belief that everyone is worthy of giving a chance to participate in yoga, no matter the means. This studio only accepts donations in exchange for classes. They receive thee donations form its students , and the studio in return donates half of this donations to several local charities on monthly basis.

Furthermore, Affordable yoga provides private yoga classes. It also offers classes on a weekly schedule. The schedule for the weekly classes are as follows:

• Wednesday: from 6:30 to 7:30


• Saturdays: from 9:30 to 10:30, and


• Sundays: from 6:30 to 7:30

However, a donation between $10 to $20 is recommended for these classes.

CLV Yoga Studio
CLV Yoga Studio was founded in 2015. The studio occupies a 3000 square foot space where it offers a range of yoga classes such as yoga with a dog (Doga). Also, its customers can go to the onsite span which provides services such as massage, facials, and medium readings. The studio also has a boutique that sells a wide range of products such as jewelry, leggings, skin care products, and essential oils.
Furthermore, yoga supplies are also available for purchase in the CLV Boutique. CLV yoga studio offers a variety of online yoga classes as well as Livestream classes at 10 a.m daily and a meditation class at 6 p.m. on Facebook.

Yoga Shack
Yoga shack was founded in 2018 and has two branches. It provides yoga sessions, massage therapy and acupuncture for all levels of students. Furthermore, private yoga classes for individuals or small groups are also available at Yoga Shack.
At the yoga shack, club members and the general public are welcome to attend its classes. Throughout the year, it also provides numerous 200-hour yoga teacher training classes. All year round, it also hosts a number of 200-hour yoga teacher training classes.

What you Get in Your Yoga Studio Business Plan Package

Competitive Advantage

[Company Name] has a number of advantages over its rivals. These benefits include:

- Location: the location of [Company Name] is convenient for its customers as they can easily have access to the company’s services. The place where the company is located is also close to nature with a calm environment. Thus making it ideal for people seeking a break from the city’s noise and a hectic life.
- Great service at an affordable price: The services [Company Name] offers is the same in quality as that of its most high-profile rivals. However, [Company Name] intends to provide these quality services at a considerably lower price, making it affordable for its customers.
- Management: The management team of the company has years of experience in business and fitness. This enables them to market and serve its customers in a far better way than its rivals.
- Relationship: [Founder’s Name] has lived in the community for 15 years and thus, knows all the local leaders, media and other community influencers. As a result, it will not be difficult for [Company Name] to create brand awareness and build its initial customer base.

VI.- Yoga Studio Marketing Plan

The [Company Name] Brand

The [Company Name] brand will emphasize on the following company's distinct value proposition:

• Convenient location


• Regular, well-known instructors


• Significant personal attention


• Affordable price point


• A comfortable, customer-centered environment

Promotions Strategy

[The Company] expects its target market to be Residents and workers within a 5-mile radius of where the company is located. However, the promotional plan of [The Company] to reach these group of people are as follows:

Local Publications
The launch of [Company name] will be publicized by the company, several weeks ahead of time in a variety of local newspapers and other periodicals. Furthermore, regular commercials will run to sustain awareness in relevant markets. A significant promotion effort will be made through community newspapers, school publications, youth sports programs, and other similar avenues.

Major Publications
Advertising in major periodicals will be used selectively by the company. The circulation of [publication or newspaper name] is xyz, and it is intended to cover a specific geographic zone of clients.
Advertisements in major periodicals will be utilized selectively with emphasis on cost-effectiveness. These advertisements will feature discount vouchers in order to track response to the advertisements.

Pre-opening Events
[Company Name] will host pre-opening events before launching the gym. However, the pre-opening events are targeted for potential consumers, local merchants and media contacts. The aim of organizing these events is to generate interest in [Company Name] and raise awareness in the community.

Community Events/ Organizations
[Company name] will advertise itself by giving out promotional materials and attending local community events such as school fairs, festivals, homeowner organizations, and athletic activities.

Commute Advertising
[Company name] will hire people that will hold up signs along busy commute routes in order to draw people’s attention to the company. Doing this in a busy route will enable us to reach out to a huge number of working people who can afford our service about the launch of our company.

Customer Loyalty Programs
[Company name] will create a loyalty program for its customers. The essence of this program is to retain their loyal clients . However, clients who have been with the company for a long time will be eligible for the loyalty program, and referrals will be recognized as well during these rewards.

Ongoing Customer Communications
[Company Name] will keep a website up to date and send out email newsletter on a monthly basis. This is to keep customers informed about upcoming events, products, and other news concerning the company.

VII.- Yoga Studio Operations Plan

Company name] will run mainly on the basis of membership and appointment. Although all classes and personal training sessions must be arranged ahead of time, the studio will be open seven days a week from 6 a.m. to 9 p.m.

However, the Company must undertake numerous functions in order to carry out [Company Name's] business model. According to the yoga business plan template, [Company name] plans to hire [X] people to fill the following roles:

Service Functions

• Yoga instructors/teachers


• Maintenance Personnel


• Manager for sales and membership

Administrative Functions

• Bookkeeping, marketing and other general and administrative functions


• Staff recruitment and training


• Front-desk and customer-service functions

What you Get in Your Yoga Studio Business Plan Package

Milestones

The following are a series of steps that lead to our vision of long-term success. [Company Name] expects to achieve the following milestones in the following [xyz] months:

VIII.- Yoga Studio Management Team

[Founder’s Name], the founder of [Company Name] is an athlete and a business management graduate. [Founder’s Name] spent ten years working in the fitness sector as a gym instructor before discovering the passion she has for yoga.

A fellow yoga teacher with a background in business and accounting will work alongside [Founder's Name] in managing the company. This assistant director will receive intensive training on how the company operates so that she can run the company smoothly while [Founder's Name] is away.

Hiring Plan

[Company name]’s general manager will be [Founder]. In addition, we need to recruit the following people in order to open our yoga studio:

• Four personal trainers to begin with


• One Assistant to start with


• One Receptionist/Front desk to start with


• One full-time maintenance employee to work for the day shift

IX.- Yoga Studio Financial Plan

Client growth will be the primary source of revenue for [Company Name] according to the business plan yoga studio. Other sales-boosting tactics that will be implemented are as follows:

• Clients (Packaged Offerings, Camps, and Single-Session)


• Subscriptions to online courses


• Events


• Merchandise

What will be the highest direct expenses for the company is paying its trainers. This is because [Company Name] will focus on hiring experienced and enthusiastic workers, and will pay them with a high percentage of the profits received from each class. While the pay cut for trainers will be determined by their experience, the Company plans to pay an average of 40 percent of earnings for each class. Yoga studio profit calculator can be used to calculate the remaining profit and these expenses.

Other significant cost drivers for the company's operations include:

• Lease


• Marketing Costs


• Product costs

Capital Requirements and Use of Funds

[Company Name] is currently looking for $230,000 as the yoga studio start up costs. The start-up capital will be utilized to cover capital expenses and facility construction. It will also cover for initial staff recruitment, marketing costs, and working capital.

However, listed below is the breakdown of how the startup capital will be used:
- $110,000 for store design/construction
- $120,000 for working capital to cover marketing, payroll, and other operating expenses until [Company Name] breaks even.

Yoga Studio Financial Plan Sources And Uses Report

Key Assumptions

The following table reflects the key revenue and cost assumptions made in the financial model:

Yoga Studio Financial Plan Core Inputs

Yoga Studio Financial Plan Top Revenues Report

Yoga Studio Financial Plan Top Expenses Report

Yoga Studio Financial Plan Income Statement

Yoga Studio Financial Plan Cash Flow Statement

Yoga Studio Financial Plan Balance Sheet Statement