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Starting out any business venture often has its challenges and Yoga businesses are not left out of the struggle. The Yoga industry in the US is a booming industry with over $16.8B in revenue last year. A huge $10B jump as compared to 3 years ago. This huge growth leap is as a result of more Yogis springing up and more Yoga businesses setting up.
This big boom as recorded in numbers can look easy on the eye for industry outsiders but for Yogis and Yoga business owners, these conversions can seem elusive. While having to manage the business, Yogis are often faced with challenges ranging from class management to financial struggles. Like many small businesses, starting out can be very challenging, Yoga studio owners have to wear many hats in order to be able to maintain a good business system where everything runs smoothly. In addition to teaching classes, they clean and maintain the facilities, balance the books, market the business, network, and build their community. This means that while they run the business by working on it, they also do a lot of inside running.
Some of the biggest struggles faced by Yoga businesses are listed below. Please note that these are struggles as it applies to some businesses and your yoga business may encounter other struggles that are not listed here.
- Maintaining a good cash flow: When starting out any new business, it is expected to allow for time to grow and profit. As a new Yoga business owner, this waiting period can be challenging. Growing from one student to multiple ones takes a good amount of time and marketing efforts. The struggle of getting started is real and it is advisable to allow yourself some room for improvement over time in regards your finances as well as growth of your business in terms of numbers
- Student retention: While starting out your Yoga business, one challenge you may encounter is how to keep your students coming back. In the beginning, you will have many drop in clients with one or two sessions. It is important for you to create a membership package to allow for student retention and have them coming back while referring others to you through different membership referral bonuses
- Competing with other Yoga businesses: While there are so many Yoga businesses with the same kind of offerings, it is important for Yoga business owners to set themselves apart. Find a niche you want to service and offer an authenticity that your students will nor have anywhere else.
We discussed more about the pains and struggles of running a Yoga business with a Yoga business owner in one of our community discussions. He shed light on some of his own experiences and how Yoga has helped to overcome some of these challenges.
Starting a Yoga business can be challenging, however with the right amount of discipline and mindset, you can scale your business from bottom to the top. By taking into consideration tools and resources that are available to you in the industry, you are well on your way to being a part of the big revenue contributors in the industry.
Favyogis offers you a handful of services that can help you scale your overall business. Subscribe to our newsletters to get more insight and resources to help you grow and scale your Yoga business.