Yoga is believed to have originated thousands of years ago in India, but it wasn’t until the late 19th century that it got introduced to the world. The industry clocked $2.30 billion in annual revenue in 2022 from Vietnam alone. Thus, it is easy to say that the yoga market offers a huge opportunity to enter an industry in high demand and growing in popularity.
As a new business owner, there is a lot that you will need to think about, but you don’t need to worry. To help you in your journey, we have put together a step-wise checklist to guide you on how to use your skills and knowledge to start a yoga studio.
The most crucial step in opening a yoga studio is developing a clear vision for your business. You will need to visualize in great detail what you want your business to look like in the future, taking into account all of your goals and aspirations. If you don’t have a specific goal in mind for your studio, you may find yourself wandering aimlessly
Establishing your business’s legitimacy will increase its credibility and provide you with guidance on taxation, hiring, and other legal considerations.
We can see that a large percentage of the businesses have been registered as limited liability companies. It can be attributed to the fact that with an LLC, your personal assets are shielded from creditors. So, if your yoga company gets sued or defaults on a debt, none of your personal assets will be at risk.
Liability protection is important when you own a yoga studio because of the potential for injury to students, misconduct on the part of instructors, and damage to the physical space where classes are held.
Still, you should not jump on an LLC. Do your own research and find out which legal entity suits your studio’s vision and idea the most. We have explained the primary business structures below to help you make the right decision.
The final step would be to work on your licenses and permits. You will need to find out what local licenses you need to run your business legally.