Running Your Own Yoga Business
After being in business now for 3 years it is amazing how many things happen that you would never imagine. From getting a partner in the business, to selling the business, to renting yoga space, to karma and problems with electricity and the boiler Yogalinda has seen it all.
There has been many ups and downs, a couple of years ago I proposed another yoga company to buy my business. The business was having problems with cash flow and with a baby my time was very limited so I thought perhaps it is better to sell it. In the end after several emails of negotiation we didn’t sell. Happily the business picked up and things got better and my time with my daughter in nursery school became more available I was able to allocate more time to the business. Recently this same company I proposed several years ago has come back and wants to buy Yogalinda.
As the company is now doing better after 3 years of difficulty the price of the company is far higher then the buyer was willing to pay. So you never know if you work at something sometimes buyers come to you instead of you looking to sell.
At one point I looked for a partner to share the business both with a financial buy in as well as them spending time helping me promote the business. It was an instructor that already taught in the studio so it seemed like a good idea at the time. We decided to do a trial period where I paid her for her time and she taught extra classes in the studio. In the end it did not work out and ended in a messy way with her stealing my entire client database and using it for her own promotional newsletter as well as using the yogalinda space for a video that she never had permission to create and use it to sell her own business. I ended up talking to a lawyer to see if about suing her but in the end I just left it as I felt if I said nothing it would go away. My clients knew that there was something fishy going on but I am happy that no further emails have been sent and as far as I can tell the situation is resolved.
During the 3yr period I rented the space out very little, Malahashakti used it for their Integral yoga Training in 2014 and I was just about to rent it out to a dance studio in oct 2015 during the day. The negotiation and deposit for rental was set, I was just waiting for the signature when they decided to go for another option. It made more sense for them to rent out their own space somewhere else as in the end it would be cheaper but they decided not to tell me that they were looking at other options and told my husband a week before Oct 1 that they were not using my space. I would have put classes during the day in the schedule starting Sept 1 if I had known that they may not be using the space during the day in so I was annoyed that I missed income because of someone being selfish and not explaining what they were up to. Also, they told my husband and not me that they weren´t using the space seemed very cowaderly and unprofessional. I know from years of sales that until a contract is signed nothing is done. I should have just put classes in the schedule and pushed them to sign the contract but I will know for next time. There won’t be a next time as I plan on not renting the space in that manner ever again.
Over the past year there has been endless problems with electricity. There was a fire where the electricity outlet was located in a communal area outside the studio that completely burned the cables and needed to be replaced. For some reason every month from June – Oct someone was stealing electricity power boards from yogalindas electricity outlet from the building next door. It is a communal area where the electiricty is held by other businesses in the area so many businesses have keys and several different electricians go in and out of their. As it always seemed to happen Saturday night or Sunday we think it is someone being malishive or just mentally ill. So now I have to spend my time looking for the administrator and president of the building next door and explaining the situation, trying to get the owner to pay for the electiricty bills and putting a lock on my electricity container. It is amazing how people have never even heard of Karma. How could someone screw a business so badly without even thinking about how selfish they are being let alone the bad karma they will have in the future.
The studio has had many things stolen including yoga books and yoga equipment from most likely other yoguis. We used to have a yoga library but after 2 books were stolen we decided to put the books away.
What do you do when things go wrong. Just breathe and hope that things will get better.
Yoga Business – Realistic
So you want to open a hot yoga studio? Think before you do it. Owning your own business is a lot of work, stress and time. Fear comes in a lot too. The first 2 years are hell. So be prepared to work 7 days a week with no income for yourself as that could be the worst case scenario. If you don’t have access to at least 100,000€ don’t think about opening a hot yoga studio just open a regular one.
Here is a couple of steps to consider before opening up your dream hot yoga studio:
First step: Finance
How are you financing the renovation and the 1st year open of business
Second step: Competition
Where is your competition?
What makes your hot yoga studio unique?
Third step: Experience
Are you a certified yoga instructor?
Have you worked in a yoga studio before?
Forth step: Partner
Do you want to do this with a partner? — always a good idea from a finance perspective and work load can be split in half but you have to split everything else too ie profits etc.
Fifth Step: Location
Where are you putting your business?
Sixth Step: Marketing & Business
A lot of opening a yoga studio has nothing to do with yoga so be prepared to run a business not teach classes. The majority of my work is business not yoga.
If you are prepared for the above then yes do it!!! J and good luck.