| Hi everyone,
I am a business coach for Yoga and T'ai Chi studios, and I thought I would offer some things I have found in working with yoga studio business owners that may help some who are struggling with your studio business. If you would like more detailed info, you can download the full (and free!) report from my website: www.CenteredBusiness.com.
All the best,
Coach Al Lipper
Business Coach for Yoga and T'ai Chi Studios
Seven Biggest Mistakes Yoga Studios Owners Make In Their Business –
And What To Do About Them.
Do you remember when you first started your yoga studio? Remember the excitement? Do you recall how it felt when the phone rang or someone walked in the door? First, let me commend you on entering a profession that is true to your passion, and furthermore, one that serves others.
In this article, I’m going to share with you some of the common mistakes that yoga studio businesses often make. If you’ve fallen prey to one or more of these, it simply means that no one told you about them yet. Once you know, then you can focus on solutions. And, perhaps you’ll find that you are already entirely on track, and this may re-affirm that you are headed the right way.
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MISTAKE #2:
BEING IN A RUSH.
Business usually takes time. Our society is so wrought with instant gratification, we often overlook the fact that things take time. Just as the farmer can’t plant crops too late in the season, then try to “rush” them to grow, certain aspects of business take time. If you are trying a new type of advertising strategy, it might take three months before you can tell if it works or not.
THE SOLUTION:
Learn from someone else who has done it successfully before, and ask them how long they waited before seeing results. If we plan ahead and act early, we won’t be in such a rush at the end. For example, don’t think about holiday promotions in November, instead plan them in September in case some actions need to be taken early. We can often save money by starting early as well – after all, have you ever been to a workshop that cost more if you signed up last-minute than if you registered a month or two in advance? (Hopefully you use this strategy yourself with any programs you offer.) As you get better at a particular aspect of running your studio, you’ll be able to do it faster, but in the beginning, it takes time. Be patient, evaluate your results and make changes as needed.
MISTAKE #3:
BELIEVING THAT TECHNICAL SKILL IS THE KEY TO SUCCESS.
So often, we believe that with lots of ability in our art we will succeed. We assume that if we enhance our skills and have perfect form that this will make our business more successful. Sadly, this has relatively little truth to it in business. Technical skill alone is not the key to success, and in fact, technical skill is only a small part of success. If business is slow, we often tend to consider getting more training, another certification or something like that.
The real solution usually lies somewhere in business skills and management. Ask yourself about these areas of your business: Marketing, Sales, Accounting & budgeting, Customer service. I certainly don’t want to minimize the value of your mastery of your field – this is definitely important. Rather, I am emphasizing that in business, other things usually count more. I know it doesn’t seem right that someone who doesn’t have nearly the ability that you do should have all the clients, but that is generally the reality in business.
Consider the example of the most successful restaurant in history, McDonalds. Could you cook a better burger than they do? Of course – anyone could. It’s not their skill in making burgers that makes them such a success. They do the other stuff so well that people have learned to like their marginal food.
THE SOLUTION:
Just as you can watch someone’s form and point out specific errors that they are oblivious to, you also have the potential to see your business in the same way. With the right perspective and knowledge, a studio owner can very specifically identify a problem area and what needs to change. But only in rare cases is the problem actually the technical skill of services being delivered to the customer.
MISTAKE #4:
BEING SO EXCITED THAT YOU ARE DRIVEN BY EMOTIONS, NOT LOGIC.
Sometimes we get so attached to an idea – maybe one we created ourselves – that we forget to do a logical analysis. I remember a small store that sold specialty food products. The owner loved spicy food, so decided to offer hot sauces from all over the world. He expanded the concept such that a great deal of his inventory was essentially hot sauce. For months, he didn’t acknowledge that his sales had significantly decreased, because he was so excited about the idea that people love hot food – he loved hot food. Less than a year later, he was sadly forced to face the reality when he could no longer pay his bills and had to close the business.
It’s always easy to see it in other people, but very hard to see in ourselves. Is there a class or service that you created, which for whatever reason has few sales? Consider areas of your studio business where you are being guided by emotions, not facts.
THE SOLUTION:
When we are emotionally driven in business, our strengths become weaknesses. Self-confidence becomes arrogance, ambition becomes ruthlessness, quick-thinking becomes impulsiveness, strategic risk-taking turns to gambling. And one clear sign that emotions are taking over is that in discussions of a given topic, there is a clear need to “be right” instead of a striving to do what is best for the company.
The solution is simply to back away and treat it like the “Black box” we discussed earlier—it’s just a soda machine that makes money or it doesn’t. Another technique is to ask someone else for their honest opinion with the understanding that you will not interrupt them, or offer any feedback other than asking informational questions. Remember, successful business is driven by facts, not emotions.
P.S. If you're still reading, then know that there are four more mistakes you can learn about. (This post is long enough now...) Go get your free report and start implementing solutions today! http://www.CenteredBusiness.com
Many blessings,
Coach Al |
Have you made THESE mistakes?
