| Hi, Fellow Yogi
I was wondering if anyone who owns a yoga studio would be able to give me some advise. I am taking my TTC in October in Bali, which I am very excited for. I have been practicing yoga for over 5 years and it has become my passion. In addition, have been in the corporate world for over 20 years in Operations. With that said, I am looking to open my own yoga studio or become an independent contractor (trying to weigh the pros and cons). I moved to Los Angeles from Chicago a few months ago and I know my location is, by far, one of the most important elements of a successful business.
Question 1
I have been to a lot of studios in the West LA area. I am looking into a pay structure model which I came across one I liked. Their model is on a recommended donation basis of $10 - 12 per class. I like this model because it's the "act of giving", plus the student does not have to feel pressured to pay a lot of money up front on packages, expiration, checking in at the front desk etc. The owner of this studio has two studios and does very well, his classes are always packaged and never a slow period. What are you thoughts on this model??
Question 2
I am looking on a pay structure for yoga instructors (Independent contractors). I like the space rental to yoga instructors. So, they would keep the donations from each class but how much does yoga studios charge yoga instructors for space rental? I realize the yoga instructors must have a good following. This will also help promote my business. What are you thoughts on this compared to a flat fee?
Question 3
What other start up cost beside the basics has anyone come across?
Question 4
What insurance do you carry as an owner? Any advise on what company offers reasonable insurance cost?
Question 5
Besides the following of the yoga instructors what advertising is the most successful?
Qeustion 6
I am trying to do my market research on how many yoga studios may be open within a specific area. I been to the library and spoke with a few others, but the informaion is inaccurate. Any suggestion on Market research?
I would like to thank who ever responds and takes the time to provide me this helpful information!!
Your help is greatly appreciated!
"Yoga is a life of self-discipline. Yoga balances, harmonizes, purifies and strengthens the body, mind and soul. It shows the way to perfect health, perfect mind control and perfect peace with one's own Self, the world, nature and God"
Edited by Bernadette 2007-07-19 4:52 PM
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| Bernadette - 2007-07-19 1:46 PM
Question 1
...I am looking into a pay structure model which I came across one I liked. Their model is on a recommended donation basis of $10 - 12 per class. I like this model because it's the "act of giving"...
While it is obviously possible for such a model to "work" (and you state one such case) it is not a structure I fancy. Many peopel need to be re-educated as to what giving is and how it fits in with their lives. Until then, a donation-based structure risks devaluating the teaching and we've already got enough freebies, packages, and incentives. Studios are student-centric, which is fine but I believe teachers (all teachers) need to be compensated relative to their worth. It is odd to me that the woman who teaches my toddler makes 40k a year while some chap that examines a wart makes 250k.
Some students would be confused and uncomfortable with a dana or donation-based fee structure. It requires too much thinking and allows for too much variance. There are those who hide behind their finances claiming they can't afford this and that but manage to buy junk food, alcohol, and smokes. And I will not support that as it's not well rooted in satya. So that structure wouldn't work for me. But if it does for you then you have my support. It's a beutiful idea that I simply do not find pragmatic.
Question 2
...pay structure for yoga instructors (Independent contractors). I like the space rental to yoga instructors. So, they would keep the donations from each class but how much does yoga studios charge yoga instructors for space rental...
How much space and how much is it costing you? How could you possibly make a rate if you don't know what it costs? Divide your rent by thirty days and calculate what you are paying for your space by the hour. Include the fixed costs of utilities. Then subtract the time that the studio is unavailable (closed during the night). That having been said the cost, depending on the square footage could be $25-$40. If no one rents from you it is likely too high a price point:-)
Either of the scenarios you paint have their plus and minus sides depending on the leasee. You have to determine what your philosophy is and allow everything else to trickle down from that. Otherwise you'll have inconsistencies cropping up all the time and it will make for bad mojo.
Question 3
What other start up cost beside the basics has anyone come across?
What are YOUR basics? Commercial rent, utilities, liability and property insurance, taxes, legal fees, office supplies, office equipment, technology (telephone/fax/computer/)....??? Do you have a floor that needs to be put down? Other build-out costs like dressing rooms or showers? Will you be buying props? Again the question cannot be properly answered without your concept being put forth in the question itself.
Question 4
What insurance do you carry as an owner? Any advise on what company offers reasonable insurance cost?
You can find this sort of information through Namasta, Yoga Alliance, or yoga journal.
Question 5
...what advertising is the most successful?
This will vary based on location, demographics, targhet markets, local media outlet efficacies, and the quality of collateral advertising material produced by you and your staff.
Qeustion 6
I am trying to do my market research on how many yoga studios may be open within a specific area. I been to the library and spoke with a few others, but the informaion is inaccurate. Any suggestion on Market research?
Start going to classes. In four years I've taken class with 40 different instructors here in Seattle. I've been to studios, gyms, fitness centers, the park, the church basement, you name it. There are a few venues I have not been to. Second, use the internets. Create a folder in your bookmarks and start googling yoga in your region. When you find a site within your range, bookmark it. If you want to know about the demographics in your area it will be commmercial real estate sites that will be most helpful. They break the area down very efficiently.
Edited by purnayoga 2007-07-21 12:57 AM
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