You are dreaming of the day when you can walk into a tranquil space, welcome new students (who are coming in droves) and share your passion for yoga. You have taken teacher trainings, workshops, and numerous classes to build your knowledge and understanding of this ancient practice. Owning a yoga studio has been your dream and maybe even now is a real possibility.
Owning and running a successful studio requires more than knowledge of yoga. It requires more than knowledge of business. A yogipreneur embodies a unique set of skills and traits required to endure the roller-coaster of running a business. Do you have what it takes to be a spiritual entrepreneur?
Why do you want to open a yoga business?
This is one of the most important questions to ask yourself before opening a business. Do you have a burning passion for yoga? For helping people? For making a difference? Most likely, this passion for transforming lives is your primary reason for starting a yoga business.
However, businesses do not survive on passion alone. Unlike many other entrepreneurs, yoga business owners often view money as a necessary evil. Money is neither good or evil – it is simply one energy exchanged for another. And most importantly, a solid understanding of the true nature of abundance reveals that an abundance of money allows you to provide an abundance of services, education, and training to your students.
You must have both a passion for yoga as well as acceptance of financial sustainability to ensure the success of any yoga business.
The Ideal & The Real
Opening a new business very similar to having a child. You dream of having this beautiful baby who giggles and coos, smelling that sweet baby smell, dressed in those tiny little clothes. Then you wake up. Reality sets in. You are up all night. Just when the baby settles down, you are up again. It is messy and you are exhausted. Isn’t it lovely?
So let’s start with the good news first. There are many pros to opening a business, but here are my top three:
- Freedom! Finally – you are out of the daily grind. You are the boss. And you can work in the middle of the day in your PJs if you like. You decide what to do and when to do it.
- Fun! If you love what you do, it never feels like work! So creating a career out of a passion be one of the most rewarding ways to make a life, not just a living.
- Financial Abundance! Owning a business is one of the best ways to eliminate that cap on your income. Your income is 100% dictated by your success. The sky is the limit!
Now let’s look at what really goes into owning a business:
- Sweat Equity Expect to work long hours and weekends to get your business off the ground. The “if you build it, they will come” mentality is business suicide. You will need to learn and execute all areas of business (marketing, sales, operations, and finance). Expect to keep your nose to the grindstone for at least 2-3 years! The pros (above) only come once you have established your business and it is breaking even.
- Getting Paid You will have to sacrifice a regular paycheck and benefits until your business can afford to pay you.
- Issues Problems will arise on a regular basis and you will have to figure it out.
Although it can seem overwhelming, you can create a successful and profitable business if you have the personality, skills, and traits of successful entrepreneurs.
Are you a Yogipreneur?
It takes many different personalities, skills and traits to build a business. The only trait absolutely required of an entrepreneur is the ability to see opportunities instead of problems. This is what distinguishes entrepreneurs from most people. Obstacles are simply challenges. Entrepreneurs find a way to move forward. The burning passionate desire to achieve their vision motivates entrepreneurs to forge ahead.
What else does it take?
- Positive Attitude Yogipreneurs are optimists. They believe that they can overcome any challenge. They don’t let negative energy deter them from achieving their goal.
- Confidence Yogipreneurs believe in themselves and their vision.
- Perseverance Patience is a virtue! Yogipreneurs know that they will have to fail before they succeed.
- Motivation Yogipreneurs are motivated and driven to achieve their vision.
- Discipline Yogipreneurs can stay focused and achieve their goals on time.
- Adaptability Yogipreneurs can handle new challenges and situations. They understand that the only constant is Change!
- Time Management Yogipreneurs organize their time to focus on the most impactful tasks.
- Persuasiveness Yogipreneurs can convince anyone to try yoga! Their passion attracts new students consistently.
- Emotional Competence Yogipreneurs understand there will be incredible days and there will be horrible days. They understand that failure is a learning opportunity.
- Support System Without a strong support system, you will begin to feel very lonely very fast. Although friends and family are well-meaning, most entrepreneurs are initially discouraged to leave the security of a regular paycheck to start a new business.
- Strong Team Yogipreneurs surround themselves with a business team, mentors and coaches. A strong team can provide advice, insight, and support as you start your business.
Starting a yoga business requires ongoing learning. Your business will only grow as fast as you can learn, adapt, and overcome obstacles. Mistakes are a blessing and valuable learning tool. Have humility and ask for help or advice. And never waiver from your burning passion of sharing yoga to the world.