As a yoga teacher, you take time to prepare for a class. You set the intention for the class. You look for inspiration from your teachers to impart on your students. A sequence is developed to prepare the body to reach a specific posture. Each class builds on what you taught in the previous class.

So it surprises me that many yogis begin on the journey of a yoga business (teaching or owning a studio) without a goal in mind. They spend more time planning classes than planning for their business.

Without a clearly defined purpose, the business is more likely to be unfocused and lack direction. When opportunities or roadblocks arise, how do you decide what to do or what not to do if you don’t even know where you are going?

A business plan is a tool that can bring clarity to decision making in your business. This is not a static document – a functional business plan is a dynamic plan that is consistently reviewed and updated. It keeps the business on track so that you can achieve the vision for your ideal life.

What is in a business plan?

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Executive Summary

The executive summary provides direction for the business. This is the section that would be read by investors or a board of directors to get a feel for your business. An executive summary answers the question “What does this business do? Why does the business to this?” while the remainder of the business plan answers “How? Who? When? Where?”.

In your executive summary, include:

• Vision If you have been reading any of The Yogipreneur blog, you have now created a vision for your business and your life. In your business plan, you should craft a statement that states the major purpose for starting your business. By including a vision statement in your business plan, you are setting a powerful intention and setting the law of attraction in motion to magnetize your vision to you.
• Mission How is a mission different from a vision? Your mission statement is your talking logo. It is a statement that tells your students who you are, what you stand for, and what makes you different. It is a powerful answer to “What do you do?” that intrigues people and sets you apart from similar businesses. This is the statement you will include in your communications, marketing, and public relations campaigns. This statement may evolve as your business evolves to resonate with your community.
• Values Most businesses do not include this in a business plan, but I find that stating the values of the business, you set clear expectations of yourself and your employees. Limit to the top 5 values that are the most important to your community. For example, the values of The Yogipreneur LLC are: Integrity, Fun, Gratitude, Philanthropy, Creativity.
• Business Summary The business summary highlights the major points of each of the key elements of the business plan. Any outside person should be able to read this section and understand: who the business serves, the products/services offered, and who is on the business team. You may want to write this section last and keep it about a page long.

Market Research

This entire section is dedicated to understanding who you are serving. Many businesses open their doors without understanding the market they are trying to serve. If you don’t know anything about your clients, how can you possibly communicate how your services can benefit them? By positioning your business to serve the needs of your clients, you will provide more value and your services will sell themselves.

Market research does take some time and detective work. National statistics may not apply to your community. By answering these questions, you will have a better understanding of your community and potential students:

• What industry are you operating in?
• What are the trends in your industry?
• What is the growth of your industry?
• What are the key success factors in your industry?
• Who are your competitors – where do people in your community take yoga?
• What services do your competitors offer? How much do they cost?
• What are the demographics (sex/age/income) of your city?
• What are the demographics of your yoga community (sex/age/income)?
• Who is your primary customer/secondary customer?
• What are the needs of your primary/secondary customers?
• Why do your primary/secondary customers practice yoga?
• How can you provide value to your primary/secondary customers?

Admittedly, there is not much information already available about the yoga market. Where can you get this information?

• Yoga Journal publishes a study on the yoga industry. Search for the Yoga in America Study to find some fantastic statistics.
• Interview local teachers, yoga studios and even gyms.
• Create a survey! Make it short and sweet – no more than 10 questions – and survey at least 50 people. A great way to do this is to frequent other businesses that serve similar clientele (Whole Foods is a fantastic place – get permission from the manager first).

Products & Services

This is the one section that all business owners are able to create very easily. Even if you don’t write a business plan, you know what services you are offering!

How do you ensure that you are offering the right products and services? Understanding your market (see above). If you are targeting young professionals, don’t waste your time trying to create a class for gentle yoga or yoga for 50+. Offer products and services that your core market will value. You will be able to spend less time and energy marketing and selling if you have tailored your business to serve a specific type of student.

Make sure you create descriptions of the products and services you are offering. Write these descriptions as if you were talking to a potential student. Each description should answer: 1) What is the student looking for? and 2) What value does this service provide? Here are some suggestions for common products and services:

• Yoga Classes Create a class description for each type of class you offer. Do not write this description full of yoga terms – make it clear to anyone the type of class, the intensity, and what types of students will benefit from this class.
• Private Yoga Why would someone take private yoga sessions? Provide value in your description of the benefits of working one on one – this will drastically reduce price resistance.
• Corporate Yoga Many companies, large and small, are looking to reduce the cost of healthcare, improve employee moral and loyalty, and help employees manage stress. How can you help these corporations achieve their goals? Create a compelling description that educated the human resources manager about the benefits of yoga for employees.
• Teacher Training Many people enroll in a training program to deepen their own practice. Some are looking for a career in yoga. Make sure your address the different reasons someone would enroll in a teacher training program and how your program will provide value.
• Yoga Workshops Workshops are a fantastic way to bring guest teachers to your business OR for you to boost your resume by offering workshops at other studios. Create a list of 10-12 topics for potential workshops.
• Yoga Retreats Retreats are becoming a popular way to take a vacation. If you are considering yoga retreats, be prepared to market your retreat outside of your core student base. Consider combining a yoga retreat with a philanthropy project to create the ultimate experience.
• Yoga Retail Warning – Retail is another business! If you have no experience managing inventory, merchandising products, or selling products – you may not want to enter this world without the help of an experienced retail manager. Determine what kind of products you will offer – yoga props, clothing, lifestyle, accessories, etc. Focus on a specific

Keep Reading – Creating a Business Plan Part II
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July Business Bootcamp

Allow The Yogipreneur to guide you through the process of creating a functional, results-oriented business plan. This series of 4 webinars will take you through each section of a business plan with a bonus session on creating systems to allow you to achieve more of your goals with less time and energy!

Two Week Series | Tuesdays & Thursdays 1PM – 4PM | July 14 – 23 2009
Creating a five year strategic action plan for your business.
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