DON’T try to appeal to everyone. The adage, “If you try to appeal to everyone, you won’t appeal to anyone” is true. Be crystal clear on your WHY and your WHO as you write your business plan and create your marketing to speak to your quintessential client. They will feel seen, heard, and excited that they found exactly what they were looking for. You also will save precious marketing dollars because you’ll appeal to the clients who fit your client profile and will repeat business.
TIP: Spend time creating clear characteristics of your ideal client avatar. Then, speak to them in everything you do and say, especially the images.
DON’T build showers if you don’t really need them. I did. I built three. And it costs a lot. Unless you are a hot yoga studio, you don’t need showers. They cost a lot to build, maintain and clean. They increase your water bill and you need to be sure to have staff after every class to be there while students shower and primp. Since we closed ours 4 years ago, we haven’t had a single complaint.
TIP: Evaluate every inch of your build-out. Ask yourself, “Do my students really need this? Does this have a valuable ROI? What’s the worst-case scenario if I didn’t do this?”
DON’T teach every class on the schedule. This is a tough one. As the owner, you’ll save money, but you’ll pay for it in lost time to handle the business side of things. Plus, you don’t want to be the only draw to the studio. Hire the best teachers you can and let them shine while you manage, grow, and lead.
TIP: When you create your budget, think about the number of classes you want to be teaching that will give you bandwidth to run the business. Start high, then scale back as you hire more teachers and generate more memberships. If you don’t specifically plan and budget for more payroll, you will find yourself spending precious hours teaching instead of leading your business.
DON’T co-mingle your personal and business finances or social media. As personal as a yoga studio may feel, it is a business. This means it has a separate legal entity, bank account, email, and social media accounts. Keep your personal self separate from the business. This protects you, fuels your business to thrive without you, and makes taxes, finances, and human resources much easier.
TIP: Make your own social accounts private. Owning a studio can potentially feel like the line between you and your family is a bit blurred.
DON’T go “all in” on retail. It’s hard not to imagine all the cool stuff you can sell at your business. Of course, this is fully dependent on your business plan and the role and profit from retail should be clear from the start. If you want 10% of your revenue to come from retail, plan for this. What are you planning to sell? At what margin? Who will be responsible for sales?
TIP: Start small. Carry mats and any other props students need for class. Then, consider adding branded items, but only stock things that sell, your students ask for, and that you have the time and expertise to manage.
DON’T skip adding your detailed cancellation, no show, and late cancel policies. Be very clear with your policies and add them to your receipts, auto-emails, marketing, website, and contracts.
TIP: Add policies to your SOP (standard operating procedures) manual so that you can copy and add them where needed. Add a note to your calendar to revisit them every six months to see if they need to change.
DON’T put too many classes on the schedule. You want to avoid having classes that don’t fill up and cause you to cancel. When you first open, there is a fine line between not enough classes where people don’t see the value and too many classes where there are not enough bodies in the room. Err on the side of fuller classes and add in a new class or two each month. Communicate to your students that you will be adding classes each month to build excitement.
TIP: When 80% of the classes are 80% full 80% of the time, it’s time to add another class.
DON’T skip the pre-opening sale. Opening your doors and already having money in the bank provides a sense of relief. Sell a limited number of Founding Memberships prior to opening. In your business plan, outline how many of these memberships you’ll sell and for how long.
TIP: If your goal is to sell $10,000 worth of founding memberships before you open, consider selling 10 one-year memberships for $1,000 each. The Founding Membership offer should be a huge savings, maybe even 50% off your regular rates. Those who purchase these are your raving fans and deserve great love.
DON’T shackle yourself to BMI, ASCAP and SESAC music licensing fees. For even a single practice room small studio you can pay up to $1,500 in these mandatory licenses. If you play music in your studio, you will need to be incredibly careful and clear how it is played.
TIP: Consider YogiTunes, Soundsuit, Cloudcover or Rocket for non-licensed options.
DON’T stop doing your own yoga practice. If you are teaching a few classes a day, you will not have time to be a student. I have seen so many new owners burn out, get sick, and lose the passion for yoga that made them want to open a studio in the first place. Prioritize your own practice. Your students love to see you in class.
TIP: Make a goal of getting in at least two practices a week. Even if it’s sitting on your mat and breathing with intention, you will be a better leader and owner, and you will set yourself up for success.
DON’T gloss over software. The last thing you want to be doing as a business owner is spending hours on manual schedules and reports. Choosing the right partners for your scheduling software can make or break your business. This is one area you do not want to skimp on. You get what you pay for and choosing the software with the most market penetration, awareness, and experience will save you headaches and help you reach more people and make more money.
