Yoga is a booming $16.8B industry in the US, up from $10B just three years ago. Most yogis have been practicing for five years or less which has significantly contributed to this explosive growth on mats across the country.
These stats would lead one to believe there is money to be made in the industry. And there is. But at the studio level, it is sometimes easier said than done.
Small business owners wear many hats and face a lot of challenges. Yoga studio owners are no exception. In addition to teaching classes, they clean and maintain the facilities, balance the books, market the business, network, and cultivate relationships. When they’re not working “in the business,” they’re working “on the business” — managing and building their teams and refining the overall operation.
The top six challenges these yoga studio owners face are:
- Competing with other facilities
- Attracting new students
- Retaining students
- Staying cash flow positive
- Finding good teachers
- Preserving the integrity of yoga