Why, How-to, and Step-by-Step Guide to get started
Starting a yoga studio can be overwhelming, especially if you are not familiar with business operations. Trial and error is a frustrating and time-consuming process, but with the right tools and techniques, you can streamline your yoga business and achieve success. This blog will provide a step-by-step guide to help you get started with goal setting and tracking, so you can make informed decisions and grow your yoga business.
Everything I did when I began the studio I did because it was what the studios where I previously worked did. It was all I knew about what to do and where to start. I didn’t know how to figure out a schedule, or set pricing, or what to pay teachers or anything. When I woke up every morning, after teaching the morning class, I had no idea how to work on my business in a productive way. And since this was before smart phones and social apps, I didn't even have anything where I could pretend to be working by scrolling or posting. I was lost.
So let’s start with the basics.
Step 1 - Know Your Numbers
The first step in setting goals and tracking progress is to know your numbers. This means taking an accurate accounting of all of your expenses, including rent, payroll, utilities, insurance, wholesale costs, and advertising. Be specific and don't guess. To get an accurate picture, review your bank account and credit card statements to determine your monthly expenses. Write this number down and divide it by four to find your weekly revenue goal and then by the number of days in the month to determine your daily revenue goal.
Congratualtions! Now have your number, and know what you need to generate each month.
Step 2 - Step 2: Write Down Your Goals
Once you know your numbers, you can justify how you plan to generate the revenue you need each month. Determine how many of each package type you will sell to reach your goals, and write this information down. Keeping your goals and numbers in a notebook or on a spreadsheet can help you stay focused and motivated. Use visual aids, like arrows or pictures, to help you understand the information and make it easier to track your progress.
I literally have dozens of notebooks I’ve filled with this information over the years.
On a personal note, as my time as studio owner has wrapped up, I really like having all of those notebooks. Now they represent a physical manifestation of something more ethereal by nature. After all, so much of about yoga is emotional, spiritual, and can't be tracked or distilled into numbers. But the business parts can. I still employ notebooks for all of my ideas and tracking for West Wind.
Step 3 - Track Key Metrics
A few more numbers are important to track and write down as the month progresses:
new clients
how many new clients upgraded from intro pass onto a membership
monthly continuity or how much comes in from autopay membership — I tracked this for the current month I was working in and for what I expected to come in the following month, so I could see if it was growing or if people were dropping out.
I felt most comfortable when I really nailed down the numbers specifically. I tracked exactly how many of each pass/membership was sold each week and then made the final tally for the end of month closeouts.
Keeping track of these metrics helps you see how your business is performing and what needs to be adjusted.
Why Tracking Matters
Tracking was the number one most valuable thing I did as a studio owner to find success. It made everything a number instead of an emotion and transformed every decision into a trackable choice instead of a guess. Most decisions have a math formula to help guide you: the number of classes to offer, what to charge, what and how much to put on sale, when to offer classes, and more.
Almost every question that plagues you as a studio owner has an answer that your numbers can reveal.
Numbers are not Emotions
I’ve seen so many studio owners lead solely by emotion. Emotion is a powerful guide and necessary to get started, stay motivated, and be connected to your studio. But many of the day to day decisions must be informed by the actual numbers in your studio.
When you don’t know your numbers, you don’t actually know what is working.
When you don’t know what is working, you don’t know what to maximize for greater results.
When you can’t see what is not working, you don’t know what to improve or what to drop.
When you know neither what to maximize nor what to improve, how do you know what needs your attention or what goals you should set?
My best advice for you is to track your numbers and let them guide you in your goal setting. Please contact me if you need help. This is so important!
In Closing
Tracking your numbers becomes so easy in a short amount of time. You will begin to see important patterns and develop insights into your students' behaviors and yoga studio culture.
Tracking your numbers also leads to creating systems in your business (coming up in a future blog.)
When you have systems in place in your yoga business, you can train someone else to follow them, freeing up your time for new projects and programs. You can see the results and know what’s working and what needs adjusting.
Tracking your numbers is the first step in creating a successful yoga business. With the right tools and techniques, you can set achievable goals, make informed decisions, and grow your studio. You will always have a thumb on the pulse of your studio.
If you need help getting started with goal setting and tracking, don't hesitate to reach out.
Namaste,
Lara
I’m so proud to know Lara, she’s someone who I talk about to other teachers, and hold up as an industry example.
- Lilley Harvey, Owner, Peacock Tree Yoga
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