Introduction to Yoga business plan, permits, licenses, and cost to start a Yoga business center: Yoga, an ancient Indian practice covering mental, physical, and spiritual wellness has become one of the hottest styles in the fitness and wellness industry. Now-a-days due to the busy life, everyone are facing stress and the unhealthy lifestyle due to the unhealthy food and other things will continue to create diseases which can be cured by attending the yoga classes, these are the main reasons why people are looking at yoga for their wellbeing. Further, the capital for starting a yoga centre is will low – making it an ideal business for those having interest in yoga. In this post, we will deal with the steps to initiate a yoga centre in India. Now Let’s get into the details of cost to start a Yoga business center.
A step by step guide to cost to start a Yoga business
The overall market for wellness and fitness centres make around Rs. 490 million. Wellness facilities under which fitness centres or yoga centres would fall under alone comprise 40% of this market. For the next three years, the Indian wellness industry would grow at a CAGR of 20% to reach Rs. 875 billion. The customers changing mind-set from curative care to a preventive approach is set to drive this marvellous growth in the wellness industry in India. With the practice of Yoga playing a vital role in preventive care, the opportunity for establishing an effective yoga centre in India is excellent.
Below you can check the steps you need to follow for initiating your own yoga centre.
List of Yoga styles you can provide in your centre
There are especially five styles of yoga.
- Hatha yoga: It’s the beginners Hatha Yoga presents the beginners to the simplest asanas and relaxation processes.
- Bikram yoga: It is a special type of yoga which is accomplished in a hot environment. The temperature is typically 35 to 40 degrees centigrade, and the humidity is approximately 40%.
- Vinyasayoga: It comprises of a sequence of different postures with different breathing practices.
- Kundalini yoga: This type of yoga links you with your interior soul. According to ancient saints, there are a total of 7 chakras in the human body which are focussed along the spine. This yoga relates all the chakras with 7 different postures.
- Anusara yoga: This is the purest of all yoga practises that focuses on your mind, inner self, and soul.
You must learn yoga first to know which of these practises will make you a proficient yoga expert. If you are a specialist of yoga then you already aware of yoga procedures.
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Business plan for setting up Yoga center
The significant step before initiating any business is to prepare a good business plan. A clear plan is vital for success as an entrepreneur. A business plan is a blueprint that will aid to choose the right space, hire appropriate staff members, and analyse the risk bearing capacity. While preparing your business plan check few important topics like your target market, initial costs, marketing goals, competitors, and the time period to reach break-even.
You should be aware of the things like taxation, liability, ownership control and ease of set up while selecting any legal entities. It is usually ideal that yoga centres must be registered as a Pvt. Ltd to ensure the capital in terms of interiors or rental deposit is transferable to other person if needed in future. In case you are plan to begin a small scale yoga centre, and then consider initiating as a sole proprietor and later whiling expansion you may opt to another legal entity.
Permits and licenses for Yoga business
Failure to obtain necessary licenses and permits can affect you with hefty fines, or even cause your business closure. For initiating a yoga centre in India, you need to obtain service tax registration if the annual taxable services income is greater than Rs.9 lakhs. Service tax should be collected from the customers once service income is more than Rs.10 lakhs at the rate of 14%.
Select your niche
You must analyse what type of yoga you are planning to offer in your centre. There are several forms of yoga; some are more famous and therefore more attractive than others. A survey showed that centres that offer single kind of yoga claimed a better success ratio.
Selecting the location to start Yoga centre
A proper location ensures that you generate constant revenue that would raise and expand your business. Selecting the right place for your yoga centre is very crucial. Conduct a thorough analysis for the proper location, well before initiating your yoga centre. When it comes to selecting a right location, there are basic facts that you should consider like convenience, easily accessible, security, and visibility. It is also essential that a yoga centre must have ample parking provision for all categories of vehicles in a safe nearby place. This would ensure high chances of success for the yoga centre.
Marketing your Yoga centre
Marketing is an essential part of any business and if executed properly allows a business to not only for creating awareness to your business but also generate revenue that will raise and sustain it. Keeping ads about your yoga centre in print media as well as on electronic media like radio and television stations will be better. Along with that the present fashion for people is their usage of social media platforms such as Twitter, Facebook, Google Plus, Instagram, and Snapchat, so it is always essential to be updated and post your yoga centre details to market your yoga centre.Costs involved in starting yoga
One need to prepare the checklist before starting the yoga business to set-up the proper yoga centre. The prices are mentioned below-
- Rental advance for the yoga centre Rs. 50,000, which is refundable and need to pay one time only.
- Costs involved for monthly rent is Rs. 20,000. These expenses should be added in monthly sheet. If you start your business in your home itself then you can minimize these expenses.
- The electricity bills per month Rs. 2000. The yoga centre contains lights, fans and even the air conditioning which will consume more power.
- The furniture, yoga mats, and the paints cost about nearly Rs. 20,000. This is one-time investment.
- Maintaining the basic arrangements like chairs for sitting, etc. costs Rs. 10,000. This is one time investment.
- Costs involved for marketing for printing cards and brochures is Rs. 2000.
- Costs involved in licenses and permits are Rs. 10,000.
- Costs involved for paying the taxes is Rs. 5,000.
Frequently asked questions about Yoga
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These are the frequently asked questions for starting yoga centre.
How can I start a yoga business centre?
You can start the yoga centre business by following the steps carefully, and treating the customers in a friendly manner. You need to maintain the amount for monthly expenses and improve your business by attracting the customers.
Can yoga business studios or centers make profits?
Yes, of course but this business mainly depends on attracting customers by offering different types of memberships.
How can I find yoga clients and attract them?
You can find your yoga clients by referring through the clients who are already engaged with you. You can also attract them by marketing through social media, distributing pamphlets, etc.
How much a yoga session costs generally?
Yoga session costs about Rs. 500-600 per session, it also depends upon the type of instructors you hire.
How much amount is needed to start a yoga business?
You need to arrange an amount of up to Rs. 5-6 lakhs to start a yoga centre. Your business mainly depends on the yoga tutor and the type of memberships you offer them. The ambience is also important it should give peace to the members.
That’s all folks about cost to start a Yoga business center in India. You may be interested in Low-cost Agriculture Business Ideas for Beginners.