Teaching yoga may be a viable source of income although it cannot guarantee consistently high profits. Just like any business, yoga studios are not immune from a slowdown. Students may become bored with their routine or find the area of practice unappealing, prompting them to leave the practice. As a business entity, you should expand your horizons and explore selling retail in your studio.
Five retail ideas for a yoga studio:
- Prioritize Branding Yourself
- Go with the Basics
- Keep Up with the Trends
- Try Selling Online
- Consider Investing in Displays
Selling retail in your studio can not only supplement your earnings but will also help you breathe new life into it. By displaying yoga-related teaching resources such as books and DVDs, your students will have something to do other than wait for their classes. Aside from instructional materials, there are other options for retailing at your studio.
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Prioritize Branding Yourself
When selling items in the studio, branding should always be a top priority. This is so that your products can function as walking billboards and be quickly recognized. For instance, when you offer goods with your distinctive logo, prints and designs, you essentially promote them every time your buyers use and carry them.
Effective branding might help you attract more devoted students in addition to allowing them to distinguish your products. According to Forbes, branding your items may help you gain clients’ confidence, particularly by demonstrating to them that you are a reputable, well-established yoga studio. So, I strongly advise you to try to make as big of an investment as you can in creating a memorable logo and slogans.
Go with the Basics
The next thing to consider is to focus on retailing the basics. These include props such as yoga mats, blocks, and other supports. Selling essentials is probably the most practical, cost-efficient approach to making your retailing endeavor more successful simply because you can expect that one or two of your students will be lacking a yoga prop now and then.
Along with selling props, you could also consider selling headbands, yoga gear, customized towels, and water bottles. Any of these may become your best-selling item since they are quite useful, especially among yoga fans. If your finances are tight, you might still acquire studio-specific mats through a bulk arrangement to rent to guests and clients who forgot to bring their own.
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Keep Up with the Trends
Follow the trends in the market! This will make it simple for you to create a design for your products that will most likely be popular with customers. You can expect easy money if you offer yoga apparel that is stylish and well-made following current trends.
You might want to consider making money by selling eco-friendly clothes as well as sustainable yoga props. These, I’m sure, will be popular items in the market, particularly at this time when more people are paying attention to their health. Statistics show that by 2025, the health and wellness sector is predicted to grow by 25% to or about $7 trillion.
Consider Investing in Displays
Another great idea is to invest in your displays. This is done to guarantee that regulars and passers-by notice your studio and your merchandise.
Using transparent windows is a wonderful rule of thumb to follow so that passers-by will easily see what’s in store for them. Moreover, I strongly advise you to use lighting to make your products stand out and draw attention. Employees can also be considered as part of the display because students aspire to follow their teachers or those who work at the studio. So, to increase merchandise awareness, encourage your staff to wear the products you offer.
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Try Selling Online
Aside from selling retail at your yoga studio, you may also open an online store to market your items further. This is an excellent strategy, especially given that your yoga studio may not have constant heavy foot traffic or space for your merchandise.
For starters, you can make use of popular e-commerce platforms such as Shopify and Square Online. This is for easier selling and reaching more online clients. However, if you already have a website for your yoga studio, you may use it to advertise your business.
If you opt to utilize your own website, you can employ a variety of marketing methods to reach a larger number of online consumers. For example, anytime a yogi registers for one of your classes or a workshop, you may take advantage of the chance to introduce them to your website. You could then get their emails and send newsletters with links to your profiles.
Conclusion
The five retail ideas for a yoga studio are as follows: 1) Prioritize branding your products to generate trust, 2) Sell what your students usually need such as props and water bottles, 3) Sell what’s hot in the market such as eco-friendly products, 4) Invest in your displays, and 5) Consider selling online, either through your website or popular e-commerce platforms,
Frequently Asked Questions
Things like the site, costs, number of students, regular attendance, and pricing models influence the profitability of a yoga studio. According to Studio Growth, yoga studios in the US earn an average of $13,495 per month or $161,940 per year.
A yoga studio provides a room, a building, or another location where yoga courses are held. It can be as basic as a single room or as complicated as a multi-room construction. Yoga studios often feature built-in props and heated humidified rooms for Infrared or Hot yoga.
To learn more about starting your own Yoga Business check out my startup documents here.
Please note: This blog post is for educational purposes only and does not constitute legal advice. Please consult a legal expert to address your specific needs.
Meet Shawn Chun: Entrepreneur and Yoga Fan
I’m a happy individual who happens to be an entrepreneur. I have owned several types of businesses in my life from a coffee shop to an import and export business to an online review business plus a few more and now I create online yoga business resources for those interested in starting new ventures. It’s demanding work but I love it. I do it for those passionate about their business and their goals. That’s why when I meet a yoga business owner in public at a studio or anywhere else I see myself. I know how hard the struggle is to retain clients, find good employees and keep the business growing all while trying to stay competitive.
That’s why I created Yoga Business Boss: I want to help future yoga business owners like you build a thriving business that brings you endless joy and supports your ideal lifestyle.