The yoga market is vast and encompasses many niche areas. It’s value has grown immensely in recent years thanks to greater acessibility to classes, whether they be online or in-person. In 2020 the U.S. yoga and pilates market was worth over $12.8 billion.
You might be wondering whether the yoga market is worth investing your time and money in. Is it a passing trend? Are people spending money on yoga? This article should answer some of your questions and quell some apprehension about diving into this thriving market.
What is the yoga market?
The yoga market itself is multifaceted. It encompasses more than just yoga classes. Yoga studios themselves do more than just hold classes. They sell goods in their stores.
They sell yoga blocks, straps, towels, mats, leggings, tops, shorts, and more. There are brands that specialize in the practice of yoga itself. These brands are making a huge profit from one specific type of exercise.
For example, the infamous Corepower was worth $5 billion in 2019. That number has surely increased because the company has continued to open new studios all over the U.S. They of course hold classes, but they also sell many products.
They even have their own brand of clothing and accessories in their stores.
It’s also important to remember that there are several types of yoga people take part in which means more areas to capitalize on.
Some yoga types include hatha, vinyasa, and hot yoga.
Hatha yoga, though, is the most popular type of yoga in the U.S. It can be a 45 or 90 minute class. It consists of breathing exercises, postures, and meditation.
Hot Yoga classes are set at a high temperature of 105 degrees. The 90 minute class is made of practicing 26 poses twice.
Vinyasa yoga is also very popular. It is, however, the opposite of hatha yoga. Instead of practicing poses in isolation with breaths and rest in between, vinyasa yoga requires moving or flowing through the poses without stopping or resting in between.
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Why yoga?
If the numbers and growth isn’t enough to encourage you to dive into this business, it’s important to keep in mind that there are many benefits to practicing yoga as much of the U.S. population realizes.
It can help with stress, anxiety, back pain; it can increase bone strength and flexibility. It’s a fantastic way to encourage better eating habits as it allows people to feel more balanced and present.
This is not business that hurts or forgets about its customers in any way. People pay to participate and walk away feeling better-not worse.
Studios and online yoga businesses are successful because they are invested in people’s well-being and participants recognize that.
How many people practice yoga?
More than 28.75 million people in America practice yoga, the global number is over 300 million people.
Yoga studios are popping up across the nation to meet the demand of people interested in participating. The number of people going to these studios or partaking in yoga has only increased in recent years.
In all likelihood, this number will only continue to grow. As yogis are becoming more and more popular on social media platforms, the desire to take part in this form of exercise is growing.
Yoga studios still make up the largest percentage of how people practice yoga, but online classes became very popular duing the COVID-19 pandemic, and it continues to grow.
If you’re considering creating your own yoga business, it might be most beneficial to start online. You can create a solid following without investing too much money or time in the beginning of your journey.
This would require less of an financial investment from you in the beginning. Then once you have honed in the kind of yoga you want to practice and what you want to offer, you can move on to leasing a physical space for in-person classes.
Whether you choose to hold online or in-person classes, it will require a lot of discipline and planning.
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How much do people spend on yoga accessories and classes?
There are plenty of people out there offering yoga classes in person and online. Often, new practitioners will give a few online videos a try.
If they like it, they are certainly going to look for a class in their area. They are going to look online for the best classes, teachers, mats, accessories, and clothing. To access these studios, yogis are paying.
The average yogi spends around $62,000 on yoga classes, equipment, and workshops over the course of their life.
Marketing Yoga
It’s important to know who is practicing yoga and why they are doing so in order to effectively market your business.
Yoga is seen as a mental health practice as well a phsyical health practice. This makes it possible to market to two separate populations: those who prioritize their physical strength and wellness as well as those who prioritize their mental health.
Most people who practice yoga are women: about 72%. Young people (18-29) do make up a sizeable portion of the people who practice at 19%, but those aged 30 and older make up up the other 81%-specifically those who are 30-49 make up 43%, and those who are 50 and up make up 38%.
That’s a lot of numbers. The important thing to remember is that this business exists because people want to better themselves for a variety of reasons and in a variety of ways.
It’s vital to keep health in mind when trying to begin or strengthen a yoga business.
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Yoga Certification Training
In order to teach yoga and hold classes, it is important to get a Yoga certification that you work towards over time with physical training, a deep dive into the philosophies and histories of yoga, and an understanding of anatomy and physiology.
These trainings require 200 hours, 300 hours, or 500 hours. They can cost from around $1200 to around $5000.
People normally begin with the 200 hour training. If they would like to get a deeper more complex level of understanding, they may go for another 300 hours to attain the 500 hour mark.
This is not a legal requirement, but most studios require these certifications of the instructors they hire. Also, it is a large part of the reputation and authority of the studio and the instructor.
This can be quite a huge investment. If you’re looking to get involved in the yoga market as an instructor, make sure you have the time and means to make this investment. It will certainly pay off in the long run.
Is it actually profitable?
In short, yes. Running a yoga business can be very profitable if you get enough customers. You would simply need to cover rent and supplies. The supplies can be minimal when you are just getting started. Then you just have to get people to come to your class and make sure you show up!
Getting people to come to your classes or business will certainly be the hardest part of creating a successful business, so make sure you have enough of a following or have ways of getting people to your space.
Now, how can you actually get started in this business?
Create a Community
In order to successfully run or take part in a yoga business, you must cultivate a community. This can certainly be done online if you’re starting there.
If you’re starting online, know that you need to be consistent with when you post your content and what kind of content you post. Interact with people who leave comments and make your presence known on social media platforms as well.
Perhaps, you can join or invite other yogis to participate with you therefore drawing some their community or following to yourself.
The community begins with you. Who are you and why should people trust you? Why should they go to you for yoga? You need to make all of this information clear. Keep your certifications somewhere that people can see them or you can easily access them.
Make sure to let your personality shine through your teaching. This will create much more loyal practitioners. They certainly want to get to know you, and perhaps you can share some of your personal journey with yoga.
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Importance of Reputation
Your reputation is everything. You must be careful to adhere to ethical practices and be clear about what kind of yoga makes up most of your expertise.
Also, allow people to be wherever they are on their journey. Be ready to help some people more or less than others.
Everyone is different and they will likely want something different from their instructor than the person practicing next to them.
Be ready to give suggestions to people for any pain or another class they might want to try.
Be sure that you actually know what you are talking about and let people know when it is simply not an area you are familiar with.
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.