Why did you open your own yoga studio? Or if you’ve always dreamed of opening your own studio, what’s your main motivation for doing so?
The answer to this question varies from person-to-person, but we commonly hear people say that they opened their studio to pursue a lifelong dream of being able to impact the lives in their community through the power of yoga. Whether your passion is to share your love for yoga with more students or create flexibility in your life, a financially sound business is the foundation necessary to carry out those intentions. It doesn’t matter how passionate you might be, if you’re not making money, it will be extremely difficult to keep your studio open for long.
While success is extremely subjective, we want to keep a pulse on what differentiates financially thriving yoga studios from those that are losing money each month. For the second year in a row, we launched a survey featuring a series of financial, emotional and operational questions and collected responses from yoga studio owners from around the world. After digging into the data, we’ve released the Second Edition of the 2017 Yoga Studio Benchmark Report, which features the most detailed financial performance data available in the yoga industry.
In the report, we identify various factors that set financially thriving and struggling studios apart. These studios are broken into the following groups:
- Centered studios are those generating at least $7,000 per month in net income
- Off-Balance studios are those not generating net income each month
We also share vital performance and benchmark data, to help your compare your studio to others around the world. This data includes:
- Profit and loss statements
- Median facility size
- Square feet per student
- Average rent per square foot
- Percentage of students on autopay
- Average class size
- Number of teachers
- And much more!
If you’re looking for the necessary insights to help you make more informed business decisions this year, get your copy of this free report today.