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Opening a Yoga Studio

jmcdan32010-07-04 10:55:57 +0000 #1
Hello all! I am a Maryland resident and have been thinking of opening my own studio. A lady friend and I have been discussing our options. In our city, there does not seem to be any studio's dedicated to a yoga practice-only sporadic classes offered at a few health clubs. My question: Who has been in this situation and who has opened a studio? There are a lot of spaces for rent around. What are our first steps? Dealing with banks? Our own money for rent? Zoning? We are VERY serious and curious to get something rolling here. Any advice, stories, or instructions would help a lot!!! Thanks!!
David2010-07-04 10:57:40 +0000 #2
Are you a first time business owner? Most first time business owners fail because they fail to effectively research, plan, educate themselves, and a variety of other variables. Let me throw these questions at you:

1. What sort of business entity are you planning to form? LLC? Subchapter S? C corp? Why? What state do you plan to incorporate in? Why?

2. Have you crunched numbers? If so, how much capital do you need per month to cover ALL expenses? Now multiply that by 24. Do you have or can you acquire that much capital?

3. Is the size of your town/city large enough to support a yoga studio? What is the demographic breakdown of your city?

4. How many square feet of space are you looking for? Why?

5. What sort of business arrangement are you looking to have with your friend? 50-50 partners? 60-40? Who is drawing up that agreement?

6. How much do you expect to spend to bring the rental space up to studio spec? Have you priced how much the hardwood flooring is per square foot? If so, how much is it?

7. How do you plan to market the studio? What is your marketing budget?

If these questions don't overwhelm you, you are willing to do the research to provide the answers, and still want to move forward, I'm here to answer what questions I can. I've founded a few companies and am always willing to help spread yoga.

jmcdan32010-07-04 11:19:51 +0000 #3
good questions!! I actually have a gentlemen interested in providing the capital for the business-profits would most likely be split into three.

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