Do you want to open a yoga studio business with juice bar and you want to know if it is profitable and how much it cost? If YES, I advice you read on.
Every business is profitable on its own, because, let’s face it, all businesses serve a need or a purpose. But some businesses have a higher chance at making profits than others. These businesses would be analysed based on a couple of indices before a conclusion can be drawn.
Opening a Yoga Studio With Juice Bar
Yoga studios are fitness studios that doesn’t just exercise the body, but the mind and soul, so as to help participants achieve a kind of inner balance. Yoga studios do not only focus on trimming the body, they are also concerned with how the body functions and how to help your body function at its best. That is why it seems like a no brainer for a yoga studio to incorporate a juice bar as well as part of its offerings.
Installing a smoothie or coffee bar in your studio may also seem like a dependable way to add revenue to your business.
While your studio, the trainers and the classes you offer can help you to sell memberships in your yoga studio, but nothing seals the deal quite like upscale amenities. And one of the best perks of all is having an on-site smoothie, juice or coffee bar, where members can pick up a healthy refreshing beverage after class, making your gym the ultimate one-stop-shop.
But If you’re considering adding refreshments to your studio, think about whether there is a market for this among your clients. Are you located in a metro area that’s otherwise densely populated with smoothie bars, juice bars, or coffee shops? If you are, there there is a higher chance that you won’t make much profits out of your juice bar. Your customers may be more familiar with those popular brands and may already have purchasing habits in place at those other venues.
Estimated Costs of Opening a Yoga Studio With a Juice Bar
You are looking at a minimum of $50,000 if you want to open a yoga studio with a juice bar. Of course, setting up your yoga studio may not cost you much because you offer a service there. You just need to provide mats and a comfortable waiting area. But that is not saying same for a juice bar.
A good fridge can cost you from $5,000-$7,000, and then you need freezers. The counters and refrigerators and plumbing costs alone will get you to $50,000.
And then there’s the upkeep. Stocking fresh juices is a pricey business, especially when you consider their expiration date. And if you want to make the juice yourself, you have to buy the fruits and employ someone to prepare the juice or smoothies.
You have to also take note of waste too because most of your expenses will go to food waste. This is because fruits have very low shelf life, and the same can also be said for juice. Another cost to consider is staff because you need a dedicated staff to man your juice section, while you handle the yoga section or vice versa.
While running a yoga studio and a juice bar, you have to realize that your expenses can sit at $2,000 a month, a number that includes rent, staffing and produce (but not marketing). The thing to understand is that how the bar does revenue-wise depends completely on your membership—people would not coming in off the street to buy juice inside the gym. So the juice bar will only do as well as the club itself, and will go through the ups and downs along with your yoga studio.
If you have the capital to back it up, it’s worth considering the franchise route of installing a well-known brand in-house. This can cost you anywhere from $10,000 to $30,000 further deepening your debt profile. But of course it is easy to break even if your yoga studio is situated in an area with good foot traffic, and if your membership is quite huge.
Is Opening a Yoga Studio With Juice Bar Profitable?
When talking about profitability when running a yoga studio with a juice bar, you should realize that you are basically running two businesses out of the same space. You will have to deal with extra overhead and related costs. Even if you may not have to worry about extra building cost, but you would have to think about staffing, equipment, fruit costs, waste, etc.
You should equally know that the success of one business depends on the other, that is, the success of your juice bar depends on your yoga studio because it is typically only your students that would ask for your juice and smoothies after workout. But that notwithstanding, you can make good profits out of your yoga studio and juice bar if the business is properly located and you get good foot traffic.
When it comes to bottom line, unless you are in a financial position with plenty of cash, space, and staff to back it up, an in-house juice bar is probably not the best investment. In the meantime, you may want to focus more on delivering an amazing workout and client experience.