Are you about starting a yoga studio? If YES, here is a complete sample yoga studio business plan template & feasibility study report you can use for FREE.
If you are looking to start a fitness and health related business, then you may consider starting a yoga studio business. This is one trade that attracts attention and you can be sure to make good profit when you start this business. However, just like other businesses, you will be required to carry out some good feasibility studies.
One of the aims of this is o that you can have a full grasp of what the business entails. Chief on the list of what you will still be required to do is to write a business plan. Yes, you will need to write a business plan in order to move along a well-coordinated business path.
There are several businesses that may not have lived up to expectation in this regard, and the truth is that they may have encountered some issues along the line. As such, you will need to deal with writing a business plan. Here below is a sample Yoga studio business plan that you may consider using for yours;
A Sample Yoga Studio Business Plan Template
1. Industry Overview
Yoga is a physical, mental, and spiritual practice or discipline that focuses on breath control, flexibility and strength and originated in india and Pilates is a body conditioning routine used to build strength and flexibility. The Yoga and Pilates industry covers dance and exercise facilities that offer Yoga, Pilates and in some cases dance related instruction to individuals or groups.
In the last 5 years, the Yoga and Pilates Studios industry has experienced appreciable growth not only in the united states, but in most parts of the world. This growth can be attributed to the awareness created by the Yoga community and of course to more health-conscious individuals participating in yoga.
Yoga studio do not rely on teaching Yoga classes to their students and members, they are also leveraging on the increase health awareness to sell other health related supplements and merchandise to generate more income. As a matter of fact, entrepreneurs coming into the industry will leverage on the health and fitness benefits to market their Yoga studio and win over more clients.
Demographic and Geographic studies of the Yoga and Pilates Studio Industry in the United States of shows that yoga studios are predominantly concentrated in the Western region of the country, and it accounts for 21.6 percent of total Yoga studios.
It is followed by the Southeast region which accounts for 20.1 percent, The Mid-Atlantic region accounts for 18.3 percent and the Great Lakes accounts for 10.4 percent.
Yoga and Pilates Studios are largely located in the California (12.1 percent of total establishments), Texas (8.2 percent), New York (6.2 percent) and Florida (6.1 percent). Close studies shows that the spread and location of Yoga and Pilates studios is highly correlated to population spread.
This is why the more populated regions, such as the Southeast, West and Mid-Atlantic, tend to have the greatest numbers of Yoga and Pilates Studios. This trend is due to the fact that consumers will not travel excessive distances in order to perform exercise or become members of Pilates and yoga studios.
Statistics has it that the Yoga studio industry in the United States of America, is worth $9bn, with an estimated growth rate of 7.5 percent. There are about 30,141 registered Yoga studios in the United States and they are responsible for employing about 94,604 people.
Beyond every reasonable doubt, the multi-billion dollar Yoga and Pilates studios industry in the United States of America has benefited greatly from the promotion of dance-inspired television shows and the rising interest in health and fitness.
Over and above, any entrepreneur who is trained in Yoga can successfully launch his or her Yoga and Pilates Studios and make great gains from the industry simply because the industry is still growing and more people are becoming aware of the immense benefits they stand to gain when the enroll in a Yoga class.
2. Executive Summary
The Orient – American® Yoga Studio is a standard, licensed and well equipped Yoga studio with state of the art facility and space large enough to contain about 50 people per – time. We run a Yoga studio where kids, teens, and adults learn and practice Yoga in a fun – fulfilled and relaxing atmosphere.
Our yoga studio will be located in – between a well – populated residential estate and a business district in New York City – New York, United States of America. We hope to open branches of our Yoga studios in other key cities in the United States and Canada and also to sell franchise in the nearest future.
The Orient – American® Yoga Studio is a client-focused and result driven Yoga studio business that provides ease to learn and fully practice Yoga and experience at an affordable fee that won’t in any way put a hole in the pocket of our clients (students and organizations alike who would hire our services).
We will offer a standard and professional Yoga training and other dance related services in a highly secured and conducive learning environment to all our students. We will ensure that we work hard to meet and surpass all our students’ expectations as it relates to their goals of enrolling in our Yoga studio or engaging our services.
No doubt, our Yoga studio facility will be well – equipped with wood-sprung floors, a comfortable lobby with flat screen TVs, and different locker room for change over equipped with showers for both kids and adults alike. We will also run a one – stop Yoga and dance store in same facility where our customers can purchase authentic yoga and dancing kits and other related accessories.
At The Orient – American® Yoga Studio, our students’ overall best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professional and licensed Yoga coaches, and instructors to work with our students.
The Orient – American® Yoga Studio will at all times demonstrate her commitment to sustainability, both individually and as a dance related training organization, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our students’ needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients (students and corporate organization).
Our overall business goal is to position The Orient – American® Yoga Studio to become the leading brand in the Yoga and Pilates studio industry in the whole of New York City – New York, United States of America, and also to be amongst the top 10 dance studio brand in the United States of America within the first 5 years of operations.
This might look too tall a dream but we are optimistic that this will surely come to pass, because we have done our research and feasibility studies and are enthusiastic and confident that New York City is the right place to launch our dance studio business.
The Orient – American® Yoga Studio is founded by Dr. Allan Armstrong and He will run the business with his business partners for many years Mr. Raj Casmir and Mr. Jong Singapore. Dr. Allan Armstrong is a renowned American Yoga Instructor who has successfully accumulated high – level training and experience with excellent certifications and recommendations from Japan, China, South Korea and India.
3. Our Products and Services
The Orient – American® Yoga Studio is going to offer varieties of yoga related services within the scope of the Yoga and Pilate studio industry in the United States of America. Our intention of starting our yoga studio business is to help in individual and organization learn and practice yoga in a conducive and relaxing environment.
We want to help our clients learn disciplined method for attaining a goal, also techniques of controlling the body and the mind; harnesses passion and encourages performance and healthy lifestyle. Lastly we are also in the yoga studio business to make profits from the Yoga and Pilate industry and we will do all that is permitted by the law in the US to achieve our aim and business goal.
Our service offerings are listed below;
- Pilates and yoga classes
- Personal training involving Pilates and yoga activities
- Merchandise sales
- Workshops and seminars
- Pilates and yoga accreditation training
- Yoga / dance production and consulting services (for organizations and cheerleaders)
- Merchandise sales (Yoga and Dance related shoes, clothes, and other dance accessories)
4. Our Mission and Vision Statement
- Our vision is to build a highly competitive and effective yoga studio business that will become the number one choice for both individuals and corporate organizations in New York City, New York and in other cities in the United States of America and Canada where we intend opening our branches or selling our franchise.
- Our mission is to provide affordable professional and highly effective yoga related trainings and services to a wide range of clients that cuts across different divides.
- Our overall business goal is to position The Orient – American® Yoga Studio to become one of the leading yoga studio brand in the industry in the whole of New York City – New York, and also to be amongst the top 10 Yoga studio brand in the United States of America and Canada within the first 5 years of fully running the business.
Our Business Structure
The Orient – American® Yoga Studio will build a solid business structure that can support the growth of our yoga studio business. We will ensure that we hire competent hands to help us build the business of our dream.
The fact that we want to become one of the leading yoga studio brand in the industry in the whole of the United States of America and Canada makes it highly necessary for our organization to deliberately build a well – structured business from the very scratch.
Below is the business structure that we will build The Orient – American® Yoga Studio on;
- Principal Partner / Chief Executive Officer
- Studio Administrator
- Yoga and Pilate Instructors
- Dance Instructor and Choreographer
- Accountant / Bursar
- Client Service Executive
- Front Desk Officer
5. Job Roles and Responsibilities
Principal Partner / Chief Executive Officer:
- Responsible for providing direction for The Orient – American® Yoga Studio
- Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for handling high profile clients and deals (clients such as Top Government Officials, Sports Clubs, Superstars, and Celebrities et al)
- Responsible for fixing fees and signing business deals (partnership)
- Responsible for signing checks and documents on behalf of The Orient – American® Yoga Studio
- Coordinates all arms of the business and develop curriculum for The Orient – American® Yoga Studio
- Evaluates the success of the business
- Reports to the board of The Orient – American® Yoga Studio
- Responsible for overseeing the smooth running of HR and administrative tasks for The Orient – American® Yoga Studio
- Design job descriptions with KPI to drive performance management for yoga instructors (coaches) and choreographers
- Regularly hold meetings with key stakeholders (clients and member of the board) to review the effectiveness of the business Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Oversee the smooth running of the daily activities of The Orient – American® Yoga Studio.
Yoga and Pilate Instructors / Coaches
- Responsible for training clients on all aspect or Yoga practice
- Guides clients during Yoga sessions
- Works closely with instructors or other dancers to interpret or modify choreography
- Rehearses for several hours a day
- Attends promotional events, such as photo sessions, for the show or event they are participating in.
Dance Instructor and Choreographer
- Responsible for creating routines for individual performers, competitions, musical performances, marching bands, ballets and other spectacles. Performing complex movements to entertain an audience
- Studies story lines and musical scores to translate ideas and moods into movements
- Directs rehearsals to instruct dancers in steps and techniques
- Chooses music, sound effects or narrative to accompany a dance
- Designs dance movements
- Works with music directors
- Auditions performers for dance parts
Marketing and Sales Executive
- Identifies, prioritizes, and reaches out to new clients, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of projects.
- Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents The Orient – American® Yoga Studio in strategic meetings
- Helps increase sales and growth for The Orient – American® Yoga Studio.
Accountant / Bursar
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for The Orient – American® Yoga Studio
- Serves as internal auditor for The Orient – American® Yoga Studio.
Client Service Executive
- Welcomes students and visitors by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with students on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the studio coordinator in an effective and timely manner
- Consistently stays abreast of any new information on the schools’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to students when they make enquiries
6. SWOT Analysis
The Orient – American® Yoga Studio engaged the services of a core professional in the area of business consulting and structuring to assist our organization in building a well – structured yoga studio business that can favorably compete in the highly competitive Yoga and Pilate studio industry in the United States and the world at large.
Part of what the team of business consultants did was to work with the management of our organization in conducting a SWOT analysis for The Orient – American® Yoga Studio. Here is a summary from the result of the SWOT analysis that was conducted on behalf of The Orient – American® Yoga Studio;
Our core strength lies in the power of our team; our workforce. We have a team that is considered an expert filled one in the Yoga and Pilate studio industry, a team with excellent qualifications and robust experience in professional yoga trainings and practices.
Aside from the synergy that exists in our carefully selected faculty members and our strong online presence, The Orient – American® Yoga Studio is well positioned in a community with the right demography and we know we will attract loads of individual and corporate clients from the first day we open our doors for business.
As a new yoga studio in New York City – New York, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients in the already saturated dance Yoga and Pilate industry; that is perhaps our major weakness. Another weakness could be that we might not have the required capital to pump into publicity of our business the way we intend going about it.
No doubt, the opportunities in the Yoga and Pilate studio industry is massive considering the number of individuals and corporate organizations who would want to learn and practice yoga. As a standard and well equipped yoga studio that is centrally located, we are ready to take advantage of any opportunity that comes our way.
Every business faces a threat or challenge at any part of the life cycle of the business. These threats can be external or internal. This shows the importance of a business plan, because most threats or challenges are to be anticipated and plans put in place to cushion what effect they might bring to the business.
Some of the threats that we are likely going to face as a yoga studio business operating in the United States of America are unfavorable government policies that might affect business such as ours, the arrival of a competitor within our location of operations.
So also, dance studios that provide yoga classes will remain a growing threat and global economic downturn which usually affects spending / purchasing power. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.
7. MARKET ANALYSIS
- Market Trends
One thing is certain, the trend in the Yoga and Pilate studio industry is such that if you want to be ahead of your competitors, you should be able to make your yoga classes easy for students to adapt to and you should be able to have loads of testimonies from your students. The truth is that, if your student experiences huge difference in their life as a result of enrolling in your yoga studio, then they will be compelled to help promote your organization.
Another trend that is working for the industry is that people who have been practicing Yoga for a long time in the United States have reported musculoskeletal and mental health improvements, as well as reduced symptoms of asthma in asthmatics hence the increase in business activities and growth in the industry.
There is proven evidence that suggests that regular yoga practice increases brain GABA levels, and yoga has been shown to improve mood and anxiety more than some other metabolically-matched exercises, such as walking et al. As a matter of fact, yoga is now being marketed as a supplement to a cardio routine.
Aside from the spiritual goals, the physical postures of yoga are used to alleviate health problems, reduce stress and make the spine supple in contemporary times. Yoga is also used as a complete exercise program and physical therapy routine which is why it is now becoming trendy.
Lastly, another trend common with standard yoga studios is that they are furnished with a smooth floor covering and with a hardwood floor.
8. Our Target Market
The target market for a yoga studio is broad and of course all encompassing. Ancient ‘n’ Modern® Dance Studio is a dance studio business that is positioned to offer a wide range of dance related trainings and dance related services to a wide range of clients ranging from kids to adults and to people with health challenges.
As a standard and well equipped dance studio, The Orient – American® Yoga Studio offers a wide range of yoga related services hence we are well trained and equipped to services a wide range of clients (both individual clients and corporate clients alike).
We are coming into the Yoga and Pilate studio industry with a business concept and company’s profile that will enable us work with the clients at different learning stages and different status. Below is a list of the clients that we have specifically designed our services for;
- Working Class Adults / Corporate Executives
- Sport Clubs (Cheerleaders and choreographers et al)
- About Wed Couples
- Business People / Entrepreneurs
- Government Officials
- Public Figures
- Applicants / School Leavers
- Sports Men and Women
- College Students
Our Competitive Advantage
No doubt, the Yoga and Pilate studio industry is indeed a very prolific and highly competitive industry. Clients will only enroll in your Yoga studio or hire your services if they know that you can successfully help them learn and practice yoga effectively. It is the practice for yoga instructors, and coaches to acquire as much certifications as it relates to their area of specialization; it is part of what will make them stay competitive in the industry
We are quite aware that to be highly competitive in the Yoga and Pilate studio industry means that you should be able to deliver consistent quality service, your students / clients should be able to experience remarkable difference and improvement and you should be able to meet the expectations of your clients at all times.
The Orient – American® Yoga Studio might be a new Yoga studio in New York City – New York, but we have a team of people that are considered experts in the Yoga and Pilate studio industry, a team with excellent qualifications and experience in professional Yoga training and practice. Aside from the synergy that exist in our carefully selected faculty members and our strong online presence.
The Orient – American® Yoga Studio is well positioned in a community with the right demography and we know we will attract loads of individual and corporate clients from the first day we open our doors for business.
Lastly, our employees (yoga instructors and coaches) will be well taken care of, and their welfare package will be among the best within our category (startups yoga studio businesses in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
The Orient – American® Yoga Studio is established with the aim of maximizing profits in the Yoga and Pilate studio industry and we are going to go all the way to ensure that we do all it takes to attract both individual clients and corporate clients on a regular basis.
The Orient – American® Yoga Studio will generate income by offering the following services;
- Pilates and yoga classes
- Personal training involving Pilates and yoga activities
- Merchandise sales
- Workshops and seminars
- Pilates and yoga accreditation training
- Yoga / dance production and consulting services (for organizations and cheerleaders)
- Merchandise sales (Yoga and Dance related shoes, clothes, and other dance accessories)
10. Sales Forecast
One thing is certain, there would always be corporate organization and individual clients who would need that extra coaching or push in other to acquire the required Yoga skill set that will enable them effectively practice yoga and live their life the way they wanted to live it. This is the major reason why the services of yoga studios i.e. yoga instructors, and yoga coaches et al will always be needed.
We are well positioned to take on the available market in New York City – New York and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow our yoga studio business and our clientele base.
We have been able to critically examine the Yoga and Pilate studio industry – market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to similar startups in New York City – New York.
Below is the sales projection for The Orient – American® Yoga Studio, it is based on the location of our yoga studio business and of course the wide range of yoga classes and dance related services that we will be offering;
- First Year-: $150,000
- Second Year-: $450,000
- Third Year-: $850,000
N.B: This projection is done based on what is obtainable in the Yoga and Pilate studio industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same additional yoga related services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
We are mindful of the fact that there is stiffer competition amongst yoga studio businesses in the United States of America; hence we have been able to hire some of the best marketing experts to handle our sales and marketing.
Our sales and marketing team will be recruited based on their vast experiences in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of The Orient – American® Yoga Studio.
We will also ensure that our students’ becomes experts when it comes to practicing yoga; we want to build a standard and well – equipped yoga studio brand that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).
Our goal is to grow The Orient – American® Yoga Studio to become one of the top 10 yoga studio brand in the United States of America and Canada which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in New York City – New York, but also in other cities in the United States of America and Canada where we intend opening branches of yoga studio.
The Orient – American® Yoga Studio is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our yoga studio by sending introductory letters alongside our brochure to corporate organizations, households and key stake holders in New York City – New York.
- Print out fliers and business cards and strategically drop them in offices, libraries, public facilities and train stations et al.
- Use friends and family to spread word about our yoga studio
- Post information about our yoga studio and the services we offer on bulletin boards in places like schools, libraries, and local coffee shops et al
- Placing a small or classified advertisement in the newspaper, or local publication about our yoga studio and the services we offer
- Using referral networks such as agencies that will help match students and corporate clients with our yoga studio.
- Advertise our yoga studio in relevant entertainment magazines, newspapers, TV stations, and radio station.
- Attend relevant entrainment expos, seminars, and business fairs et al
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied students
11. Publicity and Advertising Strategy
We have been able to work with our branding and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to become the number one choice for both corporate clients and private students in the whole of New York City – New York which is why we have made provisions for effective publicity and advertisement of our yoga studio business.
Below are the platforms we intend to leverage on to promote and advertise The Orient – American® Yoga Studio;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community based events / programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
- Install our Bill Boards on strategic locations all around New York City – New York
- Engage in road show from time to time in targeted neighborhoods
- Distribute our fliers and handbills in target areas
- Contact corporate organizations by calling them up and informing them of The Orient – American® Yoga Studio and the services we offer
- List The Orient – American® Yoga Studio on local directories / yellow pages
- Advertise our yoga studio business in our official website and employ strategies that will help us pull traffic to the site.
- Ensure that all our yoga instructors, yoga coaches, choreographers and staff members wear our branded shirts and all our vehicles are well branded with our corporate logo et al.
12. Our Pricing Strategy
Generally for yoga studio business both per hour billing and flat fees on a weekly, monthly basis and contract applies. As a result of this, The Orient – American® Yoga Studio will charge our clients flat fees except for few occasions where there will be need for us to charge special clients on hourly basis mostly during yoga related consultancy and advisory services.
At The Orient – American® Yoga Studio we will keep our fees below the average market rate for all of our students by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to all our individual clients at regular intervals.
We are aware that there are some clients that would need special assistance, we will offer flat rate for such services that will be tailored to take care of such clients’ needs.
- Payment Options
At The Orient – American® Yoga Studio, our payment policy will be all inclusive because we are quite aware that different clients would prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;
- Payment by via bank transfer
- Payment via online bank transfer
- Payment via check
- Payment via bank draft
- Payment via mobile money
- Payment with cash
In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.
13. Startup Expenditure (Budget)
In setting up a yoga studio business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a higher amount of capital as you would need to ensure that your employees are well taken care of, and that your yoga studio environment is conducive enough for the students to learn and for clients to effectively practice yoga.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.
The materials and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a yoga studio business; it might differ in other countries due to the value of their money. However, this is what it would cost us in the United of America;
- Business incorporating fees in the United States of America will cost – $750.
- The budget for Liability insurance, permits and license will cost – $3,500
- Acquiring a space or warehouse that will be converted into the yoga studio and that can accommodate the number of students that will come to learn various dance steps for at least 6 months (Re – Construction of the facility inclusive) will cost – $150,000.
- Equipping the yoga studio (studio floor, sound system, DVD players, Pianos, Flat Screen TVs, computers, printers, projectors, markers, pens and pencils, furniture, telephones, filing cabinets, and electronics) will cost – $100,000
- Launching an official Website will cost – $500
- Amount need to pay bills and staff members for at least 2 to 3 months – $70,000
- Additional Expenditure such as Business cards, Signage, Adverts and Promotions will cost – $5,000
We would need an estimate of $350,000 to successfully launch a standard and well – equipped yoga studio center in New York City – New York.
Generating Funding / Startup Capital for the Orient – American® Yoga Studio
The Orient – American® Yoga Studio is a business that will be owned by Dr. Allan Armstrong and He will run the business with his business partners for many years Mr. Raj Casmir and Mr. Jong Singapore. They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings and sale of his stocks
- Generate part of the start – up capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about $150,000 (Personal savings $100,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $200,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting The Orient – American® Yoga Studio is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over to pick up membership in our yoga studio is to equip our facility with state of the equipment and make the yoga studio environment welcoming and conducive enough for people to effectively learn and practice yoga.
The Orient – American® Yoga Studio will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List / Milestone
- “>Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of All form of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Generating part of the start – up capital from the founders: Completed
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of Logo for the yoga studio: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, office equipment, electronic appliances and facility facelift: In Progress
- Creating Official Website for the business: In Progress
- Creating Awareness for the yoga studio in New York City – New York: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in various industries: In Progress