How To Write A Yoga Business Plan

A business plan is beneficial for many reasons. You can use it to keep your business on track with your vision and goals, use it to plan for expansion or use it to attract new investors or a business partner. 

Topics to cover

The Business

Summarise the business background or if a new business, where the idea/concept has come from. 

Business Ownership

Detail how the business is set up e.g. a sole proprietorship, partnership, limited company, charity or not for profit.

Management Structure

Outline the management structure of the business.

Ask yourself who will manage the business, is it managed by the owners/is there a board of directors, do certain partners make all management decisions. Consider who is the decision maker, will the business be managed by a hired manager.

Organisational Timeline

Identify and schedule the key milestones you want to achieve. It is a good idea to list ones already complete. Milestones can include, market research, securing premises, sourcing a product supplier, marketing campaigns, recruitment, setting up software etc.

Business Goals and Objectives

Summarise what you want to achieve as a business. Your goals should be SMART - specific, measurable, attainable, relevant and time bound. 

Product or Service Offered

Provide a short summary of what product or service your business provides. Remember to include future products/services. 

Business Target Market

Who is your product or service aimed at, consider the demographics, geographic and values and beliefs of your ideal customer.  

Pricing Strategy

Review your costs, profit margins, competitors pricing. Are you targeting the high end luxury market? What pricing is typical within the local marketplace? Does the quality of your product or service allow you to charge more than your competitors?

Consider monthly subscriptions and block booking of beginners classes to ensure you always have guaranteed source of income.

Marketing Plan 

Define your target market’s demographics and where and how you plan to market to them. Consider how your customers will find you, what is your budget. What is your unique selling point? 

Business Competitors

List who else is offering a similar product or service. Remember to consider competition from online providers.

Operations 

Describe the daily operations for your business, what are your opening hours. Outline a typical day. Outline your facilities, premises, what staff do you require, how much are you paying them, training them? List the assets the business owns e.g. office furniture, computers, premises, intellectual property. 

Costs 

If you are a new business, you should provide projected information showing what you expect in the coming years. If your business has been in business for a while, you should include actual information for recent years as well as your projections for the future.