Experiencing the success of your yoga studio can be such an exciting feeling. It would make sense that after a certain amount of time inspiring the community would make you want to take the next step and expand your business.
But when is the right time to do that? What sorts of things should you take into consideration before you secure a new location? Choosing the right space, designs, and figuring out operations can take a bit of time, so it’s important to plan ahead and make sure you have lined up all the necessary details.
Look at the Books
One of the biggest considerations is your financial situation. It wouldn’t make sense to pursue opening a new yoga studio if your current one isn’t financially stable enough for you to step away and invest in something else. Revisit your financial records from when you opened your yoga studio, to remind yourself of what everything cost you the first time around. Everything needs to be factored in: equipment, rent, insurance, advertising, and supplies are just some of your necessary expenses. Having done this once before, you should now have a better idea of final costs, when compared to what you had originally budgeted for.
Location, Location, Location
Before you can commit to opening a second yoga studio, you’ll have to find the perfect location. Where you end up will greatly affect the success of your business and factors such as cost, demographics, safety, and neighbourhood should be taken into consideration when deciding where to rent or buy.
Since yoga has become an ever-popular activity, it is likely that there are a number of yoga studios in your community. While healthy competition can be a good thing, you also want to make sure that you choose a spot that’s far enough away from another studio to not have to always directly compete for local members. If this is not possible, make it a priority to learn about the yoga studios in your neighborhood and differentiate your own studio by, for example, offering alternate styles of yoga.
Stay on Brand
Opening another studio is the perfect opportunity to strengthen your business’ brand. While your new studio doesn’t necessarily have to look exactly the same as your original one, echoing design elements from the first studio can help cement your yoga business’ personality. This can help give you a major competitive advantage, as your business becomes more easily recognizable among other studios.
Make It Social
One of the most important factors when deciding to open your second yoga studio is sharing the happy news with your members and the community. It’s also a great opportunity to attract, engage, and retain your students, which makes understanding why you should prioritize social media, relevant statistics, unique campaigns (such as influencer marketing campaigns), and when and how to engage with prospects and students so important.
Some of the best studios use Instagram, Facebook and other social networks to widen their reach and connect with prospective students in a cost-effective manner. Find out how by downloading a copy of our free ebook, Spend More Time on the Mat, to make the most out of your social media platforms.