Yoga studios have been multiplying over the entire country at a rapid pace. Thanks to yoga teachers and studio owners sharing their practices, more people are discovering the joy of yoga each day. But yoga is a business. Parts of owning a yoga studio can feel like they detract from the studio owner’s ability to do what they love. These businesses need their business processes done — and done well — but they shouldn’t have to spend hours of their valuable time each week doing it themselves when they have so much else they could be doing.
Whether you’re a seasoned yoga instructor or just now asking “How do I start a yoga business?”, here’s why yoga studios need excellent bookkeeping without all the work.
Yoga studio owners are passionate about what they do
Yoga studio owners opened their business to have a job they’re passionate about, and to create something that has a positive impact on the world. They’ve usually left a stable job, taking on the risk of owning a business to pursue what they really enjoy doing — practicing yoga and helping others practice yoga, take care of themselves, and live a better, healthier life.
The most fulfilling part of owning a yoga studio is in the act of teaching, coaching, and spreading the joy that yoga brings.
But owning a yoga studio comes with responsibilities, just like any other job. A studio owner needs to keep up the facility, handle customer requests and complaints, and ensure operations are running smoothly. They need to keep track of expenses, memberships, and payroll. While they still get to do what they love, it comes with downsides . If they get behind on their finances or operations, it could bring down the business, and then they’d have to go back to their old job that they left in the first place.
The good news is: it doesn’t have to be like that.
Bookkeeping for yoga studio owners shouldn’t keep them from focusing on their passions
Running a yoga studio shouldn’t be about the tedious tasks (the books, the day-to-day operations). Running a yoga studio should be about showing people how yoga and mindfulness can improve their lives. It should primarily be the creative, enlightening work that inspires someone to open the studio in the first place. Bookkeeping for yoga studios doesn’t need to be an obstacle — it should be a tool that is used to achieve better balance for your yoga studio and feed its mission.
Yoga studio owners should outsource their bookkeeping to people who can focus on them full-time. It will give yoga studio owners more time to focus on the other parts of their business that are more enjoyable.
Use insights to grow your yoga community
Having solid financial data is important to yoga studio owners who don’t often have a chance to analyze their numbers. This data can address lots of questions that business owners often leave unanswered.
How much am I making on yoga apparel?
When is it time to hire another teacher?
When should I put money toward marketing?
Are my promotional rates increasing revenue long-term?
These are all questions that real-time financial data can give insights on.
Even if a studio owner loves the business side of yoga, their time is valuable, and would be better spent organizing a yoga in the park event, a webinar, or a special class for the fall equinox to promote their business than catching up on their books — not to mention more fun.
Having solid, up-to-date, accurate and insightful bookkeeping is vital for studio owners and yoga-preneurs so they can bring their customers more of what they want and less of what they don’t want — all while saving their time and energy for the tasks that are the most creative and fulfilling.
Click here if you are ready to get accurate, insightful bookkeeping for your yoga studio.