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The Business Of Yoga
Cultivate and Preserve Abundance

Get Clear: Values, Purpose & Mission

Clarity is key. There is much information that you have studied, and so many options to start! My advice is to choose one area; stay committed to that area; and grow that area.  Do the work contained in this module and stay true to your values & to your brand.

Journal Questions:

  1. Write our a visualization of you as a powerful yoga teacher. Where will you teach? What will you teach? What style of yoga classes, retreats, workshops etc., how many students will you have? Where in the world will you teach? Who will you teach with?

  2. What are your personal core values?

  3. How do your core values relate to you as a yoga teacher?

  4. What is your personal purpose? You may have to go back into your personal development module. Remember, purpose is you life’s purpose, why you are on this planet! It’s a big one! Don’t worry if you are not sure.

  5. What is your purpose as a yoga teacher?

  6. What is your personal mission? This is the HOW you will deliver your core values to the world.

  7. What is your mission as a yoga teacher? You may expand here on question 1.

  8. Are you going to brand yourself as a yoga teacher ? If so what will your name be, pick 3 fonts to use, pick 3 colors.

  9. Do you want to teach at any studios in your area? Are you aware of the studios in your area?

  10. Are you aware of the insurance requirements for your City to be able to teach yoga?

  11. If you are going to brand yourself, will you become a corporation? It is helpful to schedule a meeting with an accountant in your province / state to help you decide the benefits.

  12. Are you going to have a website? If so, ensure it is cohesive with your brand, including colors, fonts, wording. It is recommended to hire a proof reader to ensure brand copy is professional, and without typos. It is imperative to have high quality photos, and also to have the photos consistent to your brand. Get testimonials from people whom you have taught. If you ever need a letter of recommendation, please email me!

  13. What are the most effective personal development tools you have learned in your yoga teacher training? How can you use these tools for you as a yoga teacher?

  14. How will you continue your personal practice once this training is over? 

Branding

Branding is important because not only is it what makes a memorable impression on consumers but it allows your customers and clients to know what to expect from your company. It is a way of distinguishing yourself from the competitors and clarifying what it is you offer.

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Creating Your Business Plan

Types of Business Plans

There are different types of business plans for different types of businesses. If you intend to seek financial support from an investor or financial institution, a traditional business plan is a must. This type of business plan is generally long and thorough and has a common set of sections that investors and banks look for when they are validating your idea.

If you don't anticipate seeking financial support, a simple one-page business plan can give you clarity about what you hope to achieve and how you plan to do it.

Plan Your Finances

Starting a small business doesn't have to require a lot of money, but it will involve some initial investment as well as the ability to cover ongoing expenses before you are turning a profit. Put together a spreadsheet that estimates the one-time startup costs for your business (licenses and permits, equipment, legal fees, insurance, branding, market research, inventory, trademarking, grand opening events, property leases, etc.), as well as what you anticipate you will need to keep your business running for at least 12 months (rent, utilities, marketing and advertising, production, supplies, travel expenses, employee salaries, your own salary, etc.). Those numbers combined is the initial investment you will need.

You can also attempt to get your business off the ground by bootstrapping, using as little capital as necessary to start your business. You may find that a combination of the paths listed above work best. The goal here, though, is to work through the options and create a plan for setting up the capital you need to get your business off the ground.

Choose a Business Structure

Your small business can be a sole proprietorship, a partnership, a limited liability company (LLC) or a corporation. The business entity you choose will impact many factors from your business name, to your liability, to how you file your taxes. You may choose an initial business structure, and then reevaluate and change your structure as your business grows and needs change. Depending on the complexity of your business, it may be worth investing in a consultation from

an attorney or accountant to ensure you are making the right structure choice for your business.

Pick and Register Your Business Name

Your business name plays a role in almost every aspect of your business, so you want it to be a good one. Make sure you think through all of the potential implications as you explore your options and choose your business name. Once you have chosen a name for your business, you will need to check if it's trademarked or currently in use. Then, you will need to register it. A sole proprietor must register their business name with either their state or county clerk. Corporations, LLCs, or limited partnerships typically register their business name when the formation paperwork is filed. Don't forget to register your domain name once you have selected your business name. Try these options if your ideal domain name is taken.

Get Licenses and Permits

Paperwork is a part of the process when you start your own business. There are a variety of small business licenses and permits that may apply to your situation, depending on the type of business you are starting and where you are located. You will need to research what licenses and permits apply to your business during the start-up process.

Choose Your Accounting System

Small businesses run most effectively when there are systems in place. One of the most important systems for a small business is an accounting system. Your accounting system is necessary in order to create and manage your budget, set your rates and prices, conduct business with others, and file your taxes. You can set up your accounting system yourself, or hire an accountant to take away some of the guesswork. If you decide to get started on your own, make sure you consider these questions that are vital when choosing accounting software.

Set Up Your Business Location

Setting up your place of business is important for the operation of your business, whether you will have a home office, a shared or private office space, or a retail location.

 

 You will need to think about your location, equipment, and overall setup, and make sure your business location works for the type of business you will be doing. You will also need to consider if it makes more sense to buy or lease your commercial space.

Get Your Team Ready

If you will be hiring employees, now is the time to start the process. Make sure you take the time to outline the positions you need to fill, and the job responsibilities that are part of each position. The Small Business Administration has an excellent guide to hiring your first employee that is useful for new small business owners. If you are not hiring employees, but instead outsourcing work to independent contractors, now is the time to work with an attorney to get your independent contractor agreement in place and start your search. Lastly, if you are a true ‘solopreneur’ hitting the small business road alone, you may not need employees or contractors, but you will still need your own support team. This team can be comprised of a mentor, small business coach, or even your family, and serves as your go-to resource for advice, motivation and reassurance when the road gets bumpy.

Promote Your Small Business

Once your business is up and running, you need to start attracting clients and customers. You'll want to start with the basics by writing a unique selling proposition (USP) and creating a marketing plan. Then, explore as many small business marketing ideas as possible so you can decide how to promote your business most effectively. Once you have completed these business start-up activities, you will have all of the most important bases covered. Keep in mind that success doesn't happen overnight. But use the plan you've created to consistently work on your business, and you will increase your chances of success.

Small Business Plans Explained

In it's simplest form, a business plan is a document that outlines the basics about your business, products, and services; the market you are targeting; the goals you have for your business; and how you will achieve those goals.

 

 A business plan is one of several important plans you should have when you are starting a business, the others being a marketing plan and a financial plan. Your business plan should pull all three of these plans together, incorporating elements of your marketing plan and your financial plan into a comprehensive document. Think of your business plan as a map or blueprint that will guide your business from the start-up phase through establishment and eventually business growth.

Why You Really Do Need a Business Plan?

There are many reasons why you need a business plan, although these reasons vary by the type of business you are starting and how you intend to use your business plan. But the common thread for all businesses is that a business plan is necessary.

After all, how can you get your business launched and thriving without any type of written plan to help you?

A business plan is required if you are going to apply for a bank loan, or bring in a business partner. You won't truly be able to qualify your business idea without understanding your target market, researching the competition, and conducting a feasibility analysis — all parts of a business plan.

A good small business plan not only outlines where you are and where you want to be, but also helps you identify the specific actions you need to take to get there.

A business plan can provide essential background information on your business strategy, and culture to employees, including managers and staff, as your business grows. The financial section of your business plan can be the basis of your business budget and a useful tool for managing cash flow on a monthly basis.

Traditional Business Plans vs. One-Page Business Plans

There are actually many types of business plans, including start-up plans, internal planning documents, strategic plans, operations plans, and business plans created to focus on growth. Each of these types of business plans have different objectives, but all of these versions generally fall into one of two primary formats — a traditional business plan (also called formal or structured) or a simplified business plan (often called a lean or one-page business plan).

A traditional business plan is what most small business owners think about (and often fear) when they hear the term "business plan." It is usually a long and very formal document that has a vast amount of information and is pretty overwhelming for many new business owners.

A traditional business plan typically includes the following sections: Executive Summary: A highlight of the most important information in your document (in case this is the only section read before a decision is made).

Traditional business plan takes a long time and an immense amount of research to complete. The good news is that not every business needs a traditional business plan. That brings us to the second business plan format — the simple or one-page business plan.

 

A one-page business plan is a streamlined and brief business plan that you can use as-is or as a starting point for a traditional business plan. While this is a leaner version of the traditional business plan, you will still need to gather information that is specific to your business in order to create a plan that is truly useful for you. 

One mistake many small business owners make is creating a business plan because they are told they need one, and then completely forgetting about it. Once you have business plan created, consider it an internal tool you use on an ongoing basis in your business, updating it as necessary so it remains current. Remember that the most effective small business plans are those that are used as a living document in the business to help guide decisions and keep your business on track. 

Retreats & Workshops

Retreats & Workshops are the next step to teaching yoga, meditation & breath work classes.  It is a good business idea to begin to build your student base from your classes, and then you are ready to market your retreats & workshops.  This doesn’t mean you have to have thousands of students or followers; but you are looking for consistency. 

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