Are you about starting a yoga retreat company? If YES, here is a detailed sample yoga retreat business plan template & FREE feasibility report.
If you have been contemplating on starting a Yoga business but you don’t know how to go about it because of the existing competition, then you no longer have a mountain to surmount. This is because you can actually start a Yoga retreat business and still make good returns on your investment and also make a name in the industry.
A Yoga retreat involves travelling with your clients to a place that is surrounded by natural beauty. You can help them relax their body, mind, and soul by taking the practice of yoga and meditation on the beaches or in the shadow of towering mountains. Below is a sample yoga retreat business plan template that will help you successfully write yours with little or no stress.
A Sample Yoga Retreat Business Plan Template
1. Industry Overview
Yoga is a physical, mental, and spiritual practice or discipline that focuses on breath control, flexibility and strength that originated in india; and Pilates is a body conditioning routine used to build strength and flexibility. Yoga retreat business is part of the Yoga and Pilates industry and this 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 by more health-conscious individuals participating in yoga.
A Yoga studio does not rely on teaching Yoga classes to their students and members, they are also leveraging on the increasing 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.
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 show that the spread and location of Yoga and Pilates studios is highly correlated to population spread. That is why the more populated regions, such as the Southeast, West and Mid-Atlantic, tend to have the greatest number of Yoga and Pilates Studios.
Statistics has it that in the United States of America alone, there are about 43,702 registered and licensed Yoga and Pilate studios (Yoga retreat businesses inclusive), responsible for directly employing about 147,591 people and the industry rakes in a whooping sum of $12 billion annually.
The industry is projected to grow at 9.9 percent annual growth within 2014 and 2019. It is important to state that no company can boast of having largest market share in the industry.
The Pilates and Yoga Studios industry has benefited from the burgeoning number of individuals that participate in yoga.
According to the Yoga Journal’s “Yoga in America” study, 36.7 million Americans participated in yoga in 2016 (latest data available), up from 20.4 million in 2012. Furthermore, an estimated 80.0 million Americans are expected to try yoga in the coming years, indicating further interest in industry services.
Yoga studios have appealed to health-conscious individuals over the five years to 2018, and 61.0 percent of yoga participants surveyed for the Yoga Journal study reported using yoga to enhance flexibility, followed by stress relief (56.0 percent), general conditioning (49.0 percent), overall health (49.0 percent) and physical fitness (44.0 percent).
Beyond every reasonable doubt, the multibillion-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.
Any entrepreneur who is trained in Yoga can successfully launch his or her Yoga and Pilates Studio and make great gains from the industry because the industry is still growing and more people are becoming aware of the immense benefits they stand to gain when they enroll in a Yoga class.
2. Executive Summary
Nature Connect® Yoga Retreat, Inc. is a licensed Yoga retreat company that is designed to take her clients to top Yoga retreat destinations such as Anamaya Resort and Blue Osa, Costa Rica, Kalani Oceanside, Hawaii, The Sanctuary, Thailand, Ananda Spa, India, Phool Chatti Ashram, India, Omega Institute, New York and Bali Spirit Festival, Bali.
We also run a Yoga retreat facility where kids, teens, and adults learn and practice Yoga in a fun – fulfilled and relaxing atmosphere. We will operate from our yoga studio and the studio will be located in – between a well – populated residential estate and a business district in in New York City – New York, United States.
Nature Connect® Yoga Retreat, Inc. is a client-focused and result driven Yoga retreat business that provides easy to learn Yoga at an affordable fee that won’t in any way put a hole in the pocket of our clients. We will offer standard and professional Yoga training services in a highly secured and conducive learning environment.
We will ensure that we work hard to meet and surpass all our clients’ expectations as it relates to their goals of enrolling to go on a Yoga retreat with our organization.
Our Yoga retreat facility will be well – equipped with wood-sprung floors, a comfortable lobby with flat screen TVs, and different locker rooms 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 Nature Connect® Yoga Retreat, Inc., our clients’ overall best interest would always come first, and everything we do will be 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 when embarking on a Yoga retreat.
Our overall business goal is to position Nature Connect® Yoga Retreat, Inc. to become the leading brand in the Yoga and Pilates industry in the whole of New York City, and also to be amongst the top 10 Yoga retreats in the United States of America within the first 5 years of operation.
Nature Connect® Yoga Retreat, Inc. is founded by Dr. Pius Landers and He will run the business with his business partners Mr. Raj Casmir and Mr. Jong Singapore. Dr. Pius Landers 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
Our intention of starting our Yoga retreat business is to help individuals and organizations learn and practice yoga in a conducive and relaxing environment away from their home and comfort zones; 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 encourage healthy lifestyle.
Lastly, we are also in the Yoga retreat business to make profits 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;
- Operate our retreat location
- Pilates and yoga classes in a retreat location
- Personal training involving Pilates and yoga activities in a retreat location
- Workshops and seminars on Yoga in a retreat location
- Pilates and yoga accreditation training in a retreat location
- 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 retreat business that will become the number one choice for both individuals and corporate organizations in New York City.
- Our mission is to provide affordable professional and highly effective yoga retreat facility and services to a wide range of clients that cuts across different divides.
- We want to help our clients to temporarily leave behind the usual distractions.
- Our overall business goal is to position Nature Connect® Yoga Retreat, Inc. to become one of the leading yoga retreat brands in the industry in the whole of New York City, and also to be amongst the top 10 Yoga retreat brands in the United States of America, within the first 5 years of fully running the business.
Our Business Structure
Nature Connect® Yoga Retreat, Inc. will build a solid business structure that can support the growth of our Yoga retreat business. We will ensure that we hire competent hands to help us build the business of our dream. Below is the business structure that we will build Nature Connect® Yoga Retreat, Inc. on;
- Principal Partner/Chief Executive Officer
- Studio Administrator
- Yoga and Pilate Instructors
- Accountant/Bursar
- Marketing and Sales Executive
- Client Service Executive
- Front Desk Officer
5. Job Roles and Responsibilities
Principal Partner/Chief Executive Officer:
- Responsible for providing direction for Nature Connect® Yoga Retreat, Inc.
- 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 Nature Connect® Yoga Retreat, Inc.
- Coordinate all arms of the business and develop curriculum for Nature Connect® Yoga Retreat, Inc.
- Evaluates the success of the business
- Reports to the board of Nature Connect® Yoga Retreat, Inc.
Studio Administrator
- Responsible for overseeing the smooth running of HR and administrative tasks for Nature Connect® Yoga Retreat, Inc.
- Regularly hold meetings with key stakeholders to review the effectiveness of the business Policies, Procedures and Processes
- Defining job positions for recruitment and managing interviewing process
- Carrying out induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversee the smooth running of the daily activities of Nature Connect® Yoga Retreat, Inc.
Yoga and Pilate Instructors/Coaches
- Lead the team traveling to a Yoga retreat location
- Responsible for training clients on all aspects of Yoga practice
- Guide clients during Yoga sessions
- Create stimulating or soulful soundtrack for clients
- Help clients try something new
- Read yoga or spiritual texts and books.
- Attending promotional events, such as photo sessions, for the show or event they are participating in.
Marketing and Sales Executive
- Identify, prioritize, and reach out to new clients, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts
- Writing 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
- Document all customer contact and information
- Represent Nature Connect® Yoga Retreat, Inc. in strategic meetings
- Help increase sales and growth for Nature Connect® Yoga Retreat, Inc..
Accountant/Bursar
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports
- 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
- Ensuring compliance with taxation legislation
- Handles all financial transactions for Nature Connect® Yoga Retreat, Inc.
- Serves as internal auditor for Nature Connect® Yoga Retreat, Inc.
Client Service Executive
- Welcomes clients 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 people 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
Nature Connect® Yoga Retreat, Inc. 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 retreat business that can favorably compete in the industry in the United States.
Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Nature Connect® Yoga Retreat, Inc. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Nature Connect® Yoga Retreat, Inc.;
- Strength:
Our central strength lies in the power of our team; our workforce. We have a team that are considered experts in the Yoga and Pilate studio industry, a team with excellent qualifications and robust experience in professional yoga training and practice.
Aside from the synergy that exists in our carefully selected faculty members and our strong online presence, Nature Connect® Yoga Retreat, Inc. is in partnership with some of the leading Yoga retreat locations all around the world and our customers usually get discounts. With that, we know we will attract loads of clients from the first day we open our doors for business.
- Weakness:
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 the publicity of our business the way we intend going about it.
- Opportunities:
As per capita disposable income rises, more individuals will have the financial resources necessary to purchase one-on-one Pilates and yoga classes, as well as classes sold in bundle packages. In addition, higher per capita disposable income may benefit the industry by stimulating consumer demand for its ancillary products (e.g. merchandise and supplements).
Per capita disposable income is expected to increase in 2018, presenting a potential opportunity for the industry. In essence, increased participation and emphasized health merits will boost industry demand going forward.
- Threat:
Typically, fitness clubs appeal to consumers on the basis of convenience, affordability and variety. Some start-up yoga companies have entered the market with on-demand websites that stream yoga courses online, further adding to external competition. External competition is expected to increase going forward, presenting a potential threat to the industry.
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 classes easy for students to adapt to and you should have loads of testimonies from your students.
The truth is that if your student experienced 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 being practicing Yoga for a long time have reported musculoskeletal and mental health improvements, as well as reduced symptoms of asthma in asthmatics, hence the increase in business activity.
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. Yoga is also used as a complete exercise program and physical therapy routine which is why it is now becoming trendy.
8. Our Target Market
The target market for a yoga retreat business is broad and of course all encompassing. Nature Connect® Yoga Retreat, Inc. is positioned to offer a wide range of related services to a wide range of clients with health challenges. Below is a list of the clients that we have specifically design our services for;
- Working Class Adults/Corporate Executives
- Sport Clubs (Cheerleaders and choreographers et al)
- Kids
- Celebrities
- Sports Men and Women
- College Students
Our Competitive Advantage
The Yoga and Pilate studio industry is indeed a very prolific and highly competitive industry. Clients will only enroll in your studio or hire your services if they know that you can 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.
Nature Connect® Yoga Retreat, Inc. might be a new Yoga retreat business in New York, but we have a team of experts in the Yoga and Pilate industry, a team with excellent qualifications and experience.
We can boast of having business relationship with operators of top Yoga retreat destinations such as Anamaya Resort and Blue Osa, Costa Rica, Kalani Oceanside, Hawaii, The Sanctuary, Thailand, Ananda Spa, India, Phool Chatti Ashram, India, Omega Institute, New York and Bali Spirit Festival, Bali.
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 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 objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Nature Connect® Yoga Retreat, Inc. is established with the aim of maximizing profits in the Yoga and Pilate studio industry and we are going to ensure that we do all it takes to attract clients on a regular basis. Nature Connect® Yoga Retreat, Inc. will generate income by offering the following services;
- Operate our retreat location
- Pilates and yoga classes in a retreat location
- Personal training involving Pilates and yoga activities in a retreat location
- Workshops and seminars on Yoga in a retreat location
- Pilates and yoga accreditation training in a retreat location
- Merchandise sales (Yoga and Dance related shoes, clothes, and other dance accessories)
10. Sales Forecast
One thing is certain, there would always be clients that would need that extra push in other to acquire Yoga skills. We are well positioned to take on the available market in New York City and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow our Yoga retreat business and our clientele base.
We have been able to examine the Yoga and Pilate studio industry – market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below is the sales projection for Nature Connect® Yoga Retreat, Inc., it is based on the location of our Yoga retreat business and the wide range of yoga classes and dance related services that we will be offering;
- First Fiscal Year (FY1): $350,000
- Second Fiscal Year (FY2): $550,000
- Third Fiscal Year (FY3): $850,000
N.B: This projection was 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 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 are stiff competitions amongst Yoga retreat 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 experience 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 Nature Connect® Yoga Retreat, Inc. We will also ensure that our clients’ becomes experts when it comes to practicing yoga.
Our goal is to grow Nature Connect® Yoga Retreat, Inc. to become one of the top 10 Yoga retreat brands in the United States of America which is why we have mapped out strategies 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.
Nature Connect® Yoga Retreat, Inc. is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our yoga retreat business by sending introductory letters alongside our brochure to corporate organizations, households and key stake holders in 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 retreat business
- 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
- Place a small or classified advertisement in the newspaper, or local publication about our yoga retreat business and the services we offer
- Using referral networks such as agencies that will help match students and corporate clients with our yoga retreat center.
- Advertise our yoga studio in relevant entertainment magazines, newspapers, TV 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. Below are the platforms we intend to leverage on to promote and advertise Nature Connect® Yoga Retreat, Inc.;
- 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 Billboards on strategic locations all around New York City – New York
- Distribute our fliers and handbills in target areas
- Contact corporate organizations by calling them up and informing them of Nature Connect® Yoga Retreat, Inc. and the services we offer
- List Nature Connect® Yoga Retreat, Inc. on local directories/yellow pages
- Advertise our Yoga retreat 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
Nature Connect® Yoga Retreat, Inc. 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 Nature Connect® Yoga Retreat, Inc. 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.
- Payment Options
The payment policy adopted by Nature Connect® Yoga Retreat, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Nature Connect® Yoga Retreat, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via POS
- Payment via online bank transfer
- Payment via check
In view of the above, we have chosen banking platforms that will enable our clients make payment for services rendered without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfers.
13. Startup Expenditure (Budget)
In setting up a Yoga retreat facility 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 need a higher amount of capital as you need to ensure that your employees are well taken care of, and that your yoga facility is conducive enough for the students to learn and for clients to effectively practice yoga.
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 retreat 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 retreat center and that can accommodate our students for at least 6 months (Re – Construction of the facility inclusive) will cost – $250,000.
- Equipping the yoga retreat facility (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 – $700
- 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 $450,000 to successfully launch a standard and well – equipped yoga retreat facility/business in New York City – New York.
Generating Funds/Startup Capital for Nature Connect® Yoga Retreat, Inc.
Nature Connect® Yoga Retreat, Inc. will be owned by Dr. Pius Landers and He will run the business with his business partners; Mr. Raj Casmir and Mr. Jong Singapore. The business will be financed by them hence they decided to restrict the sourcing of the startup capital for the business to just three major sources.
These are the areas we intend generating our startup capital;
- Generate part of the startup capital from personal savings and sale of his stocks
- Generate part of the startup 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 $300,000 from our bank. All the papers and documents have 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 number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business close shop.
One of our major goals of starting Nature Connect® Yoga Retreat, Inc. is to build a business that will survive off its own cash flow without 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 make use of our yoga retreat facility is to equip our facility with state of the art equipment and make sure the environment is conducive enough for people to effectively practice yoga.
Nature Connect® Yoga Retreat, Inc. 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 retraining 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: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Generating part of the startup 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
- Printing of 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 studio in New York: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with operators of top yoga retreat facilities, vendors and key players in various industries: In Progress