We've all heard one version or another of the proverb: A man is known by the company he keeps. The exact words vary but the sentiment has appeared across time and cultures for a reason.
Let's explore how we can apply the ancient wisdom of surrounding ourselves with the the right team of friends, colleagues, and professionals in order to reach those next level goals in our yoga business plan.
Completing a yoga teacher training certificate program, opening a yoga studio, or owning a business doesn't make us an automatic expert in all of the many challenges that await. But a great leader is smart enough to build a team of experts ready to call upon when the need arises.
Types of Team Members who Played a Part in our Studio’s Growth and Success:
Landlord or Building Manager - If you lease space, sometimes you need to go to the top before you take action. Cultivating a good working relationship with your landlord and his or her team can help you get repairs fixed quickly at good costs.
Business Mentors and Master Teachers — Master Classes and Yoga Teacher Trainings shouldn't be a one and done experience. Seek out master teachers and experts with whom you can continue to connect well after the course is over.
Great Yoga Teachers and Loyal Staff — Once our own yoga teacher training programs were up and running, we only hired from within. Take class at your studio to maintain quality and support your teachers.
Reliable and Affordable Yoga Studio Management Software — We could never imagine leaving Mindbody Online until it just became to expensive to justify. Contact me if you're looking for an alternative and I'll share my referral code on a studio management system I recommend.
Handy Person — we had a loyal client who was "handy." Before we called in an expert, we asked him to look over the runny toilet, leaky faucet, or loose doorknob. Daily wear and tear in a commercial space that sees a lot of traffic needs constant upkeep. Source the client base for someone who can help with minor repairs. Students are often happy to help out.
A Heating Specialist — we had a hot studio with specialized heating panels. A company engineer at the brand factory remained our point person for the duration of our studio. If you have specialized equipment, have qualified people ready to help.
Advertising Specialist — Ad teams can get very expensive, so have specific budgets and trackable goals before you start. But tactics change so quickly, it can be worth the cost to hire an expert.
Accountant — We went though 4 accounts before we finally found one who meet our needs. As your business grows, your accounting needs will change. The wrong accountant can cost you thousands of dollars (trust me - it cost us over 15k one year in over paid taxes. I was so angry.) Ask other business owners for a recommendation. Remember that your accountant works for you. You pay for services, they aren't doing you favors. Find someone who treats you with respect or find another accountant.
Local Banker — As a local business, the more you can rely on local players on your team the better off you will be. The relationship with our business bank was invaluable in helping us manage cash flow during a new studio buildout, during the pandemic to access grant money, and even helped us secure the personal mortgage on our home when it was time for us to buy property.
Local Printer — Again go local when you can instead of ordering online. A local business will take the time to meet with you and learn your needs. Since they know their products best, they can recommend solutions that we many not have thought of.
Local Retail Wholesaler — Another shop local plug here! Find someone who can attend your classes, get a feel for your community culture and really understand the products and designs that will resonate with your client base.
Mastermind Group — This can be a group of colleagues in the yoga and wellness industry, or a group of professionals/entrepreneurs outside of the industry to whom you can turn for advice and ideas. I value connections with professionals from outside the yoga business world because, business is business, and sound practices are true for every industry.
Lawyer — Find a legal pro you trust to help finalize waivers, review contracts, and guide you through any uncomfortable scenarios that arise.
Knowing that when problems arise you have a reliable expert to call is priceless for alleviating stress and solving problems quickly.
Go local as much as possible. As a bricks and mortar studio, make connections with other local businesses within your community. Forge solid relationships to get the best pricing and be poised for future collaborations. I’ve really learned that small community businesses must stick together and work together. In the long run, you will save time, money, effort, and headaches!
In Closing
You don’t have to be the expert in everything. Be the person who puts the experts together for the best possible outcome of your yoga studio business!
Is anyone missing from this list that you recommend? Please comment below to share!
Thank you and Namaste,
Lara
Lara maintains a focused intention for guest satisfaction and for positive community impact.
- Rebekah Gillette,
Integrative Nutrition Health Coach, Whole-Foods Chef & Recipe Developer
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