by Yoga Digest | December 16, 2022 11:12 pm
If you are passionate about yoga and you have decided to turn it into a business, then congratulations. It is a big step but an extremely rewarding career. However, before you can start teaching, you will need to take care of the paperwork and make sure you have everything you need to be successful. Here are six things to put in place before you open your yoga business.
Certification
You will need to get a yoga teaching certificate before you can do anything else, and this can take you up to a year to complete. Once you are qualified it is a good idea to get some hands-on experience at another gym or studio to gain some experience before you go it alone.
Licenses
You will need a business license to open your yoga business in most states. You may also need other licenses to practice yoga depending on which state you set up your business in, so do your own checks rather than asking another yoga instructor online who may be from a different state. It is important to check this before you start taking on students and obtaining the correct licenses.
Location
Nothing would be more embarrassing than having a bunch of students turn up expecting a class and having nowhere to hold it. You should organize well in advance. You can hire a hall or yoga space if you plan on teaching a couple of evenings per week or even build your own studio if you are looking for a more ambitious project.
Insurance
All small businesses need insurance, and this depends on what type of business you are opening. For example, you may need different insurance if you are teaching online than if you are taking a physical class. Insurance can even differ in a physical class depending on whether you are hiring a hall to teach or opening your own studio. Don’t lose sleep thinking ‘?’ – get some professional advice instead.
Legalities
Legally you will have to form a legal entity to start trading so that your business is set up correctly. You can decide whether you want to be a sole trader and work on your own; in a partnership, if you are going into your yoga business with another person; or in a limited liability company, if you are setting up a more corporate venture.
Accounting
This is probably the least fun part of opening a yoga business, but it is one of the most important. You will have to register to pay taxes and keep accounting records of your profit and loss. It is a good idea to open a business bank account so that your money is kept separate. That way it makes accounting easier. if you have a good head for figures or you can hire someone who can take care of that side of things for you. Teaching yoga could be the best decision you have ever made but you do need to sort out the technicalities before you can get stuck into your new venture.
Source URL: https://yogadigest.com/6-things-to-put-in-place-before-opening-your-yoga-business/
Copyright ©2024 Yoga Digest unless otherwise noted.