Incorporating any business requires some amount of funding, which could be more or less based on the business idea. If owning a yoga studio had been your dream, you might have run into the same difficulty finding funding, even if you were just wanting to open a stationery store.
But as more specialised yoga studios have emerged in recent years, you might be curious to learn how much it would cost to open one. Although this article highlights the more important cost factors for this, there may be others that need to be taken into account.
Cost to Open a Yoga Studio In Singapore, In Brief
The estimated price to build a yoga studio is $17,076.
This is a very realistic amount! After doing the math, you might want to shout this from the mountaintops!
The breakdown, in all its tabled, fabled glory, is as follows:
- Rental and other expenses for a yoga studio: $12,279 (monthly).
- Equipment for yoga: $2,304.20.
- Essentials for the shower, fixtures, and furniture: $2,492.55.
- Cost in total: $17,076.
This figure was arrived at under the following presumptions:
- You’ll be the instructor and get paid like a full-time employee.
- To fill in the gaps, like weekend classes, you’ll hire a part-time yoga instructor.
- The yoga studio is located in a prime Chinatown shophouse with an open floor plan.
- The entire 1,249 square foot space can accommodate up to 20 students at once for a regular yoga class or ten for an aerial yoga/silks class.
- The shophouse has a bathroom with a shower and a vanity area.
The following is what the calculations for the final sum do not take into account:
- Costs for a 200-hour yoga instructor certification program costs, on average, $2,650 per student (inclusive of registration fees).
- The corporate tax is levied at 17% of your studio’s yearly revenue.
- The security deposit, which we have not included as part of the total. As long as the space is returned in the same condition when your lease expires, the money will technically remain yours.
- We have only included one month’s rental in the $17,076 in this article.
You’ll need more than this guide to organise your big plans if you’re serious about starting a new yoga-style school because starting a business is easier than maintaining one.
Renting a Yoga Studio: Prices and Expenses
“Damages” per month: $12,279 (excluding one-time security deposit).
It hurts to realise how much of your income will go toward rental each month, but that is the cost of setting up your studio in a desirable area.
Many upscale yoga studios can be found in Singapore’s accessible, populated areas like Outram Park, Tanjong Pagar, Bugis, and, yes, Chinatown.
Here is a directory I have created for my fictitious yoga studio:
Following is a breakdown of monthly costs, excluding your one-time security deposit:
- The cost for rental: $6,800 (assuming it’s a 1,249-square-foot shop in Chinatown’s Pagoda Street).
- Security deposit: $13,600 (one-time; based on two months’ rent).
- Monthly pay for instructor: $3,000 (for a full-time yoga teacher) and $1,800 (for a Part-time yoga teacher).
- The cost for Wi-Fi: $89 (for a Corporate plan).
- Cost for a Spotify subscription: $9.99.
- Search engine marketing and social media: $80.
- The cost for utilities: $300.
- Maintenance for air conditioning: $200 annually.
The total amount for all the above overheads: $12,279 (excluding the security deposit).
Cost of Equipment for a Yoga Studio
The total expenses for yoga equipment: $2,304.20.
You’ll need to buy more than just yoga mats, towels, and blocks; some types of yoga also use tennis balls to relieve muscle tension, along with other accessories like knee pads and yoga straps.
Given that an aerial yoga class would logically require more space than a typical yoga session, we have only included the cost of ten aerial yoga hammocks in this article.
Costs for Essentials for Showers, Fittings, and Furniture
The total expenses for essentials for showers, fittings, and furniture: $2,492.55
These are some estimated one-time expenses you can anticipate paying, aside from shower necessities that will probably need to be replenished frequently.
Keeping Your Yoga Studio’s Costs Under Control
Knowing how long it might take you to break even is another important consideration when investing your savings in a company.
Working backwards to calculate monthly membership fees and whether you’d be able to work with third-party platforms like Classpass is crucial to ensuring you’re bringing in enough money to cover costs, especially with monthly overheads coming in at $12,279 per month.
You might also need to consider whether you’d be open to providing free yoga trials to entice new sign-ups.
And even if these numbers might seem overwhelming, it’s never too late to start building up your savings; you can do so by utilising the plethora of investment articles that are readily available online.
The Steps You Must Take to Run a Successful Yoga Studio
Many yoga instructors dream of starting and successfully operating their yoga studio. If you’re considering running your own studio, you probably have a lot of questions in mind. What must you do to successfully launch and run your yoga studio? Here are 5 suggestions for starting a profitable yoga studio.
1. Set Clear Goals and Objectives for Your Yoga Studio
Your yoga studio’s success depends on your overall vision for it, so creating a clear vision and mission statement for your yoga studio is the first step.
2. Create a Prudent Financial Strategy
The financial aspects of starting your own business are always a consideration. Check out the Chamber of Commerce’s step-by-step guide for putting together a budget for your yoga studio. Consider speaking with a professional, such as an accountant, about your plan as well.
3. Selecting an Ideal Location
The location you select will have a big impact on how successful your studio is. The area around the studio needs to have a sizable enough population to support a successful and lucrative yoga business.
This is particularly valid if your studio will be your sole source of income. A good rule of thumb is that your yoga studio should be able to accommodate a clientele of about 50 people. In that case, you can anticipate being able to sign up 100 new members for your yoga studio fairly quickly.
4. Give Your Yoga Studio a Distinctive Name
The name of your yoga studio is one of the most crucial factors. It communicates to your audience what you have to offer. The business name needs to be distinctive and must mention the primary service you are providing. For instance, you should say “HeySara Yoga Singapore” rather than “Yoga Center Singapore.”
Yoga, centre, and Singapore are not uncommon words, but “HeySara” is. By combining the two, you stand out from the other Singaporean studios while also letting people know what you have to offer and where you are.
5. Design a Marketing and Advertising Strategy
It’s time to develop a marketing strategy after determining your mission and vision statements and figuring out the logistical aspects of opening your studios, such as a budget and name. And the most vital component of marketing is your website!
You can begin making your dream of opening a yoga studio a reality by keeping these suggestions in mind. However, do not underestimate the amount of work required. Any new business requires planning, research, time, and financial investment, as well as a willingness to take risks.
Opening a yoga studio and introducing yoga into people’s lives, however, is incredibly rewarding if you are determined, work hard, and take the initiative to overcome obstacles. A yoga studio is a company that improves people’s lives by promoting both their mental and physical health.
The opening and operating of a successful yoga studio will take time. But you can realise your dream if you have a good plan and a reliable corporate service provider!