In an increasingly busy world, meditation businesses are on the rise.
Modern professionals need more than a few hours at home to relax. Meditation classes and one-on-one sessions are popular because they help people to unwind, get in touch with themselves, and work through personal issues as a form of internally focused therapy.
If you are looking to start your own meditation business, all you need are a few basic steps. Let's walk through the process of starting a meditation business step-by-step.
First, you'll need a name. Your entire brand from the logo to the venue decoration will likely have something to do with the name you choose. Every business founder chooses a business name based on their own reasons and influences.
Next, you'll need a rough business plan. This is where you think carefully about every aspect of your upcoming steps and map them out with approximate logistics and costs. How big a space do you need? How many lessons can you comfortably host a day? What are your predicted costs? What will you need to charge per student and lesson? Write it all out as a plan.
Register your business name and officially incorporate so that you are a legal business entity as you get started. Once registered, you can open a bank account for your business and start working through the business entity rather than handling everything with your personal information and finances.
Once the basics are covered, it's time to pick a location to transform into your meditation studio. If you choose to, you can host meditation classes in your home but if your business takes off, you will be looking for a commercial space to expand so it's worth checking out your options now.
Commercial locations lend greater legitimacy and make your meditation studio easier to find. Fortunately, you don't need a lot of space or very many internal fixtures to make a great meditation studio. Often, your best opportunities will be a space in a quiet shopping centre or in an accessible office building. When you find the right place, be sure to negotiate before signing your commercial lease.
The next step is to make the space your own. Starting a new business, you'll want to create a beautiful and peaceful studio without going all-out on the budget. Focus any serious decoration budget on any renovation changes you may need, like new floors or updated bathrooms, if necessary.
For the rest, don't be afraid to source your decorations from second-hand stores, antique stores, thrift shops, and flea markets. You can make a wonderful place of peace without breaking your budget.
To create back offices, all you need are a few oriental screens or perhaps cubicle walls. Especially if there's a chance you'll be expanding to somewhere bigger in a couple years.
Once you're decorated, figure the cost of any supplies you need for your actual meditation lessons. Yoga mats, cushions, a sound system, a collection of music tracks and other things involved in lessons will need to be purchased before you open your doors.
Now that you've got a business and a space, it's time to refine your plan. Figure out your business hours and the times in each day you'll be offering lessons. Remember to diversify your meditation sessions, as people come to meditate for different reasons. Some come just to relax and clear their minds. Some come to find themselves and improve their relationships. You may want to start a session for expecting mothers who need to relax, for artists looking to expand their creative thought, and other potential niches in your area.
One of the best things you can do for a brand new business is to join a business community, like International Institute for Complementary Therapists (IICT). Through a professional community, you can gain access to networking connections, recommended suppliers, friendly support, and community advice. These are things every business needs and your meditation business can benefit significantly from IICT community connections.
Before you open your doors, it's important to have business insurance in place. There are several types of business insurance that your meditation business will need. You'll want insurance on your premises and possessions, often called property insurance. You'll want product liability and professional liability insurance, in case of lawsuits. Business interruption insurance protects your revenue from temporary closures.
Time to make your final monetary calculations. Now that you have the location and the insurance, you know your general overhead expenses including rent, the approximate cost of utilities, professional membership and insurance costs. In addition, you'll want to calculate the cost of any supplies you will use monthly like incense, tea, candles, and things you may give to students and loyalty members as complimentary gifts. These are also part of your overhead.
From there, calculate how much you will need to charge per class per month to break even and then to make an acceptable profit. Naturally, you'll want to recoup your initial investment costs as well. Make sure you're prepared to meet your revenue goals with balanced finances.
Once your business is completely ready, start your marketing campaign. Build your online presence, send out flyers and mailers, and reach out to your target niche audiences. Get in touch with your professional community for advice on how to specifically market your meditation business and consider partnering with a marketing agency or professional that understands the therapeutic industry and how to reach your future clients.
As your marketing efforts spread, students will begin arriving at your door. You are now ready to welcome them and begin hosting classes. Give each student and class your full attention no matter how small the class may be. You are officially in business and maintaining your advertised schedule is key. Lay out the mats, light the candles, and let them come to you.
Finally, don't forget to make plans for growth. If your classes swell, you may want to hire additional meditation teachers to hold more sessions. Consider offering one-on-one and family guided meditation and know when it's time to move to a bigger building.
Starting a meditation business can be a wonderfully rewarding and successful endeavour. When you become a member of IICT, you gain the benefit of not just the community resources, but also insurance for yourself and other meditation teachers. Check out our membership options to get started.