Yoga has become so much popular in the United States over the years and it is because of the proven benefits and advantages it provides. Yoga helps to increase focus and comes with several health benefits. This is the reason why you should encash this growing awareness and popularity into a profitable business idea. The business of yoga is bigger than you might have imagined. There are lots of channels to explore and many more ideas that most people are unaware.
You need to have yoga certification from a reputable institute and yoga insurance to keep yourself covered.
Most Profitable Yoga Business Ideas in 2023
1. Start Yoga Studio
The Yoga studio is a dedicated space meant for providing yoga classes, workshops, and events. It is a great Yoga business idea because people feel safe and comfortable coming together and practicing Yoga. The Yoga studio allows you to create your unique brand and market yourself in the community.
2. Offer Outdoor Classes
If you live in a temperate climate, outdoor yoga classes are a great idea and fun to teach. You may want to get in touch with the local Parks and Recreation department to get permission. Yoga and fresh air are a great combination for any yoga practitioner.
3. Teach at Yoga Retreats & Holiday Centres
The advantage of being associated with a yoga retreat and holiday centers is that it guarantees a couple of solid work days. You get the opportunity to really connect with people and add different dimensions to your yoga business. This is one of the best ways to market yourself. There will be competition but you need to dedicate and persevere.
4. Mobile Yoga Classes
Due to the ever-increasingly busy schedules of people, yoga enthusiasts find it difficult to balance yoga classes and time. As a yoga instructor, you can take yoga classes with the candidate. It could be their homes, workplaces, or schools.
5. Start a Home Yoga Studio
Starting a home yoga studio is one of the easiest paths for a yoga practitioner because it cuts down on overhead costs. But, at the same time, you need to have enough space to accommodate around 8-10 clients at a time. You should consider the impact this can have on family, as you are opening your private residence to different types of people.
6. Become an Influencer on YouTube
You can share your techniques, ideas, and facts about yoga on your own YouTube channel. You can keep your audience engaged by demonstrating your expertise and thus create a massive following. Once you have a massive following you can attract clients to your studio or yoga-related products like mats, props, and equipment.
7. Corporate well-being programs
A corporate well-being program involves activities such as providing Yoga classes to the employees at their convenience timings in the organization. It can also include providing discounted studio memberships to the employees. Other programs such as health screenings and gym memberships can also be included.
8. Online Yoga Classes
Online Yoga classes provide a massive opportunity for yoga instructors. As you can connect to a large audience through video, this segment is increasing at a CAGR of 12.6%. You can check the details in the statistics table above. It has low start-up costs and it is a better way of marketing your physical yoga studio.
9. Yoga Apparel Supplier/Retailer
As more and more people are adopting yoga as part of their routine, apparel supplies can be a good business idea. You have to select a locality wherein you find many yoga enthusiasts. You can also start an e-commerce venture which caters to Yoga and Yoga related apparel.
10. Yoga Mat Business
Yoga mat business either a wholesaler, retailer, or manufacturer can be a profitable business idea. Yoga is practiced on the floor so whoever practices yoga will always need a mat. You can start an online store and have an offline presence as well.
Why should you consider starting Yoga business?
Yoga is one of the emerging businesses across the globe because of the great health benefits it offers. This business presents a massive opportunity to enter into an industry that is growing and gaining popularity. It takes a lot of work and perseverance before you see decent results from a yoga business. The below statistics on the yoga business in the US can be your eye-opener.
| Yoga Statistics for 2023 (US) | ||
| 1 | Number of Americans practicing yoga | More than 36 million |
| 2 | Number of yoga and pilates studios in the US | 48, 547 |
| 3 | Annual earnings of the US yoga industry | $9.09 billion |
| 4 | Expected yoga industry growth from 2021 to 2027 | 9.6% (CAGR) |
| 5 | Average US yoga instructor spending on classes, equipment, and workshops | $1,080 a year |
| 6 | Expected online yoga class growth from 2021 to 2027 | 12.3% (CAGR |
| 7 | Why people practice yoga | |
| Releasing tension | 54% | |
| Becoming physically & mentally stronger | 52% | |
| Feeling happier | 43% | |
| 8 | Yoga practitioners by gender | |
| Male | 28% | |
| Female | 72% | |
| 9 | Location of where people practice yoga | |
| Home | 67% | |
| Gym | 43% | |
| Yoga Studio | 38% | |
| Outdoors | 32% | |
Pros and Cons of Yoga Business
| Pros | Cons |
| Flexibility to set your own schedule | Crowded space |
| Yoga is quite popular these days | Need to motivate students |
| Potential for high income | Time commitment |
| You can also sell yoga-related stuff | The home yoga studio is challenging |
| Positive impact on others | Time commitment |
| Daily physical activity | |
| Easy business to learn |
Frequently Asked questions
1. What is the future of the Yoga Industry?
The Yoga industry is growing by leaps and bounds. The statistics say that the Yoga industry will grow with a CAGR of 9.6% from 2021 to 2027. That is an excellent growth for any industry. You can have a look at the statistics at the beginning of this post for a better understanding.
2. How profitable is the Yoga Business?
The profitability of the Yoga business depends upon the number of students, pricing structure, revenue versus expenses split, community engagement, and more. On average, the Yoga studios have a profit margin of around 15% – 25%. Online Yoga studios are the most profitable.
3. Is Yoga a Growing Business?
Yes, the Yoga industry is definitely a growing industry. The US statistics on online Yoga Classes (You can see above), says that the expected growth from 2021 to 2027 will be 12.3% on a CAGR basis. As life is becoming busier day by day and the stress is increasing, yoga is a better option for people who have to release tension.
Conclusion
The yoga business is a lucrative industry and its growing at a rapid pace. Of late people have realized the importance of yoga for keeping minds and health in good condition. So, it’s always a wise move to be a part of a growing industry. You need to develop the expertise which will ultimately decide your profitability. The other influencing factors are marketing, the location of your business, and the actual space for yoga activities.