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Business Plan for BodyWorks Yoga & Wellness Studio

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by

Robin Watters

on 6 May 2015

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Transcript of Business Plan for BodyWorks Yoga & Wellness Studio

Business Plan for BodyWorks Yoga & Wellness Studio
By: Robin Watters, Cody Colon, John Bannerman

Business Overview
Vision:
improve circulation, improve kinesthetic sense, improve balance and coordination, stretch major muscle groups, improve respiration and oxygenation, learn to relax at will, refresh and recharge your mind, recognize and release muscle tension, improve concentration, and begin to communicate with your body.
Products & Services
Vinyasa Yoga & Kickboxing Classes
Vinyasa Yoga
Pricing:
Class Cards: 10 Class Card-
$120
30 Class Card-
$350
Never Expire
Monthly Unlimited (3 mo. commitment)-
$80
One Month Unlimited (no commitment)-
$100
Drop In Class-
$15
New Member-
$45 for first month, normal rates after that
Industry Overview
Yoga is increasingly popular among U.S. adults and children.
6% of adults tried Yoga in 2002, jumped to 10% in 2012
400,000 children tried Yoga in 2007, jumped to 1.7 million in 2012
Overview
Business Overview
Products & Services
Industry Overview
Marketing Strategy
Operations Plan
Financial Plan
Executive Summary
Kickboxing
Pricing:
Class Cards:

10 Class Card
-$115
30 Class Card
-$335
Monthly Unlimited
(3 mo. commitment)-$70
Monthly Unlimited
(no commitment)-$90
Drop In Class
-$13
New Member:
$50 for first month, normal rates after that
Kickboxing Statistics
Industry Overview Continued...
Can see that both the Yoga and Kickboxing industries are pretty popular among a range of ages.
Only 1 Yoga Studio within 10 miles and 2 within 5 miles.
There are no Kickboxing classes offered within 10 miles.
Marketing Strategy
SWOT Analysis
Strengths
Strong market. Yoga and kickboxing are workouts that are very popular in the United States. Being that our business offers Yoga as well as kickboxing classes it opens up a whole new market for us.
Maintaining a focus on product innovation.
Knowledgeable and experienced staff dedicated to providing clienteles with the best possible results.

Weaknesses
Depends on outside source for equipment. There are other Yoga and Kickboxing classes offered within a 10 mile radius.
Brand new studio which is unknown to the community.

Opportunities
Expansion to other locations is a possibility in the future. There are plenty of community events in the surrounding towns that we can attend to get word of mouth out about our business.
Growing demand of health and wellness services.
Lack of Yoga and Kickboxing studios in the immediate area.

Threats
Indirect and direct competition from companies that already exist in the market.
Competition from other health and wellness centered industries.

Market Analysis
Market Size & Trends
In 2012 there were 20.4 million people who practiced yoga.
That was a 29% increase from 2008 and the market is continuing to grow as more men and baby boomers try yoga.
As an industry yoga is continuing to grow at about 2.8% a year.
Target Market
Currently, everyone who wants to try yoga.
Marketing to men will be important.
47% of people who want to try yoga but do not know where to start are men.
Market Profitability
As growth with the market industry profitability entered its 6th consecutive year of growth in 2013 there is an average of 3.8% revenue growth and the estimated market value of $8.1 billion.
Key Success Factors
Growth is fueled by price standardization, where yoga studios used to be funded by donations.
Rising demand is also helping to make yoga a growing and more profitable industry.
Marketing Ideas
Word of Mouth
Flyers
Social Media
Creating a Website
Taking out an Ad
Financial Plan
Initial Start Up Cost
Monthly Expenses
Yoga Expenses
Kickboxing Expenses
Small Chairs or Couches
: $900
Mirrors:
$200 for 6'x8' mirror * 10 = $2,000
Initial Marketing Costs
: $800
Water Supply:
$100, water cooler hooked up to water hookup
Stationary:
$1,000
Business Registration Fee:
$250
Trademark Name Fee
: $500
Toiletries:
$60
_______________________________________________
Total:
$5,610
Initial Equipment
Most customers bring own equipment.
We will have a stock just in case.
Yoga Mats:
$9 x 25 mats = $225
Initial Equipment
Bags:
$1,000
Pads:
$90 x 6 = $540
Mitts:
$40 x 6 = $240
_____________________
Total:
$1,780
Start Up Overview
Executive Summary
The BodyWorks Yoga & Wellness Studio offers Vinyasa Yoga and Kickboxing classes all year round. The Studio features well-trained, professional instructors, progressive teaching methods, and a non-competitive and encouraging atmosphere.
Also, there is an in-studio store that sells Yoga and Kickboxing equipment.
This ancient system of self-care brings vitality, health, deep relaxation, and peace of mind.
Full transcript