What is the best yoga teaching insurance
14 tips for starting your own yoga business
When I went from full-time employment in the corporate world to self-employment, I did a few things to create structure. Starting a business is a fun time, but it's also scary. Suddenly everything is up to you. If you want to sit in a coffee shop and read all day, you can. If you want to go to many yoga classes, you can. It's up to you to put in the structure you need to get the right things done so you can run a successful, self-sustaining business.
There is no way I'm completely there, but I've tried to come up with a structure, workflow, and processes that I hope will help me get there. I also treat my company as seriously as possible, even if I may not yet generate the revenue I want or have the physical infrastructure of other companies or even partners or employees.
I've had a few conversations with other entrepreneurs. Some yoga teachers, some not, and I've shared a few things that I hope will be helpful to you:
1. Find out what income you need to break even and add a percentage to it. This is your sales goal. It's great to say that you want to make enough to pay your bills, but in all honesty, you probably want to make more. That way, you'll have money to go on trips, buy clothes, and do fun things.
2. Once you have this number (which you should write down in a table), find out what activities you need to do to get this number. For yoga teachers, these can be daily classes, private lessons, workshops, and other events. But now that you have your magic number, you can start the practice by identifying "what" and "how many" of each thing that you need to pursue.
3. This will become your “Business Dashboard”. Refer to this table to find the ideal list of activities, the number of activities to teach each week, and the income that can be generated from each activity. Check if your sales goal is being met on a monthly basis. If not, something has to change. Either your magic number has to go down, you have to look for a part time job to add to the mix, you have to find a partner to increase your sales opportunities, you have to charge more per service, you have to increase the number of services that Offer them weekly, or you need to include more services for which your per-service reimbursement is higher. I find this to be a great exercise for new yoga teachers as it can help you determine how many classes and other activities you need to teach in order to break even. This exercise is recommended before quitting your corporate job, if you actually have one of them.
4. Create a table to keep track of earnings: Include each of your activities, where you did it, how you were paid, whether or not it was taxed, how you were paid (cash, check, 1099 or W2). Also, keep track of how long classes lasted so you can use this sheet to calculate your class hours at the end of the year. This is helpful for any submission to Yoga Alliance.
5. Make a spreadsheet to keep track of expenses: Track what you've bought, where and how payment is made. Make sure to include a column for Category. Add things like transportation, clothing, office supplies, and yoga accessories.
6. Open a commercial bank account with a checking and savings account. Right away. Part of your own business is setting up a separate account into which you deposit your earnings. Even if I get paid for something in cash instead of putting it in my wallet, it gets deposited. It builds the discipline to separate your "income" from your "living money" and allows you to keep track of the income from your business. It is also helpful to have your business account in the same bank as your personal account. This allows you to electronically transfer money between the two. You can use it to "pay yourself" and then pay your personal bills from your personal account.
7. Use your business savings account to save money on taxes. Many entrepreneurs have to pay taxes in advance. This is a difficult but necessary discipline. Estimate how much your tax liability will be (even use last year's tax return to get a percentage) and write that percentage of your tax-free income to the corporate savings account. You can transfer this money from your business audit to your business savings. Because your revenue tracking spreadsheet shows whether or not your earnings are taxed per activity, at the end of each week there is an easy way to see how much income you have made that has not been taxed and transfer your percentage to your corporate savings account.
8. Write a weekly business report. Each day, write down what you've done and what your goals are for the week ahead. List any new business opportunities you've closed. List your income and expenses. Write a few words about how you felt during the week. I write a weekly report and send it to my parents. It really doesn't matter if you send it anywhere; It's more about documenting what you've done, setting goals, and holding yourself accountable. If you can convince a mentor to repeat it weekly, even better.
9. Track leads. Add various tabs on your business dashboard to help you track business opportunities. For example, I have tabs for children's yoga, adult classes, senior yoga, and teacher training. If you are in conversation with someone and they say they know someone you can connect with about a teaching assignment, or you receive an email with a request at your service. Include these notes on this sheet. Return to and keep track of the list every day. It's a lot easier when your leads are organized in one place.
10. Get your LinkedIn profile up to date: As much as I love Facebook, I accept that LinkedIn is more of a business website. Make sure your profile is up to date there. Ask friends to give you recommendations. Include all of your professional professions, not just yoga teaching professions. Update your general summary section to accurately reflect your passion, focus, and business offerings.
11. Create a one-page profile that includes all of your experiences, not just your teaching experiences. Some corporate yoga teachers ask me if it would be helpful to include this on a resume that you might pass on to a yoga studio or other teaching opportunity. Naturally! Everything you have done adds to your value to any business.
12. Make sure your teaching insurance is up to date. This becomes so important in protecting you and your assets from potential lawsuits. Also, create a waiver that you can use when teaching outside of a studio or having private sessions.
13. Investigate what kind of business structure you would like to have. Meet with an attorney and decide what type of business structure you want and how it will affect your taxes and income and expense tracking.
14. Make a checklist of regular weekly activities and create a new one each week. I found that there were things I always had to remember: writing articles for publications, blogging, paying certain bills, billing certain companies for services, following courses. I've made a list of all the activities and use it to make sure I do whatever I need to do before Saturday night. Every Sunday after I've written my weekly report, I print a new checklist for the coming week.
The success of your business is yours. Have fun creating, growing, developing and expanding your possibilities. Share what you know Talk to as many people as you can. Keep your eyes and ears open. Enjoy living your passion!
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