Start a goat yoga business by following these 10 steps:
You have found the perfect business idea, and now you are ready to take the next step. There is more to starting a business than just registering it with the state. We have put together this simple guide to starting your goat yoga business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.
Check out our How to Start a Business page.
STEP 1: Plan your business
A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:
- What are the startup and ongoing costs?
- Who is your target market?
- How much can you charge customers?
- What will you name your business?
Luckily we have done a lot of this research for you.
What are the costs involved in opening a goat yoga business?
Owners will need to take into account the expense of the space they use (both during class and after hours). You’ll also need to register the business, obtain necessary permits, and purchase commercial insurance with plenty of liability coverage. (Goats are notoriously gentle creatures, but they’re still animals who may become scared or anxious during classes.) You’ll also need to account for staff salaries, equipment, and the cost of marketing.
What are the ongoing expenses for a goat yoga business?
You’ll need to factor in the cost of caring for the goats, rent/utilities, insurance, and staff salaries. In addition, you'll need to periodically replace or upgrade equipment.
Who is the target market?
The target market can be anyone who wants to be healthier, though it will be easier to market to clients who are already committed to traditional yoga. However, this ancient practice is excellent for focusing the mind and strengthening the body. You can appeal to potential customers on a number of different levels, including people who want to decrease their stress levels or improve their focus.
How does a goat yoga business make money?
Goat yoga businesses charge customers either per class or for package deals. The cost should take into account daily expenses plus around 10% (or more) as a profit margin.
How much can you charge customers?
Clients are willing to pay about $12 extra per class for the addition of goats to their yoga experience. You may be able to charge between $25 to $40, depending on the going rates in your area.
How much profit can a goat yoga business make?
Yoga facilities have an average profit margin of about 13%. So if you’re spending $50,000 a year on expenses, your profit would be about $6,500. A goat yoga business may have a slightly higher profit margin, especially if they already have the goats on the premises.
How can you make your business more profitable?
Consider offering a full experience to your goat yoga business. For example, some people will offer their farm space as a hotel, so people can get the full experience of living off the land. This is a great option for business owners, especially considering how nice it is to get a break from the everyday distractions of life.
What will you name your business?
Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Goat Yoga Business Name Generator
When registering a business name, we recommend researching your business name by checking:
- Your state's business records
- Federal and state trademark records
- Social media platforms
- Web domain availability.
It's very important to secure your domain name before someone else does.
STEP 2: Form a legal entity
Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your goat yoga business is sued.
Form Your LLC
Read our Guide to Form Your Own LLC
Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services. You can choose to hire a registered agent or act as your own.
STEP 3: Register for taxes
You will need to register for a variety of state and federal taxes before you can open for business.
In order to register for taxes you will need to apply for an EIN. It's really easy and free!
You can acquire your EIN for free through the IRS website, via fax, or by mail. If you would like to learn more about EINs and how they can benefit your LLC, read our article, What is an EIN?.
Small Business Taxes
Depending on which business structure you choose, you might have different options for how your business will be taxed. For example, some LLCs could benefit from being taxed as an S corporation (S corp).
You can learn more about small business taxes in these guides:
There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.
STEP 4: Open a business bank account & credit card
Using dedicated business banking and credit accounts is essential for personal asset protection.
When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil.
Additionally, learning how to build business credit can help you get credit cards and other financing in your business's name (instead of yours), better interest rates, higher lines of credit, and more.
Open a business bank account
- This separates your personal assets from your company's assets, which is necessary for personal asset protection.
- It also makes accounting and tax filing easier.
Recommended: Read our Best Banks for Small Business review to find the best national bank, credit union, business-loan friendly banks, one with many brick-and-mortar locations, and more.
Open net-30 accounts
When it comes to establishing your business credit, net-30 vendors are considered the way to go. The term "net-30," which is popular among vendors, refers to a business credit arrangement where the company pays the vendor within 30 days of receiving goods or services.
Net-30 credit terms are often used for businesses that need to obtain inventory quickly but do not have the cash on hand.
Besides establishing business relationships with vendors, net-30 credit accounts get reported to the major business credit bureaus (Dun & Bradstreet, Experian Business, and Equifax Business Credit). This is how businesses build business credit so they can qualify for credit cards and other lines of credit.
Recommended: Read our guide on the best net-30 vendors so you can start building business credit now, so you never have to worry about cash flow in the future. Keep in mind that poor cash flow is the #1 reason businesses fail!
Get a business credit card
- This helps you separate personal and business expenses by putting your business' expenses all in one place.
- It also builds your company's credit history, which can be useful to raise money and investment later on.
STEP 5: Set up business accounting
Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.
STEP 6: Obtain necessary permits and licenses
Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.
STEP 7: Get business insurance
Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.
There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance. This is the most common coverage that small businesses need, so it’s a great place to start for your business.
Learn more about General Liability Insurance.
Another notable insurance policy that many businesses need is Workers’ Compensation Insurance. If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.
STEP 8: Define your brand
Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.
If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners, we'll give you helpful tips and advice for creating the best unique logo for your business.
How to promote & market a goat yoga business
The key to marketing a goat yoga business is to establish the real benefits of the sessions. The idea is already memorable, so you need to find a way to get to the reason why people would want to try it. A regular yoga session is relatively straightforward, but goat yoga gives customers a new way to experience exercise. Whether a person is depressed, stressed, or just wants a vacation from the normal, they can come to goat yoga and let themselves go. Cities like Los Angeles or San Francisco may be more open to the idea, but every community could benefit from goat yoga.
Online marketing may be a good place to start, especially if you’re opening in a large city with a large practicing population. Or try putting up flyers at a community fitness centers that aren’t direct competitors. For example, a local YMCA or a more traditional gym. Give people a discount for their first class or offer special rates for larger packages. Your website should be professional and show videos illustrating a typical goat yoga session. Use testimonials to highlight how people can have fun and get fit at the same time.
How to keep customers coming back
Owners need to give people an experience they’ll want to share with their friends. The classes should be more than an unstructured space for goats. The novelty may wear off quickly, but the quality of the sessions can make people return. Goats are unpredictable, which means that each experience will be different, even if the routine remains the same.
Still unsure about what kind of business you want to start? Check out the latest Small Business Trends to help inspire you.
STEP 9: Create your business website
After defining your brand and creating your logo the next step is to create a website for your business.
While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.
Here are the main reasons why you shouldn’t delay building your website:
- All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
- Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
- Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.
Using our website building guides, the process will be simple and painless and shouldn’t take you any longer than 2-3 hours to complete.
STEP 10: Set up your business phone system
Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.
There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use.
Recommended: Find the best phone system for your business; check out our review of the Best Business Phone Systems 2021.
Start A Goat Yoga Business In Your State
Select your state below for an in-depth guide on completing each of these steps in your home state.
Is this Business Right For You?
This business is perfect for people who see the value in unconventional ideas. Goat yoga may be dismissed as silly to many people, but in reality, it can uplift a person’s spirits and may even help them commit to a fitness regimen.
Want to know if you are cut out to be an entrepreneur?
Take our Entrepreneurship Quiz to find out!
What happens during a typical day at a goat yoga business?
A day in a goat yoga studio will be similar to that in a regular yoga studio. You’ll need to manage clients, take payments, and keep a schedule. However, you’ll also need to supervise the goats to ensure they’re not endangering or annoying customers.
What are some skills and experiences that will help you build a successful goat yoga business?
Owners should be familiar with common yoga poses and routines, even if they don't plan to teach classes. The ideal owner should also have extensive experience working with goats, so they can better predict their behaviors and temperaments.
What is the growth potential for a goat yoga business?
Yoga is exceptionally popular, with the category growing about 5% in revenue every year. Those who can market this idea correctly may find their classes quickly selling out. Exercising can be difficult to both start and maintain. This is a creative way to get more people involved.
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Take the Next Step
Find a business mentor
One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.
Having a support network in place to turn to during tough times is a major factor of success for new business owners.
Learn from other business owners
Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.
Resources to Help Women in Business
There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:
If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.
What are some insider tips for jump starting a goat yoga business?
Goat yoga is not a trademarked business. Much like hot yoga, it’s a generic concept that owners can play with until they find the right balance. It’s much easier to start a goat yoga business if you have an old barn that could be converted into a studio, but you can also consider ‘renting’ goats from local owners who would be willing to spare them for several hours. Goats are fairly easy to care for, but they do need some degree of space and attention to thrive.
Before marketing your business, you should run several practices with a full class to experiment with the size of the space, number of goats, and the ideal routine to implement. This will give you time to work out the details before getting started. Start as a side business before scaling it to meet the needs of the community. Finally, make sure you have an iron-clad liability waiver for clients in case of accidents. This waiver won't absolve you of all responsibility, but it can ward off unnecessary liability claims against you.
How and when to build a team
Your instructors will have a lot to do with the success of your studio. They should be fun, flexible, and experienced. Your team needs a relaxed manner if they’re going to shepherd the goats in and out of the facility. If you’re holding a few trial sessions, you can hold off on hiring instructors and conduct sessions yourself. However, you should strongly consider hiring instructors as soon as possible if the community response is large enough.