How to Start a Goat Yoga Business

Start a goat yoga business by following these 10 steps:

1. Plan your Goat Yoga Business
2. Form your Goat Yoga Business into a Legal Entity
3. Register your Goat Yoga Business for Taxes
4. Open a Business Bank Account & Credit Card
5. Set up Accounting for your Goat Yoga Business
6. Get the Necessary Permits & Licenses for your Goat Yoga Business
7. Get Goat Yoga Business Insurance
8. Define your Goat Yoga Business Brand
9. Create your Goat Yoga Business Website
10. Set up your Business Phone System

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.

Exploring your options? Check out other small business ideas.

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 will you name your business?
• What are the startup and ongoing costs?
• Who is your target market?
• How much can you charge customers?

Luckily we have done a lot of this research for you.

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

If you operate a sole proprietorship, you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

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.

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.

STEP 2: Form a legal entity

The most common business structure types are the sole proprietorship, partnership, limited liability company (LLC), and corporation.

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.

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

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!

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.

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Get a business credit card

Getting a business credit card helps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history, which can be useful to raise money 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.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

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.

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.

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.

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.