How to Start a Meditation Lessons Business

Start a Meditation Lessons Business by following these 10 steps:

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

We have put together this simple guide to starting your Meditation Lessons 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 very important. Read our detailed guide on how to name your business. We recommend checking if the business name you choose is available as a web domain and securing it early so no one else can take it.

What are the costs involved in opening a Meditation Lessons Business?

This opportunity has lower initial expenses than many alternatives. Training and certification costs range from $500 for a basic program to $10,000 for a lengthy course in Bali, Indonesia. 

An attractive classroom can benefit your business, so you might spend money on paint and wall art. You'll need a meditation cushion for every student. They often cost $30 to $60 each, but you could pay less by ordering them in sets of 10 or 20. Unlike regular commercial units, yoga studio rentals normally include these pillows. Some entrepreneurs purchase audio equipment and instrumental music as well.

What are the ongoing expenses for a Meditation Lessons Business?

You'll need to rent commercial space. Many meditation teachers lease yoga studios; they cost around $600 to $2,000 monthly. Heating, electricity, and water will add to your expenditures unless the landlord pays for them. Liability insurance costs about $50 per month. Additional expenses may include marketing, wages, paper products, and any merchandise you purchase to resell.

Who is the target market?

Individuals, companies, and organizations pay for lessons. Just about anyone can benefit from this instruction, but certain kinds of people tend to take an interest in meditation.

Pew Research Center reports that women remain somewhat more likely to meditate than men. The practice holds greater popularity among women over 65 and men under 30. Women over 40 with college degrees pay for lessons most frequently. Meditators often have religious beliefs and care about protecting the environment. However, many students differ from these generalizations; don't make assumptions when speaking to them.

How does a Meditation Lessons Business make money?

Many instructors charge clients for each lesson. An alternative is to request a flat fee for a membership that provides access to multiple classes. Some large meditation centers have retail stores; they sell books, audio CDs, decorations, and other merchandise.

How much can you charge customers?

Suitable prices vary based upon several factors, including your location, group size, and class duration. People often pay around $20 to attend group lessons for 30 to 60 minutes. A one-day workshop might cost $100. The prices for 60-minute private lessons range from $75 to $160. 

Employees at the hedge fund Bridgewater Associates spend $1,000 to take four months' worth of transcendental meditation lessons, according to Business Insider. Their employer pays half of this cost. However, most instructors charge members about $80 to $150 per month.

How much profit can a Meditation Lessons Business make?

The majority of meditation centers operate as nonprofits and accept donations, but for-profit lessons have become more common. These businesses generate nearly $270,000 in an average year, according to MarketResearch.com. 

After deducting the above-mentioned ongoing expenses, you might earn a profit of $192,000 to $260,000. You'll need to consistently hold multiple group classes each day to accomplish this.

How can you make your business more profitable?

If most clients only take a few lessons, you could boost income by selling products identical to those used in your classroom. Such items include cushions, incense, and music. After gaining some experience, aim to serve businesses rather than individuals. They tend to become reliable customers and pay higher rates. 

More tips:

• Offer to provide on-site lessons for staff at nearby businesses.
• Encourage companies to reimburse employees who attend your lessons.
• Don't assume paid advertising works; ask students how they found you.
• Make it easy to give memberships or individual lessons as gifts.

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 Meditation Lessons 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.

State & Local Business Licensing Requirements

Certain state permits and licenses may be needed to operate a meditation lessons business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits.

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 opportunity may appeal to someone who meditates regularly and fully appreciates the rewards. You must be able to speak to groups of unfamiliar people, and teaching might prove difficult if you're socially awkward or introverted. This business has the potential to yield considerable profits, but you will only achieve long-term success when you genuinely strive to help people.

What happens during a typical day at a Meditation Lessons Business?

You might start the day by arranging cushions, making sure the temperature is just right, and planning your next lesson. Most classes take place indoors, but instructors occasionally hold classes outside. You'll greet the students as they arrive. Some meditation teachers light incense if they have adequate ventilation. 

The next step involves instructing clients on their breathing, eye movements, thoughts, and visualizations. You can plan on discussing meditation with students as well. Other tasks include marketing, light cleaning, and processing payments.

What are some skills and experiences that will help you build a successful Meditation Lessons Business?

Consider taking various lessons from established instructors while carefully observing their techniques. You can also benefit from developing excellent social skills. The ability to communicate is crucial. 

Any type of teaching experience will come in handy as well. Think about enrolling in a course for aspiring meditation instructors. You can learn to teach students on your own, but professional training will improve the results and help you attract clients. You could take an in-person or online course.

What is the growth potential for a Meditation Lessons Business?

Most teachers keep their businesses small and don't try to expand. Nevertheless, you could rent more space and hire instructors if numerous people desire your service. The Transcendental Meditation Center has locations in cities across the United States. Franchising is also possible, albeit rare. An Arizona company known as Current Meditation created the first franchise of this kind in 2017.