Start a Meditation Lessons Business by following these 10 steps:
- Plan your Meditation Lessons Business
- Form your Meditation Lessons Business into a Legal Entity
- Register your Meditation Lessons Business for Taxes
- Open a Business Bank Account & Credit Card
- Set up Accounting for your Meditation Lessons Business
- Get the Necessary Permits & Licenses for your Meditation Lessons Business
- Get Meditation Lessons Business Insurance
- Define your Meditation Lessons Business Brand
- Create your Meditation Lessons Business Website
- Set up your Business Phone System
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 Meditation Lessons Business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.
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 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?
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.
- 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.
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.
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 Meditation Lessons 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.
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.
Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses.
For information about local licenses and permits:
- Check with your town, city or county clerk’s office
- Get assistance from one of the local associations listed in US Small Business Associations directory of local business resources.
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.
If you already have a logo, you can also add it to a QR code with our Free QR Code Generator. Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.
How to promote & market a Meditation Lessons Business
Numerous instructors use social media, websites, and posters for advertising themselves. Think about cooperating with another business that serves the same target market.
For instance, shoppers at a health food store might take an interest in your classes. Businesses can reciprocate by displaying each others' placards and brochures. You could even work together to develop a paid membership that includes services and discounts at multiple complementary businesses.
Consider writing about meditation for reputable wellness websites, blogs, and periodicals. If you have enough time, you could author a book that appeals to meditators. Writing helps establish you as an expert and boosts awareness of your business. You could also encourage people to refer new clients by offering a bonus or discount.
How to keep customers coming back
Highlight your qualifications and the advantages of meditation in your promotional materials.
Provide a consistently enjoyable, friendly experience in a quiet, safe location. If you have difficulty attracting students, advertise a substantial first-time discount. You might succeed in gaining clients but find that they meditate at home after learning how to do so. Encourage them to come back for something different by teaching new types of meditation or related classes (like yoga and tai chi). Carefully listen to students' comments and concerns as you continue learning new techniques to keep your lessons interesting.
Don't just teach people to meditate; help students achieve the life they desire. Remember that your personal behavior ought to reflect the benefits of meditation. Always try to remain calm and stay in good health.
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. Check out our review of the Best Business Phone Systems 2022 to find the best phone service for your small business.
Recommended Business Phone Service: Nextiva
Nextiva is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.
Start A Meditation Lessons 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 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.
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 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.
TRUiC's YouTube Channel
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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 Meditation Lessons Business?
Select your location with care. Noisy neighbors, big trucks, and nearby odors make it difficult to meditate. Your space should also allow you to achieve a pleasant temperature and provide suitable lighting. Consider offering lessons in transcendental, movement, mantra, and other types of meditation. Variety will help differentiate you from fellow instructors. At the same time, don't limit the potential customer base by associating lessons with a certain religion.
How and when to build a team
If you're successful at running this business but lack sufficient time to teach everyone who expresses interest, you could hire an instructor and offer more classes. Choose a positive, friendly person with appropriate training. ZipRecruiter reports that most teachers earn above $26,000 and less than $67,000. A more affordable option is to hire a trustworthy assistant who performs such tasks as collecting payments, keeping records, answering the phone, and maintaining social media accounts.