If you enjoy helping others find a soothing and calming atmosphere, starting a meditation studio may be ideal for you. A meditation studio is a type of business that creates the ideal space for a person to stop in to meditate and release the stress from their day. People use these locations for different purposes, creating multiple avenues for business owners. Those who are passionate about meditation or willing to help others may enjoy this type of business.
Learn how to start your own Meditation Studio and whether it is the right fit for you.
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Start a Meditation Studio by following these 10 steps:
- Plan your Meditation Studio
- Form your Meditation Studio into a Legal Entity
- Register your Meditation Studio for Taxes
- Open a Business Bank Account & Credit Card
- Set up Accounting for your Meditation Studio
- Get the Necessary Permits & Licenses for your Meditation Studio
- Get Meditation Studio Insurance
- Define your Meditation Studio Brand
- Create your Meditation Studio Website
- Set up your Business Phone System
We have put together this simple guide to starting your Meditation Studio. 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 Studio?
The costs for this startup may seem significant. Generally speaking, the biggest cost is creating an ideal meditation studio. Your studio may include one or more rooms designed to create a sense of calmness, provide privacy, and offer the right comfort in the space. There is a lot of interior design work in a place like this. The startup costs may range from $15,000 to $30,000 or more, depending on the size and scale of the location. If you cannot host meditation sessions yourself, you will likely need to hire additional staff members as well.
What are the ongoing expenses for a Meditation Studio?
Ongoing expenses may be easier to manage than most business owners realize. The biggest cost is typically the space. Utilities and advertising costs are also key factors to keep in mind. In some areas, a lease may cost $2,000 while in others an $800 room may suffice. Payroll will also be a large expense as your business grows.
Who is the target market?
Meditation is a spiritual and holistic experience. The target market for these services is typically those who are already participating in this field and are interested in wellness. However, it's important not to limit demographics too much. A busy professional may find that turning to meditation before their workday allows them to manage stress better, and an older couple may come in for meditation services as a way to promote wellness. There are even some studios that offer programs for children.
How does a Meditation Studio make money?
How can you turn meditation into a profitable business? Generally speaking, in a meditation business, customers pay a fee for using the service. This may be a monthly fee, a one-time fee for use, fees associated with memberships, or even fees associated with lessons and sessions.
How much can you charge customers?
Pricing varies depending on your location. The amount of services offered can play a role in what you can charge your clients. Do some field work to determine what other services, like yoga services and fitness studios in your area, charge for classes, routine workshops, and private sessions. These rates can range from $10 to $30 per group session. Private services may charge even more.
How much profit can a Meditation Studio make?
Profit comes from selling enough memberships and session fees to compensate for all of the overhead costs. In this case, profits are larger in a city or an area with numerous interested parties. The meditation and holistic industry in this US is a multibillion dollar industry. The profit you make depends on the scope of your business. Aim for a profit margin of 40% or higher.
How can you make your business more profitable?
You can increase profits for a meditation business by building up your client base. From there, companies need to work to provide more services such as providing different types of meditation, catering to specific needs (such as sessions focused on relieving work stress), or offering more comprehensive services. Expanding to different locations can also help.
Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!
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 Studio 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!
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.
Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.
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.
Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.
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.
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 Studio
Promotion of a meditation studio often comes from one-on-one conversations, advertisements online, and local signage. Being involved in the community can also help many studios do well. Connecting with other businesses in the area can be a great way to build partnerships. The local organic market, the business lawyer practice, the senior rec center, and numerous other locations may be a good place to drop off flyers and coupons or simply to visit for an in-house session. Welcome them to your studio afterwards.
How to keep customers coming back
Attracting customers comes from heavy advertisements and getting out into the community. To retain customers, offer packages and memberships. This way, people can pay a small fee for monthly services or come in for a set of meditation sessions. Once they start using your service on a routine basis, it becomes a better fit for their long-term needs.
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.
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 2023 to find the best phone service for your small business.
Recommended Business Phone Service: Phone.com
Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.
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Is this Business Right For You?
A meditation studio provides an opportunity for people to engage with meditative activities in a calming, soothing environment. This business is typically right for those who can create a space like this and help people learn to meditate. Some business owners lead meditation sessions, while others may hire employees to do this. Those who see the value of medication and practice meditation themselves may be right for this business model.
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 Studio?
Running a meditation studio involves maintaining the actual location and marketing. Clients can come in for self-service meditation spaces, or you can lead courses and sessions. Your goal will be to educate the public about the benefits of meditation and encourage them to come in for the ideal experience.
What are some skills and experiences that will help you build a successful Meditation Studio?
Those who own a meditation studio have two options: they can provide hands-on service and support to people who come in to meditate, such as leading various types of teaching and meditation groups, or they can hire others to do that. In all situations, those who operate a meditation studio typically need to be able to provide one-on-one service in a customer-forward industry. They likely need to practice meditation while also being able to communicate the values of this service to their customers. They may need to be able to help people in one-on-one sessions practice meditation, which requires having good bonding skills with others.
What is the growth potential for a Meditation Studio?
Meditation studios create spaces for people to meditate, which means there is ample growth potential in the right environment. A core level of success in this industry comes from educating others about what meditation is and how it can play a role in their life. Done well, you can make a lucrative business, especially if you can expand to multiple locations, add on more hours, and provide additional services.
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 Studio?
Quite frankly, a meditation studio is best run by someone that is passionate about meditation in various forms. It can be hard to make a business like this without personal experience and a dedication to learning both the history of this art as well as the modern versions and applications of it.
How and when to build a team
Most often, you'll need a team from opening day. Providing a range of different types of meditation sessions is a fantastic way to build your business. That may mean having more than one teacher or leader present. You may also need to hire a team to maintain the location and manage the front desk.