Find out how you're doing with your yoga studio business
The
only real way to know if you need help growing your studio business is
to score yourself as objectively as possible in each of the business
areas critical to running a successful business.
This Yoga Studio Quiz is
designed to help you understand where you are with your business:
what's working, what's not working, and where do you need to pay the
most attention to improve your studio?
Score yourself for each statement below. Just click to check the right box. Total up the number of YES answers at the end of each section.
NO
YES
Area of Business
Vision
I have a clear vision for my studio.
I know what my vision is and can proudly state it to anyone I meet.
I feel excited and energized when I think of my studio's vision.
The vision I had when I started my studio matches what it is really like running my studio today.
I know my studio's top values and clearly uphold them in my business workings.
Score
A
low score in this area indicates that you are not clear about where you
want your studio to go. Clients and staff are likely not showing
interest in working with your studio. If you ask people what you do,
most of them won't be able to communicate it clearly.
NO
YES
Finances
My
business and personal finances are clearly separated (separate bank
accounts, credit cards, checkbooks, Quickbooks files, etc.)
My
receipts are entered for every business transaction, and I have current
balance sheets and profit and loss statements filed monthly.
I utilize my CPA to maximize my tax strategies for being a small business.
I have financial goals projected out one (or more) year(s) and a reasonable plan on how to back into those goals.
My studio is consistently profitable and income increases monthly.
Score
A
low score in this area indicates that you are unclear about the current
state of your studio's profitability. You don't know how much you make
or where it goes. Most of your time is probably spent paying bills and
trying to save pennies on the dollar.
NO
YES
Management
My staff/instructors are outstanding in their work and rapport with my clients.
I make crystal-clear requests to my employees and staff members so they know what I expect of them.
There is constant positive communication between the staff/instructors and owners/managers in the studio.
My instructors/staff/hired help have "skin in the game" - they get paid based on performance and percentage.
My
staff/instructors are motivated and true to the vision of the studio.
They really go the extra mile to over-deliver to our clients, making
the business successful.
Score
A
low score in this area indicates that communication and motivation may
be key challenges for your studio. Your staff doesn't have a vested
interest in your studio, and meetings don't accomplish much.
NO
YES
Marketing & Sales
I know exactly who my target audience is.
I clearly understand the biggest challenges of my clients.
I have a solid core marketing message that comes across loud and clear to my target market.
My
studio has information (brochures, web sites, articles, flyers,
newsletters, etc.) that effectively answer the key questions of my
prospects.
I have marketing tactics and strategies in place which consistently bring in clients.
Score
A
low score in this area indicates that you are not clear on who you can
help or why they should hire you. You don't know which current
marketing strategies are producing results and which are not, and you
probably struggle to bring in new clients each month.
NO
YES
Leadership
I
focus on activities that are the highest, best use of my time. (I hire
out cleaning, accounting, web site services, errands, and any other
jobs I don't like to do.)
I have a clear 5-year plan for my business and consistently stay 4-6 (or more) months ahead of my team.
I
do my strengths and hire my weaknesses. I have a team of the best
people for my business (CPAs, bookkeepers, janitors, marketing staff,
computer techs, instructors, etc.)
I see potential for growth and expansion in my yoga studio and have a plan or model to follow.
I consistently and powerfully lead my team and my business.
Score
A
low score in this area indicates that you don't really have a solid
idea about where you want to be with your business in the future. You
may feel that you can't afford to hire out certain jobs yet, and you
are always running around putting out fires.
If your score is high, congratulations! If
it's not, the good news is that I can help you improve your studio
business dramatically and increase your score in all of the areas
above. It's a matter of know-how, practice and implementation. I have
the tools and resources to help you here on this web site. And they're
affordable!
For most, the best first step is the Studio Workbook. Then consider the Super Studios Manual,
a comprehensive book written after interviewing successful studios
across the country, that may help you shape your own studio.
