Opening a Yoga Studio with Michael Jay

The Connected Yoga Teacher Podcast 393: Opening a Yoga Studio with Michael Jay   Description: Have you ever thought about opening a yoga studio? Perhaps you own a yoga studio and have been wondering how to take it to the next level. If you’ve ever had questions about owning or running a yoga studio, Michael Jay is the expert to talk to – and on this episode, he shares his insights.   Known as the yoga biz champ, Michael Jay has over 26 years of experience in the yoga world. Michael has taught yoga, run a successful yoga studio, and now focuses on helping yoga studio owners thrive and build a profitable business. Dedicated to elevating yoga studios from mere survival to genuine thriving, Michael provides yoga studio owners with clear, actionable advice based on insights from his hands-on experience and Certified Business Consultant background.   In this episode, Michael shares his journey to yoga and into the world of running a yoga business. He talks about what it takes to start and grow a studio and how he sold his own studio to a yoga teacher. Michael also gives tips on how yoga studios can create financial stability, the best strategies for marketing a yoga studio, and why being on ClassPass may not be such a great thing. He highlights the importance of community building and explains why planning ahead is essential for building a thriving yoga business. Whether you own a studio, are dreaming of opening one, or just need some tweaks for your own yoga business to make it more sustainable, this episode is for you.   Key Takeaways: [2:22] Shannon introduces her guest for this episode - Michael Jay. [3:44] This episode is sponsored by OfferingTree. [6:06] What does Michael do and who does he do it for? [13:32] How did Michael transition from teaching yoga to running his own yoga studio? [21:13] Michael talks about how useful OfferingTree has been in helping him run his business. [25:05] If you are interested in checking out OfferingTree, use Shannon's discount code at offeringtree.com/shannon. [25:45] How important is a business mindset for running a yoga studio? [28:17] What are some things yoga teachers who are thinking about starting a yoga studio should consider to prepare themselves? [33:27] Offering a signature series can be a profitable way to run a yoga business. [35:50] If you're offering a yoga series, support it by doing some additional marketing with automated emails. [38:09] How many classes should be in a yoga series? [39:19] What are Michael's thoughts on using ClassPass in your yoga studio? [45:13] What would the ideal payment structure be for a yoga studio? [47:05] How can yoga studio owners figure out what the best times are for classes? [52:33] What are some things yoga studio owners could save themselves the headache of if they prepared in advance? [55:40] Michael shares some strategies for marketing yoga studios. [61:06] Learn more from Michael on his podcast, Yoga Biz Champ, or book a free chat with him. [65:38] Shannon shares her biggest takeaways from this conversation with Michael. [69:12] Shannon shares a quick update about her recovery. Links: Michael Jay Yoga Biz Champ Podcast Book a call with Michael Jay The Connected Yoga Teacher Podcast Episode 277: Yoga and Land Acknowledgement with Jessica Barudin & Emmy Chahal How I Broke Up with ClassPass - Sarah Morgan Red Sun Yoga Yoga Biz Champ with Michael Jay Michael Jay on OfferingTree. The Connected Yoga Teacher Podcast Episode 392: Concussion Recovery & Yoga with Shannon Crow The Connected Yoga Teacher Facebook Group Shannon Crow on Instagram   Gratitude to our Sponsor, OfferingTree   Quotes from this episode: "If you're passionate about it, dial into your superpowers and get help on the things that you need help on."   "You can run a very, very good business with a signature series."   "The best way to do [email marketing] is: teach a class, and then create a follow-up email based on that class, and then you build your automation sequence ... as you go along."   "Learn how to do a dedicated landing page for your series."   "First of all, you need to know what your mission, vision, and values are."   "There's never been a better time for an independent business, whether a solo practitioner or a studio."