Over 36 million individuals practice yoga in the US alone, and nearly 35% of all Americans will likely practice yoga at some point in the next year. Yoga is a $27 billion dollar industry that has been steadily growing over the last few decades, and the enthusiasm is only increasing. The opportunity is massive for yoga practitioners to capitalize on this business.
Whether you’re looking to open up your own yoga studio, or trying to grow your yoga business, it’s necessary to find some zen with your finances as early and as regularly as possible.
Here are five things you can do to get your yoga business more financially balanced:
Connect with a bookkeeper who’s an expert in health and wellness.
Would you rather entrust your business to a finance professional who knows your industry inside and out? Or, hire any ol’ Joe Bookkeeper to set up your yoga studio’s general ledger? Working with a bookkeeper who has loads of experience in your particular industry can make an enormous difference. They can shed more insight on yoga studio expenses, industry trends, and advise you on software and technologies best suited for health and wellness businesses.
Track your expenses and never miss a bill payment
Are you keeping tabs on exactly how your money is being spent? Accurately tracking business expenses for your yoga studio will not only allow you to closely monitor business growth, it will also allow your bookkeeper and accountant to provide you with up-to-date financial statements, advise you on all deductible expenses, and prepare timely tax returns. Having financial experts on your team who utilize accounting software will ensure that you pay all of your bills on time. This includes vendor fees, studio rental costs, employee payroll, and business tax obligations.
Regularly reconcile bank transactions
As a yoga studio owner, understanding cashflow matters more to you than anything. The last thing you want to do is sort through credit card and payment activities en masse. Your bookkeeper can reconcile bank and credit card transactions as they happen, so you know that every transaction is being accurately filed away into appropriate categories. It’s a seamless way to stay on top of your business transactions so you don’t have to deal with countless receipts, confusing spreadsheets, and inaccurate calculations.
Track employee hours so your staff is paid on time
If you’re a first-time entrepreneur and employer, you may be unsure about the whole how-do-I-pay-my-staff thing. Heck, maybe you don’t even know how much you should be paying yourself. Connect with your bookkeeper to first make sense of your financial status, review compliance laws, and consider the different employment options. Then, work with them to see which payroll tools would be best to use for your yoga studio. This is another area where working with a bookkeeper who has tons of experience with yoga studios and other health and wellness businesses really comes in handy.
Use reports to get regular updates on how your studio is performing
As your yoga studio ramps up with more clients, it’ll require more of your time and energy to make sure all aspects of your business are running smoothly. You’ll need to work on marketing yoga classes and services, onboarding new members, training new staff members, and trying to improve overall business processes. Collaborate with your bookkeeper to see what operational functions can use some rejuvenating. Your bookkeeper can pull specific reports like balance sheets, profit and loss summaries, budgets, and even custom reports to help you get a clear idea of business performance.
You got into the yoga business because you wanted to share your love of getting physically, mentally and spiritually centered – not because you enjoy expense management, organizing financial statements, and balancing books. Spend your time doing more of what you love. Work with a bookkeeper who understands your unique needs so you can feel more at peace that your yoga business is being taken care of.