New Delhi: Nothing in today’s culture seems to be as popular as the custom of practice yoga. One of the trendiest trends in the health and wellness sector right now is this age-old practise that addresses physical, mental, and spiritual wellness. The primary source of revenue for the yoga industry, which has been estimated to be worth approximately $80 billion globally, is yoga classes, according to some reports.
Yoga Centre Business Idea
For many, the yoga craze has created a commercial opportunity. Numerous yoga studios have begun franchising their business models as a result of yoga’s success as a business concept.
Examples include Premanand Yoga, Skill Yoga, Yog Tree, etc. The steps you must take to open your own yoga studio are listed below if you wish to capitalise on this profitable business concept.
Permits And Licenses
Heavy fines and even the closure of your business may come from failing to obtain the required permissions and licences. If the annual taxable services income exceeds Rs 9 lakhs, service tax registration is necessary to open a yoga studio in India.
Once service income surpasses Rs 10 lakhs, a 14 percent service tax must be collected from the clients. You may be sure that your franchisor will help you obtain the required licences and permits. Some franchisors include the cost of the paperwork in the franchise price itself.
Yoga Centre Business Investment Details
The majority of yoga franchises have a low-cost business strategy. For instance, depending on the size of the space, Premanand Yoga demands an expenditure of INR 50k–2 lakhs. The space needed is between 300 and 1000 square feet.
You can make a profit of between Rs 50,000 and Rs 1 lakh per month with a small investment of up to 2 lakhs because the expected percentage return on investment is around 50 percent.
A minimum carpet size of 1500 square feet and an open hall with a minimum square footage of 500 are needed for skill yoga, which demands an expenditure of INR 5-7 lakhs.