Buy Existing Paper - Yoga Business

Description

EXECUTIVE SUMMARY

Yoga studios in Downtown New Westminster offer different kinds of yoga. However, few yoga studios in Downtown New Westminster offer Hatha Yoga in a market that is filled with numerous yoga enthusiasts. Hatha Yoga refers to an antique discipline that assesses, improves and integrates the mind, body and spirit. While most yoga disciplines that people practice involve physical exercises, Hatha Yoga aims to give a holistic restoration of the mind, body and spirit. Exhale Yoga Center will operate in Downtown New Westminster, offering Hatha Yoga as one of its main yoga disciplines. This is because Hatha Yoga offers holistic restoration of the human body by increasing circulation to internal glands and organs, improving concentration, stretching and strengthening muscles throughout the body and relaxing the nervous system. The evident outcomes of Hatha Yoga that makes it such an ideal yoga discipline are good health, peace of mind, vitality and deep relaxation.

Hatha Yoga will be taught in Exhale Yoga Center using the Anusara method. The Anusara method of yoga is a novel style of yoga that is not only spiritually inspiring and heart oriented but also founded in immense knowledge of optimal body alignment in the poses taken by people practicing this style of yoga. The instructors are tasked with the responsibility of helping the students to listen to their bodies and use the wisdom acquired from paying attention to their bodies to progress at a recommended pace. Deep relaxations sessions will be undertaken in each class following the completion of the posture sessions. The intention of the instructors at Exhale Yoga Center will be to assist the students to enhance their mental, physical and spiritual well-being which are valuable health advantages sought by many people in Vancouver and Canada at large.

The Exhale Yoga Center will offer four sessions of yoga per day. Moreover, Exhale Yoga Center will also offer courses in the Anusara style of Hatha Yoga together with other related workshops to students. As expected by many customers and students in Downtown New Westminster, Exhale Yoga Center will feature progressive teaching methods, encouraging environment, skilled and well-trained professional instructors and a beautiful light-filled facility with a peaceful ambiance. In addition to the yoga sessions and yoga course offered to customers and students respectively, Exhale Yoga Center will also feature a boutique that will sell yoga training aids, workshop clothing and memorabilia.

While the founders of Exhale Yoga Center will be in charge of the day to day running of the yoga studio, the company will employ qualified professionals who will take customers through yoga sessions and train potential yoga instructors. For instance, the qualifications for leading teachers in Exhale Yoga Center will include national and international accreditation, as well as, vast experience teaching yoga in different renowned yoga studios and centers. This is to ensure that the customers and students get the best yoga sessions and training in the whole of British Columbia and Canada at large. Given that the Anusara style of Hatha Yoga is intricate and requires ample preparation, the company will invest in the best yoga instructors who will ensure customers and students leave satisfied every day.

The objectives of Exhale Yoga Center include:

  • Attain sales in excess of $50,000 from the boutique
  • Increase sales by fifteen percent by the end of the second year of operation in Downtown New Westminster.
  • Acquire and retain more than three hundred customers by the end of the first year of operation in Downtown New Westminster.
  • Increase customer bases by thirty percent by the end of the second year of operation in Downtown New Westminster.

The mission of Exhale Yoga Center is to give the customer and student, whether a beginner or advanced a conducive and welcoming place to practice Anusara style of Hatha Yoga. It is the intention of the company to keep teaching students and guiding customers through sessions of the Anusara style of Hatha Yoga close to the way it was originally taught as possible. It is also the duty of the instructors to always act responsibly and with the interests of the students and customers in mind. Irrespective of what is learned in Exhale Yoga Center or from whom the students and customers learn, the real and only authentic teacher is within us.

The most significant keys to success for Exhale Yoga Center are a high level of quality in our services and products, enhanced visibility to form new business leads and solid concentration and appreciation of clients. To achieve its objectives, Exhale Yoga Center will face stiff competition from established yoga studios in Downtown New Westminster. There are also other yoga studios and centers that form part of the yoga industry in Vancouver and Canada at large. Exhale Yoga Center aims to surmount every barricade pertaining to entry into the market and excel through the focused leadership of the founders, strategic partnerships and a workforce that is not only dedicated to the mission of the company but also focused on restoring the mind, body and spirit of our clients.

 

 

COMPANY SUMMARY

The Exhale Yoga Center offers the Anusara style of Hatha Yoga plus different workshops for training potential yoga instructors and other styles of yoga that clients may request. Therefore, Exhale Yoga Center is a company with a holistic perspective of yoga. The Yoga Center entails progressive teaching methods, encouraging environment, skilled and well-trained professional instructors and a beautiful light-filled facility with a peaceful ambiance. The company will be located in the commercial section of Downtown New Westminster. The goal of Exhale Yoga Center is to build a large base of yoga customers and students from the thousands of home dwellers and office workers that are employed in Vancouver. Apart from training and guiding clients through different yoga sessions, Exhale Yoga Center also features a diverse boutique that will sell yoga training aides, clothing and memorabilia. It is imperative to note that Exhale Yoga Center will operate as a partnership.

Company Ownership-Yoga Business 

Exhale Yoga Center is owned by Student 1 and Student 2.

Start-up Summary

The start-up expenses for the Exhale Yoga Center will be focused on securing inventory for the boutique, equipment for the workshop and setting up the discordant workshops in the company. The funding for the start-up will include the $5,000 grant from Vancouver Chamber of Commerce, as well as, a long-term loan from the local bank to the amount of $80,000.

Company Locations and Facilities

The Exhale Yoga Center will be located in Downtown New Westminster in the commercial center. This location is ideal as the facility is accessible to over fifty thousand urban professionals and residents of Vancouver that the company considers as potential members of the yoga center.

With four large spacious workshop rooms, boutique, as well as, men and women’s dressing rooms, Exhale Yoga Center offers plenty of floor space for numerous yoga classes being conducted simultaneously. Moreover, the company offers ample parking space for members at a minimum charge. The location of Exhale Yoga Center is within easy walking distance from any commercial and residential building in Vancouver. However, is a customer decides to drive to Exhale Yoga Center, the commercial center has parking space for close to two thousand five hundred vehicles.

 

 

 

 

 

 

 

 

 

 

PRODUCT AND SERVICE PLAN

Exhale Yoga Center is a modern company with the best Anusara style of Hatha Yoga practice in Vancouver. Given the different working schedules of prospective customers, Exhale Yoga Center will offer a maximum of four sessions in a day to accommodate every consumer. The company is also aware of the desire of its customers to undergo a holistic healing process when practicing yoga. As such, Exhale Yoga Center has invested in the best Anusara style of Hatha Yoga instructors to guide the students and customers through the different yoga sessions offered at the center. Moreover, enhanced visibility to form new business leads and solid concentration and appreciation of clients are essential elements of the company that are incorporated in the products and services so as to ensure customer satisfaction.

Product and Service Description

Exhale Yoga Center will offer the following products to its customers and students:

  • Workshop Equipment: Yoga mats, yoga towels, belts and balancing balls.
  • Workshop Clothing: Shorts, pants, shirts and athletic bras.
  • Yoga training miscellaneous: Instructional manuals, video tapes and inspirational books.

The main services that Exhale Yoga Center will offer to its students and customers under the Anusara style of Hatha Yoga include:

  • Beginner Yoga – This is an introductory class for customers and students who have not practiced yoga before. The class focuses on stretching, posing and fortifying the back, legs and shoulders. A key emphasis of the Beginner yoga class is the basic alignment of the standing poses that are often the starting point of different movements.
  • Gentle Yoga – This type of yoga caters for the students and customers who want practice Anusara style of Hatha Yoga that is less vigorous than the Beginner Yoga. A gentle yoga session includes breathings, gentle stretches, as well as, simple movements with the aim of systematically increasing energy and the range of motion of every major joint in the body. It is imperative to note that this class is extremely beneficial to students and customers with chronic symptoms such as stiffness, fatigue, joint/muscle pain or general weakness.
  • Vinyasa Yoga Essentials – This type of yoga will prepare the customers and students for an essential part of the Anusara style of Hatha Yoga known as Vinyasa yoga that is not only vigorous but also helps in synchronizing breath with movement. Moreover, Vinyasa yoga will offer a balance of flexibility, fortitude and endurance to challenge every customer and student who is enthusiastic about fitness. The course will commence with instruction on the alignment of the poses and later entail linking all the poses together in a process that ensures continuous flow. This exercise will conclude the vinyasa yoga.
  • Continuing Beginner Yoga – This is a continuation of the Beginner Yoga. The continuing beginner yoga focuses on building endurance and refining the standing poses in this class and the Beginner Yoga class. While the continuing beginner yoga lacks the shoulder stand in the list of standing poses taught in this class, it presents the basic principles of alignment of Anusara Yoga. This class is mainly suited for customers and students who have practiced other styles of yoga. Notwithstanding, members and students who have never studied yoga before are advised not to take this class prior to knowing the basic precepts of yoga.
  • Intermediate Yoga – This class offers lessons on refining the standing poses while guiding the students and customers though simple back bending poses, basic sitting postures, as well as, the shoulder stand that adhere to the Anusara Toga tenets of alignment. Exhale Yoga Center firmly suggests that it is in the best interest of the students and customers to complete Beginner Yoga and Continuing Beginner Yoga before taking Intermediate Yoga classes.
  • Advanced Yoga – This yoga class is a continuation of the refinements of the poses taught in the Intermediate Yoga class. Novel yoga elements studied in this class include headstand, full arm balance and forearm balance. Moreover, the Advanced Yoga class offers lessons in back bend poses. As a result of the intensity of the Advanced Yoga sessions and the impact on the body, regular yoga practice is recommended outside of class. However, the students and customers should seek advice from the instructor before embarking on practicing yoga outside of the class so as to avoid accidents or overstraining of the body.

Competitive Comparison

Exhale Yoga Center has significant advantages over its competitors in the yoga industry such as:

  • High- quality inventory that is accompanied by remarkable cleaning service and warranty for an affordable price.
  • An extremely rigorous inspection process to avoid selling any defective or low-quality products.
  • A highly-experienced staff composed of instructors and sales personnel with a mission to attend to the needs of the customers and students by making the experience at Exhale Yoga Center as enjoyable and refreshing as possible with top-notch customer satisfaction.  

Future Products

Future products will include specialized sales in themed yoga mats, yoga towels, shorts, pants, shirts and athletic bras and memorabilia. These products will be bought and sold via the already established channels by Exhale Yoga Center. The company aims to have a significant impact with these products since they will diversify people’s perception of yoga and aid in edging out Exhale Yoga Center’s competitors.

 

 

 

 

 

 

 

 

 

 

 

 

 

MARKET ANALYSIS AND INDUSTRY SUMMARY

Vancouver has emerged from a middle-income town to a high-income town and in the process regained its position in the heart of the city. The growth and development of the town has been fueled by the increased emergence of businesses and advancement in technology resulting in a rise in employment. Currently, more than fifty thousand professionals work in Downtown Westminster. Exhale Yoga Center believes that a strategically located yoga center can be very attractive to customers and students if it creates programs or yoga sessions that fit the time constraints of their jobs and other commitments. In this regard, Exhale Yoga Center plans to offer its members four sessions distributed evenly during the day so as to enable working individuals to utilize their lunch and after work hours to attend yoga classes with other sessions being provided to customers based on their personal schedules. The key to success of Exhale Yoga Center in a location that has quite a number of yoga studios will be to attract new customers to yoga instruction while sticking to its high-quality products and unique Anusara style of Hatha Yoga.

Market Segmentation

Exhale Yoga Center will focus on two customer groups in Downtown Westminster and its environments:

Middle Income Urban Customers – This target group is the main or core segment of prospective customers and students of Exhale Yoga Center. Their demographic features include:

  • Seventy percent female customers and thirty percent male customers.
  • Customers aged between twenty-six years of age to forty years of age.
  • Family income of $30,000 to $50,000.
  • Social Pattern: Customers will most likely attend yoga classes or sessions as a group.
  • Lifestyle/Health Issues: Active people who are focused on dieting and healthy food. Moreover, over seventy percent of this target group comprise of members of gyms and close to forty percent of prospective customers and students have taken yoga classes before.
  • Selling point of Exhale Yoga Center: The yoga center is close to work, offers low stress yoga sessions or classes and is spacious enough to accommodate workmates that attend sessions as a group.

Upper Income Customers – This is a secondary target group for Exhale Yoga Center in the yoga industry. Their demographic features include:

  • Seventy percent female customers and thirty percent male customers
  • Customers aged between forty years of age to sixty years of age
  • Family income of $60,000 and above.
  • Social Pattern: Customers will most likely attend yoga classes or sessions alone.
  • Lifestyle/Health Issues: Active people who are focused on dieting and healthy food. Moreover, over ninety percent of this target group comprise of members of gyms.
  • Selling point of Exhale Yoga Center: The yoga center is close to work and offers low stress yoga sessions or classes.

Target Market Segment Strategy

Every activity that Exhale Yoga Center engages in must be designed to work within the time constraints and schedules of the target customer. Moreover, yoga sessions must be limited to forty-five minutes and scheduled to fit the lunch break and after work schedules that exist in the downtown businesses. The focus of the yoga instructions at the Exhale Yoga Center will also have to be tailor-made to clients seeking optimum relief or relaxation of their bodies from the pressure of work before returning to their workplaces. This strategy is of extreme prominence since if Exhale Yoga Center can create a visible difference in the sense of well-being of its customers and students, then they will come to rely on these instructions as an escape from their demanding lifestyles during the day. Such kind of lasting experiences will formulate a massive word of mouth and result in more customers coming for yoga classes at Exhale Yoga Center.

Service Business Analysis in the Yoga Industry

Yoga centers are typically situated away from the business or commercial center of the city. Nonetheless, Exhale Yoga Center is located in downtown New Westminster since it is focused on acquiring long-term customers rather serving a large number of customers or students who are beginners. This does not mean that Exhale Yoga Center excludes beginners from its clientele. The company is focused on giving yoga experiences that turn attending beginners into long-term members of the yoga center with the specific type of yoga that it offers and the highly-skilled instructors with a high reputation.

Market Needs

There are two crucial underlying needs, that is, a facility with a relaxing ambiance and quality instructors or teachers with good reputation.

  1. There is a practical need for yoga facilities that have a relaxing, welcoming, comfortable, well-lit and aerated and spacious ambience for customers to unwind after hectic work and commitments without feeling uncomfortable or stressful.
  2. There is also a significant need for highly professional yoga instructors who can guide customers and students through quality and fulfilling yoga sessions in a pleasant and ideal environment.

Market Trends

There are three major market trends in the yoga industry:

  1. The increase in the number of yoga studios is creating more opportunities for consumers to attend yoga sessions at reduced prices. This has resulted in price wars and diversification of yoga centers to attract more customers.
  2. Yoga centers with high-end facilities are becoming more popular among high-income customers given the ornate nature of many elderly people in the city. However, more middle-income individuals are investing in quality yoga sessions based on the ambience of the facilities.
  3. Yoga centers that offer specific styles of yoga classes or sessions are gaining popularity especially with customers who have practiced yoga before and continue to accrue more sales, making the niche ideal for growth in the foreseeable future.

Yoga Industry Analysis

  • The yoga industry is continuing to register growth above population increases. More individuals are attending yoga classes based on the recommendations of their workmates, friends or family members.
  • Relatively good margins in the yoga industry have resulted in certain success.

Purchasing Patterns and Competition in the Yoga Industry

Yoga is trend that is growing at a tremendous rate. The mode of exercise, relaxation and healing was popular in the seventies, but it has come back with full force in the twenty-first century. The popularity of yoga is overwhelming in that it is practiced by celebrities, sportsmen and sportswomen, judges, teachers, students, doctors, businessmen and businesswomen, as well as, individuals in other professions. Given that many people practice yoga, it is more than common to hear people recommending the discipline to others.

The key to competition in the yoga industry is the quality of the instructor. There are certain instructors in Downtown New Westminster who have a good reputation and are well respected. Exhale Yoga Center will strive to attract the best yoga instructors with high qualifications, experience and reputation to its facility. A significant competitive advantage for Exhale Yoga Center in comparison with other yoga studios in the vicinity is the quality, location and ambiance of its facility. This is because Exhale Yoga Center has the most attractive and strategic facility in town; a feature that will make instructors want to teach yoga here and clients more than willing to unwind and exercise at this facility. Exhale Yoga Center will focus on presenting the company as the perfect place for customers and students to learn yoga skills with the aim of reducing the daily stresses of work and commitments while improving the physical status of the members.

It is imperative to note that while other yoga studios in Downtown New Westminster may be able to match the quality of instruction offered at Exhale Yoga Center, their facilities lack the relaxing and welcoming ambiance at Exhale Yoga Center that is so vital to the discipline of yoga.

 

MARKETING AND SALES STRATEGY AND IMPLEMENTATION

Exhale Yoga Center will conduct its marketing through the numerous beauty salons, boutiques, fitness clubs and tanning salons in Downtown New Westminster. This will involve word of mouth from satisfied customers, instructors and goodwill ambassadors of the company. Exhale Yoga Center will also utilize technology to market its products and services. The specific technological route that Exhale Yoga Center will explore is social media. By creating online accounts on Facebook, Twitter and Instagram, Exhale Yoga Center will share information about its yoga sessions and products, clearly outlining the benefits to customers so as to inform potential customers on social media. Moreover, Exhale Yoga Center will create a website where it can advertise its offers and discounts for its customers to see and utilize. The website will also include a platform for online registration of members and payment for yoga sessions and the products of Exhale Yoga Center such as yoga mats and towels, shirts, shorts, balancing balls and memorabilia. The company will offer the free open workshops it advertises on its website, social media accounts, beauty salons, boutiques, fitness clubs and tanning salons to beginners. Moreover, Exhale Yoga Center will start a program that will ensure that a twenty-five percent session discount is given to members who successfully recruit novel members to Exhale Yoga Center through their recommendations and physical follow-ups.

Competitive Edge

Exhale Yoga Center has two main competitive advantages that make it stand out in the yoga industry compared to other yoga studios in Downtown New Westminster and the city at large. These competitive advantages include an ideal location in Downtown New Westminster with a facility with a relaxing ambience and highly qualified instructors with a good reputation among people who practice yoga regularly. Based in the heart of Vancouver, Exhale Yoga Center offers its customers and students excellent or top-notch yoga instruction that fits into their busy schedules and commitments during the day, providing them with a sanctuary where they can escape the daily pressures of life. Our facility compliments our brand image and is well-deserving of the epithet of perfect relaxation and exercising yoga studio in Downtown New Westminster.

Sales Forecast and Sales Strategy

The sales forecast presented in the financial statements outlines the sales of instruction time for the different yoga sessions or classes offered by Exhale Yoga Center represented in monthly and yearly format. The sales forecast also entails the sales of products such as yoga mats and towels, shirts, shorts, balancing balls and memorabilia through the boutique situated in the facility in Downtown New Westminster. Instructions for yoga sessions or classes are sold in the following three ways:

  • Private classes and lessons for customers and students.
  • Drop-in sessions for yoga customers
  • Two month courses for yoga students.

Exhale Yoga Center has a boutique located in its facility that will be utilized for storing and selling the products of the company. Some of the products that the boutique will sell include yoga books, videos, shirts, shorts, mats, sports bra, towels, memorabilia and other props for yoga. Other products that Exhale Yoga Center will sell include light healthy energy food and healthy pre-bottled drinks. Since the current facility does not include a café where the food can be prepared and served to the customers seeking to purchase food, the food will be pre-packed. This means that food that easily goes stale cannot be sold at the facility, thus, the pre-packed food offered at the Exhale Yoga Center will be limited to the necessities. Once Exhale Yoga Center is established as a famous destination for yoga enthusiast and learners, the company will consider opening a café to prepare a wide variety of food to serve to its customers.

Given that Exhale Yoga Center is a start-up company we expect to register slow sales for the first and second month of operation since customers will be familiarizing themselves with the vicinity. After the first and second months, the sales of Exhale Yoga Center will increase as membership grows. This is evident in the monthly and yearly income statements prepared to evince the sales forecasts for the company.

Milestones

It is imperative to include certain elements of Exhale Yoga Center that are not evinced in the tables and financial statements. For instance, there is an emphasis on planning before sales and marketing strategies are implemented by the company. Moreover, the financial statements and tables do not show the commitment of the owners and staff of Exhale Yoga Center to achieve its objectives and live up to its mission. Our business plan entails comprehensive provisions for plan versus actual analysis and costs versus benefits analysis conducted by Exhale Yoga Center, as well as, follow-up meetings held by the company owners and staff every month to discuss course variances and corrections.

Marketing Strategy

The objective of the marketing strategy is to get the people taking lunch breaks, work breaks and after work breaks to attend yoga sessions for the purposes of unwinding and relaxing after work and other commitments during the day while achieving mind, body and soul healing at the same time. Exhale Yoga Center will offer free instructions and refreshments for beginners and visitors so as to encourage them to become members of the facility.

The marketing strategy will also involve word of mouth advertising in beauty salons, boutiques, fitness clubs and tanning salons in Downtown New Westminster. Exhale Yoga Center will also involve online advertisements on the company website and through social media by creating online accounts on Facebook, Twitter and Instagram to create awareness regarding its yoga sessions and products and clearly outline the benefits to customers so as to inform prospective consumers on social media. The information shared with prospective customers will also include the instruction segments that will be forty-five minutes each and focus on the exercises that will result in the maximum release of tension and healing of the mind, body and soul. The consequence of this marketing strategy is that Exhale Yoga Center’s resources will be centered on advertising sales through customer service, conducive and friendly facility and sales promotions and discounts.

  1. Exhale Yoga Center’s marketing budget will not exceed $2,400 per year.
  2. Exhale Yoga Center’s marketing discounts and promotions will be coherent to the mission and vision statements of the company and ensure that the following objectives are attained:
  • Attain sales in excess of $50,000 from the boutique
  • Increase sales by fifteen percent by the end of the second year of operation in Downtown New Westminster.
  • Acquire and retain more than three hundred customers by the end of the first year of operation in Downtown New Westminster.
  • Increase customer bases by thirty percent by the end of the second year of operation in Downtown New Westminster.

Exhale Yoga Center pans to utilize the above mentioned marketing strategies to reach to our customers. We will establish a committed and able marketing team that will utilize social media, the company’s website and word of mouth to ensure numerous potential customers know about Exhale Yoga Center’s yoga sessions and its products.

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONAL AND ORGANIZATIONAL PLAN

Management Summary

The founders of Exhale Yoga Center will conduct the day to day management of Exhale Yoga Center. Key among the critical managerial functions that the founders will undertake includes strategic management, market research and customer support. No major managerial changes are expected in the next three years of operation at Exhale Yoga Center.

Personnel Plan

Exhale Yoga Center’s competitive edge is the well-established and professionalism of its yoga instructors who have vast experience in teaching yoga and the business expertise of its founders. When the founders and instructors of Exhale Yoga Center combine their professional expertise with the technical and marketing support staff of the company, Exhale Yoga Center is poised to further entrench itself in the ever expanding yoga industry.

Student 1 is one of the founders of Exhale Yoga Center with vast knowledge in various types of yoga. He has studied and took part in various yoga workshops and classes nationally and internationally. Moreover, he possesses excellent business experience having previously assisted in the running of yoga training centers in Vancouver and British Columbia. It is from his management roles in various yoga studios that student 1 was able to gain meaningful experience and also comes well-equipped with financial and marketing skills critical to creating awareness and helping Exhale Yoga Center to gain new customers and retain them as long-term members.

Student 2 is also a founder of Exhale Yoga Center and possesses significant knowledge in the discipline of yoga. He has studied yoga in various institutions and gained valuable knowledge regarding the therapeutic features of discordant types of yoga. Student 2 has also focused on gathering sufficient information regarding the Anusara style of Hatha yoga and is therefore more than qualified to explain the complete benefits of this style of yoga to prospective customers. In addition, Student 2 has received prior training in management and financial management in various institutions. He applied this knowledge in various start-ups by providing his financial advice to owners of start-ups regarding how to manage their capital to cater for their budget and break-even. Therefore, Student 2 brings to the table various sales and marketing strategies unique to start-ups and together with the financial expertise of Student 1, both directors can ensure that Exhale Yoga Center not only breaks-even but also becomes a going concern in the long-term.

The Exhale Yoga Center’s personnel will be the following individuals:

  • Student 1 (Director).
  • Student 2 (Director).
  • Four Yoga instructors or teachers.
  • One sales person at the Exhale Yoga Center boutique.

The above mentioned personnel will be under the payroll of the Exhale Yoga Center. The yoga instructors will take the largest portion of the projected wage budget given that they are tasked with guiding the customers and students through the various yoga sessions. The directors will be in charge of sourcing for additional funds required by the company and managing the finances of the Exhale Yoga Center with the aim of making substantial profit as showed in the projected financial statements.