Sample Business Plan for Yoga and Female Fitness Studio in Nigeria

In this sample business plan, we are going to be looking at the opportunities for setting up a yoga studio in Nigeria and the challenges that operators may likely face in the event of setting up shop. The Yoga studio is also compatible with a female oriented fitness studio/gym.

Introduction

Nigeria is a fast evolving society. People are getting rid of unhealthy lifestyles and taking up new health habits to prolong their lives. There are many ways they do this; going to a gym, joining a martial arts club, cycling, hiring personal trainers, dance training or even doing home workouts to achieve that all important healthy body and shape. Women in particular are looking to lose weight without doing strenuous exercises that may cause them injuries. So they often opt for Yoga, dance or aerobics workouts for their needs. Yoga however has a huge potential in Nigeria. 

What is Yoga?

Yoga which originated from India is a group of different physical and mental exercises based on the use of different body postures and meditation to achieve important health and fitness benefits such as; weight loss, improved blood circulation, bone strength, improved digestion, organ and tissue health and muscle strength, reduced blood sugar level, immune system boosting and improved flexibility among many other numerous benefits.

Who will likely benefit from Yoga classes in Nigeria?

In Nigeria, this set of exercises can have phenomenal impact on female health and reduction in some common obesity related diseases such as; diabetes, stroke, cardio vascular diseases and to an extent improve the body’s ability to resist infections. The people who will benefit from yoga exercises the most are women between 25 and 50 years of age, battling with health and fitness issues and who are in the middle income group, educated to post-secondary level. Men can also benefit from Yoga but strength training exercises will make yoga a second choice for most men even when they know the benefits.

Can Yoga Studio combine other related services?

Absolutely, other fitness and weight loss programs can run either concurrently or on different schedules with yoga classes. There is an existing martial arts studio that runs taekwando and yoga classes in the mornings and weekends at different times and they have reasonable number of students.  

Business Opportunity for Yoga Studio in Nigeria

In Nigeria Yoga and its closely related exercise form Pilates are both relatively new. They have not been embraced by a larger number of people because they are often viewed as belonging to whites and the upper class which is far from true. Yoga as an exercise and lifestyle activity can be embraced by not less than 900,000 women in Nigeria if it is properly promoted. One clear case of a Nigerian achieving phenomenal weight loss or recovery from poor health can drive home the message to sign up for yoga classes. Let us see some figures about the potential income available to yoga studios in Nigeria.

•         900,000 women from middle income classes in Lagos, Abuja and Port harcourt can reasonably be captured for fitness and weight loss programs  
•          A lot of these women are battling with health issues which yoga in addition to medical care will reasonably alleviate
•          Yoga classes can be made affordable at 10,000 per month for at least 30% of this target market
•          The opportunity to sell to this market is available by social media and google search which are both very inexpensive
•          The cost for setting up a Yoga studio is low and the running expenses is also low meaning most of the revenue from the business will be profit
•          This is a very simple business to run, minimal management skills needed
•          There is the opportunity to sell yoga classes online to both a local and international audience for exceptional yoga teachers

Challenges involved with Yoga Studio Business

•          There the challenge of breaking down cultural bias against Yoga. The operators would have to be creative and impactful with their marketing messages to drive home their point
•         The dilemma in choosing between an upscale hall/studio at the beginning to attract high paying clients versus operating from a less expensive studio and hoping on mass marketing to a lower income market

 Startup Requirements

Item                                                                       Cost Yoga mats and clothes                                              30,000 Yoga accessories                                                       30,000 Marketing Budget                                                     90,000 Rent                                                                            300,000 6 months Expenses                                                   120,000 Other costs                                                                 60,000 Total                                                                           600,000

 

First Year Financial Projections

Total sales                                           3,600,000

Gross Profit                                        180,000

Operating costs                                   1,260,000

Profit before tax                                  2,160,000

Taxation                                              648,000

Profit after tax                                     1,512,000

Breakeven Period                                4 months

Payback period                                    9 months

ROI                                                      260%

Paul Onwueme is a professional Business Plan writer since February 2014, has achieved respectable results with his business plan writing service with several of his clients securing funding and leaving positive feedback about his writing service. You can connect with him via phone: 0803 206 4106 or email: paulonwueme@gmail.com