I’ve been going to some yoga studios and it seems like they’re doing quite well in my city & there’s a growing demand. However, before getting the certifications & starting my own business, I wanted to verify whether this is even profitable, or how much I should expect to earn. I’ve never had a business of my own before, and wondering how people do research for things like this? It doesn’t seem like something I can find online for sure. And idk who to talk to regarding this. The instructors that I interact with usually don’t know much about the business side of things, and idk any of the owners.
This got me thinking about how people do research for anything.. is it about finding the right kind of people to talk to and gather information? But in this example, I doubt whether someone would disclose their profit margins, finances etc. What are your thoughts?
How do you do research for demand for your business idea?
byu/Interesting-Page-962 inEntrepreneur
Posted by Interesting-Page-962
2 Comments
I suggest an analysis of several things:
1. All yoga locations and map out where they are located
2. Google trends focused on your city to see how many people are searching for yoga.
3. Find any public statistics on demographics etc in your area and cross reference with amount of gyms and yoga studios
4. Look for complementary businesses like smoothie places etc and cross reference with yoga studio locations
5. If you find a location that may work, survey as many random people as you can in that area. Measure foot traffic too.
You looking to start your own yoga studio then? Anything you can do that could make your studio stand out from the others? Have you talked to people who go to yoga studios to find out the deciding factors that caused them to choose the one they go to? What they really like about it and also what they don’t like about it?
If you have a location in mind and a basic plan on how you’ll do it, can you presell it to people in that area? Start up an ad campaign on Google or Facebook for example, or just directly talk to people you know and ask them to sign up at a special presale price? That seems to be the biggest form of validation in my experience – if you can get money from them before you even build it. You can always refund it if it doesn’t work out. But if you can’t get it in the first place, chances of you getting it after you build out the business are sketchy…