Planning with Intention:
Setting Up Your Yoga Therapy Business
Introduction:
Developing a plan and establishing a legal and financial framework are essential steps to create a solid foundation for your yoga therapy business practice. In the same way we often begin our yoga practice with a Sankalpa (intention), we can begin our business journey with focused intention.
In this blog post, we will explore the importance of planning with intention and the key aspects to consider when setting up your business.
Developing Your Business Plan:
A business plan serves as a roadmap for your yoga therapy business. It helps you stay focused and organised as you work towards your goals.
Start by setting clear intentions and defining what you would like to achieve with your business. Having a plan will help you stay true to your intention as a Yoga Therapist, in whichever capacity you would like to practice. Your business can simply be setting yourself some goals and putting them down on paper based on what would you like to achieve, and what actions do you need to take to make that happen.
If a more formal business plan is more appropriate for your aspirations, outline your mission and goals, and then take time to develop a marketing strategy, financial projections, and an operations plan. Having a well-thought-out business plan will guide your decision-making and keep you on track as you launch and grow your business.
Establish your legal and financial framework:
As with any business, it's important to establish a legal and financial framework for your Yoga Therapy business. This may include:
Registering your business with the appropriate government agencies in your country.
Researching and complying with any licenses or certifications required in your area.
Reviewing and updating your insurance coverage to protect your business and clients.
Setting up a separate business bank account to manage your finances effectively and maintain clear financial records.
Choosing the Right Business Structure:
Consider the most suitable business structure for your yoga therapy practice. In the UK, you may choose to operate as a Sole Trader or set up a Limited Company. Each option has its advantages and disadvantages.
Seek advice from a qualified accountant to understand which structure best suits your circumstances. Setting up a limited company can provide a more professional image, but it involves higher administration costs, including the need to submit corporate tax returns. As a sole trader, the process is simpler, and you report your earnings as personal income for that year.
Financial Management:
Maintain good financial practices to ensure accurate and organised records. Keep track of your income and expenses and retain receipts for easy tax preparation at the end of your financial year.
Consider using accounting software or working with a qualified accountant to streamline your financial management processes. Shop around for an accountant who understands your business and can provide valuable advice based on your specific needs.
Conclusion:
Planning with intention and establishing a solid legal and financial framework are essential steps when setting up your yoga therapy business. Develop a business plan that outlines your goals, target market, and marketing strategies that aligns with your intentions. Register your business, obtain necessary licenses, and review your insurance coverage. Choose the appropriate business structure and consult with an accountant for professional guidance. With careful planning, organization, and financial management, you can set a strong foundation for a successful and fulfilling yoga therapy business.
Remember, running a business requires ongoing attention and adaptability. Stay true to your intentions, continuously assess your progress, and adjust your plans as needed. By combining your passion for yoga therapy with a strategic approach, you can create a business that not only aligns with your values but also serves the well-being of your clients.
This blog post is based on an article by Jane Macpherson, Director, Treasurer and Founder Member of the Yoga Therapy Association. She has been a practising Yoga Therapist since 2012 and yoga teacher since 2004.
The full article is available in your Yoga Therapy Association Member area here
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