I’m a bit cynical when a bank manager, with no business experience, is assessing business future, but let’s face it, everything serves and your bank manager can have what you need when you are starting or growing your yoga studio – finances.
Here is a question you can review before submitting your studio business plan, or rather marketing side of business plan.
“Is my yoga business plan written for my bank manager?”
If the answer is yes, think again.
Yoga studio business plan nothing has to do with your bank or its manager, it is for you. Once your studio business plan and finances are approved, then you will really need your plan. It has to be there on your desk for an ongoing reviews, readjustments and modifications.
The truth is if you can not be honest and realistic about your plan you will never convince someone else about success of your business future.
Of course the bottom line is the bank manager wants to know that landing money to you is safe and you will repay them back.
So before you start writing long business plan, be honest and answer these questions:
- Have you done your market research?
- Do you understand your product and service and most importantly why do you think customers will buy from you?
- Do you know who your customers and clients are, including Demographics, Geographics, Psychographics?
- Do you know and figured out your USP (Unique Selling Preposition)…forget about fancy name, just make sure you can tell a person in one sentence what you do, who buys from you and why.
- Do you know specifics of what your target seeks?
- What is your marketing strategy, how do you plan to attract new clients?
- What specific promotions and offers will you, have they been proven to be successful in the past?
- What promotions and strategies will you use to retain existing customers?
- What is the cost of acquiring a new customer?
- What is the cost of retaining existing customer?
- How much is the lifetime value of your
And if you don’t know what they mean, I suggest you read our homestudy course. Answering those questions above will help you see any areas you might have overlooked in your yoga marketing strategy, which of course will help you in your business as well as will help impress your bank manager too, hopefully!
Happy business plan writing
PS. And of course raising finance for your yoga business through bank is just one way out of hundreds of options.