The business plan I selected to do a SWOT analysis is a yoga center named Garden Way Yoga Center. This yoga studio focuses on the practice of Hatha yoga; an ancient discipline that explores, develop and integrates the body, mind and spirit. The practice of yoga strengthens the muscles, helps increase blood circulation to body organs and gland, promotes relaxation and improves concentration.
The Anusara method is style of Hatha yoga taught at Garden Way Yoga Center. This is a new style of yoga that is heart oriented and focuses on spirituality and body alignment.
The instructors encourage students to work establish a connection with their body and mind and to work at their own pace. The mission of the instructors is to help student achieve deep relaxation and to assist students in the development of physical, mental and spiritual health. The business is conveniently located in downtown Monroe in a renovated commercial area, the thousands of employees working in the area are the target customers for this yoga studio.
There is a boutique inside the studio that offers yoga supplies and other product to students. This gives students and instructors the convenience of purchasing fitness apparel and supplies needed for the class inside the facility. (BPlans, 2013) In order to conduct the SWOT analysis I laid out the business’ strengths, weaknesses, opportunities and threats. (Smith, 2013) The strengths of this business plan are the following:
1) the owner and founder of the business, Jill Gordon, Ph. D. is an experienced, certified Anusara yoga instructor, she has conducted teacher training at a national and international level and has previous experience in establishing yoga training centers four different states in the U.S. , Jill has a vast experience with large groups of students. She is also register with the national Yoga Alliance at the highest rank.
2) the business has a well-designed business model,
3) the location of the business is strategic, targeting surrounding businesses’ employees to be future yoga students, with over 50000 employees in the area the market is perfect for this type of business being that the practice yoga has become very popular due to its relaxation, stress-releasing and concentration techniques.
4) Jill will be the main instructor, her reputation and expertise in management are key to business growth, she is qualified to train and recruit qualified yoga instructors in the area.
5) the initial investment $140000is projected to be recovered within three years, the business plan lays out very realistic expectations and achievable goals for the business.
The weaknesses I encountered are the following:
1) holes in staff, even though Jill has an established reputation as a yoga instructor and trainer the chances to get certified and experienced instructors to come work part time in a new business are low. Reputable yoga trainers would probably demand a better salary and more hours than part-time.
2) the market culture: not into healthy habits.
3) new customers, new complaints.
4) increased cost in the maintenance of the studio, yoga studios require a relaxing setting that includes herbal infussions aromatics, candles, instrumental or meditation music, different temperature settings, mirrors, equipment, mats, towels etc.
5) reduced parking space for outsiders; being said that the employees from the surrounding businesses can walk to the studio, parking lots are probably fully occupied with the employees’ vehicle leaving not enough room for others.
6) no human resources personnel is laid out in the business plan, the owner is also a full time instructor, and manager of the studio, which may be overwhelming for one person to do it all.
7) classes schedules designed to fit lunch breaks of employees might not be such a bright idea, leaves people with no time to eat their lunch.
8) yoga seeing as a hobbie instead of a long term commitment; if this happens students will stop practicing when they become bored and the business revenue will suffer.
The opportunities are the following: 1) the practice of yoga is on high demand, many celebrities practice it like Madonna, Julia Roberts; they are advocates in the practice of yoga. This can help attract people that look up to celebrity life-styles. 2) Garden Way can start a hot yoga studio, this method is very popular and it is on high demand.
A hot yoga class could be conducted at later hours, there is a lot sweating involved with this method and it would not suit lunch time classes because employees will have to go back to work sweaty.
3) unlimited visits membership for the first month at a reduced price; this will help attract new customers and help them try different classes and figure out how many sessions they need to buy based on their schedules.
4) promote health campaigns and the importance of yoga for relaxation and stress relief.
5) offer challenges or workshops with rewards
for the students that finish the challenge, for example a 40-days-of-yoga challenge could be rewarded upon completion with free merchandise from the boutique. Rewards always encourage customers to get more products.
6) attract younger crowds by offering student discounts.
The threats are considered both internally and externally and they are the following: internally
1) high staff turnover
2) unmotivated instructors
3) lack of funding
4) deterioration of the facility due to wear and tear.
1) increased competition,
2) lack of interest from targeted market
3) instructors having to continuously renew their certifications, changes in regulations may affect this.
BPlans. (2013). Your Business Starts Here. Retrieved from http://www.bplans.com/yoga_center_business_plan/company_summary_fc.php#.UlTRx77D9fo Smith, E. (2013). How to Create a SWOT Analysis for a Fitness Center. Retrieved from http://smallbusiness.chron.com/create-swot-analysis-fitness-center-23176.html