How do you start a meditation business?
Like any business, starting a meditation business involves some pre-planning and careful consideration. No doubt, if you’re reading this blog then you’re already excited and motivated to get your business up and running.
Peter F Drucker once said, “Whenever you see a successful business, someone once made a courageous decision.” So, as you step courageously in the direction of your dreams and start your meditation business, here are a few hints and tips you may like to consider.
Having the right qualifications to start your meditation business is one of the most important aspects to consider before getting started. Do the current qualifications you have allow you to obtain insurance as a meditation teacher? Do they allow you to gain membership or professional accreditation within the industry such as the Meditation Association of Australia?
Having the right qualifications not only ensure that you are legally protected, but can also ensure that you are able to build credibility with your client base and offer the best service possible, with full integrity.
Once you have received the appropriate qualifications to get started as a meditation teacher you will then be able to apply for insurance. The two main types of insurances that you may like to consider for your business include, Public Liability Insurance which protects you in the event one of your clients injures themselves while at your premises as well as Professional Indemnity Insurance which protects businesses that provide advice or a service against claims of negligence or breach of duty made because of receiving professional advice or services from that business.
Most venues, if being rented casually or long term will request to see your public liability insurance with more requiring a minimum coverage amount of $20million.
While insurance premiums can often be seen as a significant expense when starting your business, it’s crucial to protect you and your business in the event of a claim. Think of it as a security blanket for your business!
And, if you’re a student who is close to graduation there are certain providers who cover student teachers. So if you’re eager to get started, rest assured that you can still obtain the required insurance if needed.
A great next step when starting any business is to develop a business plan. It doesn’t have to be too detailed or complex, however having a business plan can be a great resource to refer back to as your business develops and evolves. Business plans cover important things you may like to consider such as your business model, target market, financial obligations and expectations as well as the vision for your business.
You can download a free, easy to use business plan template from the Australian Government Business Website here.
Location & Pricing
Once you have your qualifications, insurance and business plan organised, next comes the fun part. It’s time to source a location and decide on the pricing for your classes. Will you have your own space at home to run classes? Will you take the leap and open your own space? Will you rent out a local community hall or yoga studio? Or perhaps you’ll guide walking meditations in nature? There are a whole range of interesting and varied locations of where you may be able to run your classes, your local council website can be a great place to start to research local halls and nature reserves.
When starting out pricing can feel like one of the more challenging aspects to determine, our recent blog on How much can I charge for a meditation class? may be a helpful resource when considering what you’d like to charge. Some key things to factor can include your out-of-pocket expenses such as venue and equipment hire fees, your advertising fees and your personal time.
Importantly, remember that pricing is a very individual choice, so always do what feels right to you. Be open to some time of trial and error as you feel your way into your new business. Pricing is something that will ebb as flow as your experience, business and confidence grows.
Marketing & Advertising
Finally, it’s time to work out how you will market and advertise your business and classes. Social media is a great way to get started. You can start by setting up an Instagram and Facebook account in your business name, from there you can start letting the world know you’re open and ready to run classes in your area.
Facebook is especially good for local community connection as you will often find local community pages on there that you can join and there will also be ones that will allow you to advertise your local business for free. As well as free advertising, Facebook allows you to pay (your selected budget) to advertise and you can select to advertise within your local area, to people with specific interests and once you get going, to the people who like your page.
For more hints and tips on marketing your business you may like to watch our Masterclass on Social Meditation for Meditation Business.
As well as social media, there is much to be said for good old-fashioned local advertising. You may like to consider printing out a flyer to place on local community boards (these are often placed in central locations out the front of supermarkets or school). Or if you’re feeling really brave, you may like to approach some local Yoga or wellness studios and see if they are looking to run meditation classes at their venue. This can also be a great chance to network with other professionals in the health and wellness space.
Once you have your classes up and running be sure to capture client names and emails addresses so that you can start to build an email list of clients that you can continue to communicate with on a regular basis. Building connection with clients through repeat business will ensure the longevity of your business well into the future.
I hope these hints and tips have inspired you to get your business going. While it can often feel daunting to get started, remember there is so much joy to be experienced from running your own business in a way that aligns to you. After all your hard work in studying and reaching your qualification now is the time to share your gift with the world.
In the words of Susan Jeffers, “feel the fear and do it anyway”.
ACMM are a leading provider of comprehensive and personalized Meditation Teacher Training courses. We are accredited with Meditation Australia (MA) and our principal and course author, Lisa Forde, holds the position of vice president of MA.
We provide Basic Certification right up to Diploma level training. A range of post graduate training options and support, are also available, including our Business Lounge Program which supports new meditation teachers to begin or expand their teaching practice. Download a prospectus for all the details.
Post by ACMM Coach Sammy Wynn