Once you have your Home Yoga Studio up and running, you will notice that there will be days or hours of the day when for any reason you’re not giving classes. Also, there might be some extra space that could potentially be of use for someone else when you’re not giving any classes, or even during your classes.
The idea in subletting/renting your Home Yoga Studio by the hour can generate more revenue directly to you, and can also bring and attract new potential students. The upside of expanding your business from a Home Yoga Studio to a Holistic/Health Center is the synergy that you create with the other services and activities that your space will provide.
Remember yoga is nowadays one of the most important disciplines of the so called ‘wellbeing’ world, therefore there are quite a few other services and activities that can compliment yoga can be sublet in your own studio:
- Meditation classes and workshops (if you’re not giving them yourself)
- Physiotherapies and sport rehabilitation
- Physical holistic classes such as Tai Chi, Chi Kung (Qigong) and Falun Gong
- Holistic therapy sessions such as aromatherapy, reflexology and herbalism
- Alternative medicine sessions such as acupuncture, feldenkeis, etc.
- Alternative psychotherapies such as family constellations, dreamwork, etc.
- Beauty spa sessions
- Yoga and wellbeing conferences, gatherings and celebrations
- Mud baths and flotation tanks
- Children’s Yoga birthday parties
- Pop-up mini shop with Yoga merchandising, handcrafts, jewelry, etc.
Before you start subletting your Home Yoga Studio, there are a few important things you should consider:
You will be letting another person into your home to use your facilities to run their own business, and they will be bringing their own clientele, so there’s potential risks of money or property theft, as well as damage to your premises, furniture or equipment. First of all, get to know the person(s) that request to sublet/rent your Home Yoga Studio as much as you can. If you can get letters of recommendation from former employers even better. Always have their current details such as home and work addresses, phone numbers and email addresses updated. You can also check their resumes, accreditations, and they MUST have liability insurance for the services they provide.
If you are going to sublet the premises, make sure to talk first with your own landlord and get a signed sublet approval letter, this way you will avoid future legal problems.
Deciding how much to charge your tenant by the hour, day, week or month, is key here because you don’t want to overcharge (and therefore lose potential tenants) or not charge enough to be worth your while.
To consider the price, you can do a research of premises for sublet/rent around your area. You can also research similar local holistic services and talk to the tenants to find out how much are they paying for rent and what’s the area in square feet/square meters of the premises they’re renting. Once you have an idea of the average local subletting/renting price is, you can increase it just a bit to have room for negotiation with your potential tenants.
After you have decided to go ahead subletting/renting your premises to a person you’re recently acquainted with, be sure to go over point by point with your new tenant and then sign (both you and your tenant) a written agreement with all the terms and conditions you will need to feel confident that this endeavor fulfills your expectations, including your right to rescind the agreement. If you are subletting/renting your premises for a specific period of time (and not by the hour or casual), you can start with a trial period to make sure everything goes well with your tenant, and then you can extend the lease period.
Such terms can be (but not limited to) the following:
- Expiration date of trial period (with option to expand to a formal lease period).
- Agreed lease price by hour, day, week, month or year.
- Specific times of day for your tenant to use the premises.
- Specific area within your premises for your tenant to use (including toilets, foyer, etc.) and specified off-limits areas.
- Specific equipment, furniture, etc.
- Agreed cleaning, order and maintenance program for the sublet/rent premises, equipment, furniture, etc.
- Compensatory terms in case of theft/accident/damage of premises, equipment, etc.
- You have the right to rescind the agreement if your tenant does not comply with your terms and conditions.
- Any other contingencies you can think of to feel at peace.
Remember, this is your home you are subletting/renting so it’s better than be safe than sorry. Of course, if you’re subletting/renting to a friend or relative, then this agreement can be more casual and you might not even have to sign anything, just be sure you go over all of the details of the lease with them and that every acting party has it in writing.
Enough transition time
If your tenant is using the same space that you use for your Yoga classes, make sure that there is enough time for your tenant to leave your premises clean and in order before your class starts. Overlapping sessions and classes can be annoying to your students if they have to wait too long for the class to start, or if the Yoga room is a mess.
If your tenant is not using the same space that you use for your Yoga classes, make sure the space they are subletting/renting is big enough, not just for their services but for storage, bathroom, foyer/reception area and walkways. Even more available parking near your premises can be also something to consider, especially if yours and your tenant’s classes/sessions are being held at the same time.
Cross-promotions with tenants
Once your tenant is up and running and has a considerable clientele, you can propose to run cross-promotions to mutually benefit from the synergy that your Home Yoga Studio and your tenant’s services are creating in terms of attracting students/clients. I describe cross-promotions in detail here ‘Online Opportunities and Cross Promotions’