If there’s one thing we’ve noticed more than anything in the yoga business, it’s that the studios that really stand for something succeed in the long term. So if you want to make your yoga studio stand out, and really put into practice everything that you want to embody, then running your business by a set of core values is imperative.
So how can you find something to stand for and let that inform your business decisions going forward? Keep reading to find out!
What are core values?
Core values are the root beliefs that an organization operates from. They are the principle perspectives that guide an organization’s decisions and actions.
Your core values should be your foundational driver that informs your marketing, team building, and business strategy to drive revenue and meet your goals.
How to discover core values for your yoga studio
There are a couple of techniques that you can use to discover your core values.
A good place to start is to ask yourself the question: who would I want with me when I’m stranded on a deserted island? This may seem like a strange thing to do but if you stick with the process you’ll discover exactly why we are going about it in this way.
Next, you will ask yourself: what traits and values do these people have that make them an asset to me on a deserted island? There might be a couple of traits and values that overlap in these people, this gives you a good indication of the values that are important to you.
It’s crucial that you use your gut when it comes to this exercise, don’t overthink it too much. You can always go back and change your core values at a later stage, some businesses even change theirs annually.
Create a pack of cards that each have a different value written on them e.g gratitude, positivity, helpfulness, etc. If you want to buy a pack, this Live Your Values deck is perfect for yoga studios. Sit down with your team and spread the cards out in front of them. Give your team 15 minutes to pick 15 cards that speak to them the most.
You can then put the rest of them away. Set the timer for another 15 minutes and ask your team to take five of those words away. This way, you are whittling down to the core values of those you work with.
Repeat the process and take five more cards away. You’ll then be left with 5 values. Spend some time putting a verb in front of each core value, as this helps put the value into motion, and allows you to explore how you can actively live this value in your business.
What should you do with your core values as a yoga studio?
There are a couple of ways you should aim to use your business’s core values in the operations of your yoga studio. If you implement these in your operations, you won’t stray too far from your core values as they’ll constantly be top of mind.
- Make individual social media posts about your core values and schedule each out once a quarter (these are easy to create in Canva)
- Write a BLOG post about each one (speak about why this value is important to your yoga studio and how you live this value at your studio). This also allows you to link to your social media, and from your social media to your website)
- Post them prominently and creatively in your studio (it can even be used as a design feature in your studio).
- Highlight them on your website, this means you can link to them whenever necessary.
- Add them to the footer of all your newsletters (this means that you, your staff, and your clients will see them repetitively).
- Create core values notecards and give them to staff or clients embodying your core values.
- Highlight one value each month (Create a workshop or special event around that value. Assign a specific staff member or teacher to “own” a specific core value each month.
- Print small stickers with each value and hand them out when you see people personifying it.
Use your values as guideposts for making difficult decisions
It can be difficult to make the hard decisions that need to be made in the world of business. But when you are using your core values as guideposts, those decisions become a lot easier. You also have a solid reason for making the decision eg. If you need to let someone go, telling them your core values don’t align makes the process a whole lot easier.
These are some of the decisions that can be made using core decision:
- Hiring and Firing
- Adding a new class or service
- Should I do X or Y?
- Why isn’t this working?
Are you out of alignment? Are you willing to take a financial hit to stay aligned with your core values? If the answer is no, then the values you have chosen for your business are probably not core values. In that case, it would be best to rethink your core values so you can realign your strategy.
Another way to make difficult decisions easier is to use the phrase: if it’s not a hell yes! It’s a hell no!
How do core values drive revenue?
If you are using your core values to inform business decisions, it will help increase your bottom line at the end of the day.
- You will save money and time by hiring the right people and letting go of the wrong ones.
- You will attract clients who resonate with your core values, making them feel a part of the team. This will likely cause you to have more lifetime clients because they will begin to find a family in your yoga studio.
- Your values will help you to create a unique proposition that will ensure you stand out from the competition.
- You will be able to make decisions faster and with more clarity.
Using your yoga studio’s core values to drive revenue
Success starts with a vision, and one of the best ways to form that vision is by diving deep into what it is that you want your yoga studio to embody. By finding your yoga studio’s core values, you can make more informed business decisions that grow your studio in the right direction.
Are you ready to put your core values to good use and change the way you run your business? Then you’re on the right track to building an insanely successful yoga studio that will stand the test of time!