Business Basics Day 1: First Things First
Yoga teaching is one of the most rewarding professions and endeavours that you could undertake. Not only do you get discover more about your own inner workings, you get to share your knowledge to help others do the same. But what a lot of teacher trainings don’t prepare you for, is that as a yoga teacher you are also running your own business.
So, first things first. In Australia and USA, as a yoga teacher you can generally be classified as one of two things:
Employee – As an employee you are to provide your Tax File Number (Australia) or Social Security Number (USA) to your employer. Your employer has the right to direct the way in which you work as specified in your contract and position description. Your employer is legally responsible for the work you do and you are considered part of their business. You do not need to invoice your employer.
Independent Contractor – Currently, as an independent contractor in Australia you are required to have an Australian Business Number. In the USA, unless you have an employee(s), you are not required to apply for an Employer Identification Number. You are legally responsible for your own work and have the freedom to determine the way your work is done subject to any terms and conditions specified in your contract. You are required to invoice the person/business you are performing services for.
In the majority of cases, as a yoga teacher you will be operating as an independent contractor. If this is the case for you, it is important that you are equipped to be able to run your yoga business efficiently and effectively so you can spend more time doing what you love. And that’s where ‘Business Basics’ come in!
One of the next things you should think about is the name of your business. Ensure that your business name reflects you, your brand and who you are trying to target. And don’t forget to check if you can legally operate under the name you have chosen. In Australia you can check business name availability here and tips on how to name your business in the USA here. There are also plenty of fabulous online tools to help you brainstorm business names such as bubbl and Mindmeister.
Another important thing for you to consider is how you are going to generate business. Whether it’s physically approaching studios/gyms/workplaces to online advertising, there are countless amounts of affordable and innovative ways you can find more classes to teach or build on your existing classes. If you would like to learn some helpful tools for marketing your business, check out my 5 day ‘Mindful Marketing’ online course.
Looking forward to seeing you tomorrow for day 2 of ‘Business Basics’!