Yoga Studio – Rent spaces by hour or month?
Chances are, you have probably wondered whether it’s better to rent a yoga studio by the hour sporadically, or having your own space that you rent monthly or even annually. There are many factors to consider and it can be quite confusing, lucky for you, we break it down and simplify this tricky choice of renting a yoga studio by the hour or monthly.
Renting by the hour
As covered in the previous blog, there are great options available if you would like to rent a yoga studio by the hour in Singapore. Just to refresh your memory, you can rent yoga studios per hour on platforms like Get Spaces from $15 hour or Tag Venue which also has yoga studios of generally a higher price range. Also, there is the option to rent directly from a yoga studio such as Bliss Shala, which definitely has its own benefits of doing so despite it coming at a steeper price tag.
Having your own space
This has been the most conventional way to go about running your own yoga studio, which is having your own space that you rent out per month or annually. There are many platforms which you can find for your space, we will just show 2 listings from PropertyGuru and 99.co that would be relevant for yoga studios.
First up is a space from Property Guru at Roxy Square. This is a prime location for yoga studios particularly, as it is in a very trendy and expatriate concentrated area in Singapore. As you can see the space is listed at $1900 a month and is negotiable which is quite reasonable in comparison to other prices and the fact that it is in a good location.
Up next is a space found on 99.co at Kovan, approximately a 5-10 min walk away from Serangoon MRT and located right below a condo. This is a pretty good space as it is quite convenient and also can be appealing to residents of the condo. Although it is a little more pricey than the Roxy Square, it is more spacious and more accessible by public transport.
Why you should rent per hour
- Flexibility: If you are doing this on the side or maybe you don’t conduct many lessons This is definitely a better option as you get more freedom and flexibility when conducting lessons and don’t have to spend as much money as if you were to have your own space.
- Variety of Location: By renting per hour on platforms, you are not tied down to one location so you have more choices of location which you can cater to clients, for example, having sessions in both the east and west so you can attract and appeal to a larger group of clients.
- Reduced responsibility: Another big perk of not having your own space is you have a lot less headaches with the logistical aspect of the space, such as property maintenance, repairs, or zoning issues that come with owning a commercial space.
Why you should have your own space
- Fixed cost: This gives you a better understanding of your expenses every month and what you need to achieve to be profitable.
- Customisation: Having your own space means you have more freedom to design and decorate your space to your liking, and to give a unique feel and look to your space that can best attract and retain clients.
- Consistent availability: Since you have your own space, you will never have to worry about not having an available space to host lessons.
Which is better?
As you can see in the breakdown of both options, they each have very valuable benefits that they bring to the table. So the option that is better depends on your circumstances and priorities, so when deciding on whether to rent a yoga studio per hour on on a monthly basis, think about how you currently run your business or lessons, is it full time or on the side? Which of the benefits are more important to you? When you have the answers to these questions, you will have a clearer understanding of which option is better for you.
This article was written by Zane Phua