Small Business Story: Naked Feet Yoga Faces Risks in Niche Market


The CoverWallet Small Business Scholarship encourages entrepreneurship in students by asking them to take on the perspective of a local small business owner. Students share their perspective on the opportunities and challenges faced by a business in their community.

Student: Christen McLaughlin, Suffolk University 

Small Business: Naked Feet Yoga

Naked Feet Yoga

My favorite local business is a yoga studio called Naked Feet Yoga. I was never interested in yoga until I started regularly attending this yoga studio. I started taking yoga classes when I was trying to work on my physical fitness and thought some classes would be a great way to increase my core strength and stamina and would be a lot more interesting than just a regular gym work out. Once I started attending these classes I realized how much I love yoga and it improved not only my physical health but my mental health and emotional well-being.

Naked Feet Yoga faces many risks like all small businesses. The first risk I would be concerned about would be the amount of competing yoga studios in the local area. There are several other yoga studios in the same town and some in neighboring towns; there are also gyms that offer yoga classes in the area as well. I have tried several of these other yoga studios and gyms and the services offered by Naked Feet Yoga are far superior but many other yoga goers may not know how high quality these services are compared to others. Naked Feet Yoga should advertise their services more but also encourage individuals to stop by for a free or reduced class so that others could experience the great classes offered. If other yoga attendees like these services, and I am sure the majority would, they would purchase class passes or sign up for memberships which would create a larger client base.

Another risk is that yoga is a niche market- many people do not know much about the practice of yoga or may think it is something it is not, such as a religious practice or an exercise class only attended by women. Naked Feet Yoga would benefit from reaching out to many individuals or gyms and explaining what a yoga class consists of and the many physical and emotional benefits of yoga. Explaining all aspects of yoga would encourage people to try classes and look into the practice of yoga more.

All small businesses face the risk of having too niche of a market, not enough customer base or competition from other similar businesses. Naked Feet Yoga has all of these risks though they continue to provide outstanding service to their customers.

 

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