Emily GarrettBurlington, Vermont - January 9, 2012
The recession has put a spot light on the small business community, highlighting the struggles of mom and pop operations. But one small business model is finding success in these hard times.
In Burlington it seems like another yoga studio opens it's doors faster than you can say namaste.
Laughing River Yoga is one of the fresh faces in the city. Owner Emily Garrett is living bliss right now, but two years ago it was a different story. "I did lose my job. I did not have a place to teach -- that was the birth of this place," she said.
Garrett's former studio went under with the struggling economy so she made a choice that seems counterintuitive in a time of a recession. When so many small businesses are struggling, she decided to open her own space. Vermont Business Magazine's Tim McQuiston says that's actually a trend during the recession. "So you see a lot of these small businesses pop up during a down economy," he said.
He says not having a job makes some people get creative and it gives others a chance to chase a dream they normally wouldn't have. "They will decide, 'what am I going to do? There are not other jobs around. I am just going to go out on my own,'" McQuiston said.
McQuiston says the yoga studio business model is a success in these hard times because there is minimal overhead cost, and people are willing to spend the money to take classes because in stressful times of making ends meet -- they need an escape.
Now Laughing River Yoga is among the 20 or so studios in the greater Burlington area. So the question remains when does the community become so big they start driving each other out of business?
"Everyone needs to make a living and everyone wants to do what they love. In that sense there is competition, but I also think that we have found a lot of ways to work together and promote Yoga in general," Garrett said.
"It is one of those businesses that it is like water -- it will find it's own level. At some point there is going to be too many," McQuiston said.
But McQuiston says for now the water is still rising. He says as the state continues work on a new healthcare system, he expects it will offer an a la carte list of coverage options, with a focus on wellness. A formula for success for those in the yoga world. "We are not going to see the high water mark until this healthcare stuff works its way out and the economy continues growing, albeit slowly -- you are going to see more rather than less. It might take a few more years to figure this out," he said.
Over the weekend the Burlington Yoga Community came together for the first Winter conference -- a sign, they say, that they stand together and stronger than before.
