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MY YOGA NETWORK BUSINESS PLAN 1 My Yoga Network Business Plan Arizona State University

MY YOGA NETWORK BUSINESS PLAN 2 My Yoga Network Business Plan My Yoga Network is a business founded by Ram Bhakt and is located in Long Beach, California. It was founded as a business committed to leading and changing the yoga market through thorough holistic healthcare and the promotion of people’s well-being. Bridging the gap that exists in the yoga industry is the main goal of the company. It provides a company with skilled yoga therapists together with experienced medical professionals who can help people attain holistic wellness and healing in California and beyond (Myyoganetwork.com). The company hopes to make the communities thrive by providing them with a platform to understand the life-changing potential of participating in yoga therapy. The primary aim of My Yoga Network Company is to create a podium where people can access democratic, holistic healthcare provided by experienced medical care professionals and skilled yoga therapists in an easy-to-use manner in a dynamic platform (Myyoganetwork.com). The company objectives are very clear and include providing people with a place that they can use to make changes in their own lives, wellness, and health through making deep connections with them and making educated decisions to improve lives. The ideal future of the company would include the provision of holistic treatment Company Description Company’s Objectives/Mission Statement

MY YOGA NETWORK BUSINESS PLAN 3 and yoga therapies every day of the week and make them not only a speciality but a necessary part of healthcare provision that can help reform societies and improve people’s lives. My Yoga Network is committed to uploading moral principles in society and laws in its place to provide people with yoga and holistic healthcare. The company is also committed to striking a balance between protection of liability and operational flexibility since it operates as a Limited Liability Company (LLC). The commitment to abide by moral societies and laws is done to protect the personal accountability of the owners to create a legal arrangement that permits pass-through taxation (Myyoganetwork.com). With LLC as the legal structure of the company, My Yoga Network gains adaptation and agility to the laws and regulations in the industry, as well as attains a platform that helps effectively govern procedures and streamline its management in the yoga industry. In streamlining operations through law and regulation, the company uses applicable legal requirements to strictly promote the safety and security of personal health information, reduce liability, and offer data security. At the heart of My Yoga Network’s service provision to the customers is the cutting-edge online marketplace that creates a doorway for the provision of comprehensive healthcare solutions. Through the online marketplace, the company provides its customers and target audience with a podium to attain easy access to a range of services that include health educational programs on Legal Issues Products and Services Management/Leadership

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MY YOGA NETWORK BUSINESS PLAN 4 holistic health methods, one-on-one consultations with medical professionals, and With extensive knowledge and experience in a variety of fields, such as healthcare administration, management of organization, and technology, the My Yoga Network leadership team is well-placed to steer the company forward. individualized therapy sessions (Myyoganetwork.com). Led by the company CEO and Chairperson, Mr Ram Bhakt, the team in the company exemplifies a dedication to quality and innovation that creates a platform that leads the company in the direction of attaining its vision and goals. The team of leadership is composed of Avish Jain as the Chief Product Officer, John Davenport as Chief Marketing Officer, and an Advisory Board led by Jaime Lewis, assisted by Anita Schill, Adhana McCarthy, and Claudia Cardin-Kleffner (Myyoganetwork.com). The company leadership team embraces principles such as creativity, cooperation, and openness, which are at the centre of the ongoing development of the company and setting a bar of excellence. Long Beach, California, is the strategic location of My Yoga Network’s headquarters. With such At a strategic location, the company enjoys numerous benefits, including the prime location being accessible to customers and encouraging interaction with people from a variety of cultures. The location of the company stands as a nexus for propelling the Business Location

MY YOGA NETWORK BUSINESS PLAN 5 influence of My Yoga Network to the next level, hence offering a platform for cooperation with a multicultural community, attaining faster growth, and providing customers with technologically advanced and holistic care. My Yoga Network has already achieved a lot in the yoga provision industry as it embraces its journey to continue transforming the sector, which shows its potential and progress so far (Myyoganetwork.com). The company has been able to demonstrate that it is steadfast, resilient, and adaptable in commitment to creativity and holistic case through its successful development and integration of corporate yoga services and hospitality yoga to its services as a working prototype to its strategic mission of changing the yoga industry in the United States and beyond. As the company has already surpassed these milestones, it is committed to ensuring that every activity and technology that is brought to the fold helps the company move closer to realizing its mission and vision of attaining a world where the provision of yoga leverages holistic healthcare as a concept of attaining better health outcomes and becomes a lived reality to all. The financial outlook of My Yoga Network is positive thanks to recently obtaining seed investment support that was channeled to developing a platform for yoga service excellence. Despite being in the position of refining its revenue predictions, the financial position of the company is still strong because of the high demand for yoga services the company offers and benefits from its online marketplace promotion and services (Myyoganetwork.com). As a result, My Yoga Network is positioned to be able to have a say in the healthcare industry and Financial Status

MY YOGA NETWORK BUSINESS PLAN 6 complexities in the industries as it has emerged as a leader in the provision of holistic healthcare through innovative ways with an emphasis on sustainable growth and financial responsibility. Industry Analysis & Trends Industry Description My Yoga Network is a business founded by Ram Bhakt and is located in Long Beach, California. It was founded as a business committed to leading and changing the yoga market through thorough holistic healthcare and the promotion of people’s well-being. Bridging the gap that exists in the yoga industry is the main goal of the company ( Wittich & McCartney, 2020) . The company operates in the Yoga industry in the U.S., which collected approximately 11.96 billion U.S. dollars in 2023 according to Statista (2023). Being a modern society, Americans use contemporary yago practices that modern western societies use to improve their well-being and health as the services most companies in the industry provide focus on physical exercise and fitness apart from some using it as a spiritual and meditation exercise as in the traditional Indian society. As shown in Figure 1 below, the total global market size of the industry is estimated to be over 96.7 billion U.S. dollars (Shaw & Kaytaz, 2021). This represents a significant increase in the market size since 2009, which produced close to 67.1 billion U.S. dollars (Statista, 2023). Figure 1 : Market size

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MY YOGA NETWORK BUSINESS PLAN 7 Industry Trends The participation of people in health clubs such as My Yoga Network has significantly increased from 2009 to 2023, as Statista (2023) records an estimated 63,644 health clubs in Europe alone (Statista, 2023). In the U.S. participation in yoga sessions is popular among adults. The country has experienced a significant increase in the number of people participating in yoga sessions since 201021 million U.S. Americans participated in yoga exercises by the end of 2010, and by the year 2021, the number significantly increased to 34.4 million, which is 63.8% increase of participants of yoga in 11 years (Statista, 2023). Statistics indicate that the number of products and services the yoga industry provides to customers has significantly increased from 20019 to 2023 (Statista, 2023). However, over 51.3% of the revenue generated in the industry comes from the provision of yoga classes. Strategic Opportunities Current opportunities that exist within yoga in the healthcare industry of California include abilities to grow due to raising geographical interest and changing reimbursement methods that focus on value-based Yago services, which provides more opportunities for wellness centers such as My Yoga Network opportunities to be successful. In addition, the high rates of obesity currently include 42.4% of the American population (Shaw & Kaytaz, 2021), which calls for increased resources/need for wellness centers. There is also an increased need for behavioral health services due to the area’s limited resources. Lastly, increased governmental grants/funding for preventative health programs/initiatives provide good strategic opportunities for the My Yoga Network. Size and Growth Rate

MY YOGA NETWORK BUSINESS PLAN 8 The current Long Beach, California population is 456,602 (DataUSA, 2020). The current median age is 35.3 (DataUSA, 2020) which provides increased opportunities for the yoga companies as many of the residents fall in the targeted age range. In addition, all health services continue to grow and expand as there are more health services required to combat the ageing baby-boomer population (Shaw & Kaytaz, 2021). This provides good growth potential for the My Yoga Network. Between monthly reimbursements from insurance coverage and monthly fees, the projected revenue after year 1 is $385,000. Industry Maturity The industry for this proposal is the fitness center industry. Before COVID-19, the industry was quite stable, consistent, and mature. The COVID-19 pandemic rattled all fitness centers across the country. But the yoga industry in Long Beach, California has primarily found ways to adapt to the circumstances to stay in business. The industry is expected to see a turnaround within the next twelve months as society continues to reopen as vaccinations ensue. Industry Type Long Beach, California area, features a service industry as the biggest organizations include public services and healthcare. My Yoga Network is within the health plan fitness center industry. This industry type aligns with the prominent industries in the area as it provides both services to the public and healthcare components. Sensitivity to Economic Cycles/Seasonality As Long Beach, California is an area that is actively in the vacation hot spot that seen seasonality of tourists in the area, My Yoga Network business will be highly influenced by these seasonality and sensitive economic cycles. Tourists tend to visit the area during the summer for vacations, which is a potential economic uptick for the company during the summer period.

MY YOGA NETWORK BUSINESS PLAN 9 However, the target audience and full-time of the company being older people and less likely to be students means the Yoga center will be able to sustain itself even during large breaks and winter seasons when tourist in California is less. The current economic issues caused by the COVID-19 pandemic lead to significant revenue loss as there was restriction of movement and people converging in a place in large numbers reducing the captivity of the yoga center to operate effectively. Technological Changes Incorporation of healthcare technologies such as electronic health records in the healthcare industry has significantly impacted the industry. Therefore, My Yoga Network is required by these technological changes to use EHR to enable technological equipment to provide customers with holistic healthcare and to maintain patient information with high integrity and security. Regulations/Licensure The company is committed to striking a balance between protection of liability and operational flexibility since it operates as a Limited Liability Company (LLC). The commitment to abide by moral societies and laws is made to protect the personal accountability of the owners and to create a legal arrangement that permits pass-through taxation. With LLC as the legal structure of the company, My Yoga Network gains adaptation and agility to the laws and regulations in the industry, as well as attains a platform that helps effectively govern procedures and streamline its management in the yoga industry. Human resources will monitor all regulations and licenses from their centralized office. Finances of Similar Companies

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MY YOGA NETWORK BUSINESS PLAN 10 The main competitors of My Yoga Network in California include Ananda Dhira Yoga, Beach Yoga SoCal, and California Yoga Center. Financial Statistics - Ascension $ % Gross Patient Revenue %130,980,000 90.7% Non-Patient Revenue $16,736,110 15% Total Revenue $147,916,110 Net Income (or Loss) $634,168 0.6 Global Industry Concerns Current global industry concerns for the My Yoga Network include COVID-19 restrictions and medical provider shortages. The COVID-19 pandemic has caused treatment restrictions for hospitals which has led to financial instability for healthcare organizations. In addition, the COVID-19 global pandemic has caused widespread healthcare industry issues as there are mass employee burnouts, shortages, and illness or death (Swamy & Agoramoorthy, 2021). This global phenomenon has put a strain on My Yoga Network’s operations and has drastically hurt the service industry. This could prevent the Wellness center from being able to operate at max capacity or even shut it down together which will greatly affect the bottom line. In addition, the aging baby-boomer population is a big issue that’s leading to a larger population of patients needing care and a smaller workforce as many providers are retiring. This industry concern could cause issues for the Wellness center as it may be more difficult to staff the facility with medical providers as time goes on (Swamy & Agoramoorthy, 2021). Target Markets The target audience and full-time of the company are older people and less likely to be students, means the Yoga center will be able to sustain itself even during large breaks and winter seasons when tourist in California is less ( Tanri & Windasari, 2023). The country has

MY YOGA NETWORK BUSINESS PLAN 11 experienced a significant increase in the number of people participating in yoga sessions since 201021 million U.S. Americans participated in yoga exercises by the end of 2010, and by the year 2021, the number significantly increased to 34.4 million, which is 63.8% increase of participants of yoga in 11 years. Statistics indicate that the number of products and services the yoga industry provides to customers has significantly increased from 20019 to 2023. However, over 51.3% of the revenue generated in the industry comes from the provision of yoga classes. The Competition Through evaluation of external and internal elements that affect the competitive ability of the company, My Yoga Network has positioned itself in a position to understand its competitive landscape. The main competitors of My Yoga Network in California include Ananda Dhira Yoga, Beach Yoga SoCal, and California Yoga Center. Using its creative platform, internally, we make use of assets like our creative platform, seasoned leadership group, and dedication to excellence and client happiness ( Alter, 2022). On the other hand, we also recognize our shortcomings, like poor brand awareness and the ongoing need for technological innovation ( Alter, 2022). We keep an eye on external market factors, such as rival tactics, consumer inclinations, and legislative modifications, to adjust and seize new chances. Strategic Position & Risk Assessment My Yoga Network uses its unique selling proposition building a thriving community committed to holistic healing and wellness to strategically position itself. Our platform facilitates the seamless connection between qualified yoga therapists and medical professionals, offering a full ecosystem that distinguishes us from conventional healthcare providers by taking a holistic approach to healthcare delivery ( Woong & Goh, 2021). Simultaneously, we carry out a thorough risk assessment to pinpoint possible dangers to our company, such as modifications to regulations, interruptions from technology, and fluctuations in the market. We take proactive

MY YOGA NETWORK BUSINESS PLAN 12 steps to reduce these risks, like keeping up with regulatory changes, investing in strong cybersecurity procedures, and diversifying our sources of income ( Woong & Goh, 2021). Marketing Plan and Strategy The main goal of My Yoga Network's marketing strategy is to position our online yoga therapy marketplace as the go-to source for all-encompassing healthcare solutions. Our strategy places a strong emphasis on focused marketing techniques meant to connect and interact with our wide-ranging target audience, which includes yoga therapists, people interested in holistic healthcare, and healthcare professionals looking for holistic solutions ( Kostamo, 2022). Using social media channels for community participation, putting focused online advertising campaigns into action, and improving our website's search engine exposure are some specific strategies. Operations My Yoga Network's operational foundation consists of both virtual and physical elements that are necessary for our online marketplace to run smoothly. At the heart of My Yoga Network’s service provision to the customers is the cutting-edge online marketplace that creates a doorway for the provision of comprehensive healthcare solutions. Through the online marketplace, the company provides its customers and target audience with a podium to attain easy access to a range of services that include health educational programs on holistic health methods, one-on-one consultations with medical professionals, and individualized therapy sessions. The company provides customers with opportunities, assistance, and user resources for effective community engagement to promote holistic well-being and healthcare as part of its commitment to the provision of therapies and care that goes beyond simple connectivity ( Ramaprasad & Nandini, 2020).

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MY YOGA NETWORK BUSINESS PLAN 13 References Alter, J. S. (2022). The Ethics of Yoga and the Spirit of Godmen: Neoliberalism, Competition, and Capitalism in India. Social Analysis , 66 (4), 48-68. https://doi.org/10.3167/sa.2022.660403. Kostamo, M. (2022). Marketing framework development for a microenterprise: case Joogantai. https://urn.fi/URN:NBN:fi:amk-2022052411467. My Yoga Netowork (n.d.). Myyoganetwork.com. https://myyoganetwork.com/about-our-team- and-vision. Ramaprasad, S., & Nandini, B. (2020). Operations Cost Optimization for Consumables at Yoga Studio. Shaw, A., & Kaytaz, E. S. (2021). Yoga bodies, yoga minds: contextualising the health discourses and practices of modern postural yoga. Anthropology & Medicine , 28 (3), 279- 296. https://doi.org/10.1080/13648470.2021.1949943. Statista (2023). Topic: Yoga . Statista. Retrieved February 2, 2024, from https://www.statista.com/topics/3229/yoga/#dossier-chapter1. Swamy, H. D., & Agoramoorthy, G. (2021). The coronavirus pandemic impact on India's Yoga tourism business. Yoga Mimamsa , 53 (2), 145-148. DOI: 10.4103/ym.ym_116_21. Tanri, G. N., & Windasari, N. A. (2023). Proposed Marketing Strategy to Increase Number Of Customerstrough Experiential Marketing (Study Case: A Yoga Studio In Jakarta Selatan). Journal of Economics and Business UBS , 12 (1), 206-226. https://doi.org/10.52644/joeb.v12i1.102.

MY YOGA NETWORK BUSINESS PLAN 14 Wittich, A., & McCartney, P. (2020). Changing face of the yoga industry, its dharmic roots and its message to women: An analysis of yoga journal magazine covers, 1975–2020. Journal of Dharma Studies , 3 (1), 31-44. https://doi.org/10.1007/s42240-020-00071-1. Woong, J. Y., & Goh, S. H. (2021). Supply chain risk management strategies in the face of COVID-19. In Conference on Industrial engineering and operations management Singapore (pp. 7-11).

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