Here’s something you don’t see every day. With $108 and a dream, this yoga studio could be yours! This isn’t a joke. There’s actually a yoga studio that is basically giving away their business through an essay contest. Yogapreneurs, this is your Shark Tank moment.
Holistic Movement Center is a 1400 sq ft. “yoga and wellness spa” in Morro Bay, CA owned by Valentina Petrova. She’s been in business for 13 years, but is apparently ready to call it quits, because let’s be honest, owning a yoga studio is not all it’s cracked up to be. Actually, Petrova is graduating in June with a Master’s in Psychology and is looking to pursue a new career path. Instead of selling her studio to someone random, she’s giving her baby to the person who writes the best 250-word essay and can pony up the $108 registration fee.
What will you win? A “turn-key, fully functional, well established, profitable business” with pretty decent Yelp reviews, valued at $65,000 (remember that number), the website states.
There are stipulations, of course. The new owner must honor all prepaid student memberships and classes, and you’re not getting property, just the business, so you’ll have to negotiate the lease (with Petrova’s guidance) which is now at $1250/month. The new owner must also leave space and priority VIP access for Petrova until the end of the year.
Per the official contest rules:
The owner reserves the right to use the Holistic Movement Center to hold private lessons on Tuesdays and Thursdays from 6:30 – 7:30 am and from 10:30 – 11:45 am until Dec 31, 2015. The winner agrees that this time will be provided to the owner at no cost.
The owner, also reserves the right to continue teaching group classes on Tuesdays and Thursdays at 9:00 – 10:15 am, Tuesdays and Thursdays 12:00-1:15 pm, and Sunday mornings at 8:30 – 9:45 am and 11:15 – 12:30 pm, as presently scheduled until Dec 31, 2015. The winner agrees to compensate the owner for teaching said classes as per the same pay schedule offered to all other instructors
But that’s really not all that that bad, is it? Overall it seems like a pretty great deal for just $108 and a few moments of your time to adequately convey your passion in words. Oh, and your hardworking blood, sweat and tears trying to run a successful yoga studio.
Still interested? Send in your essay by June 30th and you’ll be counted in the running. Be sure in your essay to “describe creatively your aptitude for being a yoga studio owner as well as your vision for the future,” because this contest is based on merit, and is not a random lottery. The owner will choose the top 10 contenders and independent judges from the community will choose the winner, the rules state. And there’s a signing bonus. If at least 600 people enter the winner will receive $2000 in cash. The rules state that the $108 entry fees will help cover the start-up cash as well as provide Petrova with some payback (600 x 108 = $64,800 – almost $65k – remember?). It’s sort of like backwards crowdfunding. “The owner has worked on building this business for 13 years, and will love to get paid something for their effort.” Fair enough.
Full contest details and rules can be found here. You’ve always wanted to move to a Pacific Coast beach town, right?