Favad Malik moved across the pond from London to the US five years ago with an investor visa and a dream to develop a network of wellness businesses, which eventually led him to open Yoga London.
Inspired by a career in wealth management, Malik knows first-hand how interconnected the dimensions of wellness are—financial wellness included. Through this lens, he saw an opportunity to bring a modern workout to a rural landscape and Yoga London became the first hot yoga studio in Idaho Falls.
With his passion for health at the forefront, Malik made Yoga London’s mission to provide a safe community for “Every Body” on their personal yoga journey. Marketing that mission to grow his community took a mix of powerful software and something that's often much harder to come by: financing.
Overcoming hurdles to build a wellness community
Opening just four months shy of the COVID-19 pandemic, Yoga London experienced challenges from the beginning. From months of shutdowns and quick pivots to online classes, growth hasn’t always been easy.
According to Malik, though, the pandemic hasn’t been the biggest roadblock. The greatest challenge for his studio has been offering hot yoga in a location where it isn’t viewed as a traditional method of wellness.
The solution? Raise awareness of the mental and physical benefits of yoga and dismantle any misconceptions about the practice. With the help of Marketing Suite, Malik spreads his brand's mission within the community and engages with clients on a regular basis.
Using Mindbody Capital to increase the studio’s impact
Another monumental challenge Malik faced: securing capital. As a UK passport holder, he's often been ineligible for traditional American lenders. With Mindbody Capital—a new way to get capital to fund wellness business growth—Yoga London was viewed as a growing business (Malik’s citizenship aside).
Malik received fast and flexible funding for his business—without the hassle of a traditional loan. What had previously been a tedious and time-consuming process to gather documentation, fill out forms, and wait for approval, was instead a pre-approved offer funded within a matter of days.
This funding empowered Malik to be nimble in executing creative ideas. “You’re having to make decisions, but sometimes you could miss the boat because you’re waiting on someone to help finance or fund it. [Mindbody Capital] helps facilitate those ideas and creativity.”
Accessing capital helps him market to a wider audience and grow his team quickly. “The speed of the process is great. I remember applying on a Thursday evening and finding out it arrived Friday afternoon. It’s almost like dipping into an existing bank account.”
For Malik, repayment is also simple. A percent of his daily deposit amount is deducted each day. Weekly reports show a summary of the repayments and a timeline of when the funds will be paid off. "If you're looking for something that is painless, easy to use, easy to understand, and very accessible, Mindbody Capital is a great option,” said Malik.
Growth is Yoga London’s top priority. Mindbody Capital has allowed Malik to market to a wider audience, increase recruitment efforts, and bring on more staff. With Mindbody as a partner, he plans to open additional locations and continue growing a community of individuals dedicated to wellness.