While operating a yoga studio can be a rewarding job, it can also prove to be quite challenging. The reality is that new studios are opening their doors all around you each day. As a result, increased competition can easily impact your monthly income, making it harder to meet your financial obligations.
It’s why every successful yoga studio owner needs to know how to play the numbers. There’s a need for you to consider other money-making solutions that will allow you to boost your monthly income. But where do you start? What you probably don’t know is that trainers who earn the most do so by combining several methods.
Some do so through a combination of online sponsorships, workshops, and training. As a successful trainer you ought to:
• Create a website and learn how to take advantage of emerging technologies
• Leverage the power of email marketing
• Learn how to market yourself in online marketplaces
• And finally, learn how to diversify your income
Top Tips to Help You Boost Income from Your Yoga Studio
1. Try to Fit in More Students in Each Class
Although this tip may appear obvious at first glance, increasing the number of people attending each class will eventually make a huge difference. All you need to do is consider the impact on your income when you add three students per class per week.
For this to be possible, you have to find a larger space that can accommodate more people. But while at it, you also need to take care not to dilute its quality. Start by convincing your friends who have always wanted to shop up for a class to do so today.
2. Simplify Your Pricing Model
Take a look around you and look at what the successful studios are doing differently than you. Most have learned how to simplify their pricing and scheduling models. No trainee will be motivated to sign up to a studio whose price plans are more than the classes being offered.
You can use the yoga class booking and scheduling software to create packages and schedules that are easy for clients to understand. Normally, creating multiple packages or memberships intended to cater to a small clientele will lead to unwanted inefficiencies.
And this is not how you want to run your business.
3. Come Up with Monthly Auto-Pay Memberships
Savvy entrepreneurs will already have thought of this and taken steps to include it in their setup. However, if you are yet to do it, this is the right time to get started. You don’t have a reason for not setting up a recurring membership plan for your clients.
Coming up with an estimated revenue stream is crucial, as it makes it possible for you to plan the business. Today, there are lots of tools available online to help you complete this simple, but crucial process.
Get yourself one today!
4. Pop-up Style Yoga Studios
When starting, not all entrepreneurs have the finances needed to set up a stationery studio. And for those that do, they soon come to realize that it’s not only expensive to run, but that it takes a lot of hard work for it to remain open.
Setting up a pop-yoga studio will allow you to realize your dream of running a studio, without having to worry about the fees of running one. Alternatively, you could also lease out some space from your local event organizers.
Many pop-up yoga studios are beloved by their clientele for having a “purpose”.
5. Monetize Your Website
Who said that the only revenue you can earn from your website is from client signups? This doesn’t have to be the case with yours. You can use the official studio website to offer retail products for sale.
Additionally, you can also create streaming video classes where members get to pay to view the classes.
Word of caution: You need to be very careful when attempting to monetize a website. Ensure you don’t turn what was previously a classy website into an all-out commercial one. This calls for you to be careful when offering affiliate links or when using Google AdSense. Any products offered for sale on the platform shouldn’t be distracting and should be well presented.
As seen above, there are tons of tips to help you boost your studio income. You only need to apply some creativity. Learn how to work the numbers, and find a strategy that works for you.
Alex is fascinated with “understanding” people. It’s actually what drives everything he does. He believes in a thoughtful exploration of how you shape your thoughts, experience of the world.