As if starting and running a Yoga Studio isn't difficult enough, at the end of the day you still have to go home and run the numbers. Despite happy customers and steady growth, staying profitable can be a constant challenge. Here are a few tips to help you maximize your revenues without distracting from your core business. I know you're busy, so let's dive right in.
1. Simplify Your Pricing Model
You would be amazed at how many gyms have a pricing model with 6-10 different options to buy. It's easy to think that more options makes the customer happier, but ultimately, too many options can be overwhelming causing customers to buy nothing at all.
If your pricing sheet looks like the left column, try simplifying to the right! Of course price specific to your market.
- 1 Class: $16
- 3 Classes: $45
- 5 Classes: $70
- 10 Classes: $125
- 20 Classes: $215
- Unlimited: $105
- Auto-Renew Unlimited $95
- One Class: $16
- 10 Classes: $125
- Unlimited Monthly: $95/mo.
2. Set Up Monthly Auto-Pay Memberships
More likely than not you already have this setup. But if you haven't, we cannot stress this enough. There is no reason to not have the ability to setup a recurring membership program. Creating an expected revenue stream is critical for planning your business and there are plethora of tools available to do so. Get one!
3.Rent Your Space
If I had to guess, you put a lot time and energy into making your space beautiful. There are constantly groups looking for a place to host an event. Welcome your community into your space and turn your vacant time into extra income. Getting this started can be as simple as a flyer and making announcements at networking events such as Chamber of Commerce groups or BNI/Rotary Clubs.
4. Create Your Own Brand Line
For the students that love your studio, they inherently love your brand. Give them a way to share their love by sporting your brand beyond the studio. Creating your own line of products is extremely feasible with a little knowledge about the process. Whether you want to create clothing, yoga mats, or anything in between, there are a wide variety of manufacturers that would be excited to partner with you both abroad and within the US. Use your creativity and craft something unique to your brand! We have a team of sourcing experts if you have any questions in this regard, don't hesitate to ask.
5. Train New Instructors
Yoga Students are unsurprisingly the most likely candidates to aspire to be Yoga Teachers. Hosting a regular instructor training class can yield anywhere from $2,000-$4,000 per student and can be completed in a single month. Make yourself available to train other professionals, and build a larger pool of qualified teachers for your classes at the same time!
6. Host a Yoga Retreat
Admittedly, Yoga Retreats are one of the most time-intensive recommendations on this list. However, if done properly, not only can they be profitable events in themselves, but can also provide an opportunity for your existing students to draw in friends attracting new recurring students to your studio.
7. Create Licensed Content
Creating your own videos can feel foreign at first. But with major advances in the industry, renting and hiring the equipment and a skilled expert is surprisingly affordable. Find your niche in the yoga world, start small, grow your following through social media, and when you feel ready launch a paid program.
8. Offer Private Classes
Private classes can be an excellent way to augment your studio’s regular recurring class schedule with higher-end clientele or those that aren’t comfortable yet in a group environment. These classes can be targeted towards individuals, couples, small groups, or even corporate offerings and retreats.
9. Retail Products in Your Store and Online
Retailing products is an amazing way to maximize your revenue and value delivered to each student. You already have the foot traffic, and they’re already buying clothes and gear somewhere, right? With more supportive communities in today's economy than ever, give your customers a way to show support for you. The key is to make it super easy for them to browse and purchase in the studio and online. If you're looking for an easy and affordable way to get into retail, check out some of the wholesale floating sunglasses packages.
10. Foster a Sales Culture
Last but not least, in a $27B annual and growing yoga industry, it’s not enough to just have a great studio, you need to have a great business. There is too much competition to hope for the best. Build a culture within your team to help customers feel welcome and demonstrate the value of what yoga, and specifically your, studio can do for them. When they’re ready, don’t be afraid to ask them to be customers.