boost your business model with these tips
With yoga becoming more and more popular, finding the best business model as a yoga teacher or studio owner becomes crucially important.
How do you price your classes and services?
This is a really good question, and the answer is sometimes challenging to come up with. There are so many factors involved in pricing your classes at your studio. Exploring your services, class offerings, teacher experience, location, and clientele should begin to help you form a clear answer to the question of, “What should I charge?”
Many studio owners and yoga teachers have a few different options when it comes to pricing. There are two popular methods: pricing classes based on cost per class, and more creative pricing packages. For each method, there are pros and cons.
So how do you choose the best pricing method for your business?
Your experience level as a teacher can dictate class price. The rates you charged when you began might not be the same rates you charge now. As you become more seasoned, experienced, or educated in your craft, your prices can increase.
The classes themselves will also help dictate class price. If the class is one-on-one, you’ll want to charge a different price than you would for a group. The length of the class should be a factor as well. Teaching a 30-minute class and teaching a 90-minute class are two very different things.
The cost of living differs by city, region, and state, which affects the average price of even specific types of classes around the country. For example, the average price of power yoga classes differs all over.
Many people know things are much more expensive in cities like New York or L.A., but people would be surprised to pay these costs in other areas unless you’re the only yoga studio in town. A typical range of prices for yoga classes is anywhere between $9-$23. Many studios and teachers offer pay-what-you-can pricing, but this isn’t sustainable or feasible as a business model in the long run.
If you’re looking to increase your class attendance, consider running a promotion instead of lowering your prices. Once you’ve lowered them, it can be difficult to raise your prices again. Should you decide to lower and raise them, be sure to give your students a fair warning.
Students come because they want a great yoga class. Your prices will change over time, but give them an amazing class, and your classes will be worth the price!