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?”
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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?
The journey of a teacher is continuous and ever-evolving. As you traverse this journey, the value of your experience naturally increases.
When you were at the initial stages of your teaching career, the rates you set reflected your beginner status. However, as time passes and you refine your skills, undergo further training, or expand your knowledge base, it’s only natural that your prices should reflect this growth.
A more seasoned, experienced, or well-educated teacher undoubtedly brings more value to their students, and this added value can be mirrored in elevated prices.
Factors Within the Class Structure Influencing Pricing
The structure and format of your classes are pivotal in deciding the price point. Personalized attention in a one-on-one class setting warrants a higher charge than in group sessions, where attention is divided among several students. Moreover, the duration of the class significantly influences the pricing structure.
The energy, resources, and content required for a concise 30-minute session vary immensely from an in-depth, 90-minute class. Therefore, the pricing should be adjusted accordingly to reflect these differences.
Geographical Cost of Living and Its Impact on Class Pricing
The economic landscape of a region is a crucial determinant of the prevailing rates for any service, including specialized classes. The average price for a specific class type, power yoga, can fluctuate significantly based on the city, region, or state.
Big cities like New York or Los Angeles are notorious for their high cost of living, naturally elevating service rates. However, in less metropolitan areas, exorbitant prices might only satisfy the residents if your establishment holds a unique position, like being the sole yoga studio in the vicinity.
Generally, yoga classes have been observed to range from $9 to $23. While some studios and educators adopt a flexible “pay-what-you-can” model, this strategy might not be a sustainable long-term business approach.
Strategic Pricing and Promotions
Consider a price reduction as a quick solution when aiming to boost class attendance. However, this tactic might only sometimes be beneficial. Once costs are lowered, reverting them to a higher scale can be a challenging endeavor.
It might also cause discomfort or disappointment among your regular clientele. If you ever contemplate a shift in prices, either upward or downward, transparency is critical. Ensure you keep your students informed well in advance. Alternatively, consider temporary promotions or offers rather than a permanent price cut.
This can attract new attendees without the pitfalls of a permanent price reduction.
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!
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