You probably started teaching yoga because of a passion for yoga. But, any small business owner knows that profitability is the key to be able to continue doing what you enjoy. In this article, we’ll help you to find ways to become a successful yoga entrepreneur so you can get back to focusing on your students and your practice.
More than Teaching Yoga
Running a yoga studio is more than scheduling classes. A yoga studio owner also acts as a hiring manager, finance department, and customer service manager. You also need to focus on student satisfaction to keep loyal students coming back while also reaching new clients.
At the end of the day, students come to classes that are conveniently located, fit within their schedule, and that have teachers they enjoy. While you may not be able to control the location – unless you own multiple yoga studios – you can cater to other needs.
Hiring Yoga Teachers
When hiring your team, choose yoga instructors from different backgrounds and practice areas. Then, vary the class schedules so that your clients can try different yoga teachers on different days. When a yoga teacher is a good fit for a student, you have a great chance of building loyalty and keeping that student coming back week after week. By hiring different types of instructors, you’re more likely to find a great fit for more students across your schedule.
Developing Yoga Instructors
As you know, in yoga there’s always room for improvement – and not just for your students. Be sure to offer your instructors the time and flexibility to attend teacher training and development classes. Not only will you help improve your instructors’ capabilities, but you will also become a more prestigious organization. With a focus on quality, you can even eventually increase class prices without facing a decrease in membership.
Diversifying Revenue Streams
Many people who love teaching yoga may cringe at the business speak around revenue streams. But, offering products and services aside from only yoga classes is a great way to help your bottom line.
Carry necessities that new students may need like yoga mats, yoga blocks, towels, and water bottles. Offer branded yoga apparel so your clients can share your business name wherever they go. You can use a service like Bonfire that prints shirts when they get ordered so that you don’t have to invest in carrying inventory. And don’t forget to publicize gift certificates to make it easy for your students to gift classes to their friends.
Consider launching an online pay-to-access library of class videos to let members practice even when they aren’t in the studio. Or, offer private workshops and one-on-one training to let students take practicing yoga to the next level.
Finally, partner with other small business owners to offer packages. Sell bundles with local nutritionists, life coaches, masseuses, and other health service providers. Creating a referral network is a great way to share like-minded customers and grow your business.
Focus on Building a Successful Yoga Business
To take the stress out of managing your yoga studio, running a successful business focused on profitability is key. That means you need to keep the back office running smoothly, including class scheduling, collecting membership dues, and managing payroll and staff.
With our yoga studio software, managing the business side of your studio is a breeze. You’ll even get a branded mobile app to let students book classes, text the studio, and update payment information. You’ll finally get to step back from manually managing admin tasks and get back to doing what you love.