Are you trying to figure out how much to charge your yoga clients? If YES, here are 20 tips to help you determine the best price to charge for yoga classes.
If you are a new yoga teacher who has just gotten your studio fixed up and is ready to accept students, the next thing that will be on your list of worries would the best prices you can charge for your yoga classes.
Trust me, if you have blown a lot of capital in setting up the most calm, comfortable and inviting studio, the last thing you need is to price down your services so that you will not break even in record time, or to put an outrageous price tag that can drive away students from your floors.
For you to even start talking about the right prices you can set for your yoga classes, you need to first choose your yoga studio’s location and know your studio square footage and rent amount (or mortgage payment amount); if not, you won’t be able to precisely determine your yoga class pricing model.
Essentially, you must have a handle on your fixed and variable expenses before setting your yoga class prices. You must also, in time, figure out how many yoga students you will attract. Asides from those mentioned above, a lot of factors go into helping you determine a suitable price for your yoga studio.
11 Factors to Consider When Pricing Your Yoga Classes And Services
There are so many factors involved in pricing your classes at your studio. 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.
- Class offerings
The kind of classes you offer in your yoga studio will themselves help to determine your class price. If the classes you offer are mostly 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, and they both attract different price tags.
- Teacher’s experience/qualifications
Your experience level as a teacher can help you determine the prices you charge for your yoga classes. 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.
How much time have you allocated for teaching prep, teaching, traveling? You invariably need to calculate the amount of time you have spent in becoming well rounded in the industry so you can factor it into your charges. It is a fact that students will be drawn to your studio despite the fact that it is expensive if they have evidence that you are a seasoned and well traveled yogi.
- Cost of living
Cost of living in the area you have your yoga studio is another determinate for what you are going to charge for your classes. 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. You can charge more if your studio is in a highbrow area, and you can charge less if your studio is in a still town.
If you are located in a highbrow area, then you have to set your prices to meet up to the expenses. The people you serve should also be a determining factor for what you charge. Here, you also need to factor in your rent or lease.
The kind of people you teach would help you also to determine the prices to set for your classes. If you serve a more affluent clientele, then by all means, go ahead with the high charges.
You should also know that if you serve high value clientele but you charge low to moderate rates, your students will never value your services, and there is a high chance that you won’t get renewals. But if your clientele are people who are starting out just like you, then you need to make your rates reasonable.
- The nature of added services
Do you offer neurofeedback? Aromatherapy? Are you also a massage therapist? Do you provide yoga mats and props? Do you rent studio space? Consider these costs and add them up to the money you charge per class. When you offer something that the client might not be able to get anywhere else, you have a premium offering. For example, will you be offering a prenatal class? This is a special skill that you either had to pay to acquire or practice to maintain.
- Will you provide private classes?
Private classes usually come with a higher price tag because the teacher can only serve one client at a time. Consider value, where you live, your experience, and what they are receiving from you in addition to instruction, when setting up your pricing.
Time and cost of travel are most essential when thinking of offering private classes. Travel time is often calculated at 50% of your base rate. Once again, consider that this is time you are giving to this client that you are not in the studio teaching. It’s also time you’re not practicing yourself.
For example, if the going rate for teaching a yoga class is $40, you might charge a little more for a private class because the class will be specific to your client’s needs. Ask them in advance what their intention is for the class. And if they’re working on a specific posture or have an injury, you will spend some time researching what to teach them.
If they want the class at their home and they live 30 minutes away from you, that’s 1 hour of travel time to factor in that your not teaching. Note that you’ll also bring mats and extra props to serve them better. So, because of all these extra elements to consider, you are allowed to charge more than the usual studio rate. Instead of $40, you can potentially charge $65 or more depending.
Of course, in certain situations, you will want to factor in the person’s ability to pay that rate. However, you can’t set the price based on what someone can pay because it could end up costing you money and leaving you feeling frustrated and underappreciated.
- Your personal budget
How much does it cost to live your life? Start tracking your expenses. Be honest with yourself. Pay close attention to your discretionary expenses (movies, dinners out, new clothes, coffee). The monthly recurring expenses are easy to track (rent, loan payments, Netflix).
This is important, especially as a new teacher. Since your income can fluctuate depending on the number of gigs you have for a given month, you want to cover all your bases. If you have an accurate idea of how much money you spend, you will experience much less stress when calculating how much you can charge for your yoga class.
- Your local yoga and wellness market
Another way you can determine how to price your yoga classes is to look at the yoga studio present market. For this step, you need to do a little market research. The results of your findings can be used to either to develop your pricing plan or to measure the success of your current plan. That’s why it’s important to ask the right questions.
- What are the prices of drop-in classes at yoga studios in your area?
- What types of yoga classes are offered in your area?
- How much can you expect to pay for a private session with a certified yoga teacher?
- What other services do yoga teachers offer?
- How much does a one-hour massage cost (or any number of wellness services)?
- Are you providing any Props?
Things like Yoga Mats, Bolsters, Straps, and Blocks cost you money. They will eventually need to be replaced. And, there is value to the student because they don’t have to worry about it or spend extra money. If you offer these things, then you have to factor them into your final class charge.
- Marketing needs
Marketing your private offering might be in the future once you realize how fulfilling teaching private classes can be. But, you’ll want to consider this off the top so that you can maintain some consistency in pricing. Your first client may very well bring you your second and third.
Also, consider how frequently you’ll be teaching a client. Is this a one-time thing or are they booking regular classes with you like once a week? You need to factor in the cost of marketing your services so you do not pay for it from your pocket.
Yoga Class Pricing Strategies
Here’s a list of yoga class pricing packages you could offer your yoga students if you are still at a loss of how to do it:
- Unlimited yoga package: For $X amount per month or year, your students can attend all the classes they want for the time period stipulated.
- Multiple class package: let your students by 10, 20, 30 class packages, or even more. The more in the package, the less cost per class.
- Batching packages: mix classes with any other products or services you have. For example, if you offer massage, offer a 5 class and 2 massage deal. Or if you sell supplements, offer a month’s supply of supplements and unlimited classes for a discounted rate. Or offer a free yoga outfit for a first time unlimited monthly package purchase. Get creative with all your services and products.
- Sharing packages: if more than one member from a household attends your classes, let them share packages (except the unlimited package of course). Offer household discounts such as 10 % off 2 unlimited monthly packages.
- Private packages: An empty yoga studio is lost money. Offer private lessons or rent the space for other teachers to offer private lessons. Advertise your private packages on your social media platforms.
- On-site packages: offer to teach classes at schools, businesses, churches, nursing homes, and any other location an organization would like to pay to have yoga classes for its members on-site. Get creative to induce these packages. On-site is great because you aren’t even using your own studio space. You can have a teacher teach at your studio while you teach off-site (or vice versa) to leverage your profits.
- Promotions: always run a promotion. This doesn’t cheapen your studio. It keeps your studio alive and fresh. It looks good on your Website because it makes your Web site look up-to-date and alive. To avoid upsetting existing clients with new promotions, restrict your promotions to your other products and services. If you come up with a great promotion for existing clients, be sure to apply that promotion to your existing already purchased packages. Your clients will really appreciate that.
- Referral bonuses: if a client refers someone, give the referring client a deal or free class. Make your referral policy known. Word-of-mouth is extremely powerful. You want people to try your studio because you’re confident that they’ll like it. Referral and co-operative partnering marketing is a very powerful way to fill your classes quickly.
- First class/week free: Have a standing first class/week promotion.
- Daily specials: Different class prices depending on the time of day and day of the week.
- Holiday promotions: have fun with holidays and different occasions. This gives you another reason to communicate with your students.
4 Rules to Follow When Setting a Price for your Yoga Classes
i. Ditch the comparison: A lot of private yoga teachers always look to others when setting prices for their services. While it pays to have an idea of what the lowest and highest rates are in your area, don’t compare your prices with other yoga teachers as a general rule. Your services are unique on its own, so endeavor to charge on those basis.
ii. Figure out your worth first: Establish the value you deliver to your clients in terms of yoga, impact, and transformation. Start with this value in mind when setting your prices. Consider the elements you bring into each session and don’t be shy about communicating what those prices are. Remember, you are delivering something much bigger than yoga. You are delivering a connection.
iii. Don’t be the studio with the lowest cost…unless: Most new yogis feel that they can get better patronage and competitive edge if they charge the lowest prices in their location or area. This of course does not work that way. In fact, you should not be the best deal in your neighborhood. Being bargain-priced attracts bargain hunters and sometimes not serious students. Plus, psychologically, people will attach less value for a cheaper service.
iv. Know when to change your prices: As one running a yoga studio, you should ensure your prices are not stagnant. Every four months or so, have a date with your pricing structure and evaluate it. Pricing is fluid, not set on stone. As your offerings evolve, your confidence builds, and results follow the work you are doing one-on-one. With time, you’ll have a clearer idea of what exchange is appropriate for your offerings.
One thing you have to note when it comes to pricing is that once you have lowered your prices, taking them high is quite difficult. 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 to them, your classes will be worth the price.
Again, once you’ve decided on your pricing, printed up fliers or published it to your website, don’t be afraid to change it. This is the beauty of being an entrepreneur. You take risks. And if it doesn’t work, you try something different. You are your own boss.