With yoga gaining popularity in the United States, selling retail at studios has become expected by members. Whether you’ve considered selling retail at your studio or dismissed the idea all together, it may be worth weighing the benefits.
As a yoga teacher, it is a great feeling to fully commit to sharing your practice with others via the decision to open your own studio. Whether you are just starting out or have been running your own studio for a while, here are some tips for running a successful yoga business.
Groupon and LivingSocial can work well to bring in a fresh batch of new students, and in some cases, these programs have saved underperforming studios. But if Groupon and LivingSocial promotions aren’t handled well, they can devalue classes and create conflict and dissatisfaction within your loyal student base.
A few members of our team attended the first ever Denver Yoga Festival, which we were proud to sponsor. Discover our favorite things from this fun weekend in the Mile High City.
A couple weeks ago, we shared some ideas on how to convert drop-in and class pass visitors to recurring memberships. This should be a huge focus for your studio as it will allow you to better predict future revenue.
Key Performance Indicators (aka KPI’s) are financial tools used to measure the effectiveness or profitability of your studio business. Most of these KPI’s are applicable to almost any business, but some are unique, or have greater relevance, to fitness studios.
While drop-in visits and class passes give students flexibility, they give studio owners a reason to worry. You can never be sure how many drop-ins and class passes you’ll sell each month, and that means you can’t accurately forecast future revenue. Even if you’re a well-established studio, this uncertainty eventually becomes a problem. The solution is to move your students to recurring monthly memberships.
No matter what side of the debate you stand on, there is a real chance your state may end up with authority over the practice of yoga in your studio.