You’ve created a serene space where people can unwind and connect with their inner selves. But running a yoga studio involves more than the yoga itself; it’s also about making smart business moves that will help your studio grow.
One of the biggest business decisions you’ll need to make involves setting yoga class prices. When potential customers are visiting your studio, the first thing they’ll often want to know is, “How much is a yoga membership?” Here’s everything you need to know about structuring your yoga class prices to maximize sign-ups and revenue.
Tips for Structuring Yoga Memberships
Creating a flexible membership structure for your studio is key. But how much is a yoga membership in general, and what membership options should you offer? Here are three types of membership options to consider:
Drop-in options are perfect for newcomers, occasional practitioners, or out-of-towners who want to get their yoga session in while on vacation. Offer a single class at a reasonable rate. It’s a low-commitment option that can attract new clients and serve as a stepping stone to more extensive packages.
When checking in drop-in customers, make sure to snag their contact information. Obtaining their name, email address, and phone number will allow you to follow up after their visit.
Offer bundles of classes at a discounted rate compared to drop-ins. This encourages commitment while providing short-term flexibility. For example, you can offer different package sizes — such as three-class, five-class, or ten-class packages — catering to varying client needs.
However, make sure to limit class packages to no more than around 20 classes. This way, members who attend frequently will be incentivized to sign up for a monthly membership.
Monthly Yoga Membership
Monthly memberships are the foundation of yoga studio revenue. They provide income stability and encourage regular attendance. However, some members may be hesitant to commit to a recurring monthly membership. Fortunately, there are a few things you can do to alleviate their apprehension.
First, consider creating tiers, such as a basic plan with limited classes per month and a premium one with unlimited classes and perks like guest passes or discounts on workshops.
If you have premium amenities at your studio, like a sauna or tanning bed, you can limit access to these resources to encourage customers to upgrade their memberships.
Also, avoid restrictive contracts. If you want customers to commit long-term, consider offering a discount if they pay quarterly or annually.
How to Price Yoga Packages
Pricing is an art. It’s about finding the sweet spot where your clients feel they’re getting value and you’re making a profit. When setting your yoga studio pricing, you’ll need to consider:
Know your competition. Check out what other studios in your area are charging. This gives you a baseline, but don’t just copy them — differentiate your offering. Also, don’t feel like you need to charge less.
Consider what you offer and base your pricing on the value you deliver to your customers. For instance, if you have more class times and premium amenities, it’s okay to charge more than your competitors.
The location of your studio can significantly influence pricing. A downtown studio in a metropolitan area can charge more than one in a suburban setting. Yoga practitioners are willing to pay a premium for convenience but may be less apt to join if they have a long commute to your studio.
Yoga Studio Overhead
Consider your costs — rent, utilities, instructor fees, and other expenses. Your pricing should cover these costs and leave room for profit. Ensure you’ve got some wiggle room in your margins to cover unexpected costs, like new equipment or additional staff.
Virtual Yoga Class Pricing
Virtual classes are a game-changer. They offer flexibility and expand your reach beyond the local community. Price them slightly lower than in-person classes, as they don’t incur the usual studio costs.
Virtual classes can significantly boost your revenue, tapping into the market of those who prefer practicing from the comfort of their homes. However, to make the most of this revenue stream, consistency is key.
Ensure you are offering high-quality classes on the same days and time slots. Also, invest in some quality streaming equipment so that virtual participants enjoy an immersive experience.
Ways to Increase Yoga Studio Revenue
Apart from your standard memberships, there are many avenues to explore that can boost your yoga studio revenue.
Consider offering private sessions to cater to clients who seek a more personalized experience. You can also plan workshops or retreats, which allow dedicated practitioners to dive deeper into specific aspects of the art.
You could also reach out to corporations who might be interested in offering yoga as part of their wellness programs. Corporate classes can provide a steady revenue stream and are a great way to gain exposure.
Additionally, investing in quality software can streamline your operations and boost revenue. It can help with member retention by providing insights into attendance patterns, managing engagement through automated emails and reminders, and facilitating sales through an online booking system that’s available 24/7.
Simplify Yoga Studio Membership Management With MyStudio
Knowing how much to charge for a yoga class involves understanding the many complexities of managing membership. Simplify your membership management with the right yoga studio software.
With MyStudio yoga studio management software, you can sell memberships 24/7, manage your customers from anywhere, and drive more revenue for your business. Want to learn more? Sign up for a free trial to try MyStudio today!