Pricing Yoga Services

A Practical Guide to Pricing your Yoga Services

So you quit your job and invested in your Yoga Teacher Training. Clutching nothing but a one-way ticket to Bali and a dream, you boarded a plane; your backpack brimming with your favorite Lululemon. You bent and breathed and bankrolled a journey of self discovery that has lead you to be the skilled and accomplished yoga teacher you are today.

Then you returned home.

In every yoga teacher’s career there comes a heart-stopping, head-scratching moment when you have to decide what to charge for your services. Yes, it might feel a bit ‘commercial’ but that doesn’t make it any less necessary. As a yoga teacher myself, I’ve observed that all too often we struggle to ask what we think we’re worth. But make no mistake, it is a business and it’s important for your livelihood and sense of self worth that you price yourself right.

Making money in the yoga industry can be challenging. Price points tend to remain on the low side unless you are bold enough to ask for more.

If you’re first yoga teacher training was anything like mine, I felt utterly humbled by it and left feeling like I had so much more to learn. As a result, I acted small and was reluctant to charge much. I focused on what I lacked instead of seeing how much I had to share. I forgot to consider everything that I had invested, both financially and emotionally, so I could teach.

How you price what you have to offer needs to be a strategic, well-thought decision. Here are some vital questions and considerations to ponder before settling on a price.

Who are you targeting?

If you haven’t already, build a picture of your ‘typical’ consumer. Think about the type of job they might have and the lifestyle they are most likely to keep. Do they have disposable income? What do they spend it on? Knowing who your clients are and how much they want or need your services is key to settling on an appropriate price.

Is your offer niche or mass market?

Consider if what you have to offer appeals to a wide, mass market or a small, niche market. If your services are more specialized this should affect your pricing.

How important are your services?

Consider how unique, life changing or valuable what you have to offer is within the context of your target audience. How might what you have to teach impact clients? The higher the impact, the more you’re worth.

Price is all about perception.

Check out the competition. If your offering is sitting along side a hundred other classes, etc. that appear to be similar but more expensive, you will appear cheaper. Yet if xyour services have the highest price tag against a series of alternatives you’ll be perceived as more expensive. Remember there is an assumption that pricier items are better quality. Choose whether you want to use that to your advantage.

Are you a known teacher or just starting out?

If you already have a loyal following, students will have come to know what to expect from you and therefore willing to part with more cash for what you offer next. However, if you’re less known you need to consider how you can build your reputation and what role pricing has to play in that process.

Test your market.

Once you have an idea of where you’d like to set your price, ask a sample group from your target market if they would pay that price for what you have to offer.

There’s no doubt setting your price can feel intimidating and even induce fear, but by considering the questions and points raised above you are arming yourself with the insight to make an intelligent, well-informed decision. Pricing will never be an exact science, but hopefully these tips will help you to get it right!

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