Navigating the Business of Yoga

The Business of Yoga is growing increasingly complex and competitive

Yoga Teacher Training courses equip you with the skills to become a capable Yoga teacher. They do not, however, necessarily teach you how to handle the Business of Yoga.

Whether you welcome it or not, earning money is an important and essential element of a Yoga teacher’s journey.

Statistics published in 2015 showed that Yoga industry revenue in America totalled US$9.09 billion. Statista -Yoga

By 2020, the number of people practising Yoga/Pilates was projected to reach roughly 55 million. This figure is more than twice the number recorded in 2015.

Yoga classes generate most of the revenue. Around 14% comes from Yoga merchandise, while a further 15% is generated by Teacher Training accreditation courses.

How can you make the Business of Yoga feel less overwhelming and position yourself effectively?

1. ### What is your vision?

What does success mean to you? Does it involve running your own studio, or making a positive difference in people’s lives? Answering these apparently straightforward questions makes it easier to focus and map out the steps required.

What is your ultimate objective? If your idea of success is owning a studio, consider what that end goal looks like. Would you still want to teach six classes daily, or would you prefer to oversee the administrative and operational aspects?

How would you like to ‘position’ yourself? Would you like to develop a niche service? Do you want to move between several studios, or teach private classes exclusively?

With this in mind, consider what you can provide. Which teaching style do you favour, and which other styles can you teach? Are you prepared to work weekends or early mornings? Many teachers need to begin by subbing before they are offered regular class slots.

2. Do you have a unique message?

Within Yoga, teachers are increasingly sharing their personal stories: how Yoga transformed their lives through depression, anxiety or PTSD, for example. It may even have been a less expected journey. People are drawn to authenticity. That does not mean you must reveal your wounds, nor does it mean that someone with a wonderful childhood cannot teach Yoga. To me, it simply means: cut the crap. Be yourself, remain humble, be distinctive and be as transparent as you can.

3. Managing your income streams can be tricky.

There is plenty to think about: invoicing systems, indemnity forms, provisional Tax and handling multiple income streams. Then there is the question of setting your hourly rate. Do not overlook travel time, class preparation, the hours spent developing workshop content, and so on.

Accept that your income is likely to be inconsistent. Be clear with students about your cancellation policy.

Always do your sums! Understand your monthly outgoings and how much of your time you need to sell to meet them.

When preparing your budget, remember to account for your own ongoing learning as an expected cost.

4. Start-up costs will vary according to your vision and mission.

These costs will be significantly lower if you decide to remain a freelance teacher rather than opening a studio.

Both options demand that you develop negotiation skills. This may involve lease agreements, subletting arrangements, the hourly rate you are willing to accept, or compensation. Negotiation is a major part of every business.

If you are uncertain, seek support from accountants, solicitors and marketing specialists when starting out. It will be money well spent.

5. Keep business with friends professional.

Always put a contract in writing. Managing expectations and differing work ethics can be difficult. To prevent matters from turning sour and to retain clarity, document everything from the beginning!

6. Build long-lasting relationships with suppliers.

The industry is small, and your reliability is only as strong as your reputation. Do not become the Yogi who pays suppliers late.

7. Build an online Hub

Selling your time soon has a limit. You can only work so many hours each day, and everyone has different physical limits. In my opinion, creating an online hub-whether through merchandise, Skype sessions or an email series-is the strongest long-term route to a passive income stream.

8. My biggest lessons in the Business of Yoga

• Put yourself first
• A Self Practice can help you manage your energy and avoid injuries
• Create a community and a ‘following’
• Do not attempt to excel at everything
• Networking is essential
• “Burn out” is real
• Email lists matter more than ‘likes’
• Create a Higher priced offering
• Learn how to ask for help
• Passive income streams are essential
• Continue learning
• Support & Engage with fellow Yoga teachers