If you are considering becoming a yoga instructor, you may wonder how much to charge. The answer depends on many factors. Knowing what other yoga instructors charge before setting your own prices is important.
How much should a yoga instructor charge?
As a yoga instructor, you need to know the market and what other instructors charge. Consider your circumstances and how much you can afford to charge.
If you're new to teaching, it's okay if your prices are lower than those of more experienced teachers. However, don't undercut your competition by charging less than them; rather, focus on improving your skills as an instructor so that people will come back because they love working with you!
If demand for your services increases over time (and it probably will), consider increasing the cost of each class or package that includes multiple courses.
The answer depends on many factors.
The cost of living in a given area will determine how much money you need to make, but it's not the only factor that matters.
It would help if you also thought about local costs--specifically, the cost of living where your students live and want to teach. If your clients are paying high rents or mortgages for their homes, then they're going to expect higher rates from their yoga instructors as well; this puts pressure on you as an instructor who may not be able to charge as much under normal circumstances because of lower rent or mortgage costs at home.
Ask yourself: Would you be happy with the money you're making if you were a client?
As a yoga teacher, you need to be able to pay your bills and cover your business expenses. You also want to make an appropriate profit to grow as an entrepreneur.
If the answer to these questions is "no," what are you doing? It would help if you didn't work with clients whose expectations don't align with yours or who aren't willing (or able) to pay what's fair for the services provided. If this happens often enough, it becomes impossible for teachers like us--and our students--to thrive on their terms in this industry.
Look at the average rates for similar services in your area
One way to determine how much you should charge is by looking at the average rates for similar services in your area.
For example, if there are many yoga studios in your area and they all charge $20/class, then charging $20/class will also be a good price point for you. If there aren't any fitness studios or personal trainers in the area that offer what you do (i.e., only one massage therapist), it might be worth considering setting your fee higher than average because yours is truly unique (and therefore more valuable).
Who are your competitors? Are they worth what they charge?
When deciding how much to charge, it's important to consider the competition. First, look at other yoga instructors in your area and see what they're charging for similar services. Then look at the average rates for similar services in your area--if one instructor charges $50 per class, but another charges $30, that makes a big difference!
Next, consider their reputation within the community: Do people love them? Would they recommend them or speak highly of them? Or do they seem like another business person trying to make money from others' passion? You want customers who will come back repeatedly because they appreciate what you do as an instructor; otherwise, it won't be worth teaching!
What does it cost you to run your business (i.e., insurance, liability coverage, equipment, membership fees)?
You should know what it costs you to run your business. This includes:
- Insurance. You'll need liability coverage and possibly health insurance, too. If you have employees, you may also have to pay into a state workers' compensation program and provide them with benefits such as paid time off, medical leave, and retirement accounts.
- Equipment (or studio rental). Yoga mats are cheap, but everything else--from props like blocks and straps to studio equipment like music systems--will add up quickly if they're not included in your membership fee or class package pricing structure!
- Membership fees (if applicable). Suppose there's a membership fee associated with taking classes at your studio. In that case, this should be factored into all of the above calculations because it reduces the amount of revenue each customer brings in on average when calculating how much profit is left over after covering costs.
Do you have marketing costs? Will you need to spend money on advertising to get clients?
If you plan to advertise, consider how much it will cost. You can do some marketing on your own by posting flyers at local businesses and in community centers, but if you want to reach as many people as possible with a single ad campaign and don't have the time or expertise to manage it yourself, hiring a marketing consultant may be worth considering.
It would help if you also decided whether or not any other costs are associated with running your business (e.g., office supplies) before deciding what price point is appropriate for your services.
What is your overhead (rent, utilities, etc.), and how much profit do you want to make?
Your overhead costs will depend on your location and the size of your studio. If you're in a big city, rent will likely be more expensive than living in a smaller town or suburb. Similarly, if the space is large with lots of windows and natural light (which is ideal), it's going to cost more than if it's small and dark.
You'll also need to consider what equipment, furniture, and supplies are necessary for running a successful yoga business--and how much these items cost. For example:
- Mats - A basic mat costs about $20-30, but if someone wants something fancier like Manduka PROlite yoga mats or Jade Yoga Professional Practice Mats with grip strips on one side (or both sides), those can run up into hundreds of dollars each!
- Bolts/Cables - Depending on how many people come through each week, this may not be necessary at all, but if many practitioners do hot yoga, then having some cable system installed would help keep things safe while providing an extra challenge when needed during class time too...
Knowing what other yoga instructors charge before setting your prices is important.
Knowing what other yoga instructors charge before setting your own prices is important. This can help you determine if your rates are reasonable or need adjusting. Here are some things to consider:
- You should be able to make a profit. If you need to make more money from teaching yoga classes, it may be time to raise your rates or find a different way of making money from this business (e.g., selling merchandise).
- You should be able to pay your bills and have enough left over for yourself--and possibly even an employee!
Conclusion
Ultimately, you have to do what's right for your business. If you feel like your prices are too low or too high, that's fine! But if you want to make sure they're in line with other studios in your area and reflect what clients will pay, take some time to research what others charge. You may also ask clients directly how much they think they should pay for classes before setting prices--after all, they're the ones paying them!
