It can be difficult to know how to set the correct price for your yoga class. Too low and you might not make money, too high and you might not attract a lot of students. Then there is the guilt factor involved as many yoga teachers feel bad about charging to learn such a sacred art. However, if teaching yoga is your business, you should consider several factors when setting a price for your class.
Your Worth
Don’t sell yourself or your experience short when it comes to pricing. You are a fantastic teacher because you have spent years learning how to be. You may want to please your students by setting a low price, but you should factor in the time it has taken you to perfect your skills as well as the time it takes to teach your class, and don’t feel guilty about charging students. They will expect to pay for your expertise.
How Much It Costs You to Run a Class
To stay in business, you need to factor in your own costs and then add to this to create a profit. Your costs will include renting physical premises or paying for utilities if you are teaching online from home. You will need to be insured to teach so get in touch with business insurance agents near you to discuss your options. If you provide equipment, you should also factor this cost in. Don’t leave anything out when working out how much your own costs as this will eat into your profit if you don’t include it.
Competition
Yoga is a popular practice so there is bound to be some competition in your area. Check out some of these classes and see what other instructors are charging. Competition is not necessarily a terrible thing as it can help you to set your own pricing structure. You should never aim to offer the cheapest classes around as this will devalue your teaching and result in you doing a lot of work for little reward.
Demand
The law of supply and demand suggests that if demand is low then prices need to be low to attract more demand. If demand is high, then prices should be higher as you are offering a service that is rarer and more exclusive. Consider how in demand you are as a yoga teacher and how many alternatives there are in your area before you set your prices.
Review
Once you have set your prices, you need to review them. As prices generally rise over time, it may cost you more to run your classes in the future, so you need to be prepared for this. Inflation will mean that your profits don’t buy you as much over time, and as you are essentially responsible for your own pay rises, this needs to be a consideration too. Aim to review your prices annually so that you can keep on track.
To simplify your charging structure, consider these factors and set your prices accordingly.